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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.
NPAs: All talk and no action
04 August, 2017, C.P. Chandrasekhar
The problem of large NPAs of nationalised banks can be traced to the neoliberal reforms in the financial sector and outside, which prevent large government investments in infrastructure and capital-intensive industries that are imperative for development but too difficult a responsibility for the private sector to shoulder.
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.
Modi's Demonetisation Move may have permanently damaged India's Informal Sector
17 November, 2016, Pronab Sen
The author explains how the recent demonetisation has penalised virtually the entire informal sector, and perhaps damaged it permanently while doing nothing to curb either corruption or tax evasion.
The Hegemony of Finance
19 October, 2016, C.P. Chandrasekhar
Finance has been able to successfully stall reforms that the 2008-09 crisis had established as being urgent and imperative, and the consequences of that are bound to be damaging.
Revving Up the Bond Market
12 September, 2016, C.P. Chandrasekhar
The new measures announced by the RBI aim at making the conservative institutional investors more bond-savvy and the bond market an important source for long term capital but in the process household savings would be exposed to increased risk.
Debt and Asia's Success
03 November, 2015, C.P. Chandrasekhar & Jayati Ghosh
An improved dataset from the Bank of International Settlements reveals that the post crisis 'success' of Asia in terms of growth was built on a pile of debt.
The "Remaking" of Indian Banking
29 November, 2013, C.P. Chandrasekhar
There is little innovation in the nature of the financial reform that the present RBI governor recommends. These are all proposals that have been unveiled in the past.
Banking as the New Frontier
14 June, 2013, C.P. Chandrasekhar & Jayati Ghosh
While liberalisation was expected to encourage Indian financial sector diversification, the actual experience has been different.
Redistributing Regulatory Power
21 May, 2013, C.P. Chandrasekhar
The FSLRC's far-reaching recommendations seek a fundamental redesign of India's historically evolved financial regulatory framework in favour of a liberalised financial sector.
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.
Bullying Cyprus to No End
04 April, 2013, C.P. Chandrasekhar
The high handedness shown by the troika (EU, ECB and IMF) in the case of Cyprus once again shows how the core in Europe is pushing the costs of adjustment to the periphery.
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.
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.
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.
Post-Crisis Reform: A lost opportunity?
03 April, 2012, C.P. Chandrasekhar & Jayati Ghosh
In its recently released annual report, the Federal Reserve Bank of Dallas makes a case for breaking up banks considered too big to fail. But the failure to do that is only one possible way in which the opportunity provided by the crisis to reform and regulate finance has been lost.
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.
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.
International Banks in Emerging Markets
02 June, 2011, C.P. Chandrasekhar & Jayati Ghosh
Early in May this year, India's central bank, the Reserve Bank of India, issued an unusual set of guidelines for foreign banks operating in the country. The notification stated: ''It has been decided that for all foreign banks operating in India, the CEO (chief executive officer) will be responsible for effective oversight of regulatory and statutory compliance as also the audit process and the compliance thereof in respect of all operations in India.''

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