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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.
How China is managing capital flows - and why
24 November, 2017, Jayati Ghosh
China is seeking a more influential role in the global economy, and it hopes to achieve this through greater use of its currency by others.
Capital Bleeds from Emerging Asia
02 February, 2016, C.P. Chandrasekhar & Jayati Ghosh
Capital flight, in 2015, from the emerging markets, especially those in Asia, was much worse than has been previously estimated. This augurs ill for the coming year.
How Vulnerable are Emerging Economies?
06 March, 2014, C.P. Chandrasekhar & Jayati Ghosh
Developing countries face a complex set of challenges in the changing global scenario that does not seem to be factored into economic policies in most countries.
Fragile Foundations: Foreign capital and growth after liberalisation
14 May, 2013, C.P. Chandrasekhar
The shift from debt-financed public expenditure to debt-financed private expenditure-led growth in India has resulted in increased dependence on foreign capital and vulnerability.
Capital Flows and External Vulnerability Examining the Recent Trends in India
29 April, 2013, Prasenjit Bose
The measures to attract additional debt inflows into the Indian economy to finance its widening current account deficit will only enhance its external vulnerability.
Is Global Finance Finally Shrinking?
20 March, 2013, Jayati Ghosh
Even as the value of global financial assets has fallen sharply since 2007, it may be essential to shrink it further to make the financial system fulfil its basic tasks.
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.
Of Profits and Growth
29 May, 2012, C.P. Chandrasekhar & Jayati Ghosh
The period between 2002-03 and 2008-09 saw India’s economy grow at an unprecedented rate, with manufacturing too witnessing a revival. However, the rate of growth of the manufacturing sector would be reduced due to the effects of the recent developments of reduction and even reversal of foreign capital inflows, the liquidity crunch and the large scale corruption in India.
European Banks and Asia
17 November, 2011, C.P. Chandrasekhar & Jayati Ghosh
European banks are being forced to take a haircut to deal with the region's crisis. Given their greater role in total international funding and the significant exposure of Asian financial systems to global capital, this raises concerns about the likely impact that the European banking crisis would have on Asia.
Revisiting Capital Flows
04 May, 2011, C.P. Chandrasekhar & Jayati Ghosh
In a recent move the IMF surprised many by revising its position on the use of capital controls and making a case for them in special circumstances. It has followed this up with an analysis of capital flows to developing countries, which also explains its partial rethink on the use of capital controls by developing countries.
Disarray in the Global Economy
20 October, 2010, C.P. Chandrasekhar
The slanging match over currency and monetary policies at the annual Fund-Bank meetings, held over the second weekend of October, points to the disarray in global economic governance. While the US sought to mobilise IMF support for an effort to realign exchange rates and ensure an appreciation of the renminbi in the wake of China's reserve accumulation
India and the World Economy
12 January, 2008, C.P. Chandrasekhar
Boosted by media reports and assessments by public and private financial institutions of India's high growth potential, capital inflows have seen a major surge in India resulting for one in huge foreign exchange reserves. But expectations that India is out to share in the spoils of global dominance may be misplaced since these fail to take account of the kind of liabilities that India is accumulating in order to finance its still incipient global expansion. Also, the more the investor and lender confidence results in capital flows in excess of India's current account financing needs, the greater is the possibility that such confidence can erode.
Too Little, Too Late
12 December, 2007, C.P. Chandrasekhar
Though the Finance Minister seems to have recently realized the folly of free and large capital inflows, the realization comes too late and offers too little in terms of solutions. He still seems to have an inadequate understanding of the problems that the capital surge has created and is still creating. Too late, because the Finance Minister looks unwilling to face the consequences of actions aimed at slowing, let alone arresting, capital inflows.
New Signs of Vulnerability
29 September, 2005, C.P. Chandrasekhar
Since euphoria over the BSE Sensex breaching one more psychological barrier, the 8000 mark, preoccupies the media, new signs of economic vulnerability remain unflagged and ignored. According to the latest trade statistics released by the Directorate
RBI: Managing the Forex Surge
02 May, 2005, C.P. Chandrasekhar
Symbolism is a crucial adjunct of central banking. Huge buildings of solid stone, high ceilings, steel vaults and managers in suits are the images that come to mind when one thinks of the institution that is presumed to have final financial authority and serves as the lender of last resort.
The Dollar vs. the Chinese Yuan
25 December, 2004, C.P. Chandrasekhar & Jayati Ghosh
The dollar is on the decline, with its value having fallen by around 30 per cent relative to other major currencies since 2002 and by close to 20 per cent in trade-weighted terms. Yet, the US government feigns being unconcerned with the problem.
Managing the Capital Flow Bonanza
06 May, 2004, C.P. Chandrasekhar & Jayati Ghosh
On April 23, India's foreign exchange reserves stood close to $118 billion. This implies that during the first three weeks or so of financial year 2004-05, reserves had risen by around $5 billion.
Capital Account Convertibility: Opening the sluice gates
03 March, 2004, C.P. Chandrasekhar
It announced that resident Indians can, with immediate effect, remit an amount of up to $25,000 per calendar year for any current or capital account transaction, or a combination of both. This implies that resident Indians would not just be able to open and operate foreign currency accounts outside India, but can use the money remitted to those accounts to acquire financial or immovable assets without prior approval from the RBI.
Address at the Convocation of Kalyani University
10 November, 2003, Prabhat Patnaik
Your Excellency the Chancellor of the University, Mr Vice-Chancellor, Assembled Guests, Members of the Faculty, Young Scholars, Ladies and Gentlemen,

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