Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/128520 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
ADB Economics Working Paper Series No. 393
Verlag: 
Asian Development Bank (ADB), Manila
Zusammenfassung: 
This paper reviews some of the more critical policy dilemmas facing the Reserve Bank of India (RBI) in its pursuit of inflation stabilization and balanced growth objectives. The challenge in meeting these objectives further increased in the mid-2000s with the advent of large capital flows into the country and with RBI's role in preserving financial stability. The paper argues, drawing on several empirical results including Taylor rule estimation and nonparametric regression, that there is no simple policy solution to apply in different states of the market and reviews policy decisions undertaken by RBI against the backdrop of a disequilibrium framework where credit markets may be demand or supply constrained. Superimposing two capital flow regimes into this framework leads to identification of episodes where a hawkish (anti-inflationary) stance can give way to a dovish(pro-growth) stance.
Schlagwörter: 
India
monetary policy dilemmas
central bank
RBI policies
price stability
financial stability
Taylor rule
credit market disequilibrium
JEL: 
E50
E52
E58
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.11 MB





Publikationen in EconStor sind urheberrechtlich geschützt.