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

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How Effective Will the IMF's New Surveillance Framework Be?

Amidst criticism of lack of effectiveness of its surveillance over the international monetary system, the International Monetary Fund adopted a new surveillance decision in June 2007, replacing a 30-year old earlier decision. As dialogue and persuasion remain the hallmark of effective surveillance, the credibility of the new decision hinges on its implementation in an even-handed manner between developed and developing countries and among countries that have floating exchange rates and managed exchange rates. Governance reform of the IMF with greater voice and participation of developing countries and emerging market economies becomes important in enhancing their shared commitment to effective implementation of the new decision.

Measures of Core Inflation for India

In view of increasing emphasis on 'price stability' in the formulation of monetary policy and sharp volatility in the WPI headline inflation rate, there has been a need for measures of underlying inflation rates for India as the existing measures do not provide a reliable gauge of inflation at any point of time. Against this background, this paper makes a comprehensive attempt at providing alternate estimates of core inflation for India following the principle of exclusion and limited influence estimators of trimmed mean as well as weighted median. The monthly estimates for the 16-year period from April 1983 to March 1999 reveal that 20 per cent trimmed mean WPI provides a better explanation of inflation dynamics.

New Series on National Accounts Statistics and Structure of Indian Economy

and Structure of Indian Economy Deepak Mohanty V S Raghavan The CSO has now made available a long period (1950-51 to 1987-88) comparable series of major macro-economic aggregates at constant prices. This paper used this data to analyse the growth and structural characteristics of the Indian economy since the First Plan. The components of GDP at constant prizes are compared between the old and new series of national accounts statistics for the 1980s. Finally, certain methodological issues in the estimation of savings and capital formation are discussed.
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