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首页> 外文期刊>Margin: The Journal of Applied Economic Research >Assessment of India's Fiscal and External Sector Vulnerability: A Balance Sheet Approach
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Assessment of India's Fiscal and External Sector Vulnerability: A Balance Sheet Approach

机译：评估印度的财政和对外部门脆弱性：资产负债表方法

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摘要

The article is an attempt to assess India’s fiscal and external sector vulnerability in the context of the deterioration in major macroeconomic indicators in recent years. The balance sheet approach (BSA) developed mainly by the International Monetary Fund (IMF) is applied to analyse episodes of major fiscal, financial and external payment crises in developing countries between the late 1990s to early 2000. The present work assesses the vulnerability in India’s fiscal and external sectors by descriptive and comparative analyses of relevant indicators and developing a composite vulnerability index (CVI) consisting of the indicators under study. Fiscal or external sector vulnerability can also be assessed by how easily or smoothly a government or a nation can finance its budgetary deficit or rollover of debt or the external sector funding needs. The method of financing and management of debt-related liabilities become important in this context. This may get reflected in currency composition, maturity pattern and ownership pattern of liabilities. The CVI score and favourable currency composition, maturity pattern and ownership pattern of liabilities largely helped India reduce both fiscal and external sector liabilities significantly in recent years.n JEL Classification: E60, F34, H63.
机译：本文试图在近年来主要宏观经济指标恶化的背景下评估印度的财政和对外部门脆弱性。主要由国际货币基金组织（IMF）开发的资产负债表方法（BSA）用于分析1990年代末至2000年初之间发展中国家发生的主要财政，金融和外部支付危机的情况。本工作评估了印度的脆弱性。财政和外部部门，通过对相关指标进行描述性和比较性分析，并制定包括所研究指标的综合脆弱性指数（CVI）。财政或外部部门的脆弱性还可以通过政府或国家为预算赤字或债务结转或外部部门的资金需求提供融资的容易程度或顺利程度进行评估。在这种情况下，债务相关负债的融资和管理方法变得很重要。这可能反映在货币的构成，债务的到期方式和所有权方式上。近年来，印度的CVI得分，有利的货币结构，到期期限和负债所有权模式在很大程度上帮助印度大幅减少了财政和对外部门的债务。nJEL分类：E60，F34，H63。

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