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Financial and Fiscal PoliciesCrises and New Realities$
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Y. V. Reddy, Narayan Valluri, and Partha Ray

Print publication date: 2014

Print ISBN-13: 9780199452651

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199452651.001.0001

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Introduction

Introduction

Chapter:
(p.1) Chapter 1 Introduction
Source:
Financial and Fiscal Policies
Author(s):

Y.V. Reddy

Narayan Valluri

Partha Ray

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199452651.003.0001

Apart from giving a sense of the theme of the book, this chapter gives summaries of each chapter of the book. In the backdrop of the global financial crisis which turned into the great recession and subsequently to the euro area crisis, it describes the observed linkages between finance and fiscal issues with several illustrations and anecdotal evidence. It attempts to explore emerging issues in the policies relating to management of public debt, central banking, taxation, and regulation of financial sector. In view of their contemporary relevance, particularly in the euro area, issues relating to sovereign debt restructuring and sub-national finance arising from the crisis are also discussed. In brief, the book argues that an important lesson for public policy is that sound fiscal management is at the heart of maintaining financial stability consistent with growth.

Keywords:   global financial crisis, euro area crisis, monetary policy, fiscal policy, financial policy, monetary financial linkage, fiscal financial linkage, subnational finance

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