TY - BOOK ID - 84542259 TI - The Challenge of Fiscal Adjustment in a Democracy : The Case of India AU - Hausmann, Ricardo. AU - Purfield, Catriona. PY - 2004 SN - 1462333729 1452758263 1282109782 1451903545 9786613802675 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Fiscal policy KW - Budget deficits KW - Structural adjustment (Economic policy) KW - Debts, Public KW - Deficits, Budget KW - Budget KW - Deficit financing KW - Budgeting KW - Public Finance KW - Fiscal Policy KW - Structure, Scope, and Performance of Government KW - National Budget KW - Budget Systems KW - State and Local Borrowing KW - Intergovernmental Relations KW - Federalism KW - Secession KW - Debt KW - Debt Management KW - Sovereign Debt KW - National Government Expenditures and Related Policies: General KW - Public finance & taxation KW - Budgeting & financial management KW - Macroeconomics KW - Budget planning and preparation KW - Public debt KW - Expenditure KW - Government debt management KW - Public financial management (PFM) KW - Expenditures, Public KW - India UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542259 AB - India's fiscal problem has deep roots in its federal fiscal system, where multiple players find it difficult to coordinate adjustment. The size and closed nature of the Indian economy, aided by its deep domestic capital market and large captive pool of domestic savings, has disguised the cost of fiscal laxity and complicated the building of a consensus on reform. The new fiscal responsibility act establishes a new rules-based system to overcome this coordination failure. To strengthen the framework, we recommend an autonomous scorekeeper and the extension of similar rules to the state governments as part of a comprehensive reform of the federal system. ER -