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Apr 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
Apr 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
Apr 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
Apr 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
Apr 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
Apr 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
Apr 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
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