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Legislative strategy for setting up an independent debt management agency

Author

Listed:
  • Pandey, Radhika

    (National Institute of Public Finance and Policy)

  • Patnaik, Ila

    (National Institute of Public Finance and Policy)

Abstract

The Public Debt Management Agency (PDMA) is a body that issues public debt with the objective of keeping long term costs of government borrowing low. In India, the existing legal framework obliges the government to give the task of managing its debt to the RBI. Pursuant to its role as debt manager, RBI set up market infrastructure such as an exchange and a depository. Carve-outs were made in the regulation of securities, to allow the RBI to regulate the bond market. Over the last 20 years, the proposal to establish an independent PDMA has been repeatedly put forward. In this paper, we work out the legal strategy to set up a PDMA. We show the transition path for the roll out and for the movement of the functions, accounts, records and systems to the new agency in a phased manner.

Suggested Citation

  • Pandey, Radhika & Patnaik, Ila, 2016. "Legislative strategy for setting up an independent debt management agency," Working Papers 16/178, National Institute of Public Finance and Policy.
    • Handle: RePEc:npf:wpaper:16/178
    Note: Working Paper 178, 2016
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    File URL: http://www.nipfp.org.in/media/medialibrary/2016/10/WP_2016_178.pdf
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    References listed on IDEAS

    as
    1. Lokendra Kumawat & N. R. Bhanumurthy, 2018. "Regime-shifts in India’s monetary policy response function," Indian Economic Review, Springer, vol. 53(1), pages 167-182, December.
    2. Lokendra Kumawat & N R Bhanumurthy, 2016. "Regime Shifts in India’s Monetary Policy Response Function," Working Papers id:11400, eSocialSciences.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Pandey, Radhika & Patnaik, Ila, 2019. "Financial sector reforms in India," Working Papers 19/267, National Institute of Public Finance and Policy.
    2. Pandey, Radhika & Patnaik, Ila, 2019. "Fiscal policy cyclicality in South Asian economies," Working Papers 19/268, National Institute of Public Finance and Policy.
    3. Patnaik, Ila & Pandey, Radhika, 2019. "Savings and capital formation in India," Working Papers 19/271, National Institute of Public Finance and Policy.

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    More about this item

    Keywords

    Public debt management ; Market infrastructure ; Market regulation; Government securities;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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