About this ebook
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.
About the author
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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