Research and Publications

The authors of the book under review set out a meaningful agenda in studying thebehaviour of Indian exports during the last three decades or so. Some of the familiar hypotheses relating to Indian exports have been put to statistical tests taking into account the recent developments in exchange rate, incentive structure and market share. The book presents a succinct review of India's trade policy and export performance both in the macro and micro policy setting and in

B.K. Bhoi & S.C. Dhal* This paper attempts to empirically evaluate the extent of integration of India's financial markets in the post-liberalisation period. The major findings of the paper are the following: a) although fully competitive environment is yet to emerge, several segments of the financial market have achieved operational efficiency; b) the 91-day Treasury Bill rate has the potential to emerge as a reference rate in the Indian context; c) India

International Trade and Finance: New Frontiers for Research Edited by Benjamin J. Cohen, Cambridge University Press, 1997, pp. ix + 402. This book is a collection of essays in honour of Peter Kenen. The essays aim at definingthe research agenda for the late 1990s and beyond in international trade and finance. The essays are grouped into three parts: international trade theory, international monetary theory and applied policy analysis. The book is introduced by Benjami

Michael Debabrata Patra & Sitikantha Pattanaik* Drawing from a strand in the literature, this paper develops objective indicators i.e., indices of exchange market pressure, intervention activity and monetary conditions in order to assess the efficacy, in terms of both timing and magnitude, of policy measures in assuaging exchange market pressures. The theoretical underpinning for the indices are drawn from a simple monetary model of exchange rate determination. Th

D. Ajit* The deposit and credit insurance system in India is examined in the light of experiences of other countries - both developed and developing. The study examines important issues such as flat fee, risk-based insurance system for banks/non-banks, ownership of deposit insurance agency, continuation of credit guarantee scheme, etc. As regards deposit insurance scheme for NBFCs the study cautions its introduction at this stage as it could amplify the regulatory di

Bhupal Singh and Sarat C. Dhal* The treasury securities repo-auction is an important instrument for central banks in managing liquidity and sending interest rate signal to the money market. In the Indian context, the repo-auctions have been used actively in the post-reform period. The present study illustrates the money market reaction to repo-auctions and points out whether such reaction is consistent with applied auction rules. The policy implications are analysed