Financial And Fiscal Policies: Crises And New Realities

What started as subprime mortgage crisis in the US in 2007 snowballed into global recession soon after. Still running its course, it has transformed itself into an economic crisis, if not a socio-political one. This book looks at the impact of the global crisis on fiscal positions, and fiscal implications of the measures undertaken to deal with the situation. The authors explore cross-country experiences with special focus on the euro area economies and India. Analysing the issues relating to the interaction between monetary, fiscal, and financial policies, with emphasis on public debt management, sovereign debt restructuring, taxation, and regulation of the financial sector and sub-national finance, they present the emerging challenges. Recognizing the inter-linkages between monetary, financial, and fiscal policies against the backof the global crisis, this book offers an understanding of possible institutional arrangements for the future.