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Public Banks: Dressing up for the market
22 January, 2018, C.P. Chandrasekhar
The government’s ambitious plan to recapitalise public sector banks that have recorded losses with resources from the Budget is an attempt to dress them up before taking them to the market.
The Other Face of Private Banking
16 January, 2018, C.P. Chandrasekhar & Jayati Ghosh
Private banks, especially foreign ones have relied on off-balance sheet liabilities to earn revenues and profits, courting risk and leaving the business of banking proper largely to the public sector banks.
A Year of Wilful Economic Disaster
08 January, 2018, Prabhat Patnaik
The uniqueness of 2017 lies in the fact that never before has the country seen a government-caused economic crisis as serious as was witnessed in this year.
The Indian economy in 2017
02 January, 2018, Jayati Ghosh
This was the year that the economy tanked. Not necessarily in terms of official growth figures: according to the CSO, GDP growth decelerated, but not by that much....
The Demise of Bank Credit
02 January, 2018, C.P. Chandrasekhar & Jayati Ghosh
Growing economies generally show increasing deployment of bank credit – but in India this has been decreasing for years and recently has been almost flat. What does this suggest about the growth process and the health of the Indian economy?
Karl Marx's 'Capital' and the Present: Four Essays
30 December, 2017, C.P. Chandrasekhar
Capitalism has been hugely transformed in the 150 years since the publication of the first German edition of Capital, especially with the rise to dominance of finance and the overwhelming presence of financial wealth.
The Problem with the Indian Left
27 December, 2017, Prabhat Patnaik
The current problem with the Indian Left, and in this term I include all sections of the Left, from the so-called "parliamentary Left" to the so-called "revolutionary Left", is in my view, its lack of appreciation of the dialectics between "reform" and "revolution".
Making Merry on Bitcoin
22 December, 2017, C.P. Chandrasekhar
Bitcoin has left the world of finance gasping. Though the total market value of all of that cryptocurrency in circulation is only a fraction of the value of the world's financial assets, the rapid rise in the value of the currency has made it the most wanted of those assets.
A Dangerous Bill on Banks
22 December, 2017, Prabhat Patnaik
The BJP government, it appears, cannot remain content without inflicting irreparable damage on the institutions of the Indian economy. Its latest move in this direction is the Financial Resolution and Deposit Insurance (FRDI) Bill which was introduced in parliament on the last day of the winter session and is now with a Select Committee.
Marx and Naoroji
20 December, 2017, Prabhat Patnaik
In the early 1850s Karl Marx, living in Dean Street in Londonís Soho, was working on his opus Capital, of which a preliminary fragment was published in 1859 as A Contribution to the Critique of Political Economy........
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.
Banks And Non-Performing Assets
28 November, 2017, Prabhat Patnaik
What exactly constitutes a non-performing asset (NPA) of a bank is not easy to determine. Since banks tend to roll over credit to borrowers, whether the request for such a roll over arises in the normal course of business or owing to a fundamental inability to pay back the loan, is difficult to decide.
Moody's Upgrade
20 November, 2017, Prabhat Patnaik
The slight upgrade of India’s credit worthiness by Moody, that equates finance with nation, is being celebrated by the media as a mark of Modi’s success, but the criteria it has used to judge are in actuality open assaults by the government on the working population. To transcend such neo-liberal capitalism, the wrongness of this criteria must be understood first.
Engineering a new crisis to resolve an old one
16 November, 2017, C.P. Chandrasekhar
Central banks are deciding to scale back their policy of “quantitative easing” in the form of liquidity infusion through asset purchases, but they are unwilling to commit to a quick unwinding of balance sheets fearing market reaction to a radical change in the easy money environment.
Not with a Bang but with a (prolonged) Whimper
16 November, 2017, Jayati Ghosh
The German thinker Wolfgang Streeck in his brilliant book provides a cogent critique of the nature of contemporary capitalism, and describes its ongoing extended demise without surrendering to any optimism that as it fails to deliver even in terms of its own logic all the injustice it has generated must inevitably change for the better.
Monitoring the Evolution of Latin American Economies using a Flow-of-funds Framework
09 November, 2017, Esteban Peez Caldentey and Manuel Cruz Luzuriaga
Flow-of-funds accounting permits to monitor the financial sector in terms of flows and stocks and to analyze its relationship with the real sector. Traditionally practised in developed nations, this accounting has not experienced a parallel development in developing countries. In order to fill this gap, the paper undertakes the construction of a data base of flow-of-funds account matrices for various Latin American and Asian countries, exemplifying their use for the study of financial crisis in these regions.
The Slide of an Aging Leader
26 October, 2017, C.P. Chandrasekhar
The recent acquisition of TTSL by Airtel indicates the deep-seated problems of mismanagement and debt-ridden books of the Tata group, which was once a frontrunner among business conglomerates but is now, only a shadow of its former glorious self.
The Golden "Diwali Gift"
26 October, 2017, Jayati Ghosh
In the light of rescinding, at the behest of the clout of jewellery traders, the notification requiring KYC details for purchase of gold, the government will find it difficult to maintain its ‘pro-poor’ and ‘anti-corruption’ image as its moves seem to be, more for optics and hype than substantive change.
Neo-Liberal Capitalism and its Crisis
24 October, 2017, Prabhat Patnaik
Neo-liberal capitalism is marked by the hegemony of international finance capital which has many consequences, among which is the alarming upsurge of fascism, differing markedly from the fascism of the 1930s.
Create a Crisis and make it Worse
12 October, 2017, C.P. Chandrasekhar
The government’s proposal to set up an all-powerful entity to solve the NPA problem has serious implications for banks and could leave them vulnerable to, among other things, runs by depositors.

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