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Re: Monetary & Fiscal Policy

Administrative Note:

Week's Agenda: Economy

Professor Guptara's talking about currency pegs etc seems to me rather
premature as the first topics of Indian macroeconomic policy have naturally
to do with money and public finances.

I do think the cart is somewhat ahead of the horse if the idea is to create
a manifesto and then find a political formation to adopt it.

Subroto Roy

-----Original Message-----
From: prabhu.guptara@ny.ubs.com <prabhu.guptara@ny.ubs.com>
To: debate@indiapolicy.org <debate@indiapolicy.org>
Date: Monday, October 12, 1998 06:30
Subject: Re: Next Topic - Economy

>This is a matter of preferences, on which you will find equally
>     qualified, thoughtful and well-intentioned people on all sides of the
>     debate.  From time to time, we will all prefer different stances.  The
>     question is: how "realistic" (in light of today's situation) and how
>     "ideal" (in light of where we want to get to) do we want to be?
>     However, I must say thatif we WERE to have a currency peg, this is the
>     wrong time in history to be pegging to the US dollar, as it is bound
>     to be replaced by the Euro in the short- to medium-term (US share of
>     world GDP: roughly 25% at present; Europe's share of world GDP in
>     spite of all its inefficiencies and WITHOUT yet the introduction of
>     the Euro: roughly 30% already).
>     Professor Prabhu Guptara

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