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A Legacy of Vulnerability
12 July, 2018, C.P. Chandrasekhar & Jayati Ghosh
Outstanding foreign bank claims that accumulated during the post-crisis period of easy and cheap credit are a source of vulnerability in the new environment.
Shadow cast by the rupee
07 June, 2018, C.P. Chandrasekhar
The rupee has sharply depreciated in the recent weeks giving reason for concern. The external events of rise in oil prices and rate of interest in advanced economies has led to a surge in the current account deficit and capital outflows respectively. The success of 'the liberalization reforms' lies in the huge capital inflows and thus, has enhanced the periodic bouts of the rupee, hinting to symptoms of a bubble economy.
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.
Mixed signals from the external sector
28 September, 2017, C.P. Chandrasekhar
Large capital inflows have boosted foreign exchange reserves and resulted in the rupee strengthening. Although exports have not done badly, the widening trade deficit owing to a rise in the import bill can worsen the current account position and create a vicious circle.
Bond Market Reversal
14 February, 2017, C.P. Chandrasekhar & Jayati Ghosh
Post-Trump expectations of a shift back from an easy monetary policy with low interest rates to reliance on a fiscal stimulus for growth are reversing trends in global bond markets.
Revving Up the Bond Market
12 September, 2016, C.P. Chandrasekhar
The new measures announced by the RBI aim at making the conservative institutional investors more bond-savvy and the bond market an important source for long term capital but in the process household savings would be exposed to increased risk.
Financial Convergence in Asia
05 September, 2012, C.P. Chandrasekhar & Jayati Ghosh
Even as there are dissimilar financial structures, the recent Asian experience with financial convergence suggests that financial proliferation largely facilitates new lines of business in financial services and affects the real economy more from the demand side by the debt-financed household expenditure it promotes. Thus excessive exposure to retail markets is becoming a source of fragility in these countries just as it did in the developed countries.
Democracy and the Financial Markets
01 December, 2011, Jayati Ghosh
In the last few decades, it has become increasingly common for various developing and “emerging” markets to give greater importance to appeasing the interests of financial markets over the requirements of political democracy. Now, this is afflicting developed countries as well, where governments are sacrificing democracy in favour of the markets.
Employment Shifts after the Global Crisis
04 October, 2011, C.P. Chandrasekhar & Jayati Ghosh
The stagnation of employment in developed countries and apparent recovery in developing countries after the Great Recession of 2008-09 have renewed perceptions of a global shift in employment to the developing world, particularly in manufacturing activities. This article uses the most recent available ILO data to examine the extent to which such a shift is actually occurring.
Tata Rides the Recession
17 June, 2009, C.P. Chandrasekhar
With the expensive acquisitions of Anglo-Dutch steel major Corus and luxury automobile brands Jaguar and Land Rover in quick succession on the eve of the global financial crisis, the TATA group faced difficulties as the debt level of both the parent and the UK subsidiaries in the group was on a rise. However, it is noteworthy how the TATA group escaped a group-wide crisis by leveraging its brand, the Indian government and the Indian public.
Leaning on the State
19 March, 2008, C.P. Chandrasekhar
Interestingly, the very financial liberalisation that created the problems epitomised by the sub-prime crisis was predicated on a critique of the efficacy and correctness of intervention by the state. But recent developments show that bail-outs by the government of institutions that are weakened by wrong financial decisions are now taken for granted, thus legitimising interventionism. Can the "problem" that liberalisation was directed to "solve" now itself become the solution to the problems that liberalisation creates?
Social Security Benefits and the New Pension Scheme
29 September, 2007, Ratan Khasnabis
On January 1, 2004, Government Of India (GOI) has introduced the New Pension Scheme (NPS) for the new entrants to the service of the Central Government (other than Armed Forces). NPS is a Defined Contribution Scheme (DPS).
Global Finance Today: Deja Vu?
15 June, 2007, C.P. Chandrasekhar
The nature of financial integration of developing countries with their developed counterparts has been radically transformed over the last four years. Evidence collated by the World Bank's annual report for 2007 on Global Development Finance, reveal a number of features of the new scenario that have far-reaching implications.
Employment Guarantee: A Distant Dream
15 July, 2004, Sukanya Bose
The Common Minimum Programme did strongly foreground the issue of employment generation and the necessity for a pro-active public policy geared towards this all-important objective. Yet the 2004-5 budget, the first budget of the non-NDA coalition government reflecting its actual macroeconomic priorities as against its own popular rhetoric, has not addressed the issue of employment generation at all.

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