Presents the views of nine respected authors including policymakers, academics and members of government and multilateral institutions such as the Reserve Bank of India and the Asian Development Bank

Explores the feasibility of separating debt management from monetary authority in India

Offers a pointed discussion on the merits and demerits of the separation of debt from monetary management, and the independence of central banks

Provides valuable insights for practitioners and policymakers, especially those working in government and central banks across the world, particularly in emerging markets

This book examines the objectives of public debt management and the re-emerging issue of separating monetary policy formulation from fiscal and debt management. The recent Great Recession has resulted in a rethink of the objectives and working of macroeconomics, and in many countries, including India, has led to the scope of fiscal operations being expanded and debt-to-GDP ratios increasing significantly. Consequently, debt management has encountered considerable difficulties, and the need for coordination between monetary and debt management has assumed greater significance. The book discusses the important issue of the independence of central banks and the need for coordination between debt managers, monetary authorities and finance ministries if debt operations are separated from monetary management.