Freedom House measures freedom of speech online, and finds
that India
is only `partly free'. The score of unfreedom worsened from
34 in 2009 to 36 in 2011. Here is
some reportage
on The Register.
The
challenge for a new order in West Bengal will be
daunting by Swapan Dasgupta in The Telegraph.
Is this what we are doing with the JEE: abstract
of this
paper reads: a more severe control of the quality of the
output will improve the overall quality of the education. This
paper shows a somehow counterintuitive result: an increase in the
exam difficulty may reduce the average quality (productivity) of
selected individuals. Since the exam does not verify all skills,
when its standard rises, candidates with relatively low skills
emphasized in the test and high skills demanded in the job may no
longer qualify..
Why,
for a Class of Bribes, the Act of Giving a Bribe should be Treated
as Legal by Kaushik Basu, Working Paper, Ministry of
Finance.
Decode
your future for Rs.20,000 by Swapnika Ramu, in
the Economic Times.
India
does breakfast, by Aabhas Sharma in the Business Standard.
A working paper on an important contemporary
issue: A
policy response to the Indian micro-finance crisis by Renuka
Sane and Susan Thomas.
Watch
me talk about inflation.
Patnaik reminds us that it is wrong to expect a steady and stable
9% growth every year. There's such a thing as a business cycle.
In continuation
of the
capital controls debate,
see Deepak
Lal in the Business Standard, and Ila
Patnaik in the Indian Express. Also see:
have come a long way by Ila Patnaik in the Indian Express.
Tamal
Bandyopadhyay in the Mint on inflation going out of
control.
Ila
Patnaik on how to make a difference to the child sex ratio.
28
Months Later: How Inflation Targeters Outperformed Their Peers in
the Great Recession. The
abstract reads: the evidence on post-crisis GDP growth emerging
from a sample of 51 advanced and emerging countries is flattering
for inflation targeting countries relative to their peers. The
positive effect of IT is not explained away by plausible pre-crisis
determinants of post-crisis performance, such as growth in private
credit, ratios of short-term debt to GDP, reserves to short-term
debt and reserves to GDP, capital account restrictions, total
capital inflows, trade openness, current account balance and
exchange rate flexibility, or post-crisis drivers such as the
growth performance of trading partners and changes in terms of
trade. We find that inflation targeting countries lowered nominal
and real interest rates more sharply than other countries; were
less likely to face deflation scares; and had sharp real
depreciations without a relative deterioration in their risk
assessment by markets. While the task of establishing causal
relationships from cross-sectional macroeconomics series is
daunting, our reading of this evidence is consistent with the
resilience of IT countries being related to their ability to loosen
their monetary policy when most needed.
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