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Effective supply failures and structural adjustment: a real--financial model with reference to India

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  • C. W. M. Naastepad

Abstract

Using a multiperiod real--financial CGE model, this paper identifies the impact of budgetary policy on credit supply as a possible factor limiting the effectiveness of structural adjustment programmes. Focusing on credit rather than money, and explicitly analysing the relation between the budget and the credit creation process, the model goes beyond earlier modelling approaches by (1) incorporating credit rationing, (2) recognising the dual role of credit for working capital and investment, and (3) allowing for endogenous switches between credit-constrained, capacity-constrained and demand-constrained regimes. With this approach, the relation between money, output and prices, and issues of crowding in versus crowding out, are solved endogenously rather than assumed a priori. Copyright 2002, Oxford University Press.

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  • C. W. M. Naastepad, 2002. "Effective supply failures and structural adjustment: a real--financial model with reference to India," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(5), pages 637-657, September.
    • Handle: RePEc:oup:cambje:v:26:y:2002:i:5:p:637-657
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    Cited by:

    1. Kishore G. Kulkarni & Sweta C. Saxena, 2003. "Have the Monetary and Fiscal Policies been Effective in India?," Global Business Review, International Management Institute, vol. 4(2), pages 229-237, August.
    2. Rubana Mahjabeen, 2010. "On The Provision Of Micro Loans - Microfinance Institutions And Traditional Banks," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 35(1), pages 59-73, March.
    3. D. Gopinath, 2009. "Contemporary Approaches to Economic Development: The Special Economic Zone Programme," Local Economy, London South Bank University, vol. 24(6-7), pages 448-455, September.

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