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Foreign Investors Under Stress
Emerging market policy makers have been concerned about the financial stability implications of financial globalization. These concerns are focused on behavior under stressed conditions. Do tail events in the home country trigger off extreme responses by foreign investors – are foreign investors `fair weather friends'? In this, is there asymmetry between the response of foreign investors to very good versus very bad days? Do foreign investors have a major impact on domestic markets through large inflows or outflows – are they ‘big fish in a small pond’? Do extreme events in world markets induce extreme behavior by foreign investors, thus making them vectors of crisis transmission? We propose a modified event study methodology focused on tail events, which yields evidence on these questions. The results, for India, do not suggest that financial globalization has induced instability on the equity market.
Dr.Manmohan Singh- A Decade of Decay
This Book is a compilation of select articles authored by M R Venkatesh, mostly in Rediff.com. To the reader, his writings offer a ring side view of the debilitating state of affairs in India under the leadership of Dr. Manmohan Singh. With a persuasive, passionate and powerful style of writing the author demystifies the challenges confronting India and Indian economy in a manner that is comprehensible even to the layman. Making a strong case for a small yet effective government, Venkatesh canvasses for sweeping economic, administrative and judicial reforms while simultaneously pointing out to the gargantuan failures of Dr. Manmohan Singh’s administration. Written between 2011 and 2013 the...
Economic Transformation of a Developing Economy
Foreword by Prof. Kaushik Basu This book traces the development experience of one of India’s most dynamic and prosperous states, Punjab, which has provided the country with a much-needed degree of food security. The relative regression of Punjab’s economy in the post-economic reforms period and slow current economic growth give cause for concern. The contributions in this book address the question of why the structural transformation of Punjab’s economy has fallen into the middle-income trap. Each investigates the policy constraints influencing the relative stagnation of the economy and suggests appropriate measures for alleviating them. By integrating theoretical constructs and new evidence, the authoritative contributions diagnose the nature of the current problems and offer practical solutions. They cover important issues such as the crisis of agrarian transition, agrarian markets and distributive justice, employment growth and transition to non-agriculture sectors, fiscal policy, external factors in economic transformation, and perspectives on rejuvenating the state’s economy.
Federalism and Economic Reform
This collection focuses on the ways in which federalism has affected and been affected by economic reform, especially global integration. The editors and contributors focus in particular on the political economy of institutional and economic change - how the division of authority between national and subnational governments shapes debates over policy changes, as well as how the changing economic environment creates incentives to modify the basic agreements between levels of governments. Each chapter contains a historical overview, and an in-depth account of division of authority, lines of accountability, and legislative, bureaucratic, and other arenas in which the levels of government interact for a particular country. The analyses are based on reform (or non-reform) episodes for each country - most from recent history, but some spanning the century. As a collection, the country studies span a range of developing and industrial countries with varying political systems.
Craft and Conscience
The first major book for writers to more effectively engage with complex socio-political issues—a critical first step in creating social change Writers are witnesses and scribes to society’s conscience but writing about social issues in the twenty-first century requires a new, sharper toolkit. Craft and Conscience helps writers weave together their narrative craft, analytical and research skills, and their conscience to create prose which makes us feel the individual and collective impact of crucial issues of our time. Kavita Das guides writers to take on nuanced perspectives and embrace intentionality through a social justice lens. She challenges writers to unpack their motivations for ...
Monetary Transmission in Developing Countries
We examine the strength of monetary transmission in India, using a conventional structural VAR methodology. We find that a tightening of monetary policy is associated with a significant increase in bank lending rates and conventional effects on the exchange rate, though pass-through to lending rates is only partial and exchange rate effects are weak. We could find no significant effects on real output or the inflation rate. Though the message for the effectiveness of monetary transmission in India is therefore mixed, our results for India are more favorable than is often found for other developing countries.
Uncovering CIP Deviations in Emerging Markets: Distinctions, Determinants and Disconnect
We provide a systematic empirical treatment of short-term Covered Interest Parity (CIP) deviations for a large set of emerging market (EM) currencies. EM CIP deviations have much larger volatilities than most G10 currencies and move in an opposite direction during global risk-off episodes. While off-shore EM CIP deviations are sensitive to changes in FX dealers’ risk-bearing capacities and global risk aversion, on-shore EM CIP deviations are largely unresponsive in segmented FX markets. Moreover, the sensitivity of offshore EM CIP deviations to global risk factors for currencies with segmented FX markets is stronger compared to their counterparts with integrated FX markets. We find weak evidence of country default risk affecting EM CIP deviations after accounting for global factors.
The Growth Process in East Asian Manufacturing Industries
Although it has been previously accepted that Hong Kong, Japan, Korea, Singapore, and Taiwan have achieved the 'economic miracle' of maintaining high economic growth for several decades prior to the Asian financial crisis, recent literature has now cast doubt upon this economic supposed success. Attempting to overcome methodological limitations and underlying assumptions of other studies, The Growth Process in East Asian Manufacturing Industries re-examines the role of total factor productivity (TFP) growth and aims to identify the sources of output growth in these East Asian economies. Chia-Hung Sun aims to explain how TFP growth differs from technological progress, and demonstrates why this study favours the use of the varying coefficients frontier model rather than the conventional scholastic frontier approach. He goes on to statistically test whether manufacturing industries in East Asia homogeneously applied the best practice production technology, and investigates the TFP growth slowdown in East Asian manufacturing sectors.
The Other One Percent
In The Other One Percent, Sanjoy Chakravorty, Devesh Kapur, and Nirvikar Singh provide the first authoritative and systematic overview of South Asians living in the United States.
