Intercontinental Exchange has announced cash-settled futures on the Indian Rupee and the Brazilian Real [press release] [Saabira Chaudhuri in the Wall Street Journal]. With this, ICE is the first serious global exchange to start trading in the rupee.Vimal Balasubramaniam and I have pointed out that the global market for the Indian rupee is adding up to some fairly big numbers. I recently noticed that in 2010, even though China is a much bigger economy than India, rupee trading was 0.9 per cent of global currency trading while RMB trading was...
Thursday, 29 November 2012
Sunday, 25 November 2012
Interesting readings
Posted on 08:57 by Unknown
A talk by Pratap Bhanu Mehta.Governance 2.0 by Ila Patnaik, on the notions of autonomy and independence for agencies like the CVC.Trampling on the individual in India:Jim Yardley in the New York Times. An `Oppressive' Regime Limits Free Speech in India, Civil Liberties Expert Says in the New York Times. How two Mumbai girls changed the Thackeray conversation by G. Pramod Kumar on Firstpost. Why are India's politicians scared of social media? by Mahima Kaul on UnCut. Conceived in haste, India's Internet law now targeted for...
Tuesday, 20 November 2012
Did the Indian Capital Controls Work as a Tool of Macroeconomic Policy?
Posted on 07:21 by Unknown
A recent article: Did the Indian capital controls work as a tool for macroeconomic policy, Ila Patnaik and Ajay Shah. IMF Economic Review, page 439--464, volume 60, 2012.At the main page for this paper, you will find all the materials: a video presentation, PDF paper, link into the journal, a compact summary on vox...
Thursday, 15 November 2012
The IRR of UIDAI is over 50 per cent in real terms
Posted on 06:33 by Unknown
We have released a cost-benefit analysis of the UID system. In one line, the result of the calculations, under fairly conservative assumptions, is that the IRR of building the system is 53% in real terms. Hence, building UIDAI is a pretty good use of public money.Through this page, you can access a short and accessible explanation, a video presentation, and the full PDF paper. We have also released the spreadsheet used in our calculations, so that others can modify the assumptions or other numerical values, and obtain alternative answers.This is...
Monday, 12 November 2012
Land and property rights workshop at IRMA, Anand
Posted on 06:39 by Unknown
Venue: Institute of Rural Management, Anand (Gujarat). Dates: 04-06 December 2012. In recent years, land related issues have emerged at the top of the social and political agenda. A three day workshop on theoretical aspects and practical implications of property rights for rural transformation is being organised at IRMA, jointly with ARCH, Gujarat, and Liberty Institute, New Delhi, with the support of Friedrich Naumann Foundation. The workshop will deal with topics such as the political evolution of property rights, their constitutional significance,...
Sunday, 11 November 2012
Macroeconomics workshop at NIPFP on 12 November
Posted on 00:34 by Unknown
Five papers in macroeconomics at NIPFP tomorrow. All are invit...
Saturday, 10 November 2012
I should like to call you all by name
Posted on 12:03 by Unknown
China: Worse than you ever imagined by Ian Johnson in the New York Review of Books.Totalitarianism, Famine and Us by Samuel Moyn in the Nation.Stalin's cannibals by Ron Rosenbaum, on Slate.The worst of the madness by Anne Applebaum in the New York Review of Books.Stalin and Hitler: Mass murder by starvation by Timothy Snyder in the New York Review of Books.Kakfa in Beijing by John Garnaut and Sanghee Liu in Foreign Policy.Bloc heads by Louis Menand in the New Yorker magazine.Yegor Gaidar's story about the dying days of the USSR is fascinating....
Thursday, 8 November 2012
Blindly sending money down leaky pipes
Posted on 22:27 by Unknown
Proposals to spend more on government programs in India are generally criticised on the grounds that this is sending more money down a leaky pipe. In addition to the problem that the pipes leak, there is an equally big problem that we have no idea about what happens at the other end.In order to build and refine a system, the first foundation that has to be laid is that of measurement. What you measure is what you can manage. In India, all too often, government agencies and programs start out with lofty ambitions, and embark on spending money to...
Finding the right path in consumer protection
Posted on 21:53 by Unknown
by Anand Sahasranaman. The recent approach paper of the Financial Services Legislative Reforms Commission has brought a fresh focus on consumer protection. What are the possible frameworks for financial consumer protection in India, and what would be the core elements of an ideal framework? This is the question that the IFMR Financial Systems Design Conference 2012 sought to answer. The Conference titled Envisioning the Future of Financial Consumer Protection in India was held at IFMR Trust, Chennai, on 31st August and 1st September 2012. The Conference...
Monday, 5 November 2012
Modified dates for financial law seminar
Posted on 10:32 by Unknown
In consideration of a number of requests for extension of the last date for paper submission for Financial Law & Policy: An Inter-disciplinary Approach, the dates for submission of paper and intimation of shortlisted papers have been extended which are as follows: Crucial Dates The last date for submission of the completed paper: November 12, 2012 (23.59 hrs) Intimation of shortlisted papers: November 20, 2012 Date of the seminar: December 01, 2012Other details about the seminar are as provided in my earlier po...
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