What Level of Public Debt Could India Target? [electronic resource] Topalova, Petia.

Topalova, Petia.
Washington, D.C. : International Monetary Fund, 2010.
IMF eLibrary
IMF Working Papers; Working Paper No. 10/7.
IMF Working Papers; Working Paper No. 10/7
Government document
1 online resource (27 p.)
Local subjects:
Administrative improvements.
Aggregate demand.
Budget constraint.
Budget deficits.
Budget management.
Central bank.
Central government fiscal.
Currency composition.
Currency debt.
Debt burden.
Debt defaults.
Debt dynamics.
Debt intolerance.
Debt management.
Debt overhang.
Debt policy.
Debt ratios.
Debt reduction.
Debt relief.
Debt rescheduling.
Debt stock.
Debt sustainability.
Debt sustainability analyses.
Debt sustainability analysis.
Debt target.
Debt thresholds.
Domestic currency.
Domestic debt.
Expenditure reform.
External debt.
Fiscal consolidation.
Fiscal consolidation episodes.
Fiscal deficit.
Fiscal deficits.
Fiscal discipline.
Fiscal framework.
Fiscal management.
Fiscal measures.
Fiscal Policy.
Fiscal prudence.
Fiscal rectitude.
Fiscal reform.
Fiscal response.
Fiscal responsibility.
Fiscal responsibility frameworks.
Fiscal responsibility laws.
Fiscal rules.
Fiscal space.
Fiscal stance.
Fiscal stimulus.
Fiscal stress.
Fiscal sustainability.
Government budget constraint.
Government debt.
Government deficit.
Government deficits.
Government fiscal deficit.
Government revenue.
Highly indebted countries.
Indebted countries.
Level of indebtedness.
Marginal cost of debt.
Medium-term fiscal framework.
Policy Coordination.
Policy Designs and Consistency.
Policy Objectives.
Public debt.
Public Expenditures, Investment, and Finance.
Public sector debt.
Risk management.
Sovereign debt.
Sovereign debt crises.
Sovereign defaults.
Tax administration.
Tax base.
Tax burden.
Tax performance.
Tax reform.
Tax returns.
Tax revenue.
This paper discusses possible medium-term public debt targets for India, based on evidence from the economic literature on prudent levels of public debt and the feasibility for the country to meet a particular target over the next 5-6 years. While recognizing the challenges in determining an appropriate debt target, cross-country analysis and simulations suggest that a debt ratio in the range of 60-65 percent of GDP by 2015/16 might be suitable for India. Such a debt ceiling, while still above the average debt level for emerging markets, is within the range of debt ratios that would provide room for countercyclical fiscal policy and contingent liabilities. It would also send a strong signal of the government''s commitment to fiscal consolidation by making a clear break with the past.
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Nyberg, Dan.
Topalova, Petia.
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