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

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Cry for Me Argentina

After a district court in New York interpreted "pari passu" in a debt restructuring contract to mean all those who own Argentine defaulted debt, irrespective of whether they were the original creditors or vulture capital firms, the rules of the sovereign debt market have been substantially altered. A host of issues about jurisdiction of courts in international disputes has also cropped up in the ongoing saga of Argentine debt restructuring.

A Sovereign Debt Story

A series of events since the early 1980s have pushed developing countries to restructure their economies and integrate themselves with global markets. These policy shifts have made them highly vulnerable to external changes. One such story is that of Argentina which from the mid-1970s has gone from crisis to crisis and is now facing legal pressure from US holders of old Argentine debt.

A Critical Look at the Expansion of Banking Services through the Business Correspondent Model

Examining the role of business correspondents in the expansion of banking services in Chittoor, Kurnool and Mahabubnagar districts of Andhra Pradesh, this paper attempts to shed light on what has been accomplished through the business correspondent model. Based on observations in the field, the findings are not readily extendable to all of India, though they make it possible to point to some policy suggestions. A major proposition is that individual business correspondents can be more effective than the other types of business correspondents in expanding financial inclusion through the business correspondent model, at least in Andhra Pradesh.

Are Indian NBFCs Shadow Banks? Do They Pose Systemic Risks?

An ongoing debate in India is whether or not Indian non-banking fi nancial companies (NBFCs) are “shadow banks”. This question appears important because we have learned from the ongoing global fi nancial crisis that shadow banking might create systemic risks which have been defi ned “broadly as the...

Faith and Scepticism in Markets

The 2013 Sveriges Riksbank Prize in Economic Sciences, wrongly called the Nobel in Economics, has evoked much comment about the apparently contradictory perspectives of two of the winners, Eugene Fama and Robert Shiller. The third, and least known among the winners, Lars Hansen, has probably made the more lasting of contributions to science, if not economics.

Is Turkey Thriving?

Turkey's ruling party, the Justice and Development Party or AKP, has built its fortunes by following an aggressive neo-liberal programme which has boosted the finance, real estate and tourism sectors. With the economy weakening, the AKP fears erosion of its support base; this explains why the party can brook no criticism of its economic policies.

The Standing Man of Turkey

The upsurge of protest in Turkey is not the result of any deeprooted conspiracy or a few miscreants letting loose their animal spirits, as the government would have it. Rather, it is a spontaneous outburst of anger from ordinary people who have borne the brunt of the Erdogan administration's neo-liberal growth model for the last decade.

The Standing Man of Turkey

The upsurge of protest in Turkey is not the result of any deep-rooted conspiracy or a few miscreants letting loose their animal spirits, as the government would have it. Rather, it is a spontaneous outburst of anger from ordinary people who have borne the brunt of the Erdogan administration’s neoliberal growth model for the last decade.

Government's Gift to SBI Shareholders

In August 2010, the then Union Finance Minister Pranab Mukherjee sought to cut the government’s stake in the State Bank of India (SBI) from 55% to 51% and push the bank to raise more capital from the market. Good idea. But, in a course reversal, on 5 December 2012 – at a time when the government’s...

A Provocative Perspective on India's Financial Sector

Economic Policies and India's Reform Agenda:New Thinking by Y V Reddy (Hyderabad: Orient BlackSwan), 2013; pp xvi + 275, price not indicated.

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