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Financial and Fiscal PoliciesCrises and New Realities$
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Y. V. Reddy, Narayan Valluri, and Partha Ray

Print publication date: 2014

Print ISBN-13: 9780199452651

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199452651.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 October 2021

Emerging Challenges

Emerging Challenges

(p.313) Chapter 15 Emerging Challenges
Financial and Fiscal Policies

Y.V. Reddy

Narayan Valluri

Partha Ray

Oxford University Press

This concluding chapter presents a brief overview of some emerging challenges to fiscal and financial sector policies. The links between fiscal management, financial regulation, and conduct of monetary policy are closer than were perceived before the global crisis. There is now increasing awareness of the capacity of the financial sector to undermine effectiveness of policies relating to both taxation and regulation at national level. The fiscal issues relating to exchange of information on taxation and the cross-border tax avoidance mechanisms discussed in G-20 will also influence the future of global finance while simultaneously impacting the fiscal measures. In the global financial markets, interest rates on government securities of longer maturity continue to be low. Going forward, some elements of globalization of fiscal management that could match globalization of finance and its regulation may be essential.

Keywords:   fiscal management, financial regulation, G-20, global finance, inflation, interest rates, globalisation of finance

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