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Wednesday, 11 September 2013
Monday, 9 September 2013
Implications of bringing commodity futures into the Ministry of Finance
Posted on 10:21 by Unknown
Essentially everywhere in the world, we see unification of trading in all kinds of products -- spot or derivatives, equities or currencies or fixed income or commodities etc., OTC or exchange. It makes too much sense to reap economies of scale and economies of scope, both in the private sector and in the work of regulation and supervision. The arrangement in India, where the Forward Contracts Regulation Act (1952) envisages the Forward Markets Commission that is a part of the Department of Consumer Affairs, is a silly one.Everything we have learned...
Posted in commodity futures, financial sector policy, legal system, policy process, success
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Thursday, 5 September 2013
Interesting readings
Posted on 19:30 by Unknown
An editorial in the Business Standard on getting away from gerontocracy.An editorial in the Indian Express on the next steps on pensions and the next steps on legislation.Anil Padmanabhan in Mint about the people in India who would like for India to remain focused on poverty. I would add one more interest group in this: Development economics.The burqa joins the league of cape and cowl by Mahvesh Murad.N. Sundaresha Subramanian in the Business Standard reports on the parties of India which have the biggest criminal...
Wednesday, 4 September 2013
Implications of the Pensions Act
Posted on 07:19 by Unknown
In 1998, the Ministry of Social Justice and Empowerment setup `Project OASIS', led by Surendra Dave, to engage in deep thinking about pension reforms. The report, which was submitted on 11 January 2000, envisaged an individual account defined-contribution system with central recordkeeping, and recruitment of fund managers by an auction which asked for the lowest fees+expenses.This was a futuristic vision at the time, as a lot of the surrounding infrastructure had not fallen into place. In socialist India, it was quite novel to propose that households...
Tuesday, 3 September 2013
A season for bad ideas
Posted on 03:36 by Unknown
One feature of each period of turbulence is that we get an upsurge of out of the box thinking. While it is always good to think out of the box, these innovative ideas must also make sense. If I were a teacher of economics, I would use these in class as demos of how not to do economics:Coordinated intervention by emerging markets. Andy Mukherjee nails this one.Devesh Kapur and Arvind Subramanian want an import tariff -- that they term a `third best measure' -- to do things that exchange rate depreciation does better.Veerappa Moily says we should...
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