## IMF Staff Papers, Volume 52, No. 2

_IMF Staff Papers, August 29, 2005_

## Source details

**Canonical URL:** [IMF Staff Papers, Volume 52, No. 2](https://www.imf.org/en/publications/imf-staff-papers/issues/2016/12/31/imf-staff-papers-volume-52-no-18163)

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## Bibliographic details
- Published: August 29, 2005
- Series: IMF Staff Papers
- Volume: 52
- DOI: https://doi.org/10.5089/9781589064485.024

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### Overview
- Publication date: August 29, 2005
- Pages: 224
- Volume: 2005
- Issue: 002
- Series: IMF Staff Papers No. 2005/002
- DOI: https://doi.org/10.5089/9781589064485.024
- Stock No: SPIEA2005002
- ISBN: 9781589064485
- ISSN: 1020-7635

### Main analytical findings
- The 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 for India’s productivity surge 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.

### Subjects and thematic coverage
- 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 and geographic focus
- 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

*Source: IMF Staff Papers, Volume 52, No. 2 (August 29, 2005).*

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_Source: https://www.imf.org/en/publications/imf-staff-papers/issues/2016/12/31/imf-staff-papers-volume-52-no-18163_