LEADER 05139nam 22006735 450 001 9910298539103321 005 20200919121717.0 010 $a81-322-1961-9 024 7 $a10.1007/978-81-322-1961-3 035 $a(CKB)3710000000202765 035 $a(EBL)1783717 035 $a(OCoLC)892239420 035 $a(SSID)ssj0001295397 035 $a(PQKBManifestationID)11857623 035 $a(PQKBTitleCode)TC0001295397 035 $a(PQKBWorkID)11337104 035 $a(PQKB)11017650 035 $a(MiAaPQ)EBC1783717 035 $a(DE-He213)978-81-322-1961-3 035 $a(PPN)179923714 035 $a(EXLCZ)993710000000202765 100 $a20140716d2014 u| 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aHistory of Monetary Policy in India Since Independence$b[electronic resource] /$fby Ashima Goyal 205 $a1st ed. 2014. 210 1$aNew Delhi :$cSpringer India :$cImprint: Springer,$d2014. 215 $a1 online resource (89 p.) 225 1 $aSpringerBriefs in Economics,$x2191-5504 300 $aDescription based upon print version of record. 311 $a81-322-1960-0 320 $aIncludes bibliographical references at the end of each chapters and index. 327 $aChapter 1: Structure, ideas and institutions -- Structure: Sectors, Growth and inflation, Politics, Government finances -- Ideas: Keynes modified, Monetarism in the aggregate, Globalization - ideas and domestic impact, New Keynesian theories in emerging markets -- Institutions: Precedents and path dependence, Strengthening institutions, Openness, markets and CB autonomy, Bank Governors and Delegation in India -- Chapter 2: Policy Actions and Outcomes -- The historical trajectory -- Excess demand or cost shocks? -- Openness, inflows and policy -- Money markets and interest rates -- The global crisis, response and revelation of structure -- Trends in money and credit -- Conclusion. 330 $aThe book discusses Indian post-independence monetary history in the context of the country?s development and the global changes of the period. The conceptual framework used is the SIIO (Structure, Ideas, Institutions and Outcomes) paradigm. That is, structure and ideas become embedded in institutions and affect outcomes. Narrative history, data analysis and research reports demonstrate the dialectic between ideas and structure with respect to monetary history, aspects of India?s development, and the global institutions and events that impacted monetary choices. The history of the economy and of the global changes that affected it covers a time when major changes took place both in India and internationally. India?s greater openness is important both for it and for the world, but it occurred at a time of major global crises. How did these impact monetary choices and how did the latter help India navigate the crises while maintaining its trajectory towards greater liberalization? The book explores these and other relevant but under-analyzed questions. The initial combination of ideas and structure created fiscal dominance and made monetary policy procyclical. An aggregate supply-and-demand framework derived from forward-looking optimization subject to Indian structural constraints is able to explain growth and inflation outcomes in the light of policy actions. Using exogenous supply shocks to identify policy shocks and to isolate their effects, demonstrate that policy was sometimes exceedingly strict despite the common perception of a large monetary overhang. Surges and sudden stops in capital flow also constrained policy. But the three factors that cause a loss of monetary autonomy?governments, markets and openness?moderate each other. Markets moderate fiscal profligacy and global crises moderate market freedoms and ensure openness remains a sequenced and gradual process. The book argues greater current congruence between ideas and structure is improving institutions and contributing to India?s potential. 410 0$aSpringerBriefs in Economics,$x2191-5504 606 $aMacroeconomics 606 $aFinance 606 $aInternational economics 606 $aMacroeconomics/Monetary Economics//Financial Economics$3https://scigraph.springernature.com/ontologies/product-market-codes/W32000 606 $aFinance, general$3https://scigraph.springernature.com/ontologies/product-market-codes/600000 606 $aInternational Economics$3https://scigraph.springernature.com/ontologies/product-market-codes/W33000 615 0$aMacroeconomics. 615 0$aFinance. 615 0$aInternational economics. 615 14$aMacroeconomics/Monetary Economics//Financial Economics. 615 24$aFinance, general. 615 24$aInternational Economics. 676 $a332.4954 700 $aGoyal$b Ashima$4aut$4http://id.loc.gov/vocabulary/relators/aut$0870999 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910298539103321 996 $aHistory of Monetary Policy in India Since Independence$92495393 997 $aUNINA