IMF Staff Papers, Volume 52, No. 2

August 29, 2005

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IMF Staff Papers, Volume 52, No. 2, (USA: International Monetary Fund, 2005) accessed September 19, 2024

Summary

This paper examines contractionary currency crashes in developing countries. It explores the causes of India’s productivity surge around 1980, more than a decade before serious economic reforms were initiated. The paper finds evidence that the trigger may have been an attitudinal shift by the government in the early 1980s that, unlike the reforms of the 1990s, was pro-business rather than pro-market in character, favoring the interests of existing businesses rather than new entrants or consumers. A relatively small shift elicited a large productivity response, because India was far away from its income possibility frontier.

Subject: Banking, Capital adequacy requirements, Central banks, Consumption, Currencies, Financial regulation and supervision, Financial statements, Fiscal policy, Fiscal stance, International reserves, National accounts, Public financial management (PFM)

Keywords: Australia and New Zealand, Balance of payments crisis, Capital adequacy requirements, Central bank, Central bank profitability, Central bank recapitalization, Consumption, East Asia, Economic growth rate, Financial statements, Fiscal stance, Global, Household investment, Inflation objective, International reserves, Middle East, SP, Sub-Saharan Africa

Publication Details

Pages:

224
Volume:

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DOI:

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Issue:

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Series:

IMF Staff Papers No. 2005/002
Stock No:

SPIEA2005002
ISBN:

9781589064485
ISSN:

1020-7635

Notes

Issues from 1998 onward are available for free online

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