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

Articles By Vijay Joshi

India and a Carbon Deal

There is now a growing consensus among governments that aggressive climate change mitigation is desirable, though they remain bitterly divided about how the associated burden should be shared. India's stand in climate negotiations, like that of most developing countries, has been largely negative. This paper examines the importance of a cap-and-trade mechanism as the keystone of a global mitigation agreement and estimates the cost of abating carbon in power generation in India, if and when carbon capture and sequestration technology becomes available for deployment. It concludes that India should be ready to reconsider its position and negotiate to join a mitigation treaty, say in 2020, if it can secure a fair deal.

Real Exchange Rate, Fiscal Deficits and Capital Flows: Refutation Again

Real Exchange Rate, Fiscal Deficits and Capital Flows: Refutation Again VIJAY JOSHI Deepak Lal, Suman Bery and Devendra Kumar Pant (hereafter LBP) claimed in an article in this journal that India sacrificed a substantial amount of growth in the decade of the 1990s as a consequence of accumulating foreign exchange reserves [Lal et al 2003]. In particular they claimed that if the reserves had been absorbed, India would have grown by anything up to 8.5 per cent per year, not the 5.8 per cent that actually occurred. I disputed this claim in Joshi (2004) and argued that in the same counterfactual scenario, India