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

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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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