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Mr. Richard Hemming
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Woosik Chu https://isni.org/isni/0000000404811396 International Monetary Fund

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Mr. Charles Collyns
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Ms. Karen Elizabeth Parker https://isni.org/isni/0000000404811396 International Monetary Fund

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Mr. Ajai Chopra
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Mr. Oliver Fratzscher https://isni.org/isni/0000000404811396 International Monetary Fund

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Abstract

This paper explores the Indian adjustment program of 1991/92 and its initial results. The contents include long-term growth trends for output, investment, and macroeconomic condition; education, labor employment, and poverty; growth, accumulation, and productivity; results of India-specific studies; the stabilization and adjustment strategy; the response to the reforms; the impact on unemployment and poverty; the behavior of private investment; fiscal adjustment and reform; recent experience with a surge in capital inflows: overall trends, the investor base, comparison with other countries, and factors behind the flows; the impact on the economy; the sustainability of capital flows; and structural reforms and the implications for investment and growth; trade reform; the investment regime; public enterprise reform; and financial market reform.

VIII References

  • Ahluwalia, Isher Judge, Productivity and Growth in Indian Manufacturing (New Delhi: Oxford University Press, 1991).

  • Ahluwalia, Isher Judge, “The Manufacturing Sector in India,” in India: Industrial Development Review (London: Economist Intelligence Unit, and Vienna: United Nations Industrial Development Organization, 1995).

    • Search Google Scholar
    • Export Citation
  • Anant, T.C.A., Tamal Datta Chaudhuri, Shubhashis Gangopadhyay, and Omkar Goswami, “Industrial Sickness in India: Institutional Responses and Issues in Restructuring” (unpublished; New Delhi, April 1994).

    • Search Google Scholar
    • Export Citation
  • Aziz, Jahangir, “Discretionary Trading and Asset Price Volatility,” IMF Working Paper No. 95/104 (Washington: International Monetary Fund, October 1995).

    • Search Google Scholar
    • Export Citation
  • Balakrishnan P., and K. Pushpangadan, “Total Factor-Productivity Growth in Manufacturing Industry: A Fresh Look,” Economic and Political Weekly, July 30, 1994, pp. 202835.

    • Search Google Scholar
    • Export Citation
  • Barro, Robert J., and Jong-Wha Lee, “International Comparisons of Educational Attainment,” Journal of Monetary Economics, Vol. 32 (December 1993), pp. 36394.

    • Search Google Scholar
    • Export Citation
  • Bhattacharya, B., Policy Impediments to Foreign Direct Investment in India: Status and Issues (New Delhi: Indian Institute of Foreign Trade, 1994).

    • Search Google Scholar
    • Export Citation
  • Cashin, Paul, and Ratna Sahay, “Internal Migration, Center-State Grants and Economic Growth in the States of India,” IMF Working Paper No. 95/66 (Washington: International Monetary Fund, July 1995).

    • Search Google Scholar
    • Export Citation
  • Confederation of Indian Industry, “The States: Strategy for Growth,” background paper on administrative reforms prepared for the 20th annual session (Calcutta, 1994).

    • Search Google Scholar
    • Export Citation
  • Dixit, Avinash K., and Robert S. Pindyck, Investment Under Uncertainty (Princeton, New Jersey: Princeton University Press, 1994).

  • Dunaway, Steven, and others, Private Market Financing for Developing Countries, World Economic and Financial Surveys (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Fischer, Stanley, “The Role of Macroeconomic Factors in Growth,” Journal of Monetary Economics, Vol. 32 (December 1993), pp. 485512.

    • Search Google Scholar
    • Export Citation
  • Goldsbrough, David, and others, The Response of Investment and Growth to Adjustment Policies: Lessons from Eight Countries (Washington: International Monetary Fund, forthcoming).

    • Search Google Scholar
    • Export Citation
  • Goldstein, Morris, and David Folkerts-Landau, International Capital Markets: Developments, Prospects, and Policy Issues, World Economic and Financial Surveys (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Goswami, Omkar, and others, Report of the Committee on Industrial Sickness and Corporate Restructuring (New Delhi, 1993).

  • Greene, Joshua, and Delano Villanueva, “Private Investment in Developing Countries: An Empirical Analysis,” Staff Papers, International Monetary Fund, Vol. 38 (March 1991), pp. 3358.

    • Search Google Scholar
    • Export Citation
  • Hodrick, Robert, and Edward C. Prescott, “Postwar U.S. Business Cycles: An Empirical Investigation” (unpublished; Carnegie-Mellon University 1980).

    • Search Google Scholar
    • Export Citation
  • Industrial Credit and Investment Corporation of India Limited, Capacity Utilization in the Private Corporate Sector, 1991–92 and 1992–93 (Bombay, 1994).

    • Search Google Scholar
    • Export Citation
  • International Finance Corporation (1994a), Emerging Stock Markets: Factbook (Washington, 1994).

  • International Finance Corporation (1994b), Quarterly Review of Emerging Markets, First Quarter (Washington, 1994).

  • International Labor Organization, India: Employment, Poverty and Economic Policies (New Delhi, December 1993).

  • International Monetary Fund, World Economic Outlook, October 1994: A Survey by the Staff of the International Monetary Fund, World Economic and Financial Surveys (Washington, 1994).

    • Search Google Scholar
    • Export Citation
  • Iyer, T.N. Anantharam, “The Evolution of the Money Market and Government Securities Market in India,” background paper for the Sixth Seminar on Central Banking, International Monetary Fund (Washington, 1994).

    • Search Google Scholar
    • Export Citation
  • Joshi, Vijay, and I.M.D. Little, India: Macroeconomics and Political Economy 1964–91 (Washington: World Bank, 1994).

  • Khatkhate, Deena, “Indian Banking System: Restitution and Reform Sequencing” (unpublished; Washington, 1993).

  • King, Robert G., and Ross Levine, “Capital Fundamentalism, Economic Development and Economic Growth,” Carnegie-Rochester Series on Public Policy, Vol. 40 (June 1994), pp. 25992.

    • Search Google Scholar
    • Export Citation
  • Kirmani, Naheed, and others, International Trade Policies: The Uruguay Round and Beyond, World Economic and Financial Surveys (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Mankiw, N. Gregory, David Romer, and David N. Weil, “A Contribution to the Empirics of Economic Growth,” Quarterly Journal of Economics, Vol. 107 (May 1992), pp. 40738.

    • Search Google Scholar
    • Export Citation
  • McCarthy, F. Desmond, J. Peter Neary, and Giovanni Zanalda, “Measuring the Effect of External Shocks and the Policy Response to Them: Empirical Methodology Applied to the Philippines,” Policy Research Working Paper WPS 1271 (Washington: World Bank, March 1994).

    • Search Google Scholar
    • Export Citation
  • Ministry of Finance, “Public Sector Commercial Banks and Financial Sector Reform: Rebuilding for a Better Future,” Discussion Paper (New Delhi, 1993).

    • Search Google Scholar
    • Export Citation
  • Ministry of Finance, Report of the Tenth Finance Commission (for 1995–2000) (New Delhi, 1994).

  • Ministry of Finance, Economic Survey, 1994–95 (New Delhi, 1995).

  • Ministry of Industry, Department of Public Enterprises, Public Enterprises Survey, 1993–94 (New Delhi, 1995).

  • Mohan, Rakesh, “Public Sector Reform and Issues in Privatization,” paper presented at a meeting organized by the OECD Development Center and Center for Policy Research, New Delhi, March 67, 1995.

    • Search Google Scholar
    • Export Citation
  • Narasimham, M., Report of the Committee on the Financial System (New Delhi, 1991).

  • Nayak, P. Jayendra, “The Reform of India’s Financial System” (unpublished; New Delhi, 1993).

  • Pradhan, B.K., D.K. Ratha, and Atul Sarma, “Complementarity Between Public and Private Investment in India,” Journal of Development Economics, Vol. 33 (July 1990), pp. 10116.

    • Search Google Scholar
    • Export Citation
  • Pursell, Garry, and Ashok Gulati, “Liberalizing Indian Agriculture: An Agenda for Reform,” Policy Research Working Paper WPS 1172 (Washington: World Bank, September 1993).

    • Search Google Scholar
    • Export Citation
  • Psacharopoulos, George, “Returns to Investment in Education: A Global Update,” Policy Research Working Paper WPS 1067 (Washington: World Bank, January 1993).

    • Search Google Scholar
    • Export Citation
  • Rama, Martin, “Empirical Investment Equations for Developing Countries,” in Striving for Growth After Adjustment: The Role of Capital Formation, ed. by Luis Servén and Andres Solimano (Washington: World Bank, 1993).

    • Search Google Scholar
    • Export Citation
  • Rangarajan, C., and others, Report of the Committee on Divestment of Shares in Public Sector Enterprises (New Delhi, 1993).

  • Rangarajan, C., and others, “Developing the Money and Securities Markets in India,” paper presented at the Sixth Seminar on Central Banking, International Monetary Fund (Washington, 1994).

    • Search Google Scholar
    • Export Citation
  • Reserve Bank of India, Annual Report, 1993–94 (Bombay, 1994).

  • Reserve Bank of India, Report on Currency and Finance, 1994–95 (Bombay, 1995).

  • Summers, Robert, and Alan Heston, “The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950–88,” Quarterly Journal of Economics, Vol. 106 (May 1991), pp. 32768.

    • Search Google Scholar
    • Export Citation
  • Summers, Robert, and Alan Heston, The Penn World Table (Mark 5.6) database (1994).

  • Sundararajan, V., and Subhash Thakur, “Public Investment, Crowding Out, and Growth: A Dynamic Model Applied to India and Korea,” Staff Papers, International Monetary Fund, Vol. 27 (December 1980), pp. 81455.

    • Search Google Scholar
    • Export Citation
  • Tax Reforms Committee (chaired by Raja J. Chelliah), Final Report, Parts I and II (New Delhi: Ministry of Finance, 1993).

  • World Bank, “India: Issues in Trade Reform,” Report No. 13169-IN (Washington, 1994).

  • World Bank, “India: Country Economic Memorandum, Recent Economic Developments: Achievements and Challenges,” Report No. 14402-IN (Washington, 1995).

    • Search Google Scholar
    • Export Citation

Recent Occasional Papers of the International Monetary Fund

134. India: Economic Reform and Growth, by Ajai Chopra, Charles Collyns, Richard Hemming, and Karen Parker with Woosik Chu and Oliver Fratzscher. 1995.

133. Policy Experiences and Issues in the Baltics, Russia, and Other Countries of the Former Soviet Union, edited by Daniel A. Citrin and Ashok K. Lahiri. 1995.

132. Financial Fragilities in Latin America: The 1980s and 1990s, by Liliana Rojas-Suárez and Steven R. Weisbrod. 1995.

131. Capital Account Convertibility: Review of Experience and Implications for IMF Policies, by staff teams headed by Peter J. Quirk and Owen Evans. 1995.

130. Challenges to the Swedish Welfare State, by Desmond Lachman, Adam Bennett, John H. Green, Robert Hagemann, and Ramana Ramaswamy. 1995.

129. IMF Conditionality: Experience Under Stand-By and Extended Arrangements. Part II: Background Papers. Susan Schadler, Editor, with Adam Bennett, Maria Carkovic, Louis Dicks-Mireaux, Mauro Mecagni, James H.J. Morsink, and Miguel A. Savastano. 1995.

128. IMF Conditionality: Experience Under Stand-By and Extended Arrangements. Part I: Key Issues and Findings, by Susan Schadler, Adam Bennett, Maria Carkovic, Louis Dicks-Mireaux, Mauro Mecagni, James H.J. Morsink, and Miguel A. Savastano. 1995.

127. Road Maps of the Transition: The Baltics, the Czech Republic, Hungary, and Russia, by Biswajit Banerjee, Vincent Koen, Thomas Krueger, Mark S. Lutz, Michael Marrese, and Tapio O. Saavalainen. 1995.

126. The Adoption of Indirect Instruments of Monetary Policy, by a Staff Team headed by William E. Alexander, Tomás J.T. Baliño, and Charles Enoch and comprising Francesco Caramazza, George Iden, David Marston, Johannes Mueller, Ceyla Pazarbasioglu, Marc Quintyn, Matthew Saal, and Gabriel Sensenbrenner. 1995.

125. United Germany: The First Five Years—Performance and Policy Issues, by Robert Corker, Robert A. Feldman, Karl Habermeier, Hari Vittas, and Tessa van der Willigen. 1995.

124. Saving Behavior and the Asset Price “Bubble” in Japan: Analytical Studies, edited by Ulrich Baumgartner and Guy Meredith. 1995.

123. Comprehensive Tax Reform: The Colombian Experience, edited by Parthasarathi Shome. 1995.

122. Capital Flows in the APEC Region, edited by Mohsin S. Khan and Carmen M. Reinhart. 1995.

121. Uganda: Adjustment with Growth, 1987–94, by Robert L. Sharer, Hema R. De Zoysa, and Calvin A. McDonald. 1995.

120. Economic Dislocation and Recovery in Lebanon, by Sena Eken, Paul Cashin, S. Nuri Erbas, Jose Martelino, and Adnan Mazarei. 1995.

119. Singapore: A Case Study in Rapid Development, edited by Kenneth Bercuson with a staff team comprising Robert G. Carling, Aasim M. Husain, Thomas Rumbaugh, and Rachel van Elkan. 1995.

118. Sub-Saharan Africa: Growth, Savings, and Investment, by Michael T. Hadjimichael, Dhaneshwar Ghura, Martin Mühleisen, Roger Nord, and E. Murat Uçer. 1995.

117. Resilience and Growth Through Sustained Adjustment: The Moroccan Experience, by Saleh M. Nsouli, Sena Eken, Klaus Enders, Van-Can Thai, Jörg Decressin, and Filippo Cartiglia, with Janet Bungay. 1995.

116. Improving the International Monetary System: Constraints and Possibilities, by Michael Mussa, Morris Goldstein, Peter B. Clark, Donald J. Mathieson, and Tamim Bayoumi. 1994.

115. Exchange Rates and Economic Fundamentals: A Framework for Analysis, by Peter B. Clark, Leonardo Bartolini, Tamim Bayoumi, and Steven Symansky. 1994.

114. Economic Reform in China: A New Phase, by Wanda Tseng, Hoe Ee Khor, Kalpana Kochhar, Dubravko Mihaljek, and David Burton. 1994.

113. Poland: The Path to a Market Economy, by Liam P. Ebrill, Ajai Chopra, Charalambos Christofides, Paul Mylonas, Inci Otker, and Gerd Schwartz. 1994.

112. The Behavior of Non-Oil Commodity Prices, by Eduardo Borensztein, Mohsin S. Khan, Carmen M. Reinhart, and Peter Wickham. 1994.

111. The Russian Federation in Transition: External Developments, by Benedicte Vibe Christensen. 1994.

110. Limiting Central Bank Credit to the Government: Theory and Practice, by Carlo Cottarelli. 1993.

109. The Path to Convertibility and Growth: The Tunisian Experience, by Saleh M. Nsouli, Sena Eken, Paul Duran, Gerwin Bell, and Zühtü Yücelik. 1993.

108. Recent Experiences with Surges in Capital Inflows, by Susan Schadler, Maria Carkovic, Adam Bennett, and Robert Kahn. 1993.

107. China at the Threshold of a Market Economy, by Michael W. Bell, Hoe Ee Khor, and Kalpana Kochhar with Jun Ma, Simon N’guiamba, and Rajiv Lall. 1993.

106. Economic Adjustment in Low-Income Countries: Experience Under the Enhanced Structural Adjustment Facility, by Susan Schadler, Franek Rozwadowski, Siddharth Tiwari, and David O. Robinson. 1993.

105. The Structure and Operation of the World Gold Market, by Gary O’Callaghan. 1993.

104. Price Liberalization in Russia: Behavior of Prices, Household Incomes, and Consumption During the First Year, by Vincent Koen and Steven Phillips. 1993.

103. Liberalization of the Capital Account: Experiences and Issues, by Donald J. Mathieson and Liliana Rojas-Suárez. 1993.

102. Financial Sector Reforms and Exchange Arrangements in Eastern Europe. Part I: Financial Markets and Intermediation, by Guillermo A. Calvo and Manmohan S. Kumar. Part II: Exchange Arrangements of Previously Centrally Planned Economies, by Eduardo Borensztein and Paul R. Masson. 1993.

101. Spain: Converging with the European Community, by Michel Galy, Gonzalo Pastor, and Thierry Pujol. 1993.

100. The Gambia: Economic Adjustment in a Small Open Economy, by Michael T. Hadjimichael, Thomas Rumbaugh, and Eric Verreydt. 1992.

99. Mexico: The Strategy to Achieve Sustained Economic Growth, edited by Claudio Loser and Eliot Kalter. 1992.

98. Albania: From Isolation Toward Reform, by Mario I. Blejer, Mauro Mecagni, Ratna Sahay, Richard Hides, Barry Johnston, Piroska Nagy, and Roy Pepper. 1992.

97. Rules and Discretion in International Economic Policy, by Manuel Guitián. 1992.

96. Policy Issues in the Evolving International Monetary System, by Morris Goldstein, Peter Isard, Paul R. Masson, and Mark P. Taylor. 1992.

95. The Fiscal Dimensions of Adjustment in Low-Income Countries, by Karim Nashashibi, Sanjeev Gupta, Claire Liuksila, Henri Lorie, and Walter Mahler. 1992.

94. Tax Harmonization in the European Community: Policy Issues and Analysis, edited by George Kopits. 1992.

93. Regional Trade Arrangements, by Augusto de la Torre and Margaret R. Kelly. 1992.

92. Stabilization and Structural Reform in the Czech and Slovak Federal Republic: First Stage, by Bijan B. Aghevli, Eduardo Borensztein, and Tessa van der Willigen. 1992.

91. Economic Policies for a New South Africa, edited by Desmond Lachman and Kenneth Bercuson with a staff team comprising Daudi Ballali, Robert Corker, Charalambos Christofides, and James Wein. 1992.

90. The Internationalization of Currencies: An Appraisal of the Japanese Yen, by George S. Tavlas and Yuzuru Ozeki. 1992.

89. The Romanian Economic Reform Program, by Dimitri G. Demekas and Mohsin S. Khan. 1991.

88. Value-Added Tax: Administrative and Policy Issues, edited by Alan A. Tait. 1991.

87. Financial Assistance from Arab Countries and Arab Regional Institutions, by Pierre van den Boogaerde. 1991.

86. Ghana: Adjustment and Growth, 1983–91, by Ishan Kapur, Michael T. Hadjimichael, Paul Hilbers, Jerald Schiff, and Philippe Szymczak. 1991.

Note: For information on the title and availability of Occasional Papers not listed, please consult the IMF Publications Catalog or contact IMF Publication Services.

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Economic Reform and Growth
  • Ahluwalia, Isher Judge, Productivity and Growth in Indian Manufacturing (New Delhi: Oxford University Press, 1991).

  • Ahluwalia, Isher Judge, “The Manufacturing Sector in India,” in India: Industrial Development Review (London: Economist Intelligence Unit, and Vienna: United Nations Industrial Development Organization, 1995).

    • Search Google Scholar
    • Export Citation
  • Anant, T.C.A., Tamal Datta Chaudhuri, Shubhashis Gangopadhyay, and Omkar Goswami, “Industrial Sickness in India: Institutional Responses and Issues in Restructuring” (unpublished; New Delhi, April 1994).

    • Search Google Scholar
    • Export Citation
  • Aziz, Jahangir, “Discretionary Trading and Asset Price Volatility,” IMF Working Paper No. 95/104 (Washington: International Monetary Fund, October 1995).

    • Search Google Scholar
    • Export Citation
  • Balakrishnan P., and K. Pushpangadan, “Total Factor-Productivity Growth in Manufacturing Industry: A Fresh Look,” Economic and Political Weekly, July 30, 1994, pp. 202835.

    • Search Google Scholar
    • Export Citation
  • Barro, Robert J., and Jong-Wha Lee, “International Comparisons of Educational Attainment,” Journal of Monetary Economics, Vol. 32 (December 1993), pp. 36394.

    • Search Google Scholar
    • Export Citation
  • Bhattacharya, B., Policy Impediments to Foreign Direct Investment in India: Status and Issues (New Delhi: Indian Institute of Foreign Trade, 1994).

    • Search Google Scholar
    • Export Citation
  • Cashin, Paul, and Ratna Sahay, “Internal Migration, Center-State Grants and Economic Growth in the States of India,” IMF Working Paper No. 95/66 (Washington: International Monetary Fund, July 1995).

    • Search Google Scholar
    • Export Citation
  • Confederation of Indian Industry, “The States: Strategy for Growth,” background paper on administrative reforms prepared for the 20th annual session (Calcutta, 1994).

    • Search Google Scholar
    • Export Citation
  • Dixit, Avinash K., and Robert S. Pindyck, Investment Under Uncertainty (Princeton, New Jersey: Princeton University Press, 1994).

  • Dunaway, Steven, and others, Private Market Financing for Developing Countries, World Economic and Financial Surveys (Washington: International Monetary Fund, 1995).

    • Search Google Scholar
    • Export Citation
  • Fischer, Stanley, “The Role of Macroeconomic Factors in Growth,” Journal of Monetary Economics, Vol. 32 (December 1993), pp. 485512.

    • Search Google Scholar
    • Export Citation
  • Goldsbrough, David, and others, The Response of Investment and Growth to Adjustment Policies: Lessons from Eight Countries (Washington: International Monetary Fund, forthcoming).

    • Search Google Scholar
    • Export Citation
  • Goldstein, Morris, and David Folkerts-Landau, International Capital Markets: Developments, Prospects, and Policy Issues, World Economic and Financial Surveys (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Goswami, Omkar, and others, Report of the Committee on Industrial Sickness and Corporate Restructuring (New Delhi, 1993).

  • Greene, Joshua, and Delano Villanueva, “Private Investment in Developing Countries: An Empirical Analysis,” Staff Papers, International Monetary Fund, Vol. 38 (March 1991), pp. 3358.

    • Search Google Scholar
    • Export Citation
  • Hodrick, Robert, and Edward C. Prescott, “Postwar U.S. Business Cycles: An Empirical Investigation” (unpublished; Carnegie-Mellon University 1980).

    • Search Google Scholar
    • Export Citation
  • Industrial Credit and Investment Corporation of India Limited, Capacity Utilization in the Private Corporate Sector, 1991–92 and 1992–93 (Bombay, 1994).

    • Search Google Scholar
    • Export Citation
  • International Finance Corporation (1994a), Emerging Stock Markets: Factbook (Washington, 1994).

  • International Finance Corporation (1994b), Quarterly Review of Emerging Markets, First Quarter (Washington, 1994).

  • International Labor Organization, India: Employment, Poverty and Economic Policies (New Delhi, December 1993).

  • International Monetary Fund, World Economic Outlook, October 1994: A Survey by the Staff of the International Monetary Fund, World Economic and Financial Surveys (Washington, 1994).

    • Search Google Scholar
    • Export Citation
  • Iyer, T.N. Anantharam, “The Evolution of the Money Market and Government Securities Market in India,” background paper for the Sixth Seminar on Central Banking, International Monetary Fund (Washington, 1994).

    • Search Google Scholar
    • Export Citation
  • Joshi, Vijay, and I.M.D. Little, India: Macroeconomics and Political Economy 1964–91 (Washington: World Bank, 1994).

  • Khatkhate, Deena, “Indian Banking System: Restitution and Reform Sequencing” (unpublished; Washington, 1993).

  • King, Robert G., and Ross Levine, “Capital Fundamentalism, Economic Development and Economic Growth,” Carnegie-Rochester Series on Public Policy, Vol. 40 (June 1994), pp. 25992.

    • Search Google Scholar
    • Export Citation
  • Kirmani, Naheed, and others, International Trade Policies: The Uruguay Round and Beyond, World Economic and Financial Surveys (Washington: International Monetary Fund, 1994).

    • Search Google Scholar
    • Export Citation
  • Mankiw, N. Gregory, David Romer, and David N. Weil, “A Contribution to the Empirics of Economic Growth,” Quarterly Journal of Economics, Vol. 107 (May 1992), pp. 40738.

    • Search Google Scholar
    • Export Citation
  • McCarthy, F. Desmond, J. Peter Neary, and Giovanni Zanalda, “Measuring the Effect of External Shocks and the Policy Response to Them: Empirical Methodology Applied to the Philippines,” Policy Research Working Paper WPS 1271 (Washington: World Bank, March 1994).

    • Search Google Scholar
    • Export Citation
  • Ministry of Finance, “Public Sector Commercial Banks and Financial Sector Reform: Rebuilding for a Better Future,” Discussion Paper (New Delhi, 1993).

    • Search Google Scholar
    • Export Citation
  • Ministry of Finance, Report of the Tenth Finance Commission (for 1995–2000) (New Delhi, 1994).

  • Ministry of Finance, Economic Survey, 1994–95 (New Delhi, 1995).

  • Ministry of Industry, Department of Public Enterprises, Public Enterprises Survey, 1993–94 (New Delhi, 1995).

  • Mohan, Rakesh, “Public Sector Reform and Issues in Privatization,” paper presented at a meeting organized by the OECD Development Center and Center for Policy Research, New Delhi, March 67, 1995.

    • Search Google Scholar
    • Export Citation
  • Narasimham, M., Report of the Committee on the Financial System (New Delhi, 1991).

  • Nayak, P. Jayendra, “The Reform of India’s Financial System” (unpublished; New Delhi, 1993).

  • Pradhan, B.K., D.K. Ratha, and Atul Sarma, “Complementarity Between Public and Private Investment in India,” Journal of Development Economics, Vol. 33 (July 1990), pp. 10116.

    • Search Google Scholar
    • Export Citation
  • Pursell, Garry, and Ashok Gulati, “Liberalizing Indian Agriculture: An Agenda for Reform,” Policy Research Working Paper WPS 1172 (Washington: World Bank, September 1993).

    • Search Google Scholar
    • Export Citation
  • Psacharopoulos, George, “Returns to Investment in Education: A Global Update,” Policy Research Working Paper WPS 1067 (Washington: World Bank, January 1993).

    • Search Google Scholar
    • Export Citation
  • Rama, Martin, “Empirical Investment Equations for Developing Countries,” in Striving for Growth After Adjustment: The Role of Capital Formation, ed. by Luis Servén and Andres Solimano (Washington: World Bank, 1993).

    • Search Google Scholar
    • Export Citation
  • Rangarajan, C., and others, Report of the Committee on Divestment of Shares in Public Sector Enterprises (New Delhi, 1993).

  • Rangarajan, C., and others, “Developing the Money and Securities Markets in India,” paper presented at the Sixth Seminar on Central Banking, International Monetary Fund (Washington, 1994).

    • Search Google Scholar
    • Export Citation
  • Reserve Bank of India, Annual Report, 1993–94 (Bombay, 1994).

  • Reserve Bank of India, Report on Currency and Finance, 1994–95 (Bombay, 1995).

  • Summers, Robert, and Alan Heston, “The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950–88,” Quarterly Journal of Economics, Vol. 106 (May 1991), pp. 32768.

    • Search Google Scholar
    • Export Citation
  • Summers, Robert, and Alan Heston, The Penn World Table (Mark 5.6) database (1994).

  • Sundararajan, V., and Subhash Thakur, “Public Investment, Crowding Out, and Growth: A Dynamic Model Applied to India and Korea,” Staff Papers, International Monetary Fund, Vol. 27 (December 1980), pp. 81455.

    • Search Google Scholar
    • Export Citation
  • Tax Reforms Committee (chaired by Raja J. Chelliah), Final Report, Parts I and II (New Delhi: Ministry of Finance, 1993).

  • World Bank, “India: Issues in Trade Reform,” Report No. 13169-IN (Washington, 1994).

  • World Bank, “India: Country Economic Memorandum, Recent Economic Developments: Achievements and Challenges,” Report No. 14402-IN (Washington, 1995).

    • Search Google Scholar
    • Export Citation