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

Mukul G AsherSubscribe to Mukul G Asher

Regulating Microfinance: A Suggested Framework

It is time to address regulatory issues to enable the microfinance sector to contribute more effectively to the goal of financial inclusion, and to provide an environment in which all stakeholders can participate with confidence.

Financial Stability in Asian Economies

Financial innovations, exemplified by the increasing complexity and variety of financial instruments, and the emergence of new financial players such as sovereign wealth funds have led to an unprecedented increase in global financial assets and flows. While these changes have brought about improved liquidity, reduced transaction costs and more risk management options, they have created major challenges for macroeconomic policymakers. As incidents of financial disruption and volatility increase and as their economic costs become significant, ensuring financial stability has become a major preoccupation of central banks.

Pension Issue and Challenges Facing India

The success in pension reform will depend on a greater degree of professionalism in the design and governance of provident and pension fund organisations such as the Employee Provident Fund Organisation, as well as requiring that all components of social security are reviewed to assess their suitability, scalability, and sustainability. Greater financial literacy so that pensions are not considered a welfare measure without due regard for financial and fiscal analysis is also essential.

India-East Asia Integration: A Win-Win for Asia

This paper argues that India's unilateral liberalisation policies since the early 1990s, and purposeful and strategic pursual of its Look East Policy have resulted in considerably greater integration with the rest of Asia than is commonly realised or acknowledged. Moreover, the enabling conditions for greater economic integration among major Asian economies have been laid. If Asia is to increase its economic and political weight in world affairs, India's involvement would have to be an integral part of the Asia-wide cooperation. It is in this context that closer cooperation among Japan, ASEAN, South Korea, India and China would provide considerable win-win opportunities and will have far-ranging implications for the world.

ASEAN-India Economic Relations

While the density of economic and political interactions between ASEAN and India has been increasing, there has not been much progress in the evolution of the mindset among ASEAN elites in some countries towards deepening engagement with India. There is also a curious lack of expertise about or interest in India in ASEAN universities, think tanks, and the media. Thus, while the next natural upgrading of relations would be to turn the de facto ASEAN plus Three grouping to ASEAN plus Four to include India, there remain ideological, informational and other biases that seem to be hindering this from happening in the near term. This paper examines the future of ASEAN-India economic relations.

Retirement Financing Dilemmas

Singapore is now an affluent and rapidly aging society. It is also searching for ways to regain competitiveness in the face of globalisation and increasing competition from other countries. Even as the need for adequate social security provision is growing, Singapore's strong revealed preference for use of the central provident fund for socio-economic engineering and for political control are creating many dilemmas centring around governance, design of schemes, investment policies and whether to shift to a more appropriate multi-tier system.

Budgetary Resource Mobilisation in Asia

Asian countries will need to cope with much greater complexity in both domestic resource mobilisation and in dealing with international tax issues. Fiscal laws and institutions will therefore acquire much greater importance. Capacity to use information technology in fiscal institutions in general, and tax administration and compliance in particular, will acquire greater urgency. Asian countries will also need to consider a regional forum to discuss tax issues and to share tax information. Indigenous fiscal research capability will also need to be strengthened.

Case for a Provident and Pension Funds Authority

There is a strong case for setting up a separate regulatory agency, the Provident and Pension Funds Authority (PPFA). The PPFA will be in a better position to address the limitations of the current, rather fragmented, pension system and help develop a robust pensions industry than either the status quo or entrusting the task to one of the existing agencies.

Some Aspects of Role of State in Singapore

This paper analyses selected aspects of the rote of the state in Singapore. Over the last three decades, Singapore has been able to combine good macro-economic performance and good social and demographic indicators with authoritarian policy and corporatist management. Singapore has used market as an instrument rather than as a mechanism:

The MDB of Asia Which Direction

Mukul G Asher This article examines the role, especially concerning the financing aspects, which the ADB has played and is likely to play in the economic growth of its developing member countries. Such an examination is of special relevance in view of the fragility of the current international financial system, the hardening of the attitudes in the developed countries concerning multilateral aid in general and provision of financing for the multilateral development banks, in particular, the general stalemate in the North-South dialogue, and the urgent need to fill gaps in development financing.

Accuracy of Budgetary Forecasts of Central Government, 1967-68 to 1975-76

This paper attempts to examine the errors in the Budget Estimates and the Revised Estimates of revenues and expenditures of the Government of India during the period 1967-68 to 1975-76.
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