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Posts by Ajay Shah

Strategy for dealing with the banking crisis

To deal with India’s banking crisis, Prof. Ajay Shah of NIPFP recommends a two-pronged strategy – more financing for firms, and RBI reforms.

A monetary economics view of the demonetisation

The demonetised Rs. 1,000 and 500 notes were 86% of the total volume of cash in India. In this article, Ajay Shah, Professor at NIPFP, argues that if a significant scale of firm failure were to come a...

How do disclosures affect financial choices? The case of life insurance in India

Given the importance of insurance, and the regulatory push towards improved disclosures

Foreign currency borrowing by Indian firms: What do we know?

As foreign currency borrowing by Indian firms has been increasing, concerns have surfaced about rising associated risks. Hence, recent policy changes seeking to make the regulatory regime simpler and...

Has the recession which began in 2012 ended?

The high growth rates visible in the new GDP data suggest that the recession which began in the first quarter of 2012 has now ended. Based on analysis of data on firms, investment and Balance of Paym...

Foreign Borrowing by Indian Firms: Implications for Growth and Macroeconomic Stability

This project analyses the pattern of external borrowing by Indian firms, an exercise that has as yet not been carried out. It identifies possible drivers of such borrowing.

Foreign investors under stress: Evidence from India

Emerging market policymakers are concerned about the effects of foreign portfolio flows on financial stability. This column focuses on the behaviour of investors in extreme events, allowing for the po...

Foreign investors under stress: Evidence at the firm level

Emerging market policymakers have been concerned about the financial stability implications of financial globalisation. These concerns are focussed particularly on behaviour under stressed conditions.

Capital controls in India: Did they work?

Are capital controls the right way to manage an economy? This column looks at what we can learn from India’s experience, where capital controls have never been fully dismantled.

Does Foreign Institutional Investment in India Increase Financial Vulnerability? An Empirical Investigation Using an Event Study Approach

Emerging market policymakers are concerned about the effects of foreign portfolio flows on financial stability. Do tail events in the home country trigger off extreme responses by foreign investors an...