Monetary Policy In India

Author : Chetan Ghate,Kenneth M. Kletzer
Publisher : Springer
Page : 652 pages
File Size : 47,5 Mb
Release : 2016-11-25
Category : Business & Economics
ISBN : 9788132228400

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Monetary Policy in India by Chetan Ghate,Kenneth M. Kletzer Pdf

This book presents research that applies contemporary monetary theory and state-of-the-art econometric methods to the analysis of the monetary and financial aspects of the Indian economy and the impact of monetary policy on economic performance. Indian monetary policy has attracted significant attention from Indian and international macroeconomists over the last several years. Interest in how monetary policy influences economic performance and how monetary policy is conducted in India is growing. The prospects for further financial sector reform and ongoing inflation in India have sparked new interest in the role of money and monetary policy in India among economists, policy makers and students alike. The book should also interest economists outside India because it studies monetary economics in a major emerging market economy and makes advances in the analysis of how financial market imperfections and structural constraints influence the effects of monetary policy.

Author : Chand Sunil Nagpal
Publisher : Unknown
Page : 250 pages
File Size : 53,5 Mb
Release : 1982
Category : Inflation (Finance)
ISBN : UOM:39015055246832

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Monetary Policy and Inflation in India by Chand Sunil Nagpal Pdf

Author : Ashima Goyal
Publisher : Springer
Page : 89 pages
File Size : 49,9 Mb
Release : 2014-07-16
Category : Business & Economics
ISBN : 9788132219613

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History of Monetary Policy in India Since Independence by Ashima Goyal Pdf

The 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.

Author : Narendra Jadhav
Publisher : Macmillan
Page : 402 pages
File Size : 42,5 Mb
Release : 2006
Category : Business & Economics
ISBN : 1403929025

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Monetary Policy, Financial Stability, and Central Banking in India by Narendra Jadhav Pdf

The book covers an extensive canvas of macroeconomic thinking, monetary matters and the changing face of central banking the world over, with special reference to India. Interestingly, it also deals with fundamentals of finance in some detail which is cru

Author : Mr.Sonali Das
Publisher : International Monetary Fund
Page : 33 pages
File Size : 46,7 Mb
Release : 2015-06-23
Category : Business & Economics
ISBN : 9781513598796

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Monetary Policy in India by Mr.Sonali Das Pdf

This paper provides new evidence on the credit channel of monetary policy transmission in India. Using stepwise estimation of vector error correction models, the analysis finds significant, albeit slow, pass-through of policy rate changes to bank interest rates in India. There is evidence of asymmetric adjustment to monetary policy: the lending rate adjusts more quickly to monetary tightening than to loosening. In addition, the speed of adjustment of deposit and lending rates to changes in the policy rate has increased in recent years.

Author : Perminder Khanna
Publisher : Atlantic Publishers & Dist
Page : 482 pages
File Size : 41,8 Mb
Release : 2005
Category : Banks and banking
ISBN : 8126904429

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Advanced Study in Money and Banking by Perminder Khanna Pdf

The Book Advanced Study In Money & Banking : Theory & Policy Relevance In The Indian Economy Is A Complete Treatise On Banking And Global Financial Developments With Special Reference To Dmcs And The Indian Economy. It Provides An Invaluable, Up-To-Date And Refreshing Approach To Key Development Issues Pertaining To Monetary Theory, Banking, And Policy Matters. The Theoretical, Institutional And Historical Approaches Have Been Skilfully Integrated To Explore And Elucidate The Interrelationships Of Money And Banking And The Functioning Of The Economy As A Whole. The Analytical Study Of The Main Operational Ratios Of Banks For The Period 1998 To 2003 Gives An Overview Of The Bank Street Scenario. In Its Wide Perspective, The Book Includes A Comprehensive Study Of Banking And Information Technology, Mechanism Of International Payments, And International Monetary Policies And Monetary Cooperation. Above All, Against The Backdrop Of Economic Uncertainty And The Low Ebb In Economic Activity, Volatility In Stock Markets And Significant Fluctuations In Major Currencies Of The World, The Indian Monetary Policy During The Period Of 1952-2003 Has Been Extensively Discussed. Simple Graphs And Up-To-Date Economic Models Provided In The Book Enable The Readers To Have An Easy And Accurate Understanding Of The Subject.The Book Would Be Of Great Interest And Use For Students And Teachers Of Economics, Commerce And Business Management. The Bankers And Legislators Concerned With Monetary And Banking Policies Would Find The Book Highly Useful.

Author : Michael Debabrata Patra,Muneesh Kapur
Publisher : International Monetary Fund
Page : 72 pages
File Size : 42,9 Mb
Release : 2012-05-01
Category : Business & Economics
ISBN : 9781475579871

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Alternative Monetary Policy Rules for India by Michael Debabrata Patra,Muneesh Kapur Pdf

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of both rules and their hybrid version - setting a nominal output growth objective for monetary policy with an interest rate instrument - outperform contemporaneous and backward-looking specifications, especially when targeting core components of GDP and inflation, and combine the best parts of efficiency and discretion.

Author : Michael Debabrata Patra,Muneesh Kapur
Publisher : International Monetary Fund
Page : 64 pages
File Size : 44,6 Mb
Release : 2010-08-01
Category : Business & Economics
ISBN : 9781455202171

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A Monetary Policy Model Without Money for India by Michael Debabrata Patra,Muneesh Kapur Pdf

A New Keynesian model estimated for India yields valuable insights. Aggregate demand reacts to interest rate changes with a lag of at least three quarters, with inflation taking seven quarters to respond. Inflation is inertial and persistent when it sets in, irrespective of the source. Exchange rate pass-through to domestic inflation is low. Inflation turns out to be the dominant focus of monetary policy, accompanied by a strong commitment to the stabilization of output. Recent policy actions have raised the effective policy rate, but the estimated neutral policy rate suggests some further tightening to normalize the policy stance.

Author : V. R. Mutalik Desai,B. D. Ghonasgi
Publisher : Unknown
Page : 210 pages
File Size : 49,5 Mb
Release : 1969
Category : Banks and banking, Central
ISBN : UCAL:B3818124

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Monetary Policy and Central Banking in India by V. R. Mutalik Desai,B. D. Ghonasgi Pdf

Author : Michael Debabrata Patra,Partha Ray
Publisher : International Monetary Fund
Page : 28 pages
File Size : 45,5 Mb
Release : 2010-04-01
Category : Business & Economics
ISBN : 9781451982640

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Inflation Expectations and Monetary Policy in India by Michael Debabrata Patra,Partha Ray Pdf

This paper pursues a computationally intensive approach to generate future inflation, followed by an exploration of the determinants of inflation expectations by estimating a new Keynesian type Phillips curve that takes into account country-specific characteristics, the stance of monetary and fiscal policies, marginal costs and exogenous supply shocks. The empirical results indicate that high and climbing inflation could easily seep into people’s anticipation of future inflation and linger. There is a reputational bonus for monetary policy to act against inflation now rather than going for cold turkey when societal compulsions reach a critical mass.

Author : Amaresh Samantaraya
Publisher : Unknown
Page : 270 pages
File Size : 47,8 Mb
Release : 2015
Category : Economic development
ISBN : 8182860245

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Conduct of Monetary Policy in India by Amaresh Samantaraya Pdf

Author : Dhruba Narayan Ghosh
Publisher : Bombay : Allied
Page : 404 pages
File Size : 42,9 Mb
Release : 1979
Category : Business & Economics
ISBN : UOM:39015035105090

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Banking Policy in India by Dhruba Narayan Ghosh Pdf

Author : Udai Prakash Sinha,Kumar Dharmendra Prasad
Publisher : Concept Publishing Company
Page : 314 pages
File Size : 46,5 Mb
Release : 2010
Category : Economic development
ISBN : 8180696642

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Monetary and Fiscal Actions in India by Udai Prakash Sinha,Kumar Dharmendra Prasad Pdf

Author : Ramkishen S. Rajan,Venkataramana (Rama) Yanamandra
Publisher : Springer
Page : 210 pages
File Size : 53,7 Mb
Release : 2015-08-04
Category : Political Science
ISBN : 9781137534149

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Managing the Macroeconomy by Ramkishen S. Rajan,Venkataramana (Rama) Yanamandra Pdf

While offering many growth-enhancing opportunities, India's ever-increasing integration with the world economy has given rise to a host of new challenges in managing the economy. This book provides an up-to-date empirical assessment of some of India's crucial policy challenges pertaining to its monetary and external sector management.

Author : Mr.Giovanni Dell'Ariccia,Mr.Luc Laeven,Mr.Gustavo Suarez
Publisher : International Monetary Fund
Page : 41 pages
File Size : 55,7 Mb
Release : 2013-06-06
Category : Business & Economics
ISBN : 9781484381137

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Bank Leverage and Monetary Policy's Risk-Taking Channel by Mr.Giovanni Dell'Ariccia,Mr.Luc Laeven,Mr.Gustavo Suarez Pdf

We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on the internal ratings of U.S. banks on loans to businesses over the period 1997 to 2011 from the Federal Reserve’s survey of terms of business lending. We find that ex-ante risk taking by banks (as measured by the risk rating of the bank’s loan portfolio) is negatively associated with increases in short-term policy interest rates. This relationship is less pronounced for banks with relatively low capital or during periods when banks’ capital erodes, such as episodes of financial and economic distress. These results contribute to the ongoing debate on the role of monetary policy in financial stability and suggest that monetary policy has a bearing on the riskiness of banks and financial stability more generally.