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The return of a housing bubble
08 May, 2018, C.P. Chandrasekhar & Jayati Ghosh
While household balance sheets are not rid of the debt accumulated in the years preceding the 2008 crisis, there are signs that purchases financed with new debt are leading to a fresh bubble in property markets.
Ashok Mitra, a Man Who Was Equally Committed Politically and Personally
05 May, 2018, Jayati Ghosh
Much has been and will be written about this extraordinary man…All these qualities, rare as they are, are even rarer in combination. But in this piece, I will present a more personal picture, from someone who saw him as a father figure and was privileged to know him well.
Ashok Mitra: Railing Against the Times, But Very Much a Part of Them
03 May, 2018, Jayati Ghosh
Revisiting a review written for 'Frontline' magazine of the English version of Ashok Mitra's Bengali memoirs, 'Apila Chapila', published in 2007. “The impression on reading this book is not one of a difficult man, rather of an incurable romantic. It is a book full of people, full of little stories about them and full of the emotion that only caring deeply about people can bring. So this idiosyncratic memoir is in some ways a love poem to many of the people he has ever known.
Former Bengal Finance Minister was a polymath member of significant groups
03 May, 2018, Jayati Ghosh
Ashok Mitra was one of the most remarkable personalities of Independent India. A polymath who spanned technical economics, literature, policy and politics, he brought to all of these his distinctive flair, razor-sharp intelligence, and enormous energy and passion. We can be proud of living in a society that could produce such a person.
The Collapse in Developing Country Exports
25 April, 2018, C.P. Chandrasekhar & Jayati Ghosh
The period since 2010 has seen a collapse in developing country exports, most of all in South-South trade. Developing countries need to factor this into their future strategies.
The True Face of the Global Recovery
11 April, 2018, C.P. Chandrasekhar & Jayati Ghosh
Optimistic assessments of the synchronised recovery across the world economy ignore the factors driving the weak upturn that make it fragile.
How Unequal are World Incomes?
27 March, 2018, C.P. Chandrasekhar & Jayati Ghosh
Global inequality has reduced as income growth shifts from the Northern countries to emerging markets like the BRICS. But this shift is quite limited and has not benefited the bulk of people in the developing world.
Market Fever and its Aftermath
13 March, 2018, C.P. Chandrasekhar & Jayati Ghosh
As fears of a market downturn cloud sentiment, the factors that led up to the bull run and their implications need to be studied and learnt from.
Agrarian distress in India
01 March, 2018, Jayati Ghosh
To stabilize crop prices and make them remunerative, the Swaminathan Commission proposed significant improvements in the implementation of MSPs.
The Destruction of a University
28 February, 2018, Jayati Ghosh
The Jawaharlal Nehru University administration has, in the past two years, undermined the norms and conventions that have established it as a premier institution of higher learning in India.
National income in India: What’s really growing?
28 February, 2018, C.P. Chandrasekhar & Jayati Ghosh
Recent income growth in India has been dominated by sectors that do not reflect real physical output increases – such as finance, insurance and real estate and public administration and defence.
Can banking recover?
27 February, 2018, Jayati Ghosh
Recovery of the banking sector will require stricter adherence to sound banking rules and more transparency from public and private players. And most of all, this applies to the regulators themselves and the government that frames all this.
The Budget and education
20 February, 2018, Jayati Ghosh
The thrust towards privatization in Budget 2018-19 is evident in the pattern of education spending, which has been brought down to less than 3.5 percent of the government budget, against a promise of 6 percent in the 2014 electoral campaign. So, any real changes are clearly expected to be financed by private participation, implying declining spread, reduced access, and increased inequality.
The Aging of a Growth Engine
14 February, 2018, C.P. Chandrasekhar & Jayati Ghosh
With the dollar value of exports declining, India’s software sector faces a historical crisis which may worsen, given the protectionist trends in the US and other uncertainties.
Did the FM deliver for farmers?
02 February, 2018, Jayati Ghosh
The Budget Speech this year was no different in terms of the grandiose promises made to farmers, without substantial financial backing, and used as substitute for real allocations. Such a clever-by-half attitude towards those who provide food for India and account for at least half the work force may well backfire on the government.
Where's the money, Mr Jaitley?
02 February, 2018, Jayati Ghosh
Window-dressing as a substitute to actually addressing the problem has become a norm under the Modi regime and the Budget 2018-19 reflects that. The actual increases in financial outlay are shockingly low in relation to the massive promises made. This is deeply worrying, as the Indian economy now desperately requires major measures to ensure a sustainable revival of economic activity.
Budget 2018: The Finance Ministry's Grey Shades of 'Pink'
02 February, 2018, Jayati Ghosh
Even the vaguely “pink” effort in the Economic Survey is whitewashed in the finance minister’s Budget speech that is heavily based on stereotypical gender roles for women, and even that completely disappears when we get to the actual budget allocations.
The Financialization of Finance? Demonetization and the Dubious Push to Cashlessness in India
01 February, 2018, C.P. Chandrasekhar & Jayati Ghosh
This Debate contribution describes the promotion of digital rather than cash payments as a form of the financialization of finance, in its role as a payments system, with reference to recent Indian experience. The obsession with digital transactions as a marker of social and material progress is misplaced; it may become yet another means by which finance extracts rentier incomes out of relatively poor
A Note on Estimating Income Inequality across countries using PPP Exchange Rates
01 February, 2018, Jayati Ghosh
The use of exchange rates based on Purchasing Power Parities to compare income across countries and over time has become standard practise. But there are reasons to believe this could lead to excessively inflated incomes for poor countries and in some cases also inflate the extent of real changes over time. Estimates of gross domestic product growth in Chinese and Indian economies in recent years provide examples of this.
The Budget and the farmers: The government's dilemma in 2018
01 February, 2018, Jayati Ghosh
Budget 2018 is expected to be famer-oriented, with persistent agricultural distress and near-stagnant farmer income contrary to the promises made by the government. But, even as the election come near, the scale of increased spending that is required for all of this is unlikely to be met, given the self-imposed constraints of “fiscal responsibility”.

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