ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Ashwini DeshpandeSubscribe to Ashwini Deshpande

Lucidity, Rigour and Real Life

and Real Life Collected Papers in Theoretical Economics by Kaushik Basu; Oxford University Press, New Delhi, 2005; hardcover. Volume 1: Development, Market and Institutions

Understanding the Singer

ASHWINI DESHPANDE fact, in Hindustani classical music, there Lakshmi Subramanian

Free Market or Middle Path

Free Market or Middle Path China at the Crossroads by Peter Nolan; Polity Press, Cambridge, 2004; pp x+209 paperback, price not stated. ASHWINI DESHPANDE To some it may seem that the statement the title of this book makes is a bit dated. That is, China may have been at the crossroads a few years back, but having weighed the options, is now firmly on the road to

Lata Mangeshkar: The Singer and the Voice

Lata Mangeshkar: The Singer and the Voice ASHWINI DESHPANDE This is a detailed response to Sanjay Srivastava

China and India on the Development Path

better. It is well recognised that China has China and India on the moved through several phases in its economic development, defying a set label. However, reading the book one would Development Path only get an understanding of two phases:

Exchange Rate Management-Myth and Reality

Exchange Rate Management Myth and Reality Ashwini Deshpande From Crisis to Convertibility: The External Value of the Rupee by R K Seshadri; Orient Longman in association with the Indian Merchant's Chamber Economic Research and Training Foundation, 1993; pp 124, Rs 65 (pb).

Structural Adjustment in India-A Critical Assessment

This paper examines trends in broad macro aggregates like exports, imports, industrial production, inflation and external debt in order to assess the impact of the structural adjustment programme in India, at work since July 1991 Using monthly data since 1980, our results indicate that exports, imports and the balance of trade are following a long-term trend which has been unaffected by the two doses of devaluation in I991. This leads us to question the utility of devaluation as a corrective mechanism for achieving a desired trade balance. At the same time, indications are that devaluation would worsen the debt burden, ceteris paribus. Thus the BOP deficits are unsustainable, as they are accompanied neither by improved net export earnings, nor by easier external finance. There is also some indication of stagnation in industrial production and acceleration in inflation since 1991, Introduction IT is commonly believed that the New Economic Policy (NEP) in India started in July 1991 as a response to the external debt and foreign exchange crisis. It has been argued that the NEP, in the sense of a departure from the post independence model of planned development, actually can be traced hack to the mid-late 1980s. However, it is equally true that it was only as a response to the 1991 crisis that the IMF-World Bank advocated Structural Adjustment Program me (SAP) began in lull earnest and the process that had begun in the mid-1980s unfolded itself in its myriad tacets. Thus it would not be unreasonable to regard July 1991 as the starting point of the structural adjustment and stabilisation programme,1 constituting reforms, winch are broadly summed up in the phrase; the New Economic Policy, Liberalisation and reform in India has been the subject of much interest and speculation [see, for instance, Sen and Das 1992;Basu 1993; Joshi and Little 1994; Sen 1994; Sengupta I995| and so far most of the work rests on assertions. The working of the SAP in other developing countries has been studied extensively [Payer 1974; Pool and Stamos 1985;Sachs l986;Cooper 1989; George 1989; Chossudovsky 1992 to mention just a few works) mainly reflecting the much longer time period for which the SAP has been in operation there. In India any comment on the SAP is dismissed as invalid on the ground that the lime period for its operation has been too short, amongat other things. However, given thatthe country is in the fifth year of its operation, we feel that it is time to take stock of at least certain major trends in the economy. Also, the relatively short time span has not stopped the enthusiasts of the SAP from making tall claims of success on broad macro aggregates, The aim of this paper is precisely an examination of these claims.

Rethinking Strategy for Global Debt Crisis

Rethinking Strategy for Global Debt Crisis Ashwini Deshpande 80s were a lost decade for most of the indebted developing countries, thanks to the debt crisis. Economic its handling by the creditors contributed to social and political de stabilisation in the third world. Yet the it banks and the creditor nations insist on shirking all responsibility for the consequences of the debt crisis, and the World Bank have essentially acted as the custodians of these two players in the debt game and thus strategy has served the banks well but has completely failed to free the LDC debtors from the predicament they are trapped.


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