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2023 | OriginalPaper | Chapter

10. The Anatomy of Public Debt Reductions: Case of India

Authors : Prachi Mishra, Nikhil Patel

Published in: India’s Contemporary Macroeconomic Themes

Publisher: Springer Nature Singapore

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Abstract

India has witnessed an unprecedented surge in sovereign debt on the back of the pandemic. We outline the costs and risks associated with high debt in India, drawing on experiences across countries as well as India’s own past. We conclude with a discussion of the benefits of reducing debt and possible scenarios that could achieve a sizable reduction over the next decade.

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Footnotes
1
This inference is based on a five variable structural vector autoregression identifies using narrative sign restrictions (see Ando et al. 2022).
 
2
Note that these are associations and we do not intend to make any causal claims here.
 
Literature
go back to reference Ando, S., Mishra, P., Patel, N., Platzer, J., Alva, A. P., & Presbitero, A. (2022). Anatomy of public debt surges and reductions. Systemic Issues Division, Research Department IMF, memo. Ando, S., Mishra, P., Patel, N., Platzer, J., Alva, A. P., & Presbitero, A. (2022). Anatomy of public debt surges and reductions. Systemic Issues Division, Research Department IMF, memo.
go back to reference Blanchard, O. (2022). Fiscal policy under low interest rates. MIT Press. Blanchard, O. (2022). Fiscal policy under low interest rates. MIT Press.
go back to reference Escolano, J. (2010). A practical guide to public debt dynamics, fiscal sustainability, and cyclical adjustment of budgetary aggregates. No. 2010/002. International Monetary Fund. Escolano, J. (2010). A practical guide to public debt dynamics, fiscal sustainability, and cyclical adjustment of budgetary aggregates. No. 2010/002. International Monetary Fund.
go back to reference Mauro, P., Romeu, R., Binder, A., & Zaman, A. (2015). A modern history of fiscal prudence and profligacy. Journal of Monetary Economics, 76, 55–70.CrossRef Mauro, P., Romeu, R., Binder, A., & Zaman, A. (2015). A modern history of fiscal prudence and profligacy. Journal of Monetary Economics, 76, 55–70.CrossRef
Metadata
Title
The Anatomy of Public Debt Reductions: Case of India
Authors
Prachi Mishra
Nikhil Patel
Copyright Year
2023
Publisher
Springer Nature Singapore
DOI
https://doi.org/10.1007/978-981-99-5728-6_10