Jai Chander - Academia.edu (original) (raw)

Papers by Jai Chander

Review of Public Finance in Developing and Transitional Countries by Jorge Martinez-Vazquez and J... more Review of Public Finance in Developing and Transitional Countries by Jorge Martinez-Vazquez and James Alm in RBI Occasional Papers, Vol. 27, No. 1 and 2, Summer and Monsoon 2006.public finance, decentraliation, China, USA

SSRN Electronic Journal, 2021

Threshold inflation that maximizes long-term growth in an economy is dependent on fiscal deficit ... more Threshold inflation that maximizes long-term growth in an economy is dependent on fiscal deficit (FD) and current account deficit (CAD). Since the existing empirical literature on threshold inflation lacks a robust theoretical framework, the present study considers the theory developed by Dholakia (2020) to estimate threshold inflation that maximizes steady state growth (SSG). Based on an appropriate degree of polynomial for investment rate and capital productivity with a cross-country data set of 58 countries for the period 1995 to 2018, the study broadly confirms higher threshold inflation with higher growth in emerging market economies as compared to the advanced economies. By introducing country-specific intercept and selected slope dummies, the study finds that the threshold inflation for India is around 6 per cent. An important finding of the study is that the long run trade-off between inflation and SSG is asymmetric such that a reduction in inflation rate leads to a much smaller gain in the long-term growth when inflation is higher than threshold compared to when inflation is lower and rises towards the threshold level. Also, the threshold inflation and corresponding growth are not unique for a country but depend on the other two parameters – FD/GDP and CAD/GDP. Policymakers may choose to set the inflation target below the threshold level only after considering the costs of sacrificing growth and implied poverty alleviation rate with likely benefits in terms of the distributional and financial stability implications which are not examined in this study.

SSRN Electronic Journal, 2013

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.

SSRN Electronic Journal, 2012

SSRN Electronic Journal, 2006

The views expressed in this paper are those of the authors and should not be interpreted as those... more The views expressed in this paper are those of the authors and should not be interpreted as those of the organisation to which they belong. * Excludes 1993-94 as it was an outlier in which the change in revenue receipts as a proportion of GDP was only 0.3 per cent. * Since monetised deficit is essentially a financing item of the Central Government's budgetary gap, its measurement through expenditure and receipts approach is not applicable.

SSRN Electronic Journal, 2013

This paper examines changes in regional inequality in India in the 1990s, using data for 59 of In... more This paper examines changes in regional inequality in India in the 1990s, using data for 59 of India's 78 agro-climatic regions from the National Sample Survey. It extends the work of Singh et al. (2003) in two ways. First, it allows for differences in baseline growth performance across individual states. It confirms the relatively poor performance of eastern states in the 1990s. Second, it also analyzes economic performance using NSS consumption expenditure data. In this case, it finds that there was conditional convergence for urban households, but not for rural households in that period.

rbidocs.rbi.org.in

This study makes an attempt to thematically chronicle the empirical fiscal research in India duri... more This study makes an attempt to thematically chronicle the empirical fiscal research in India during the past six decades since independence. The empirical research work undertaken showed certain shifts in focus, marking distinct phases and also reflecting the theoretical and policy developments. Contributions by fiscal researchers have been seminal and pioneering, covering the spectrum of fiscal policy relevant to the times. Research methodology and techniques have also undergone significant changes. While early research was a reflection of collective knowledge, latter studies have placed equal emphasis on empirical and quantitative analysis. Over the years, researchers have moved from trend analysis to more sophisticated tools based on econometrics and statistics. The conclusions of various research studies have, by and large, been robust with good predictive power and policy insight. A number of fiscal economists from the country have received wide international acclaim.

... Consequently, fiscal deficit of the government sector as a whole escalated reflecting the exp... more ... Consequently, fiscal deficit of the government sector as a whole escalated reflecting the expansionary fiscal policy stance of the government and ... the viewpoint of the overall fiscal balance of the Indian fiscal system is how the changing structure of federal fiscal resource flow ...

Review of Public Finance in Developing and Transitional Countries by Jorge Martinez-Vazquez and J... more Review of Public Finance in Developing and Transitional Countries by Jorge Martinez-Vazquez and James Alm in RBI Occasional Papers, Vol. 27, No. 1 and 2, Summer and Monsoon 2006.public finance, decentraliation, China, USA

SSRN Electronic Journal, 2021

Threshold inflation that maximizes long-term growth in an economy is dependent on fiscal deficit ... more Threshold inflation that maximizes long-term growth in an economy is dependent on fiscal deficit (FD) and current account deficit (CAD). Since the existing empirical literature on threshold inflation lacks a robust theoretical framework, the present study considers the theory developed by Dholakia (2020) to estimate threshold inflation that maximizes steady state growth (SSG). Based on an appropriate degree of polynomial for investment rate and capital productivity with a cross-country data set of 58 countries for the period 1995 to 2018, the study broadly confirms higher threshold inflation with higher growth in emerging market economies as compared to the advanced economies. By introducing country-specific intercept and selected slope dummies, the study finds that the threshold inflation for India is around 6 per cent. An important finding of the study is that the long run trade-off between inflation and SSG is asymmetric such that a reduction in inflation rate leads to a much smaller gain in the long-term growth when inflation is higher than threshold compared to when inflation is lower and rises towards the threshold level. Also, the threshold inflation and corresponding growth are not unique for a country but depend on the other two parameters – FD/GDP and CAD/GDP. Policymakers may choose to set the inflation target below the threshold level only after considering the costs of sacrificing growth and implied poverty alleviation rate with likely benefits in terms of the distributional and financial stability implications which are not examined in this study.

SSRN Electronic Journal, 2013

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.

SSRN Electronic Journal, 2012

SSRN Electronic Journal, 2006

The views expressed in this paper are those of the authors and should not be interpreted as those... more The views expressed in this paper are those of the authors and should not be interpreted as those of the organisation to which they belong. * Excludes 1993-94 as it was an outlier in which the change in revenue receipts as a proportion of GDP was only 0.3 per cent. * Since monetised deficit is essentially a financing item of the Central Government's budgetary gap, its measurement through expenditure and receipts approach is not applicable.

SSRN Electronic Journal, 2013

This paper examines changes in regional inequality in India in the 1990s, using data for 59 of In... more This paper examines changes in regional inequality in India in the 1990s, using data for 59 of India's 78 agro-climatic regions from the National Sample Survey. It extends the work of Singh et al. (2003) in two ways. First, it allows for differences in baseline growth performance across individual states. It confirms the relatively poor performance of eastern states in the 1990s. Second, it also analyzes economic performance using NSS consumption expenditure data. In this case, it finds that there was conditional convergence for urban households, but not for rural households in that period.

rbidocs.rbi.org.in

This study makes an attempt to thematically chronicle the empirical fiscal research in India duri... more This study makes an attempt to thematically chronicle the empirical fiscal research in India during the past six decades since independence. The empirical research work undertaken showed certain shifts in focus, marking distinct phases and also reflecting the theoretical and policy developments. Contributions by fiscal researchers have been seminal and pioneering, covering the spectrum of fiscal policy relevant to the times. Research methodology and techniques have also undergone significant changes. While early research was a reflection of collective knowledge, latter studies have placed equal emphasis on empirical and quantitative analysis. Over the years, researchers have moved from trend analysis to more sophisticated tools based on econometrics and statistics. The conclusions of various research studies have, by and large, been robust with good predictive power and policy insight. A number of fiscal economists from the country have received wide international acclaim.

... Consequently, fiscal deficit of the government sector as a whole escalated reflecting the exp... more ... Consequently, fiscal deficit of the government sector as a whole escalated reflecting the expansionary fiscal policy stance of the government and ... the viewpoint of the overall fiscal balance of the Indian fiscal system is how the changing structure of federal fiscal resource flow ...