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Wiley Series in Probability and Statistics
This paper discusses some puzzles in the contemporary macroeconomic scene in India, from the perspective of public finance and economic development. These include a fiscal deficit higher than it was during the 1991 crisis, but without a large current account deficit or rise in inflation or interest rates, a rising inflow of external capital, accompanied by the RBI's sterilizing these inflows and accumulating large reserves, even in the face of low inflation. We offer a critique of some previousdoi:10.1002/9781118029176.ch2 fatcat:fspmcyyb4ncllpjknmtjdk5if4