ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Inflation Targeting

Stabilising inflation also promotes employment and output growth. Adopting inflation targeting does not strictly require preconditions such as an independent central bank or a well-developed financial system. In operational terms a country like India ought to target headline inflation.

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Vulnerability of Consumption Growth in Rural India The fragility of livelihoods and hence the vulnerability of consumption growth due to aggregate shocks in the Indian rural sector have been highlighted recently. However, as yet there exist no estimates of the vulnerability of consumption growth in...

Tribute: I G Pate

A tribute to I G Patel, the eminent economist, policy-maker and administrator, who held many senior positions in India and abroad. I G Patel was secretary in the finance ministry, governor, Reserve Bank of India and director, London School of Economics. He passed away in New York on July 17.

Flogging the Live Horse

the current account of the balance of pay- Flogging the Live Horse ments, except that the private investment Indian Fiscal Policy India

Krishna Raj

In a nation of compulsive talkers, he had morphed listening into an art form. His silences were intensely communicative. Here was an editor who never editorialised.

Turning the Light Inward

The IMF's newly set up Independent Evaluation Office has recently released its first report. The report analyses the causes of prolonged use of IMF resources by borrowing countries, with case studies of Pakistan, Philippines and Senegal. This report, to be followed by one on fiscal adjustment in Fund programmes and another on capital account crises in Korea, Indonesia and Brazil, signals that the IMF is serious about turning the light inward to confront its mistakes and shortcomings and draw relevant lessons for its future work. Discussion of the core analysis of the report bearing on the Fund's policies in programme design and implementation in general and in respect of prolonged users of the Fund's resources in particular.

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