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

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Globalisation and South-East Asia

Globalisation and South-East Asia D N Ghosh South-East Asia in the World Economy: A Regional Geography by Chris Dixon; Cambridge University Press, 1991; pp 281 + xv, paperback

Bank Regulation and Free Market Orthodoxy

Bank Regulation and Free Market Orthodoxy D N Ghosh Notwithstanding the freedom and flexibility enjoyed by the private sector, the banking system in the US and the other developed countries has been facing several types of financial disruption. The lesson clearly is that the system can be kept on an even keel not by following blindly the dictates of the free market ideology but by striking a balance between market and regulation. Will the Narasimham Committee be able to adequately address the complexity of the problem in a matter of a few weeks?

Stealth Finance Thriving on Conflict of Interest

Do the startling revelations about the two largest Japanese securities houses revelling in conflict of interest situations hold any lessons for us at a time when we are grappling with the organisation and functioning of the securities market ?

Bank Nationalisation Anniversary-Collective Amnesia

Bank Nationalisation Anniversary Collective Amnesia D N Ghosh Now that some US development organisations are planning to promote actively micro-enterprise lending by banks, will our own much-maligned 'priority sector

Financial Sector Reform Enemy Within

In conclusion, our endeavour should be: (a) to borrow as little as possible, something like $ 2 billion, to meet immediate commitments; (b) to bring in our own reforms in our own way; and if this is not agreed to (c) to threaten to openly postpone the repayment of past obligations and seek our own solutions on the lines suggested.

Financial Leadership at Any Cost

Financial Leadership at Any Cost? D N Ghosh The competition among London, New York and Tokyo for financial leadership is growing intense and each is striving hard to innovate and promote high value-added financial activities. However, the instances of financial disruption witnessed in the last two decades are clear warnings of the deep systemic risks and fragilities which pose serious threats to the stability of the financial centres.

Incoherent Privatisation, Indian Style

Incoherent Privatisation, Indian Style D N Ghosh Privatisation does not necessarily mean reduction in the role of the state; it requires a more effective state, with the political will to create conditions for industrial efficiency, productivity and technological advance. Any policy thrust that has as its sole objective the reduction of the fiscal deficit will, sooner than we expect, result in serious market failures.

Who Is Afraid of Bank Disclosure

Who Is Afraid of Bank Disclosure? D N Ghosh The current initiatives towards reform of the financial system are mainly in the form of diversification of money market instruments and establishment of new agencies for widening and deepening the range of services in the financial market. These reforms cannot, however, correct the inherent systemic deficiencies in the core area of financial intermediation. Far more effective will it be to use the instrument of fuller public disclosure to put financial institutions to the test of the market-place.

Tale of Two BIFRs

Tale of Two BIFRs D N Ghosh The oft-repeated criticism of delay on the part of the Board for Industrial and Financial Reconstruction (BIFR) emanates from an incorrect understanding of the process of financial and industrial restructuring. In this regard the experience of Treuhandanstalt, the agency set up in Germany to privatise the large public sector industrial enterprises of erstwhile East Germany, may hold some useful lessons for the BIFR.

Indian Steel Industry Need for New Approach

intensive appliances towards electronic appliances. Also, a good deal of research and development activities are going on so that a greater share of capital spending is devoted to economic activities that require less and less steel per unit of value than more traditional investment outlets.2 Given the inherent uncertainty of demand estimation, lumpiness of investment and compulsions of technology dictating certain minimum scales of opera- tion, prudence would lie in erring on the side of caution in taking major investment decisions in the steel sector.

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