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Ostrich-like in Peacock Nation
01 October, 2018, C.P. Chandrasekhar
In the midst of a crisis reflected in a collapsing rupee, India’s BJP government is acting ostrich-like, burying its head in the ground. Nothing illustrates this better than its much-delayed response to the collapse of the rupee with a set of measures that are the opposite of what is needed.
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.
Why workers lose
30 May, 2017, C.P. Chandrasekhar
The IMF’s push to delink the decline in the share of labour in national income from the rise of finance, neoliberalism and globalisation leads to a set of banal prescriptions on how to deal with a problem that is at the centre of the crisis of capitalism today.
Finance Capital and the Nature of Capitalism in India Today
25 November, 2016, C.P. Chandrasekhar
This article explains how the growing dependence on foreign finance capital has distorted India’s growth. Due to the accumulated presence of foreign capital in the country since liberalisation, it is turning moribund and losing sovereignty.
IDBI Bank: The door to denationalisation
04 January, 2016, C.P. Chandrasekhar
The decision to privatise IDBI Bank is the beginning of a larger process of denationalisation of banking in India that would lead to exclusionary banking structure most unsuited to India's development needs.
Households and India’s Stock Markets
17 February, 2015, C.P. Chandrasekhar & Jayati Ghosh
Whilst India's stock markets touch dizzying heights, households are withdrawing from the market as they are influenced more by returns registered in short periods.
The Difficult Art of Economic Diversification
11 November, 2014, C.P. Chandrasekhar & Jayati Ghosh
Indonesia provides a stark example of an economy that diversified its pattern of trade and domestic production, only to relapse back into a dependence on primary exports.
Financial Strains in the "New" China
09 April, 2014, C.P. Chandrasekhar
Growing corporate debt and recent reporting of default raise questions on an impending crisis as the financial liberalisation process creates greater volatility in China.
A Speculative Attack on the Rupee?
29 August, 2013, C.P. Chandrasekhar
The timing of the rupee’s dramatic decline seems to be caused by a spillover of speculation-driven price trends in the currency derivative markets into the rupee spot market.
Banks and the F-word
08 August, 2013, C.P. Chandrasekhar
The rising incidence of bank frauds in India breaks the myth that better accounting standards and stringent disclosure requirements post-liberalisation would discourage fraud.
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.
Ill Winds from Europe
08 August, 2012, C.P. Chandrasekhar & Jayati Ghosh
The crisis intensifies in Europe and threatens to trigger a second global downturn in five years. This time, Asian countries, which weathered the last crisis well, seem less resilient. In fact, the evidence points to many routes to the spread of contagion to Asia.
Pranab Mukherjee as Finance Minister
26 June, 2012, Jayati Ghosh
Although he has been awarded as the best Finance Minister, Pranab Mukherjee has failed to manage the economy that has been reeling under decelerating growth, rising prices of essential goods and stagnant employment along with high youth unemployment. He did little or nothing to ameliorate any of these problems instead in some cases he exacerbated them.
India and the Credit Rating Agencies
26 June, 2012, Jayati Ghosh
In the recent times, several big international credit rating agencies have downgraded India’s rating outlook as a sovereign borrower. The main point however is whether we should at all bother about the “opinions” of these external credit rating agencies. Maybe we would all have been better off without the destabilising influence they have played and continue to play in India and in the rest of the world.
India's Growth Story Ends
06 June, 2012, C.P. Chandrasekhar
Even when confronted with slowing growth, the Indian government is adopting austerity measures that trap the country in a recession because of the accumulated presence of foreign finance in the country. The latter not only increases economic instability, but also induces an element of “policy paralysis”. Capital controls are a must to give policy manoeuvrability to the government.
What World Leaders Need to Do Urgently (but are not)
04 October, 2011, Jayati Ghosh
The bailout worked out by the US government to save the financial system is not a progressive nationalisation but the socialisation of the risks of capitalists, and one that is to be borne by taxpayers in the US and by developing countries. The hugely expensive gamble, instead of helping the US government buy its way out of the crisis, would weaken its position as the dominant imperial power in future.
Revisiting Financial Reform
08 April, 2011, C.P. Chandrasekhar
India is doing away with specialised development banking institutions on the grounds that equity and bond markets would finance industrial development. This is bound to lead to a shortfall in finance for long-term investments, especially for medium and small enterprises. The experience of countries such as Brazil, which has thus far not opted for this trajectory, may be educative.
The Monetary Lever
04 November, 2009, C.P. Chandrasekhar
The responses to the RBI’s most recent quarterly review suggest that India too has seen post-reform changes that give monetary policy and its consequences an important role in economic management. In fact, there is reason to believe that the role of monetary policy would increase substantially in the immediate future.
Central Banking in an Uncertain Age
07 October, 2009, Jayati Ghosh
The recent book written by the previous Governor of the RBI Dr. Y. V. Reddy describes the challenges of central banking in these complicated times. It provides a reasoned critique of policies of unnecessary deregulation and highlights the need for balance and for recognising the requirements of the development project. The validity of these arguments has been effectively underlined by the overall resilience of Indian banking during the global financial crisis of the past year.
G20 and the Global Power Balance
06 October, 2009, C.P. Chandrasekhar
When the 19 heads of state and a representative of the European Union declared that from now on it would be the G20 and not the G8 that would be responsible for managing global capitalism they were merely recognising the unavoidable. However, if expansion of the club responsible for managing global capitalism was unavoidable, the G20 reflects the combination which would be preferred by the leading powers.

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