The world economy has been in a crisis mould since 2007. What started as a sub-prime crisis in the residential mortgage market in the US, resulted in a global financial crisis, uneven recovery and persisting uncertainties with new challenges to several areas of public policy. The eruption of the Sovereign debt crisis in some countries in the euro area has led to a setback to the incipient recovery. The emerging markets which appeared somewhat resilient in the initial stage, have since been subjected to uncertainties. In this backdrop, this book addresses evolving complex interlinkage between monetary, financial, and fiscal policies across the globe.
The book is organized into three distinct themes. First, the impact of the crisis on fiscal positions and fiscal implications of the measures undertaken to deal with the crisis on the global economy are narrated. Second, cross-country experiences with special emphasis on the euro area economies as well as India are explored. Finally, issues relating to the interaction between monetary, fiscal and financial policies are analysed, with emphasis on public debt management, sovereign debt restructuring, taxation and regulation of the financial sector and sub-national finance. The concluding chapter presents the emerging challenges.
ABOUT THE AUTHOR Partha Ray
Partha Ray is currently Adviser to the Executive Director (India, Bangladesh, Sri Lanka and Bhutan) at the International Monetary Fund, Washington D.C. for more than a decade he, as an economist at the department of Economic Analysis and Policy, reserves Bank of India, has been involved with applied economic research with policy content. He also has been associated with a number of official committees on policy matters. Educated in Kolkata, Mumbai and Oxford, he has published extensively on issues related to baking and monetary policy in professional journals in India and abroad. He taught economics to undergraduate students in RBC College, university of Kolkata during 1987-89.
ABOUT THE AUTHOR Y V Reddy
Dr Yaga V. Reddy served as the Governor of Reserve Bank of India from September 2003 to September 2008. He is currently Emeritus Professor, Department of Economics, University of Hyderabad. He has been a member of the Commission of Experts of The President of the UN General Assembly on Reforms of The International Monetary and Financial System. He has also been a Guest of Committee on Global Thought, Columbia University, New York. His contributions were recognised by Award of Doctor of Letters (honoris causa) by Sri Venkateswara University, India; and Doctor of Civil Law (honoris causa), by University of Mauritius. He was also elected as Honorary Fellow of the London School of Economics and Political Science.Prior to being the Governor, he was Executive Director for India, Sri Lanka, Bangladesh and Bhutan at the International Monetary Fund. This was preceded by his stint as Deputy Governor, Reserve Bank of India. He was also Secretary, Ministry of Finance, and Additional Secretary, Ministry of Commerce in the Government of India. He served the Government of Andhra Pradesh, India, in several capacities including Principal Secretary and Secretary Finance and Planning. He was also advisor in the World Bank.He has been closely associated with several academic institutions in teaching and research capacities. He has authored several articles and published a number of books, including the recent highly successful India and the Global Financial Crisis: Managing Money and Finance.
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