Financial and Fiscal Policies: Crises and New Realities
Y. V. Reddy, Narayan Valluri, and Partha Ray
Abstract
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 stages have since been subjected to uncertainties. In this backdrop, this book addresses evolving complex linkages between monet ... More
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 stages have since been subjected to uncertainties. In this backdrop, this book addresses evolving complex linkages 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 analyzed, 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.
Keywords:
global financial crisis,
great recession,
euro area crisis,
sovereign debt crisis,
fiscal policy,
financial policy,
monetary policy,
sovereign debt restructuring,
sub-national finance
Bibliographic Information
| Print publication date: 2014 |
Print ISBN-13: 9780199452651 |
| Published to Oxford Scholarship Online: November 2014 |
DOI:10.1093/acprof:oso/9780199452651.001.0001 |
Authors
Affiliations are at time of print publication.
Y. V. Reddy, author
Chairman, Fourteenth Finance Commission, Government of India
Narayan Valluri, author
Adviser, Administrative Staff College of India (ASCI) Hyderabad
Partha Ray, author
Professor (Economics Group), Indian Institute of Management Calcutta
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