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

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Redefining the Debtor-Creditor Relationship

While the ordinance on non-performing assets of financial institutions is a landmark measure to restore the balance between lenders and borrowers and thus move towards better risk-sharing between them, the provisions of the ordinance must be seen as one of a whole gamut of means available for restructuring/settlement of the overdues of the financial system.

Financial Sector Reforms

Financial Sector Reforms and India’s Economic Development by N A Mujumdar (two volumes); Academic Foundation, Delhi, 2002; pp 319 + 328, price not mentioned.

Corporate Governance: Myth and Reality

Free markets are not free-for-all markets. And while the contours of corporate governance are not perfect even in the west, there exist in most developed countries well developed legal, regulatory and institutional frameworks for corporates with a critical degree of activism of shareholders and institutional investors. Indian corporates need to regard the issue of governance not as an irritant or impediment but as an essential tool and mechanism for their very survival in the new economic environment.

Signs of Incipient Industrial Recovery

Reflecting the incipient and selective upturn in the industrial sector, there has been a sizeable turnaround in non-food bank credit in the first quarter of 2002-03. A major disappointment, however, has been the term-financing institutions whose sanctions and disbursements were sharply lower in 2001-02 than in the preceding year.

View from the Pavilion

From Reserve Bank to Finance Ministry and Beyond: Some Reminiscences by M Narasimham; UBSPDA, New Delhi, 2002; pp 189, Rs 395.

Changing Financial Wind

For the last two years the Reserve Bank has enjoyed a congenial financial environment which has enabled it to manage the liquidity situation smoothly and successfully soften interest rates. However, there are now subtle signs of a change in the financial market.

Funding Urban Infrastructure: From Government to Markets

This paper argues for a role for newer financial instruments like 'municipal-bonds' for financing urban infrastructure. The paper also argues that for these initiatives to be successful, a thick and efficient secondary market in this segment of the debt market is crucial. It will impart liquidity and create an incentive for individual agents to invest in the muni-bonds.

RBI Intervention in the Forex Market

The use of a binary dependent variable framework for estimating the impact of daily forex market interventions by central banks is well known in developed countries. However, there are practically no such studies for developing countries, including India. This paper attempts to model the patterns and consequences of RBI's daily intervention in the forex market in a simple binary dependent variable framework

India's Foreign Exchange Reserves

The questions addressed in this paper are: What are forex reserves? Why hold forex reserves and how did the policy evolve? What is the appropriate level of reserves? How does the current status appear in terms of indicators of adequacy of reserves? The author also focuses on several aspects of forex management such as the implications for quasi-fiscal deficit and communication policy of the RBI. The issues in regard to policy and management of forex reserves in India are posed in some detail. The concluding part contains some random thoughts from a futuristic perspective.

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