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Ashima Goyal
Ashima Goyal, professor at Indira Gandhi Institute of Development Research, Mumbai, is widely published in institutional and open economy macroeconomics, international finance and governance, has received many fellowships, national and international awards, is active in the Indian public debate, and has served on several boards and policy committees. Currently, she is member, Indian Technical Advisory Committee on monetary policy, and is co-editor of a Routledge journal, Macroeconomics and Finance in Emerging Market Economies.
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Government securities market: Price discovery and the cost of Indian government borrowing
The government securities (G-Secs) market has substantial effects on other markets as the producer of risk-free interest rate benchmarks. Over 2017-18, there was a sharp rise in the interest rates of 10-year G-Secs unrelated to fundamentals. This article explores its causes and sheds light on the working of G-Secs market in India, and on pitfalls of monetary management in an emerging market.
Responding to external shocks
Following the global financial crisis of 2007-08, the Indian economy was exposed to various shocks. While the major source of shocks was external, the effects were magnified by certain lapses in domestic policy. This column discusses what policies worked and what did not work to reduce excessive rupee volatility, and how the lessons were applied to prepare for any future shocks.
How innovations in telecom can promote inclusive growth
Applications of Information and Communications Technology, such as mobile banking, have potential to promote inclusive growth and equity. This column analyses conditions under which innovations in ICT can benefit the less well off, and how such innovations can be expedited. It recommends public provision of supporting infrastructure, focusing on consumer needs and reducing transaction costs for consumers.