Articles by Narendra Jadhav

The conduct of the Reserve Bank of India?s monetary policy in the 1990s has shaped and in turn, been shaped by the programme of financial sector reforms. The operating procedure of monetary policy had to be comprehensively recast to enable the shift from direct to indirect monetary policy instruments in consonance with the increasing market orientation of the economy. This paper examines the impact of financial sector reforms on the balance sheet of the RBI. In the wake of financial sector reforms, we find that a regime switching has taken place in the RBI?s asset size as well as in the size of its surplus. Moreover, the RBI Balance Sheet has become more transparent in line with international accounting standards.

Fiscal-Monetary Dynamic Nexus in India An Econometric Model Narendra Jadhav Bolwant Singh With several developing countries, including India, experiencing chronic, and at times accelerating, inflation, there is renewed concern regarding the fiscal-monetary nexus in these countries. Against this background, this paper analyses the short-term dynamics of-budget deficit, money supply, inflation and economic growth in the Indian context.