In a column in the Economic Times today, I look back at SEBI's journey of the last 25 years. In success and in failure, SEBI was the laboratory where we learned how to do financial economic policy.You may find it interesting to look at my note about RBI at age 75 (in 201...
Thursday, 23 May 2013
Friday, 17 May 2013
Structural transformation and stylised business cycle facts
Posted on 23:13 by Unknown
The first step in the economics of business cycles is to establish `stylised facts' about the characteristics of business cycle fluctuations. Once these are know, alternative models can be judged on the extent they are able to predict these stylised facts. This is routine in mainstream macroeconomics, which is largely about the United States economy.When we think about India, however, there is the question of structural transformation of the economy. There was an old Indian macroeconomics which worried about different things. In recent decades,...
Wednesday, 15 May 2013
Autonomy for the CBI: Desirable but non-trivial
Posted on 23:30 by Unknown
I wrote an article in the Economic Times today about autonomy for bodies such as the CBI. There are five areas where there is a role for autonomy. But this is a difficult puzzle in public administration and we should be wary of simplistic solutions. We know a bit about how to do autonomy correctly in three areas (monetary policy, financial regulation, infrastructure regulation). Comparable cogitation is required for the other two problems (criminal investigation, tax administratio...
Sunday, 12 May 2013
The arrogance of power
Posted on 05:08 by Unknown
Yu Hua has a great piece in the New York Times titled In China, Power is Arrogant where he says:Several of these rules have since been revoked, but their wacky and arbitrary nature demonstrates the arrogance of power in China. One can imagine all too easily their creators — sitting in comfortable armchairs, drinking high-grade tea and smoking fine cigarettes — discussing the issues at hand as if they were purely intellectual abstractions, never considering how ordinary people might react. That people will be unhappy is no cause for concern...
What ails the police?
Posted on 01:55 by Unknown
by Pradnya Saravade and Renuka Sane.The recent incidents of rape in Delhi have led to public outrage and calls for resignation of the Delhi Police Commissioner. The problems in police functioning and the unmet expectations of the people are not restricted to Delhi alone. There is a sense of distrust and dissatisfaction with police organisation and operations across the country. In a survey by Transparency International and the Centre for Media Studies, the police topped the list on both perception of corruption and actual experience...
Saturday, 11 May 2013
Interesting readings
Posted on 04:40 by Unknown
In continuation of Capacity constraints in public policy, India will double the size of its diplomatic staff. And, see Milan Vaishnav in Foreign Affairs.India is Asia's dharamshala -- why not learn to love it? by R. Jagannathan on Firstpost.The crisis in our community by Nilanjana S. Roy in the Hindu.How to tell if your neighbour is a bombmaker by Scott Stewart of Stratfor.ahref="http://economictimes.indiatimes.com/opinion/comments-analysis/the-law-that-can-kill-ponzis-once-for-all/articleshow/19774738.cms">K....
Real estate in India is not a great asset class
Posted on 04:33 by Unknown
Most people in India are convinced that investing in real estate is a great idea. In the Economic Times today, I have an article titled Real estate in India is not a great asset class.Economic Times had carried this as a `poke me' feature, where reader comments are invited. There are 186 comments there as I write this, and they are broadly hostile to what I have written. I would get nervous about the price of any asset where a strong majority of market participants think there are great returns in sto...
Subscribe to:
Posts (Atom)