This paper examines why this may be so in the light of India's experience with stabilization in response to the BoP crisis in 1991. It does so using a novel real鈥揻inancial computable general-equilibrium model. Focusing on credit rather than money, the model goes beyond earlier modeling ...
But its sustainability has been in question, first with the 1991 fiscal-balance of payments crisis (BoP), and then again after 1997/98, when fiscal deficits returned to the 10 percent of GDP range and government debt grew. This paper analyzes the deterioration in India's public finances and...
The 1991 balance of payment (BOP) crisis, accompanied by a fiscal deficit of about 8.5 per cent and an abysmally low foreign reserve of US$1 billion, in aggregate, was the tipping point in India's economic history. As a part of the bailout deal, India sought financial assistance from ...
Criminalization of politics: More than 30% of the legislators in the country have pending criminal cases against them. When law breakers become the law makers,rule of law is the first casualty. Capitalism clashes: With the economic reforms undertaken in the aftermath of the BoP crisis of 1991...
In the end, our views prevailed and the changes which would transform the economy began, after an external payments crisis in 1991, under the forceful leadership of Prime Minister Manmohan Singh who was the Finance Minister at the time….” (B) Bhagwati said to Economic Times on 28 July ...
In the end, our views prevailed and the changes which would transform the economy began, after an external payments crisis in 1991, under the forceful leadership of Prime Minister Manmohan Singh who was the Finance Minister at the time….” (B) Bhagwati said to Economic Times on 28 July ...
In the end, our views prevailed and the changes which would transform the economy began, after an external payments crisis in 1991, under the forceful leadership of Prime Minister Manmohan Singh who was the Finance Minister at the time….” (B) Bhagwati said to Economic Times on 28 July ...
time. Jharkhand Champais fallout, Kalpanas rise Jharkhand plunged into a political crisis when CM Hemant Soren was jailed in a graft case. Two results ensued: Champai Soren, who held the fort, was disenchanted when Hemant wrested back power after his release, and joined BJP. Two, the state...
3. The third factor responsible for this BOP crisis is the higher import intensity in the industrial development resulting from import intensive industrialisation process followed in the country for meeting the requirements of elitist consumption (viz., colour TVs, VCRs, refrigerators, motor cycles, ...
The crisis has, in the first place, conclusively established that the pursuit of individual goals do not necessarily lead to public good. Adam Smith’s ‘invisible hand’ cannot guarantee allocation of resources efficiently.” I might rather count this as intellectual progress to the extent that ...