Implications of Monetary Policy on Public Debt Servicing in India
Material type:
Continuing resourcePublication details: Economic and Political Weekly; 2024Description: 46-52Subject(s): Online resources: Summary: The impact of the monetary policy rate, inflation, and government loan maturity on the cost of financing public debt from 1991–92 to 2022–23 is examined. It is seen that the MPR has a significant impact on the CFPD during this period. There is evidence of two structural breaks in the CFPD series. These breakpoints are identified in 1995–96 and 2002–03, which relate to liberalisation and market determination of interest rates on government borrowings and the implementation of the Fiscal Responsibility and Budget Management Act of 2003, respectively.
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Dr VKRV Rao Library | Vol. 59, No. 19 | Not for loan | AI55 |
The impact of the monetary policy rate, inflation, and government loan maturity on the cost of financing public debt from 1991–92 to 2022–23 is examined. It is seen that the MPR has a significant impact on the CFPD during this period. There is evidence of two structural breaks in the CFPD series. These breakpoints are identified in 1995–96 and 2002–03, which relate to liberalisation and market determination of interest rates on government borrowings and the implementation of the Fiscal Responsibility and Budget Management Act of 2003, respectively.
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