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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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Fiscal Implications and Central Banking

Fiscal Implications and Central Banking

Chapter:
(p.255) Chapter 11 Fiscal Implications and Central Banking
Source:
Financial and Fiscal Policies
Author(s):

Y.V. Reddy

Narayan Valluri

Partha Ray

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199452651.003.0011

The crisis has drawn attention to the significant links between central banking and fiscal management. Central banks had to play a critical role in managing the crisis, and in the process, they had to operate in close coordination with fiscal authorities. Monetary and fiscal policies tended to supplement, and may often be substituted for each other in managing stimulus of the economy. Exit policies demand continued close coordination. An assessment of large fiscal implications in systemically important economies in this chapter indicates a potential for new framework for central banking whose contours are still unclear. A paradigm shift in the framework for central banking should be expected. Correspondingly, new fiscal dominance may emerge which requires central banks to incorporate it along with other sources of threat to financial instability.

Keywords:   central banking, fiscal management, monetary policy, fiscal policy, exit policies, fiscal dominance

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