The Reserve Bank of India, like most central banks, has to choose between the three corners of the impossible trinity, that is, free capital flows, monetary policy independence and exchange rate stability. This article uses the Aizenman et al (2008) framework to analyse the trilemma choice of the RBI over 2000–22. The results provide interesting insights into the RBI’s shifting position in managing the impossible trinity over the years.
The Reserve Bank of India, like most central banks, has to choose between the three corners of the impossible trinity, that is, free capital flows, monetary policy independence and exchange rate stability. This article uses the Aizenman et al (2008) framework to analyse the trilemma choice of the RBI over 2000–22. The results provide interesting insights into the RBI’s shifting position in managing the impossible trinity over the years.
Today’s gross domestic product accounting format treats many examples of economic rent as “product,” not as zero-sum transfer payments. The result is to give rentier activities, above all, those of the finance, insurance and real estate sectors the illusion that they play a productive role rather than merely transferring income from debtors, clients, and renters to creditors, monopolists, and landlords. The contrast between productive and unproductive economic activity was central to 19th-century classical economics. The major aim of its value and price theory was to isolate economic rent as unearned income—revenue that was not an incentive for playing any productive role, but was simply a return to privileged property rights.
Are our international financial institutions fit for the future? This is a question being asked at the annual meeting of the International Monetary Fund in Marrakesh. If one wants to think deeply about the IMF’s future, one need to go no further than to consider its past. Those assembled at Bretton Woods in 1944 were haunted by the memory of the beggar-thy-neighbour policies that contributed to the Great Depression and the march towards war. But much has passed since and ambition has been lost. Here are five things it could do today to make our international financial system better suited for an age of global shocks and crises, more symmetrical and better able to drive financial flows towards development.
COVID-19 led to increased economic distress, which is usually associated with an increased justification of domestic violence. Through causal methods of survey experiments, the reasons for justification of domestic violence are evaluated. The hypotheses are tested using a survey experiment set in Ahmedabad, Gujarat with 500 participants (men and women) around the time of the first wave of the pandemic. The results show that hardships from the COVID-19-related lockdown were associated with increased support for domestic violence across genders. We also find that women justified domestic violence more than men.
COVID-19 led to increased economic distress, which is usually associated with an increased justification of domestic violence. Through causal methods of survey experiments, the reasons for justification of domestic violence are evaluated. The hypotheses are tested using a survey experiment set in Ahmedabad, Gujarat with 500 participants (men and women) around the time of the first wave of the pandemic. The results show that hardships from the COVID-19-related lockdown were associated with increased support for domestic violence across genders. We also find that women justified domestic violence more than men.
COVID-19 led to increased economic distress, which is usually associated with an increased justification of domestic violence. Through causal methods of survey experiments, the reasons for justification of domestic violence are evaluated. The hypotheses are tested using a survey experiment set in Ahmedabad, Gujarat with 500 participants (men and women) around the time of the first wave of the pandemic. The results show that hardships from the COVID-19-related lockdown were associated with increased support for domestic violence across genders. We also find that women justified domestic violence more than men.
Using a sample of commercial banks in India, we examine the effect of competition on bank risk and then assess whether this effect is influenced by equity capital ratio and deposit share. Two main results emerge. First, greater competition increases insolvency risk, earnings volatility, net non-performing loan ratio, and gross non-performing loan ratio. However, competition does not affect total return risk, systematic risk, or unsystematic risk. Second, greater equity capital ratio reduces the effect of competition on insolvency risk, while greater deposit share increases it.
The primary healthcare system in India is funded by both the union and state governments. Initially, the part of central funding was largely programmatic. Recently, there has been a shift of focus to link allocations with the achievements on the demographic front and usage rate of some basic healthcare facilities. The prime question is that whether the central funding should be based on economic efficiency of the healthcare system or demographic performance of the states. This paper proposes a strategy based on stochastic frontier analysis, which appears to be free from any biasness and random disturbances.
Imagine a world without the glow of LED lights, the hum of electric cars, the grace of aerospace marvels, the green promise of wind turbines and solar panels, a day without batteries powering our lives, fighter jets defending our skies, smart televisions entertaining us, or your trusty smartphone
Imagine a world without the glow of LED lights, the hum of electric cars, the grace of aerospace marvels, the green promise of wind turbines and solar panels, a day without batteries powering our lives, fighter jets defending our skies, smart televisions entertaining us, or your trusty smartphone
Shaunak Sen’s All That Breathes tells the story of all living beings that share space in the urban ecology of Delhi through the rehabilitation of the black kite.
Shaunak Sen’s All That Breathes tells the story of all living beings that share space in the urban ecology of Delhi through the rehabilitation of the black kite.
