All Volumes and Issues - આરબીઆઈ - Reserve Bank of India
જાન્યુ 24, 2001
Financial Stability:
A Survey of the Indian Experience
A Survey of the Indian Experience
Michael Debabrata Patra & Sunando Roy*Drawing from recent experiences in India and abroad, the paper assesses the Indian approach to reinforcing financial stability. In the context of macroeconomic, macro-and micro-prudential policies undertaken in India, the paper empirically evaluates the responses of various constituents of the banking system and finds differential responses.IntroductionA consensus on the definition of the term 'financial stability' remains elu
જાન્યુ 24, 2001
Short Term Interest Rate and Real Economic Activity
Sarat Chandra Dhal*This paper examines the impact of short term interest rate on real activity in India using monthly data over the period 1961-2000. Using rolling regression technique, monetary impulses transmitted through interest rate effects are compared with policy changes effected through liquidity effects. The empirical evidence points out that interest rate has emerged as a significant factor for explaining the variation in real activity in the 1990s. The empi
જાન્યુ 24, 2001
Measurement of Household Financial Saving in India: A History of the Methodological Evolution
Dhritidyuti Bose and Partha Ray*The paper traces the history of compilation of financial saving of the household sector in India. Against the backdrop of the evolution of various methodologies adopted by the institutions producing primary estimates of household financial saving and the progressive movement towards synthesis, the paper discusses the existing methodological impediments and the future directions in the compilation of financial saving in India.Introductio
જાન્યુ 24, 2001
Mergers and Acquisitions:
An Indian Experience
An Indian Experience
B.K. Bhoi*This paper undertakes a scan of the first Mergers and Acquisitions (M&As) wave which is currently underway in India. This roughly coincides with the latest wave of international M&As. Takeovers are the dominant mode of M&As in India, similar to the international trend.Mergers and Acquisitions (M&As) have emerged as a natural process of business restructuring throughout the world. The process of M&As spans geographical boundaries: cross-bo
જાન્યુ 24, 2001
Design Issues in Micro Credit
Suddhasattwa Ghosh*Micro credit interventions are being increasingly recognized in India, as in other countries, as an effective tool for achieving the distributional objectives of monetary policy which contribute to socio-economic welfare. This study takes a close look at a major micro credit provider in India and seeks to analyse the problems and prospects of designing and implementing a viable micro credit dispensation route in India.IntroductionIn the recent perio
જાન્યુ 24, 2001
Eight Lectures on India's Economic Reforms,
by T.N. Srinivasan, Oxford University Press, New Delhi : 2000Indias structural reforms have been driven as much by the response to the balance of payments crisis of 1990-91 as by an animated and broad based debate that transcended national boundaries. The reforms represented a fundamental revision in the prevalent view regarding Indias development strategy. At these cross roads, the political leadership of the day turned to leading economists at home and abroad, to
જાન્યુ 24, 2001
Exchange Rates and the Firm
by Richard Friberg, 1999, by Macmillan Press Ltd., Great Britain, and by St. Martin's Press, Inc., United States of America, Priced at 45 pounds, PPX + 174The impact of fluctuations in exchange rates on asset values and profits of firms has been engaging a great deal of interest in recent years in the economic and financial literature. Microeconomic underpinnings for this interest have been provided by multinational firms suffering declines in market shares and profit
જાન્યુ 24, 2001
Financial Stability and Public Policy:
An Overview
An Overview
Saibal Ghosh*The paper reviews the sources of market failure in financial institutions and markets and what can be done to alleviate them. It examines game-theoretic explanations for financial instability, in particular the role of asymmetric information in generating destabilising behaviour. In the area of remedies, the paper analyses the potential contribution of official safety nets and what can be done to minimize the associated moral hazard. In this context, it d
જાન્યુ 24, 2001
Stock Returns and Volatility in India :
An Empirical Puzzle ?
An Empirical Puzzle ?
Sitikantha Pattanaik & Bhaskar Chatterjee*The behaviour of equity premiums in India shows that long term investors do get compensated for the systematic risk they bear by holding equities. In the short to medium run, however, both the direct and the indirect test suggested by French, Schewart and Stambaugh (1987) fail to establish the expected risk-return relationship for Indian equities. Dominance of short horizon players in the market and the associated avoidabl
ડિસે 31, 1999
RBI Occasional Papers Vol. 20 - No. 3 - Winter 1999
ડિસે 31, 1999
RBI Occasional Papers Vol. 20 - No. 2 - Monsoon 1999
ડિસે 31, 1999
RBI Occasional Papers Vol. 20 - No. 1 - Summer 1999
એપ્રિલ 07, 1999
Recent Divergence between Wholesale and Consumer Prices in India -A Statistical Exploration
G.P. Samanta & Sharmishtha Mitra* During the recent period, inflation rates based on the CPIIW have been much higher compared to those based on the WPI. On conceptual plane, though a certain degree of mismatch is unavoidable in the movements of two series, at the same time they are also expected to be linked by some stable relationship to ensure inter-linkages between two markets - the wholesale market and the retail market. Empirical results show that since M
એપ્રિલ 07, 1999
Liquidity Effects on the Term Structure of Government Securities Market in India
Himanshu Joshi* An empirical examination of the term structure of interest rates in the Indian economy suggests cointegration (or long run stable relationship) among interest rates but existence of multiple common trends. The absence of unique common trend implies that long run movements of any one interest rate are not dominated by the movements of other interest rates. The presence of cointegration, however, suggests a long run interlocking of interest rates across
એપ્રિલ 07, 1999
The Economics of Amartya Sen - A Review
Sunando Roy* Introduction The economics of Amartya Sen envelopes diverse aspects of economic inquiry ranging from social choice theory to issues relating to poverty and inequality, dimensions of human development and the role of State and social action in enhancing the quality of life. It represents a distinctive approach which cannot be easily bracketed within convenient compartmentalisation of contemporary economic research. This amazing ability to transcend the co
એપ્રિલ 07, 1999
Managing Financial Risks in India - A Note
Shyamala Gopinath & A. Prasad* While financial markets have been fairly developed, there still remains a large extent of segmentation in the market and non-level playing field among participants, which contributes to volatility in asset prices. This volatility is exacerbated by the lack of liquidity in the secondary markets. In the above setting, the note examines the importance of a risk management exercise for the market participants and preconditions required
એપ્રિલ 07, 1999
Emancipating the Banking System and Developing Markets for Government Debt
Emancipating the Banking System and Developing Markets for Government Debt, Maxwell J. Fry, The Bank of England, Routledge, London, New York, 1997, pp. XVII + 280. It was often stated that inflation was positively related to the proportion of governmentborrowing from the central bank and in total domestic credit, and that inflation was negatively related to growth. This gave rise to the question : how should a government best meet its borrowing requirements? This was
એપ્રિલ 07, 1999
India's Exports: An Analytical Study by Sugata Marjit and Ajitava Raychaudhuri, Oxford University Press, 1997, pp ix + 179, Rs. 350.
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
એપ્રિલ 07, 1999
Index to Volume 19 (1998)
ARTICLES 1.Ajit, D. (1998) : A Case for Risk Based Deposit Insurance System in India, September, p.215. 2.Bhoi, B.K. and S.C. Dhal (1998) : Integration of Financial Markets in India : An Empirical Evaluation, December, p.345. 3.Joshi, Himanshu (1998) : Liquidity Effects on the Term Structure of Government Securities Market in India, December, p.381. 4.Joshi, Himanshu and Mridul Saggar (1998) : Excess Returns, Risk-Premia and Efficiency of the Foreign Exchange Mark
એપ્રિલ 07, 1999
International Trade and Finance: New Frontiers for Research
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
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