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Public Debt Management

Separation of Debt from Monetary Management in India

  • Book
  • © 2016

Overview

Editors:
  1. Charan Singh

    1. Indian Institute of Management Bangalore (IIMB), Bengaluru, India

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  • Presents the views of nine respected authors including policymakers, academics and members of government and multilateral institutions such as the Reserve Bank of India and the Asian Development Bank
  • Explores the feasibility of separating debt management from monetary authority in India
  • Offers a pointed discussion on the merits and demerits of the separation of debt from monetary management, and the independence of central banks
  • Provides valuable insights for practitioners and policymakers, especially those working in government and central banks across the world, particularly in emerging markets
  • Includes supplementary material: sn.pub/extras

Part of the book series: India Studies in Business and Economics (ISBE)

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Table of contents (10 chapters)

  1. Front Matter

    Pages i-xxi
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  2. Introduction

    • Charan Singh
    Pages 1-7

  3. Public Debt Management: Reflections on Strategy and Structure

    • Harun R. Khan
    Pages 9-22

  4. Debt Management of the Government

    • Peeyush Srivastava
    Pages 23-39

  5. Cash and Debt Management in States

    • Ritvik Pandey
    Pages 41-55

  6. India’s Experience with Cash Management

    • Vijay Singh Chauhan
    Pages 57-66

  7. A Separate Debt Management Office

    • Charan Singh
    Pages 67-91

  8. Financial Regulation and Independent Debt Management Office

    • K. Kanagasabapathy
    Pages 93-104

  9. Fiscal Responsibility and Budget Management Act: An Indian Perspective

    • R. K. Pattnaik
    Pages 105-130

  10. Public Debt Sustainability Assessments for Developing Asia

    • Benno Ferrarini, Arief Ramayandi
    Pages 131-192

  11. Round Table

    • Charan Singh
    Pages 193-211
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Keywords

About this book

This book examines the objectives of public debt management and the re-emerging issue of separating monetary policy formulation from fiscal and debt management. The recent Great Recession has resulted in a rethink of the objectives and working of macroeconomics, and in many countries, including India, has led to the scope of fiscal operations being expanded and debt-to-GDP ratios increasing significantly. Consequently, debt management has encountered considerable difficulties, and the need for coordination between monetary and debt management has assumed greater significance. The book discusses the important issue of the independence of central banks and the need for coordination between debt managers, monetary authorities and finance ministries if debt operations are separated from monetary management.

Editors and Affiliations

  • Indian Institute of Management Bangalore (IIMB), Bengaluru, India

    Charan Singh

About the editor

Charan Singh is RBI Chair Professor of Economics at the Indian Institute of Management, Bangalore, India. Earlier, he was a Senior Economist at the Independent Evaluation Office (IEO) of the International Monetary Fund (IMF), Washington DC from August 2009 to November 2012. He earned his doctorate in Economics from the University of New South Wales, Sydney, Australia and was a visiting scholar (post-doctorate studies) for more than a year each at Department of Economics, Harvard University, and the Stanford Center for International Development, Stanford University. Dr. Singh has worked extensively for more than two decades in the Reserve Bank of India where he joined as a Research Officer in 1984. His extensive career in the Reserve Bank included many assignments in operational and research departments, include half a decade in debt management, in addition to fiscal policy management. Prior to joining the Reserve Bank, Dr. Singh worked, for a short period, as a Management Trainee in Punjab National Bank. His current policy interests include fiscal policy and debt management, monetary policy, and international economics.

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