All Volumes and Issues - RBI - Reserve Bank of India
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Nov 28, 2023
RBI - Occasional Papers - Vol. 43, No.2, 2022
Press Release Editorial Team Articles Cash versus Digital Payment Transactions in India: Decoding the Currency Demand Paradox Inflation Forecasting in India: Are Machine Learning Techniques Useful? A New Unit Root Test Criterion Book Reviews The Price of Time: The Real Story of Interest by Edward ChancellorThe Spirit of Green: The Economics of Collisions and Contagions in a Crowded World by William D. Nordhaus
Feb 20, 2023
RBI - Occasional Papers - Vol. 43, No.1, 2022
Press Release Editorial Team Articles Carbon Dioxide Emissions from India’s Manufacturing Sector: A Decomposition Analysis Sensitivity of Pension Liabilities of Banks to Various Actuarial Assumptions Do Bank Mergers Improve Efficiency? The Indian Experience Behaviour of Credit, Investment and Business Cycles: The Indian Experience Book Reviews In Defense of Public Debt by BarryEichengreen, Asmaa El-Ganainy, Rui Esteves, and Kris James Mitchener
Oct 18, 2022
RBI - Occasional Papers - Vol. 42, No.2, 2021
Press Release Editorial Team Articles Forecasting Food Inflation using News-based Sentiment Indicators Behavioural Equilibrium Exchange Rates in Emerging Market Economies India’s Innovation Ecosystem for Productivity-led Growth: Opportunities and Challenges Price Stickiness in CPI and its Sensitivity to Demand Shocks in India Book Reviews Measuring Economic Growth and Productivity: Foundations, KLEMS Production Models and Extensions edited by Bar
Mar 29, 2022
RBI - Occasional Papers - Vol. 42, No.1, 2021
Press Release Editorial Team Articles Green Swans and their Economic Impact on Indian Coastal States Alternative Inflation Forecasting Models for India – What Performs Better in Practice? Monetary Policy Transmission Through the Lens of Monetary Conditions Index for India OTC Derivatives in Emerging Market and Developing Economies: The Role of Global Liquidity and Regulatory Reforms Book Reviews The Deficit Myth: Modern Monetary Theory and How to
Jun 11, 2021
RBI - Occasional Papers - Vol. 41, No.2, 2020
Press Release Editorial Team Articles Macroeconomic Implications of Bank Capital Regulations Education Loan NPAs of Banks in Tamil Nadu: Issues and Challenges An Alternative Measure of Economic Slack to Forecast Core Inflation Long Run Saving - Investment Relationship in India Book Reviews Firefighting: The Financial Crisis and its Lessons by Ben S. Bernanke, Timothy F. Geithner and Henry M.Paulson Agricultural Growth and RuralPoverty Reductio
Jul 16, 2020
RBI - Occasional Papers - Vol. 41, No. 1: 2020
Press Release Editorial Team Articles Modelling and Forecasting Currency Demand in India: A Heterodox Approach Pass-through of International Food Prices to Emerging Market Economies: A Revisit Trends and Dynamics of Productivity in India: Sectoral Analysis Book Reviews Good Economics for Hard Times by Abhijit V. Banerjee and Esther Duflo Advice and Dissent: Why America Suffers When Economics and Politics Collide by Alan S. Blinder
Mar 17, 2020
RBI - Occasional Papers - Vol. 40, No. 2: 2019
Press Release Editorial Team Articles Fiscal Rules and Cyclicality of Fiscal Policy: Evidence from Indian States Payment Systems Innovation and Currency Demand in India: Some Applied Perspectives Can Financial Markets Predict Banking Distress? Evidence from India? Book Reviews Narrative Economics: How Stories Go Viral and Drive Major Economic Events by Robert J. Shiller How to Combat Recession : Stimulus without Debt by Laurence S. Seidman
Jul 30, 2019
RBI - Occasional Papers - Vol. 40, No. 1: 2019
Press Release Editorial Team Articles Night-time Luminosity: Does it Brighten Understanding of Economic Activity in India? Spatial Inflation Dynamics in India: An Empirical Perspective Rural Wage Dynamics in India: What Role does Inflation Play? Using Rational Expectations to Predict Inflation Book Reviews Taming the Tide of Capital Flows: A Policy Guide by Atish R. Ghosh, Jonathan D. Ostry and Mahvash S. Qureshi Misbehaving: The Making of Beh
Dec 31, 2018
RBI - Occasional Papers - Vol. 39, No. 1 & 2: 2018
Press Release Editorial Team Articles Agricultural Loan Waiver: A Case Study of Tamil Nadu’s Scheme Does Fiscal Policy Matter for Growth? Evidence from EMEs Operating Performance of Initial Public Offering (IPO) Firms after Issue in India – A Revisit Financial Outreach and Growth in India: Interactions at the Sub-National Level States’ Social Sector Spending and Sustainable Development Goals Book Reviews Monetary Policy and Crude Oil by Basil
Jul 24, 2018
RBI - Occasional Papers - Vol. 38, No. 1 & 2: 2017
Press Release Editorial Team Articles Nowcasting Real Estate Activity in India using Google Trend Data Volatility Spillovers between Forex and Stock Markets in India Inter-temporal Calculative Trust Design to Reduce Collateral Need for Business Credits Global Liquidity and Foreign Portfolio Flows to India: An Empirical Assessment Book Reviews The Architecture of Collapse: The Global System in the 21st Century by Mauro F. Guillén Financial Cris
May 02, 2018
RBI - Occasional Papers - Vol. 37, No.1 & 2: 2016
Press Release Editorial Team Articles Monetary Policy Transmission in India: Do Global Spillovers Matter? Asset Quality and Monetary Transmission in India Operating Target Volatility: Its Implications for Monetary Policy Transmission Nowcasting Indian GVA Growth in a Mixed Frequency Setup Book Reviews Contemporary Issues in the Post-Crisis Regulatory Landscape The Curse of Cash
Nov 25, 2016
RBI - Occasional Papers - Vol. 35 & 36, No. 1 & 2: 2014 & 2015
Press Release Editorial Committee Papers Assessing Reserve Adequacy in India Inflation Expectation and Consumer Spending in India: Evidence from Consumer Confidence Survey Government Cash Operations: Volatility and Management in India Structural Fiscal Balance: An Empirical Investigation for India Special Notes Inclusion of Small Borrowers by Indian Banks: An Analysis based on Supply and Demand-Side Indicators Choice of Private Placement as an
Aug 12, 2015
RBI - Occasional Papers - Vol. 34, No. 1 & 2: 2013
Press Release Editorial Committee Articles Cyclicality of Social Sector Expenditures: Evidence from Indian States International Financial Integration, Capital Flows and Growth of Asian Economies Total Factor Productivity of Indian Banking Sector - Impact of Information Technology Determinants of Corporate Investments in India: An Empirical Analysis on Firm Heterogeneity What Explains Credit Inequality Across Indian States? An Empirical Analysis S
Jun 30, 2014
RBI - Occasional Papers - Vol. 33, No. 1 & 2: 2012
Press Release Editorial Committee Articles Threshold Level of Debt and Public Debt Sustainability: The Indian Experience Real Time Business Conditions Index: A Statistically Optimal Framework for India Asset Pricing Model for Inefficient Markets: Empirical Evidence from the Indian Market Recent Trends in Rural Wages: An Analysis of Inflationary Implications Is India’s Trade Balance Sensitive to Real Exchange Rates? A Bilateral Trade Data Analysis
Jan 09, 2014
RBI - Occasional Papers - Winter 2011
Press Release Editorial Committee Articles Financial Stability, Economic Growth, Inflation and Monetary Policy Linkages in India: An Empirical Reflection Measures of Core Inflation in India – An Empirical Evaluation Corporate Bond Market in India: Issues and Challenges Special Notes After a Decade- What do the Trends and Progress of Fiscal Management of Uttarakhand Suggest? Book Reviews China after Sub Prime Crises Opportunities In The New Econ
Oct 31, 2012
RBI - Occasional Papers - Monsoon 2011
Press Release Editorial Committee Articles How Asymmetric is the Monetary Policy Transmission to Financial Markets in India? Industry Effects of Monetary Transmission Mechanism in India: An Empirical Analysis of Use-based Industries Estimating Value at Risk (VaR) using Filtered Historical Simulation in the Indian capital market Special Notes Regional Inequality in Foreign Direct Investment Flows to India: The Problemand the Prospects Financial Inc
Feb 07, 2012
RBI - Occasional Papers - Summer 2011
Press Release Editorial Committee Articles Comparing the Technical Efficiency of Indian Banks Operating Abroad and Foreign Banks Operating in India: A Stochastic Output Distance Function Approach Causal Relationship between Saving, Investment and Economic Growth for India – What does the Relation Imply? Are Saving and Investment Cointegrated? A Cross Country Analysis Special Notes Structural Problems and Fiscal Management of States in India Book R
May 05, 2011
RBI - Occasional Papers - Winter 2010
Press Release Articles Should Monetary Policy in India Respond to Movements in Asset Prices? Exports and Economic Growth : An Examination of ELG Hypothesis for India Special Notes Determinants of Private Corporate Sector Investment in India Inclusive Growth and its Regional Dimension Book Reviews Asia and the Global Economic Crisis
Feb 03, 2011
RBI - Occasional Papers - Monsoon 2010
Press Release Articles Global Crisis, Fiscal Response and Medium-term Risks to Inflation in India Forecasting Inflation and IIP Growth:Bayesian Vector Autoregressive Model Special Notes Profitability of Foreign Banks vis-à-vis Other Bank Groups in India – A Panel Data Analysis Macroeconomic Forecasting using Dynamic Factor Models Book Reviews The Economic Crisis and The State of Economics
Aug 16, 2010
RBI - Occasional Papers - Summer 2010
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
Aug 16, 2010
RBI - Occasional Papers - Winter 2009
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
Aug 10, 2010
RBI - Occasional Papers - Monsoon 2009
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
Feb 01, 2010
RBI - Occasional Papers - Summer 2009
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
Feb 08, 2008
Regional Cooperation in Asia: Status and Issues
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
Feb 08, 2008
Revisiting bank-linked Self Help Groups (SHGs) - A study of Rajasthan State
Navin Bhatia* The mechanism of lending through Self Help Groups (SHGs) has gained wide popularity during the last few years and has been adopted as an important strategy by banks for lending to the poor. Despite tremendous growth in the number of SHGs linked to banks, their sustainability has not been subjected to detailed analysis. This paper is based on a State-level study conducted during 2005-06 to review the present status of SHGs, which were linked to banks til
Feb 08, 2008
Globalization, Poverty and Inequality: between a rock and a hard place
“Globalization, Poverty and Inequality: between a rock and a hard place”, by Raphael Kaplinsky, 2005, Polity Press, Cambridge, UK, pages 280, price £16.99 Globalization and its implication for development is a well discussed issue among academicians, policy makers, non-government organizations and the general public. However, most often the discussions revolve around the pros and cons of globalization. This book by Raphael Kaplinsky, rises above the simple pros and c
Feb 08, 2008
China and India, A tale of two economies
China and India: A tale of two economies by Dilip K. Das Routledge Publication, New York, 2006, pages 175, price £ 65 While recent debate headlines the growing importance of China and India, the author’s timely presentation of the book widely covers the issues relating to their economic growth and political economy. While China’s sustained sky-scraping growth, huge capital inflows and tremendous trade surplus called for many debates, the recent achievement of India’s
Feb 08, 2008
Monetary Policy Committee: What Works and Where
Michael Debabrata Patra and Amaresh Samantaraya* Since the late 1990s, the monetary policy committee (MPC) is ushering in collective decision making on monetary policy among central banks across the world. In India, a Technical Advisory Committee (TAC) on Monetary Policy has been set up to strengthen the consultative process in conduct of monetary policy. A survey of the literature and the cross-country experience shows that issues relating to the constitution of MPC,
Feb 08, 2008
Commodity Derivatives and Price Risk Management: An Empirical Anecdote from India
S.M. Lokare* Commodity derivatives trading in India notwithstanding its long and tumultuous history, with globalisation and recent measures of liberalisation, has witnessed a massive resurgence turning it one of the most rapidly growing areas in the financial sector today. This paper endeavours to test the efficacy and performance of commodity derivatives in steering the price risk management. The critical analytics of performance divulges that these markets although
Feb 06, 2008
Regulation of Informal Financial Institutions: A Study of Money Lenders in Kerala
P. D. Jeromi* Re-emergence of informal financial institutions (IFIs) in the provision of credit has been a policy challenge in recent years in India. Though they meet the credit requirements of a section of the society, who are not served by the formal financial institutions, their unbridled growth, unlawful activities and links with other institutions may pose threats to the stability of financial system and makes the monetary policy less effective. Furthermore, the
Feb 06, 2008
A Comparative Study on Private Consumption Expenditure Estimates in India
The estimates of private consumption expenditure are generated in India by two agencies, viz. Central Statistical Organisation (CSO) and National Sample Survey Organisation (NSSO). CSO estimates in National Account Statistics (NAS) are obtained using commodity flow approach, while NSSO estimates are based on Household Consumption Expenditure Surveys (HCES). The studies comparing two sets of estimates done earlier revealed that the gap between the two sets of estimates
Feb 06, 2008
A Sustainable Fiscal Policy For India - An International Perspective
The fiscal policy assumes centre stage in policy deliberations as the continuous fiscal imbalances and rising levels of public debt pose risks to the prospects for macroeconomic stability, and accelerating and sustaining growth. Appropriate and timely fiscal policy measures can promote growth by setting efficient and effective use of scarce resources and by creating the right incentive signals. The well designed fiscal strategy would help to move an economy like India
Feb 06, 2008
Creativity@Work
Creativity@Work_ – S. Ramachander 2006 – Publisher: Response Books, (A Division of Sage Publications) New Delhi, Pages 203 Price Rs 320 Creativity@Work is a slim reasonably priced document (194 pages) and is a treasure of information. It is divided into 15 chapters and has 15 engaging illustrations, which draw out and encapsulate the written word. The book can serve as a guide to the creativity latent in all of us. It encourages the reader to see things differently,
Feb 06, 2008
Current Issues in Agriculture Credit in India: An Assessment
Ramesh Golait* This paper attempts to analyse the issues in agricultural credit in India. The analysis reveals that the credit delivery to the agriculture sector continues to be inadequate. It appears that the banking system is still hesitant on various grounds to purvey credit to small and marginal farmers. The situation calls for concerted efforts to augment the flow of credit to agriculture, alongside exploring new innovations in product design and methods of deliv
Feb 06, 2008
Competitiveness of India's Manufacturing Sector: An Assessment of Related Issues
L. Lakshmanan, S. Chinngaihlian and Raj Rajesh*This paper provides an analytical abstract of various parameters of manufacturing competitiveness of the Indian economy. India's manufacturing exports have risen impressively in the past decade or so and found to be directly linked to the world GDP and inversely related to real effective exchange rate (REER). Indian manufacturing industries have certain inherent strengths and advantages in having a relatively inexpensive,
Oct 11, 2007
The Economics of Information Technology: An Introduction
“The Economics of Information Technology: An Introduction“ by Hal R. Varian, Joseph Farrell, Carl Shapiro, Cambridge University Press, Cambridge, 2004, pages 102, Price Rs. 795 This book provides probably an ideal introduction on economic factors affecting information technology industries. It is concise and is organised into two main sections. The first section of the book outlines the economics of Information Technology (IT) industries. This section asserts that be
Oct 11, 2007
The Fundamental Equilibrium Real Exchange Rate in India: An Approach to Estimation and Measurement of Misalignment
Himanshu Joshi*The problem of judging whether the real exchange rate is undervalued or overvalued in relation to its long-run equilibrium path is of potential interest to policy makers responsible for the exchange rate management policy of any country. This paper attempts an estimation of the real equilibrium exchange rate for India for the period in the latter half of the 1990s using fundamental economic variables by decomposing a structural VAR vested with appropria
Oct 11, 2007
Monetary Conditions Index for India
R. Kannan, Siddhartha Sanyal and Binod Bihari Bhoi* In India, against the backdrop of continuous development and integration of financial markets – both domestically and with the global economy – the role of rate channels in influencing monetary conditions has increased substantially in the recent past in contrast to the exclusive dominance of the quantum channel during the 1980s. This paper attempts to construct a monetary conditions index (MCI) for India in order t
Oct 11, 2007
A Review of Trends in Banking Indicators in North Eastern Region of India
Amarendra Sahoo and J.K. Khundrakpam*This paper reviews whether the rapid growth in banking indicators in the North Eastern region of India following nationalisation of 14 major banks in 1969 and another six in 1980 based on social banking was sustained or not. It finds a phenomenon of retarding trend in almost all the banking parameters in the region since the beginning of the 1990s. It then attempts to reason out the impediments typically affecting the region, which
Oct 11, 2007
Bancassurance: A Feasible Strategy for Banks in India?
A. Karunagaran* This paper attempts to explore the scope for bancassurance models as feasible source of sustainable income to banking sector by exploiting the synergy in the context of India having the largest banking network on the one hand and lower insurance penetration and insurance density on the other hand. While analysing the present trend of banks handling insurance products, it also highlights some of the likely issues in general as well as specific from the
Oct 11, 2007
Globalisation and Opening Markets in Developing Countries and Impact on National Firms and Public Governance: The Case of India
Globalisation and Opening Markets in Developing Countries and Impact on National Firms and Public Governance: The Case of India by Jean-Francois Huchet & Joel Ruet, Scientific Coordinators, Report by CSH, CERNA, LSE, ORF NCAER, New Delhi, 2006, Pages 389. World over, globalisation has the fundamental effect on economic development. India is no exception to this global phenomenon. Developing countries can no longer so easily play the protectionist card and a
Oct 11, 2007
Non Deliverable Foreign Exchange Forward Market: An Overview
Non Deliverable Foreign Exchange Forward Market: An Overview Sangita Misra and Harendra Behera* Recognising the growing activity in the non deliverable forward (NDF) market in the recent years, the paper attempts to present a detailed analysis of the NDF market with special focus on Indian rupee. An attempt is made to study the interlinkages among the spot, forward and NDF markets for Indian rupee. Using daily exchange rate data from Reuters database for the period N
Oct 23, 2006
A Review of Cross-Country Experience in Capital Account Liberalisation
Mohua Roy, Rekha Misra and Sangita Misra*The paper reviews the experience of select countries - both advanced and emerging markets - in regard to capital account liberalisation (CAL). The advanced countries' experience with regard to CAL is analysed with special focus on the sequencing of CAL. The move towards CAL by many of the emerging market economies (EMEs) during the 1980s and the circumstances that led to some policy reversals and the subsequent change in the ma
Oct 23, 2006
Identifying Asset Price Bubbles in the Housing Market in India - Preliminary Evidence
Himanshu Joshi* Devoted to the analysis of housing market in India, the paper employs a special decomposition scheme for the structural VAR proposed by Blanchard and Quah (1989) to study the impact of permanent shocks to housing prices attributed to monetary variables and income growth - and, in the process, attempts to identify speculative price bubbles in the housing market. Based on the monthly data, the empirical evidence obtained in the paper suggests that the h
Oct 23, 2006
The Performance of Regional Rural Banks (RRBs) in India: Has Past Anything to Suggest for Future?
Biswa Swarup Misra* Since their inception, regional rural banks (RRBs) have taken deep roots and have become a sort of inseparable part of the rural credit structure in India. The financial viability of the RRBs has, however, been a matter of concern since the 1980s, just five years after their existence. A number of committees have gone into the issue of their financial viability and possible restructuring. This study follows a deductive approach. First the extent o
Oct 23, 2006
What Drives Forward Premia in Indian Forex Market?
Anil Kumar Sharma and Anujit Mitra* This paper explores the behaviour of the forward premia for US$ vis-à-vis INR during the five-year period of September 2000 to September 2005. Indian forex market experienced a peculiar phenomenon in the years 2003 and 2004 where the forward premia on US$ spot (cash) vis-à-vis Indian rupee became negative. This phenomenon was somewhat uncommon to Indian forex market wherein Indian rupee was always at discount to US$ in the past. Th
Oct 23, 2006
Banking Sector Developments in India, 1980-2005: What the Annual Accounts Speak?
Banking sector in India is currently passing through an exciting and challenging phase. The reform measures have brought about sweeping changes in this vital sector of the country's economy. This paper is an attempt to study the trends in important banking indicators for the 25-year period from 1980 to 2005. Analysing the data from balance sheets of banks, the paper draws some important conclusions for the banking sector as a whole as well as for different bank groups
Oct 23, 2006
Public Finance in Developing and Transitional Countries
The book is a collection of essays presented in a conference held in the honour of Richard Bird whose extensive contribution to the fiscal literature emphasised that the unique standards or norms should not be trusted as the simplistic solutions are dangerously insufficient to deal with complications posed by the real world. His contribution to fiscal federalism has moulded the shape of federalism in several economies. He taught that tax reforms should be based on und
Oct 23, 2006
High-Tech Industries in China
This book gives the readers a wealth of information on R&D in China. It is said that the rise of India and China as centres of innovation will radically change the technology industry existing today which is based mainly in western countries. This study is exclusively on Chinese high-tech industry but very relevant to India, as India is gradually picking up in technology intensive industries. The book reveals the secrets behind the success of China in developing h
Oct 23, 2006
State Finances and Effectiveness of Policy Measures: An Analysis of Indian States
Rajmal* This paper provides a phase-wise analytical review of the fiscal situation of the Indian major States over the previous two and half decades and examines the effectiveness of the policy measures to strengthen the State finances. The analysis reveals that the States’ fiscal position showed imbalances, albeit in a varied degree, since the mid-1980s which deepened in the second half of the 1990s. The effectiveness of policy measures has remained largely inadequat
Oct 31, 2005
Trends in Total Factor Productivity of Manufacturing Sector in West Bengal : A Sectoral and Temporal Analysis
This paper seeks to examine the overall industrial scenario of West Bengal for the past three decades. The paper studies the productivity of capital and labour for the two-digit industry groups and the total factor productivity (TFP) of the manufacturing sector of West Bengal as a whole vis-à-vis all-India and also for some selected groups of industries for West Bengal. West Bengal has lost its earlier status of one of the highly industrialised States of the country.
Oct 31, 2005
Key Issues on Development
The history of thinking and action on ‘development’ is, perhaps, the story of human civilization itself. However, the modern era of development thought and policy dates back to the end of the Second World War. In this era, the development paradigm has had its share of debate. The major questions, in any such debate, have been mostly as follows: What development is all about? How do we measure it? What is (or are) the approach (es) to development? What is the role of t
Oct 31, 2005
Business Process Outsourcing Concept, Current Trends, Management and Future Challenges
The title of the book evokes considerable academic interest given its topical significance. The book is broadly divided into nine parts. The theme of the book is on current trends of business process outsourcing (BPO) in India. A detailed study on outsourcing is especially relevant to India in the light of outcry from the West against exporting jobs. In this regard a recent citing may be noted: - "Catholics outsource prayer requests- Shortages of US priests have churc
Oct 31, 2005
Boom and Slump Periods in the Indian IPO Market
This paper attempts a detailed investigation of the boom and slump phases in the Indian primary capital market. It concentrates on two key variables, namely, IPO volume and initial returns and analyses their nature and interrelation during these two periods. This study also analyses the firm-specific characteristics and their influence on the timing of a company getting listed in the hot and cold market. The IPO volume series was autocorrelated over the entire period
Oct 31, 2005
A Revisit
I am very happy to respond to Govenor Reddy’s request that I write "a detailed Preface to the reprint of the First Volume of the History of the Reserve Bank of India, which would give the readers the full background." It is an excellent idea of Dr. Reddy to elicit from the author, after about thirty-five years, important and interesting aspects of the background of the History that may contribute to a full understanding of the contents of the History, not even a comma
Oct 31, 2005
Outsourcing to India : The Offshore Advantage
The world economy has fast turned into a ‘service economy’ since the 1990s. Services revolution across the globe has changed the business map and the way business is conducted. Around the world, phenomenal growth of services sector has outstripped the growth in real GDP in a number of economies from Asia and the OECD. This high growth of services has been aided by the expansion of trade in services due to increased tradability of a variety of business and other servic
Oct 31, 2005
Liquidity Adjustment in Value at Risk (VAR) Model : Evidence from the Indian Debt Market
Conventional Value at Risk models are severely constrained while dealing with liquidity risk. This inevitably leads to an underestimation of overall risk and consequently misapplication of capital for the safety of financial institutions. Standard Value at Risk (VaR) model assumes that any quantity of securities can be traded without influencing market prices. In reality, most markets are less than perfectly liquid and many securities cannot be traded with ease in mar
Oct 31, 2005
International Trade in Goods : Performance of India vis-a-vis a Few Important Economies in South and East Asia
This paper analyses India’s performance in international trade in goods with a few important economies in South and East Asia, viz., China, Hong Kong SAR (China), Taiwan (China), Indonesia, Republic of Korea, Malaysia, Philippines, Singapore and Thailand based on certain trade indicators during the years 1980, 1990, 2000, 2001, 2002 and 2003. It is observed that performance by India in merchandise trade did not compare well with these economies. However, the study rev
Oct 31, 2005
The Interbank Money Market in India : Evidence on Volatility, Efficacy of Regulatory Initiatives and Implications for Interest Rate Targetting
The working of the interbank money market (the call money market) and the conduct of monetary policy are inextricably linked in economies that depend predominantly on indirect instruments of monetary policy. The stability of the call money rate, namely, the rate at which short term funds are lent and borrowed is, therefore, of critical importance to central banks which view it as an operational target to signal the stance of monetary policy. Experience shows that regu
Feb 04, 2005
Rural Income : Some Evidence of Effect of Rural Credit During Last Three Decades
Tapas Kumar Chakrabarty* Introduction Section I The Reserve Bank’s Initiatives towards Rural Credit : An Historical Perspective Section II Some Quantitative Analysis of Rural Credit Section III Empirical Results Section IV Concluding Observations The growth of the rural economy is an important driver of the economy as a whole. Sectoral demand matrices substantiate the importance of the rural demand to boost other activities. The present study tri
Feb 04, 2005
Global Acquisitions: Strategic Integration and the Human Factor
by Stan Lees, Palgrave McMillan, New York, 2003, pp.275, US $ 45 Mergers and acquisitions (M&As), joint ventures (JVs) and other forms of strategic alliances have recorded a tremendous growth in recent years. Acquisitions have become a generic strategy for many companies. Today 50 large multi-nationals, as an outcome of multiple acquisitions, drive the global economy and control around 25 per cent of total U.S. corporate assets. There are life cycle reasons behin
Feb 04, 2005
Privatisation and Public Regulation: The Indian Experience
by Simrit Kaur, Macmillan India Ltd., New Delhi, 2003, Page 276, Price Rs. 385 The first four decades since independence witnessed an impressive growth of Public Sector Enterprises (PSEs) as they were envisaged as a matter of policy to assume the ‘commanding heights’ of the economy. The generally poor performance of PSEs in relation to expected goals radically altered the perceptions about the role of PSEs in the last decade and a half, and a persistently weak fiscal
Feb 04, 2005
Determinants of Adoption of HYV Rice in West Bengal
by Anamitra Saha* Published by K. P. Bagchi & Company, Kolkata, 2004, Page: 200, Price Rs. 300 The history of agriculture is the history of intensification. Intensification follows successful innovations. It was innovation in the yields that is Green revolution in the mid-sixties, that catalyzed a metamorphosis from the conditions of food shortage to one of self-sufficiency and beyond- making India in the process, a world leader in the number of agricultural comm
Feb 04, 2005
Rural Credit and Class Differentiation - West Bengal under Left Interventionist Regime
By Sudipta Bhattacharyya, K.P. Bagchi & Company, Kolkata, 2003 pp xvi +216, Rs.450 Indebtedness of peasantry is considered as the root cause of backwardness in agriculture, which in turn gives rise to class differentiation. One of the most important reasons for indebtedness/ miseries among the peasants of rural India is the dependence on the usury capital. In order to give relief to the indebted peasantry from the burden of high interest rates, banks were nationa
Feb 04, 2005
The Reserve Bank of India’s Balance Sheet: Analytics and Dynamics of Evolution(Part 1 of 2)
Narendra Jadhav, Partha Ray, Dhritidyuti Bose and Indranil Sen Gupta* The present paper attempts to contribute to the growing literature on central bank balance sheets drawing on a case-study of the Indian experience. The analytical commentary on the evolution of the Reserve Bank of India Balance Sheet in relation to the post-Independence national macroeconomic experience is partitioned into three phases on the basis of shifts in the conduct of monetary policy. Inter
Feb 04, 2005
Dynamics of Market Structure and Competitiveness of the Banking Sector in India and its Impact on Output and Prices of Banking Services
Kaushik Bhattacharya and Abhiman Das* The paper examines the nature and the extent of changes in the market concentration in the Indian banking sector and their possible implications on prices and output of banking services. The first part of the paper attempts to measure market concentration in banking in India in alternative ways from 1989-90 to 2000-01. In contrast to earlier empirical applications on banking, it focuses on both static and dynamic measures of mark
Feb 04, 2005
Derivatives and Volatility on Indian Stock Markets
Snehal Bandivadekar and Saurabh Ghosh * Introduction Section I Literature Survey Section II Empirical Analysis Section III Conclusions Derivative products like futures and options on Indian stock markets have become important instruments of price discovery, portfolio diversification and risk hedging in recent times. This paper studies the impact of introduction of index futures on spot market volatility on both S&P CNX Nifty and BSE Sensex using
Feb 04, 2005
Changing Pattern of Seasonality in Prices and Industrial Production in India
Ajit R. Joshi and A. K. Tripathi* The changing pattern of seasonality reflects the changing structure of the economy. The analysis of the seasonal factors of the select variables has shown that overall seasonality has undergone a downward shift in almost all the selected economic variables. This is an indication that the economy is becoming less susceptible to the shocks during the year. Decreasing seasonal variations in prices indicate better supply management. Sea
Feb 04, 2005
Non-Performing Loans and Terms of Credit of Public Sector Banks in India: An Empirical Assessment
Rajiv Ranjan and Sarat Chandra Dhal* This paper explores an empirical approach to the analysis of commercial banks' non-performing loans (NPLs) in the Indian context. The empirical analysis evaluates as to how banks’ non-performing loans are influenced by three major sets of economic and financial factors, i.e., terms of credit, bank size induced risk preferences and macroeconomic shocks. The empirical results from panel regression models suggest that terms of credit
Feb 04, 2005
Allocative Efficiency of the Indian Banking System in the Post-Reform Period: A State Level Analysis
Biswa Swarup Misra* This paper examines whether allocative efficiency of the Indian Banking system has improved after the introduction of financial sector reforms in the early 1990s. Allocative efficiency has been studied for twenty three States of India. To get a comparative perspective, allocative efficiency has been estimated for two periods 1981-1992 and 1993-2001; broadly corresponding to the pre financial sector reforms and the post reforms periods, respectivel
Feb 04, 2005
The Reserve Bank of India’s Balance Sheet: Analytics and Dynamics of Evolution(Part 2 of 2)
Feb 04, 2005
Inventory Investment Behaviour -Evidence from a Panel of Indian Firms
Seema Saggar* Introduction II Review of Literature III Data IV Inventory Investment in India- Some Stylised Facts V Determinants of Inventory Investment – an empirical exercise VI Estimation Results VII Conclusions The paper augments production-smoothing specification with cash flows and monetary policy variables in its application for the Indian data. Several interesting findings emerge from the analysis. However, the results obtained need to be
Dec 29, 2003
Reserve Bank’s Clean Note Policy : An Overview
Special Notes Reserve Bank’s Clean Note Policy: An Overview R. K. Jain* Reserve Bank is charged with the responsibility of providing adequate supply of currency for facilitating transactions of the Government, banks and the public. Over the years, with the expansion of the economic activities and growth, the volume of currency in circulation has multiplied by many times. Of late, it was observed that many of the notes in circulation were soiled and mutilated a
Dec 29, 2003
Financial Infrastructure and Economic Development : Theory, Evidence and Experience
Financial Infrastructure and Economic Development: Theory, Evidence and Experience V. B. Angadi* Last three decades have witnessed economists’ growing interest in exploring for a possible link between financial structure and economic activities. In more recent years, the horizon of economists’ inquiry has expanded to include the interrelationship between financial infrastructure and economic development. Financial infrastructure of an economy is defined in this paper
Dec 29, 2003
Fiscal Expansion: Keynesian Recent Econometric Evidence from India
Fiscal Expansion: Keynesian Recent Econometric Evidence from India Tapas Kumar Chakrabarty* Feeling or sense of ‘adjustment fatigue’ becomes costlier. The present study tries to get some preliminary econometric evidence of fiscal impact on growth during 1990-91 to 2000-01, using data (relative fiscal variables as well as growth variable) relating to the Indian Economy. The study indicates that fiscal policy was marginally effective to influence the growth of the Ind
Dec 29, 2003
Short-term Forecast of Corporate Investment since 1970s : Three Decades in Restrospect
Dec 29, 2003
The Subsidy Syndrome in Indian Agriculture by Ashok Gulati and Sudha Narayanan
Book Reviews The Subsidy Syndrome in Indian Agriculture by Ashok Gulati and Sudha Narayanan, Oxford University Press, New Delhi, 2003, pages 297, Price Rs.695 The Uruguay round of Agricultural Agreements (URAA) has brought subsidies in to sharp focus as it seeks to bring the world of trade under some discipline; its objective is to reduce trade-distorting subsidies. This has compelled countries to reappraise their policies on subsidies vis-à-vis the URAA/World Trade
Dec 29, 2003
Central Bank Strategies, Credibility and Independence : Global Evolution and the Indian Experience
CONTENTIntroduction I. Central Banking: Global Evolution II. Central Banking in India:A. Foundation PhaseB. Expansionary PhaseC. Consolidation and Diversification PhaseD. Financial Sector Liberalisation Phase III. Contemporary Issues in Central Banking A Formulation and Conduct of Monetary Policy i) Objectives ii) Intermediate Targetiii) Operating Procedures of Monetary Policyiv) Central Bank AutonomyB. Financial Stabilityi) Emerging Issuesii) External Sector Manageme
Dec 29, 2003
Free Trade Zone (FTZs) and Special Economic Zones (SEZs) : The Great Indian Dream
Free Trade Zones (FTZs) to Special Economic Zones (SEZs):-The Great Indian Dream by Thothathri Raman and Prof. Parag Diwan, Pentagon Press, New Delhi, 2002, pages 306, Price Rs 495. The Book "Free Trade Zones (FTZs) to Special Economic Zones (SEZs):- The Great Indian Dream" has dealt extensively with Special Economic Zones (SEZs) of China and Export Processing Zones (EPZs) of India, including a small topic on similar zones in other countries. The book, besides othe
Jun 09, 2003
The Relationship Between Risk and Capital: Evidence from Indian Public Sector Banks
Abhiman Das and Saibal Ghosh*The study investigates the relationship between changes in risk and capital in the public sector banking system in India, using both the seemingly unrelated regression (SUR) and the two stage least square (2SLS) method of estimation. Empirical findings establish a negative and significant impact of size on capital, indicating that large banks increased their ratio of capital to risk weighted assets less than other banks. Regulatory pressur
Jun 09, 2003
The Effectiveness of Intervention in India: An Empirical Assessment
Sitikantha Pattanaik and Satyananda Sahoo*The empirical assessment conducted in this paper suggests that intervention operations of the Reserve Bank have been effective in containing exchange rate volatility of the Rupee, even though the degree of influence does not appear to be very strong. Estimated results also indicate that intervention operations may not be very effective in influencing the exchange rate levels. India’s stated exchange rate policy fully recognise
Jun 09, 2003
International Business Cycles Beyond G-7: The Case of India
O.P.Mall*This paper examines the co-movements of business cycle in India, Germany, Japan, UK and USA during 1950-2000. In view of the largely closed nature of Indian economy and the dominant role of the public sector during the early period, it is interesting that the Indian business cycles have some correspondence with the business cycles in UK and also with the USA especially in the post-1980 period. The roles of foreign trade, foreign capital investment, oil-price
Jun 09, 2003
Sustainability of Services-Led Growth: An Input Output Analysis of the Indian Economy
(Part 2 of 3)
(Part 2 of 3)
Appendix Table 1: Sectoral Intensity - Sector and Activity-wise ActivityGaRankG*aRankGiRankG*iRankGsRankG*sRank 12345678910111213 Agriculture 1Paddy19.81428.31211.38031.9797.88618.3802Wheat15.31921.31817.47343.8677.28819.1773Jowar11.92520.8196.69319.1926.48914.0904Bajra11.82620.1218.19121.8876.39014.1895Maize12.32419.9238.98823.4856.19214.2886Gram11.72716.3305.110313.71003.71068.41047Pulses22.41133.6910.58329.5828.08319.0788Sugarcane6.7358.6435.410212.91013
Jun 09, 2003
Exchange Rate Dynamics: An Indian Perspective
N.K.Unnikrishnan and P.R.Ravi Mohan*Based on monthly data from January 1996 to March 2002 on exchange rate, net purchase by the Reserve Bank of India, data on open market operations in the debt market and Nominal Effective Exchange Rate (NEER), the paper develops a Generalised Autoregressive Conditional Heteroskedastic (GARCH) model for USD/INR exchange rate. Major conclusions of the paper are the following: (i) central bank intervention reduces volatility in the mark
Jun 09, 2003
Who Needs the IMF as an International Lender of Last Resort?
Sitikantha Pattanaik*In the context of the growing international perception that the International Monetary Fund (IMF) cannot and should not function as an International Lender of Last Resort (ILOLR), this note presents a perspective on why the emerging market economies need the IMF as an ILOLR. It argues that the risk of financial instability and associated loss of output and employment is a more serious concern than the risk of moral hazard, and that an effective an
Jun 09, 2003
Agricultural Marketing in India: Problems and Prospects
R.K. Jain*Since the existing agricultural marketing system in India was developed in the context of a planned economy, a fresh approach to marketing is necessary in the liberalised and globalised atmosphere. The National Agriculture Policy also envisages the need for a new demand driven set up catering to domestic as well as export markets. The promotion of an efficient marketing system is, therefore, necessary for expediting agricultural growth in India. In this cont
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