Back Matter
  • 1 0000000404811396https://isni.org/isni/0000000404811396International Monetary Fund
  • | 2 0000000404811396https://isni.org/isni/0000000404811396International Monetary Fund
  • | 3 0000000404811396https://isni.org/isni/0000000404811396International Monetary Fund

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

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  • 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Gangopadhyay, and Omkar Goswami, “Industrial Sickness in India: Institutional Responses and Issues in Restructuring” (unpublished; New Delhi, April 1994).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
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    • Search Google Scholar
    • Export Citation
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    • 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
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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  • International Finance Corporation (1994b), Quarterly Review of Emerging Markets, First Quarter (Washington, 1994).

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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • 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).

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    • Search Google Scholar
    • Export Citation

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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