The present paper attempts to contribute to the growing literature on central bank balance sheets... more The present paper attempts to contribute to the growing literature on central bank balance sheets drawing on a case-study of the Indian experience. The analytical commentary on the evolution of the Reserve Bank of India Balance Sheet in relation to the post-Independence national macroeconomic experience is partitioned into three phases on the basis of shifts in the conduct of monetary policy. Interestingly, structural breaks in the time path of the Reserve Bank's rate of surplus transferred to the Government are able to mirror these regime changes reasonably well. We conclude with some emerging issues. JEL Classification : E58.
The present paper attempts to contribute to the growing literature on central bank balance sheets... more The present paper attempts to contribute to the growing literature on central bank balance sheets drawing on a case-study of the Indian experience. The analytical commentary on the evolution of the Reserve Bank of India Balance Sheet in relation to the post-Independence national macroeconomic experience is partitioned into three phases on the basis of shifts in the conduct of monetary policy. Interestingly, structural breaks in the time path of the Reserve Bank's rate of surplus transferred to the Government are able to mirror these regime changes reasonably well. We conclude with some emerging issues. JEL Classification : E58.
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