Articles by K S Krishnaswamy

Central Banking: Development Obligations Central Banking for Emerging Market Economies by A Vasudevan; Academic Foundation, New Delhi,
K S KRISHNASWAMY In the preface, Vasudevan says modestly that his book is intended to be a reference volume for advanced students in universities and officer staff of central banks, especially in what he calls the emerging market economies (EMEs). He has, in fact, done much more, and with consummate skill. Virtually all aspects of central banking are covered in this book so systematically and fairly that it may well turn out to be an indispensable guide-book for both advisers and policy-makers in monetary authorities as well as finance ministries.

Continuity with No Change Budget 1996-97 K S Krishnaswamy CONCLUDING the budget speech, P Chidambaram hoped thai his maiden effort at budget-making had blended "in the right proportions-courage and compassion, reform and restraint and growth and social justice''. He certainly seems to have pleased the members of the United Front, at least at first blush. How they will react when they look at the nitty-gritty of the various revenue and expenditure measures detailed in the budget documents remains to be seen. Be that as it may, at least the Congress Party will be pleased as punch even after mulling over the details. Save for some difference in phraseology and political packaging, this could easily be called the latest budget of Munmohan Singh. Not surprising, since much of the gathering of bricks and cementing has been done by the same old experts in the finance ministry and the IAS, with some assistance from the RBI and Raja Chelliah.

For Panchayats the Dawn Is Not Yet K S Krishnaswamy MATTERS relating to Panchayat Raj have been evoking renewed interest among both political and non-political circles in recent months for several reasons. Extra-territori- ally, the break-up of USSR, Yugoslavia and Czechoslovakia together with the global hegemony of the US in political and economic spheres have heightened the pressure for de-centralisation of decision-making everywhere. This pressure has been particularly heavy on erstwhile ' planned economies', in which governments participated extensively in the economic sphere. India has been no exception; indeed it has been the recipient of special attention in this regard, and has been actively 'liberalising' and 'globalising' since mid-1991. A severe cut in public investment and welfare expenditures has been accompanied by decontrol and deregulation favouring the private industrial and commercial sectors. This has inevitably led to a sharpening of the demand for decentralisation of 'general government' also.

PANCHAYATI RAJ Karnataka's New Step Backwards K S Krishnaswamy The enactment of the new Karnataka Panchayati Raj bill in replacement of the earlier Act of 1983 reveals not so much a commitment to progressive decentralisation as a unanimity among legislative members of all parties to strengthen their hold on panchayati raj institutions.