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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.
The Economy: 70 years after Independence
30 August, 2017, C.P. Chandrasekhar
Indias' reliance on fortuitous and volatile stimuli to drive growth has resulted in inadequate job creation and widened inequalities while failing to address social deprivation.
Is the Bull Run Over?
08 May, 2015, C.P. Chandrasekhar
Downturn in financial market is inevitable, but the fact that a host of investors driven by the herd instinct live in denial complicates matters and worsens the outcome.
Indian Exceptionalism
15 April, 2015, C.P. Chandrasekhar
Official satisfaction with the decision by Moody's to raise India's sovereign rating may be ignoring the possibility that the agency missed an important source of vulnerability.
Oil: The big 100 per cent story
02 February, 2015, C.P. Chandrasekhar & Jayati Ghosh
In a puzzling development, some financial markets registered a decline in the wake of the recent dramatic fall in oil prices. So, is the oil price fall not all good news?
Modi with the Magic Wand
11 June, 2014, C.P. Chandrasekhar
Modi has persuaded people that his development magic wand can deliver what others dare to promise. If he fails to deliver on this the current euphoria can prove short-lived.
On the Economics Nobel Prize
19 October, 2013, Jayati Ghosh
The Global Financial Crisis notwithstanding, the Economics Nobel Prize shows that the power of finance remains undiminished.
How Wage-led Growth has Powered Argentina's Economic Recovery
31 August, 2012, Jayati Ghosh
The manner in which Argentina has been able to generate more genuinely inclusive growth, through the promotion of productive and fairly remunerated employment and a different approach to social protection, sets a bright example of alternative strategy. This could be a learning lesson for all other countries trying to come out of the current recessionary trends.
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.
Markets and the Role of Law?
02 July, 2012, Bikku Kuruvila
While law is presented within the dominant policy discourse as a source of transaction costs and bureaucracy, markets simply could not exist without the rigorous enforcement of rules and contracts that allow the much-celebrated moments of ''free exchange'' to proceed with any certainty. In this light, it is very important to look at the political compromises, policy resolutions and distributional consequences created by market-oriented state intervention. To this view, India in 2012 is already largely integrated into the global economy with the growth, volatility and inequality that such integration entails.
Behind the Fear of Debt
09 February, 2012, C.P. Chandrasekhar & Jayati Ghosh
Fears are being expressed in official policy circles that the country’s dependence on foreign debt as opposed to foreign investment to finance the external deficit is increasing, leading to specific policy responses. Recently the government has announced a policy allowing direct access of a new group of foreign investors into India’s equity markets. Although this measure is defended on the grounds that it would help reduce dependence on debt, its validity is indeed questionable.
Prospects for the World Economy in 2012
27 December, 2011, C.P. Chandrasekhar & Jayati Ghosh
: 2011 revealed that the much vaunted economic recovery after the Great Recession was not inherently sustainable, as the recent problems of global capitalism, including those associated with excessive debt build-up, were reflected in new areas and caused economic slowdown across the world. Against the backdrop of economic trends in 2011, this article assesses the prospects for the world economy in 2012.
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.
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.
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 Global Recession and India
29 August, 2011, C.P. Chandrasekhar & Jayati Ghosh
For the global economy, August 2011 was a particularly bad month. A string of economic indicators released early that month suggested that close to four years after the onset of the global recession in December 2007 a sluggish world economy was set to sink again.
Global Oil Prices
13 July, 2011, Jayati Ghosh
Recent price changes in global oil markets are increasingly affected by forces that have more to do with financial speculation and expectations than with current movements in demand and supply. In the current oil price surge, the real gainers are the financial speculators in oil futures markets and the big oil companies.
Changing Guard at the IMF?
06 July, 2011, Jayati Ghosh
The change of guard at the IMF would not make a difference as long as there is no significant change in the Fund's approach to economic policies. Despite the experience of continually getting it wrong in so many countries over so many decades, the Fund is still persisting in imposing the blatantly counterproductive strategy of fiscal austerity everywhere.
Fiscal Discipline and All That
27 July, 2010, Jayati Ghosh
There was a sudden resurgence in Keynesian ideas everywhere when the global financial crisis broke in September 2008. But, equally suddenly, financial markets have once again turned back on state intervention and policy makers are giving in to demands for massive cuts in public expenditure that would require enormous sacrifices from their populations.
What Small Government Means
01 March, 2010, C.P. Chandrasekhar
Against the backdrop of the debt 'crisis' in Greece and growing cries around fiscal profligacy, this article argues that those demanding austerity of governments that have built up large fiscal deficits and accumulated debt, are not ideologically committed to minimal government. The so-called backlash against the state is a demand for governance of a particular kind, that favours the already well endowed at the expense of those who have not shared in the benefits of development.

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