Short-term debt a recipe for long-term disaster

One of the major successes in economic policy management in India has been the management of the external debt after the balance of payments, or BoP, crisis of 1991. After battling the crisis, policy makers - at the ministry of finance and the Reserve Bank of India - drawing on lessons from that experience and subsequently the East Asian crisis in 1997-98 worked out a prudent strategy to manage the country's external debt.

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