ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Could It Happen Here? On Sovereign Debt and Bank Capital

India does not suffer the euro-zone problem of a federal central bank with a restricted mandate. What India does have in common with Europe is capital-constrained banks stuffed full of government debt issued by a fiscally over-extended sovereign, in a slowing economy.

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