The Indian budget for the fiscal year 1999-2000 (April to March) will be presented on Feb. 27 by the Finance Minister, Mr. Yashwant Sinha. Unlike the West, budget documents in developing countries, and especially in India, are a major policy exercise...

In this issue, various approaches to the determination of short-term (overnight money) and long-term (10 year bond yields) interest rates are examined...