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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.
150 years of 'Das Kapital': How relevant is Marx today?
24 August, 2017, Jayati Ghosh
After 150 years of ‘Das Kapital’, the seminal work of the 19th century economist still provides a framework for understanding contemporary capitalism. The unique social relations such as “free labour” and “commodity fetishism”, that according to Marx, define capital, are reflected in the uneven and unstable development of the world market.
Justice in the Age of Finance
07 July, 2017, C.P. Chandrasekhar
The very limited Barclays prosecution comes in the wake of a half-hearted investigation effort, which has thus far completely let off all those who took the world economy to the verge of a crisis akin to the Great Depression. It is not clear if anything will finally come out of even this case, which is aimed at merely teaching a lesson to those who hurt a bunch of financial investors by violating insider rules.
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.
How Successful is China's Economic Rebalancing?
08 November, 2016, C.P. Chandrasekhar & Jayati Ghosh
China's rapid economic growth has slowed recently – but does this reflect the desired rebalancing of the economy away from investment to consumption and wage-led growth?
And Now, Price Deflation in India and China?
31 May, 2016, C.P. Chandrasekhar & Jayati Ghosh
While it was presumed the developing world, especially the more prominent emerging markets, were less prone to price deflation, data from China and India show trends of declining producer prices.
No Clue to the Future
27 April, 2016, C.P. Chandrasekhar
The failure of the G20 countries to agree to an action plan not just to ensure recovery but prevent a second slump, may lead to countries adopting beggar-thy-neighbour policies.
Banks and the New Asian Tigers
30 March, 2016, C.P. Chandrasekhar
Substantial accumulation of bad debt in the domestic banking systems of India and China seems to be proving too heavy a burden to bear when the good times are disappearing.
The Continuing Debt Problem in Asia
08 December, 2015, C.P. Chandrasekhar & Jayati Ghosh
Private household debt is going to be a major concern for many Asian economies as excessive household debt and falling realty prices combine to create a potentially potent mix.
The Shrinking of Global Imbalances
10 November, 2015, C.P. Chandrasekhar & Jayati Ghosh
Global imbalances in the current account do appear to have come down in the aggregate but the pattern and the outcomes are different from what was anticipated.
When Will the Next Financial Crisis Start?
15 June, 2015, Sabri Oncu
The global financial crisis that started in 2007 has never ended and now there are warnings of a looming market liquidity crisis, but when this will hit remains to be seen.
Ever Expanding Debt Bubbles in China and India
03 March, 2015, C.P. Chandrasekhar & Jayati Ghosh
Even though China appears to have a much higher levels of debt- GDP ratio, India’s debt situation with much lower levels of corporate debt may prove to be more problematic.
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.
The Sensex and the Economy
08 April, 2013, C.P. Chandrasekhar
The central bank's cheap credit and easy money policies have helped the Indian stock market to remain reasonably positioned even when the economy sinks.
Hawking the Deficit
08 January, 2013, C.P. Chandrasekhar & Jayati Ghosh
While the government proclaims the need to reduce fiscal deficit, its actual performance in recent years has been well below projections, especially due to lower receipts.
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.
Of Profits and Growth
29 May, 2012, C.P. Chandrasekhar & Jayati Ghosh
The period between 2002-03 and 2008-09 saw India’s economy grow at an unprecedented rate, with manufacturing too witnessing a revival. However, the rate of growth of the manufacturing sector would be reduced due to the effects of the recent developments of reduction and even reversal of foreign capital inflows, the liquidity crunch and the large scale corruption in India.
The Roaring 2000s
11 May, 2012, C.P. Chandrasekhar
The coincidence of the profit and the output booms during the two post-liberalisation booms in India’s organised manufacturing sector since the early 1990s suggests that in periods of rising demand, the organised manufacturing sector in India has been a major beneficiary of reform through a rise in mark up. The complaints of the leaders of this sector are therefore not to be taken too seriously.
Can Asia Decouple?
22 February, 2012, C.P. Chandrasekhar & Jayati Ghosh
As the global economic situation worsens, there are renewed concerns about the fate of developing countries. The authors consider recent trends in global GDP growth, investment and trade, and argue that the expectations of Asia being able to blithely withstand the latest round of economic crisis are not just over-optimistic but probably wrong.
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.

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