Since most of us in India can talk about little else other thancorruption, do read ahref="http://www.voxeu.org/index.php?q=node/5971">this article byNauro F. Campos and Ralitza Dimova on voxEU which is an interestingmeta-analysis about papers which analyse the impact of corruption ongrowth. I have long heard about meta-analyses, but this one made mesit up and notice./aAnand Giridharadas in the New York Times on Arthur Bunder Road in Bombay.Roger Bate and Tom Woods, in The American, point to ahref="http://www.american.com/archive/2010/december/made-in-india-faked-in-china">anew...
Tuesday, 28 December 2010
Tuesday, 21 December 2010
Many interesting comments appeared on my previous blog post, a href="http://ajayshahblog.blogspot.com/2010/12/mythbusting-current-account-deficit.html">Mythbusting:Current account deficit edition, and I thought it made senseto respond to all of them in this post./aAmbarish: I don't think there has been a sudden rise in rupeetrading outside India. It was always there; we weren't seeing it. AsJayanth Varma has emphasised, we used to think the NDF market was inSingapore. But the BIS data on rupee trading shows significant rupeetrading at many places...
Monday, 20 December 2010
The questionIn recent months, the current account deficit has risen. The latest data shows: Sep 2009 -3.03Dec 2009 -3.64Mar 2010 -3.68Jun 2010 -3.84 This has started making many people worried. Is such a `large' current account deficit a cause for concern?The right answerHow long should a man's legs be? Long enough to touch the ground.The old intuitionUnder a fixed exchange rate, where the central bank holds the rate fixed by trading...
Saturday, 18 December 2010
Viral Acharya will do a talk Recent developments in financial regulatory policy in the United States: Review and Critique at NIPFP (1st floor conference room) at 4:30 PM on Monday the 20th of December. All are invited. The talk will be followed by snacks on the lawns of NIPFP.This will draw upon the work of many scholars at the NYU Stern School of Business, which has given two books: Restoring financial stability: How to repair a failed system (Viral V. Acharya, Matthew Richardson, 2009) and Regulating Wall Street: The Dodd-Frank...
Monday, 13 December 2010
A. D. Shroff Annual Public Lecture, by C. B. Bhave.It is a great honour to be invited to deliver the A. D. Shroff Annual Public Lecture. Mr. A. D. Shroff was an outstanding financial thinker and a practioner who took great interest in organisational and ideological issues. He was known to express his views in a candid manner and without any fear of the consequences of such expression. Regulators have a reputation of not speaking much and if they do speak then not saying much. I will try to strike a balance between Mr. Shroff's forthrightness...
Saturday, 11 December 2010
Friday, 10 December 2010
Ordinarily, official statistics get revised because at first, provisional estimates are released, and when the full data filings come in, then improved estimates are put out.In the case of RBI's data about RBI's trading on the currency market, such data revisions should ordinarily not arise.But yesterday, data released by RBI modified the previous information that had been put out about RBI's trading on the currency market. Earlier, trading in June had been claimed to be 0. Now it shows purchase of $370 million and sale of $260 million. Earlier,...
Thursday, 9 December 2010
One of the big impediments to India's integration into the world economy is xenophobic visa rules. There is some progress in the pipeline: visa on arrival has been working from Jan 2010 onwards for visitors from Finland, Japan, Luxembourg, New Zealand and Singapore. A nice touch here is that India did not get stuck on issues of reciprocity; this is unilateral liberalisation.Watch this talk by Steve Coll.Mature treatments of the Niira Radia wiretaps : Sail Tripathi in the Mint, Pratap Bhanu Mehta in the Indian Express.Anil Padmanabhan...
Tuesday, 7 December 2010
Saturday, 4 December 2010
I saw this interesting article about the mind-share of Nifty as opposed to the BSE Sensex. It is by Samie Modak and Muthukumar K. in the Financial Express.The NSE data for June 2010 shows that Nifty futures have peaked at Rs.0.36 trillion of notional turnover in a day (27 Jan 2010) and Nifty options have peaked at Rs.0.89 trillion of notional turnover in a day (24 June 2010). Nifty has shaped up as one of the big contracts by world standards. It is interesting to go back and read the original paper. Those were interesting...
CMIE's firm databases use a fine-grained product code to identify each product. Each firm is also allocated to a product code based on its predominant activities. I like to reconstruct a coarse classification out of this that suits my tastes. I do this using this R function:cmie.14.industries <- function(s) { values.8 <- c("Food","Textiles", "Chemicals","NonMetalMin", "Metals","Machinery", "TransportEq","MiscManuf", "Diversified","Serv.IT") names(values.8) <- c("01010101",...
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