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A Concise Handbook of the Indian Economy in the 21st Century$
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Ashima Goyal

Print publication date: 2019

Print ISBN-13: 9780199496464

Published to Oxford Scholarship Online: January 2020

DOI: 10.1093/oso/9780199496464.001.0001

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Fiscal and Monetary Policy


Fiscal and Monetary Policy

Outcomes and Coordination

Chapter:
(p.64) Chapter 3 
Fiscal and Monetary Policy
Source:
A Concise Handbook of the Indian Economy in the 21st Century
Author(s):

Romar Correa

Publisher:
Oxford University Press
DOI:10.1093/oso/9780199496464.003.0003

Romar Correa continues to use the Godley-Cripps (1983) stock-flow-consistent (SFC) framework in this update to refine the thesis that the monetary authority is the ‘handmaiden’ of the fiscal authority. The bank, commercial and central being indistinguishable, is central to the account. A revitalized ‘real bills doctrine’ is proposed. The deleterious consequences of promoting the alternative, ‘financialization’ are traced.

Keywords:   Fiscal and monetary policy, stock flow consistency, real bills doctrine, financialization

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