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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.
Rising Incomes, Falling Wages
31 January, 2018, Jayati Ghosh
Changing the unequal economic tendencies brought out in the World Inequality Report 2018 requires changing the politics—not just making governments more accountable to the people, but making people realise that they are being fooled.
Do Purchasing Power Parity Exchange Rates Mislead on Incomes? The case of China
05 December, 2017, C.P. Chandrasekhar & Jayati Ghosh
The use of exchange rates based on Purchasing Power Parities (PPPs) to compare incomes across countries and over time is now standard practice. But this may lead to excessively inflated incomes for poorer countries and not capture the real changes over time.
The Fall of the Rupee
05 July, 2013, Prabhat Patnaik
The fall of the Rupee is not due to isolated India-specific factors, but is a fallout of the general characteristic of the core-periphery relationship in capitalism.
Employment Generation as an Economic Strategy for Uncertain Times
14 November, 2011, Jayati Ghosh
This is the acceptance speech made by the author at the award function of the ILO Decent Work Research Prize, 2010. Discussing the growing pressures in the current global scenario, she argues for a shift in macroeconomic strategy towards domestic wage- and employment-led growth as a means to sustainable growth, as well as an end in itself.
The Persistent Global Crisis
22 September, 2011, C.P. Chandrasekhar & Jayati Ghosh
World financial leaders gather at Washington for the annual meetings of the World Bank and the IMF amid fears of another global recession. But the perspective and will needed to address the problem appear to be absent.
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.
The Japan-India Comprehensive Economic Partnership Agreement
22 February, 2011, C.P. Chandrasekhar & Jayati Ghosh
There has been much media celebration about the recent signing of the Japan-India Comprehensive Economic Partnership Agreement. This article examines some of the features of the agreement and considers their implications for domestic economic strategies and processes in India.
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
Indian IT: Privileged, protected and pampered
31 August, 2010, C.P. Chandrasekhar
One possible reason for the Indian IT industry’s protest against the US move to increase visa costs for Indian companies could be that the industry has received privileged treatment at home for more than a decade. But given these special privileges one question that has constantly been posed is, are there adequate reasons to justify their provision?
A Tax to Rein in Finance
25 November, 2009, C.P. Chandrasekhar
It is a proposal that refuses to die. When Finance Ministers of the overactive G20 met at St Andrews, Scotland in early November, the UK's Prime Minister Gordon Brown decided to use what would be the last meeting under his presidency to make a case for taxing finance.
The Recovery in Asia
18 November, 2009, C.P. Chandrasekhar & Jayati Ghosh
As the world looks to full stabilisation and a rebound from the crisis due to the efforts of governments, clearly, it is finance rather than the real economy that has benefited more from those initiatives.
On the Dollar's Decline
21 October, 2009, C.P. Chandrasekhar
The article investigates whether the IMF SDR can replace US Dollar as the global reserve currency in the wake of falling prices of the latter. The author concludes that US Dollar remains the primary global currency because there is no other to replace it.
The Financial Crisis and the Developing World
25 October, 2008, Jayati Ghosh
Violent fluctuations in stock prices along with other factors witnessed in emerging markets in the past two weeks have made it clear that the developing world is not insulated from the financial turmoil raging in industrial countries. The crisis will have different impacts in different places, depending on, in particular, the extent of integration of the capital market of the concerned developing country. An important positive fall-out of this financial crisis is that it has created an opportunity for replacing the economic model of neoliberalism with more progressive and democratic alternatives.
A Long View of Global GDP Growth
26 July, 2008, Jayati Ghosh
It is sometime useful to situate recent income growth in the longer term context, if only to remind ourselves of the structural processes involved. A close examination of long term patterns in relative positions show that the recent optimism about developing countries emerging as dominant players may be misplaced.
Developing Countries and the Dollar
31 October, 2005, Jayati Ghosh
It is now generally recognised that the very large macroeconomic imbalances between the US and the rest of the world, which are associated with very large capital inflows into the US, are unsustainable beyond a point.
Debt-Forgiveness as Imperialism
15 July, 2005, Jayati Ghosh
Part of today’s imperialism is not naked in its violence, but disguised as charity and empathy for the oppressed, and when the rest of the world is made to applaud the benevolent concern expressed by the great powers. This is what has been happening around the recent G-8 Summit meeting.
The New Structure of Global Balances
08 November, 2004, C.P. Chandrasekhar & Jayati Ghosh
An unusual and striking feature of the current global balance of payments situation is the huge deficit on the current account of the world’s dominant country, the United States, which is partly being financed with surpluses in the current and capital account of developing countries, especially those in developing Asia. At the end of the second quarter of 2004, the annual current account deficit in the US balance of payments stood at $572 billion and was forecast to touch 5.5 per cent of GDP in 2004.
What the Rising Rupee Signals
22 April, 2004, C.P. Chandrasekhar
The Indian rupee is on the rise. While its appreciation vis-à-vis the dollar began in June 2002, when it had touched a low of more than Rs. 49 to the dollar, it has been rising vis-à-vis the Euro as well over the last four months. During these periods of ascent, it has appreciated by close to 12 per cent vis-à-vis the dollar in 22 months and by a significant 9 per cent vis-à-vis the Euro in a short period of 4 months.
New Masters for the Reserve Bank of India
30 July, 2000, C.P. Chandrasekhar
Volatility in India's foreign exchange markets has forced the Reserve Bank of India (RBI) to change course. In July, the RBI suddenly reversed the agenda of easing money supply and reducing interest rates that it had been consistently pursuing for more than two years now.

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