Quasim Nauman and Zeeshan Haider have a story on Reuters, where they quote Ahmed Shuja Pasha as saying:We have never paid a penny or provided even a single bullet to the Haqqani network.Would Jalalludin Haqqani have come to anything without the ISI? I was reminded of the phrase above, when I saw the following fragment from Peter Tomsen's fabulous book, The Wars of Afghanistan:Pakistani Foreign Minister Assef Ali and ISI Director General Nasim Rana took Pakistan's message on noninterference in Afghanistan to Washington in February 1996, prior to...
Friday, 30 September 2011
Is there a case for supervision of alternative investment funds? A new working paper
Posted on 04:36 by Unknown
by a href="http://www.sbs.ox.ac.uk/research/people/Pages/TarunRamadorai.aspx">TarunRamadorai./aThe task of financial regulation can be broken up into consumerprotection (where we worry about small consumers being cheated byfinancial firms), prudential regulation (where we worry about thepossibility of bankruptcy of one financial firm) and systemic riskregulation (where we worry about the procyclicality of financialregulation). Everything that we do in financial regulation must bemotivated by one of these three issues.In the class of fund management...
Monday, 26 September 2011
Two seminars at NIPFP
Posted on 20:48 by Unknown
Seminars by Sanjay Banerji (today) and Tarun Ramadorai (Thursda...
Friday, 23 September 2011
What in the world is happening to the rupee?
Posted on 00:22 by Unknown
The INR/USD rate is now nudging Rs.50 to the dollar. This is a bigmove over a short period: a depreciation of 12.1 per cent over the 84days from 1 July till 23 September.What fluctuations of the INR/USD can we reasonably expect?After the rupee became a float, sofar, it has had average volatility of roughly 9 per centannualised. Roughly speaking, this means that over a one year horizon,the movement over a year would range between -18 per cent and +18percent, with a 95 per cent probability. More extreme movements wouldhappen with a 5 per cent probability.Over...
Posted in business cycle, capital controls, currency regime, monetary policy, reserves, socialism
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Tuesday, 20 September 2011
Seminar: "Contagion in international financial markets"
Posted on 20:22 by Unknown
A seminar by Tarun Ramadorai, open to a...
Monday, 19 September 2011
Interesting readings
Posted on 06:15 by Unknown
ahref="http://www.nytimes.com/2011/09/02/world/asia/02india.html?_r=1&hp=&pagewanted=all">Anice story about UIDAI, by Lydia Polgreen, in the New YorkTimes./aA new insight into India's north-east states: ahref="http://chronicle.com/article/The-Battle-Over-Zomia/128845/">theyare part of a region provisionally named Zomia. An interestingarticle in the Chronicle of Higher Education by RuthHammond. The book./aOn 21 April 1956, Jawaharlal Nehru did the first convocation address at IIT, Kharagpur. It's a good read, and it's surprising...
Sunday, 18 September 2011
Paying for liquidity provision on exchanges
Posted on 09:44 by Unknown
Market making versus the electronic limit order bookExchanges in India all operate as electronic limit order bookmarkets. There are no `market makers'; there is just a publiclyvisible limit order book. Anyone is free to supply liquidity, byplacing limit orders. The person who places market orders is theconsumer of liquidity: he pays market impact cost. [a href="http://www.mayin.org/ajayshah/MISC/lob-example.html">A guide tothe jargon]./aPrior to the rise of the anonymous limit order book, there used tobe a great deal of effort on thinking about...
Tuesday, 6 September 2011
The reversal of reforms on the New Pension System?
Posted on 23:11 by Unknown
In December 2002, the NDA made a very big move in pension reforms. They decided that from 1/1/2004 onwards, all new staff recruited into the government would be switched out of the traditional defined-benefit pension and instead placed into a new individual-account defined contribution pension system. This was one of the major achievements of the economic reforms of that period. For a conceptual picture of the New Pension System (NPS), see this article, and for a story of that period, see this article.An essential feature of the NPS was that it...
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