Press Release Editorial Committee Articles Measuring Market Risk – An Application of Value-at-risk to Select Government Bonds in India Determinants of Real Exchange Rate in India: An ARDL Approach Special Notes Determinants of Overnight Index Swap (OIS) Rates: Some Empirical Findings from an Emerging Market Economy, India International Outsourcing from India: A Study Book Reviews Asia and the Subprime Crisis

Press Release Editorial Committee Articles International Monetary Fund and Civil Society Organisations: A Dialogue External Sector Openness and Purchasing Power Parity in India: An Annotation Special Notes Foreign Portfolio Flows and their Impact on Financial Markets in India Trade Pattern in SAARC Countries: Emerging Trends and Issues Book Reviews Health Care System in India: Towards Measuring Effi ciency in Delivery of Services

Press Release Editorial Committee Articles Dynamics of Financial Globalization and Growth : Some Evidence from Emerging Market Economies Estimation of Potential Output in India Special Notes Impact of Agricultural Credit on Agriculture Production : An Empirical Analysis in India Micro Finance and Financial Inclusion of Women: An Evaluation Book Reviews Non-tax Sources in India – Issues in Pricing and Delivery of Services

Press Release Articles In Search of a Better Estimator of Interest Rate Risk of Bonds: Convexity Adjusted Exponential Duration Method An Empirical Investigation of the Inter-Sectoral Linkages in India Special Notes Hedonic Quality Adjustments for Real Estate Prices in India Evolution of Global Private Equity Market: Lessons, Implications and Prospects for India Book Reviews Banking Regulations and Globalisation, by Andreas Busch, Oxford University

Rajiv Ranjan, Rajeev Jain, Atri Mukherjee* The paper attempts to review the growing economic dynamism of the Asian region reflected in its expanding role in the world economic affairs and growing cooperation at regional/sub-regional level. Before the ensuing discussion on assessment of existing arrangements for economic cooperation in the region and India’s participation in the process, the paper briefly provides a macroeconomic review of the Asian region. Lastly, th