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Renu Kohli
Renu Kohli is a Delhi-based economist with long experience in macroeconomic policy and research. She currently heads the Financial Globalization research project funded by FCO, UK, and located at NCAER. Prior to this, she was Lead Economist, G20 Research Programme, Department of Economic Affairs, Ministry of Finance and ICRIER. A former staff member of the International Monetary Fund and the Reserve Bank of India, she regularly advises on macroeconomic and financial sector issues to foreign investors interested in India. She is a regular Columnist, Mint and Financial Express, besides occasional contributions to Business Standard. A regular discussant of macroeconomic policy issues on television channels, she is often invited for talks on Indian economic policies by foreign investors and market participants at financial centres like Singapore and New York. Her researched areas include capital account liberalisation, exchange rate management, inflation and financial sector reforms. She has published in refereed journals like the Journal of Development Studies, Journal of Asian Economics, review of Development Economics and has authored a book - India’s Experience with Capital Account Liberalization (Oxford University Press, 2005, 2008).
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Foreign currency sovereign bonds: Think before you leap?
Government recently announced its decision to borrow in foreign currency from abroad to finance part of government’s fiscal deficit. In this post, Renu Kohli discusses some key fiscal preconditions regarded paramount to ensure a strong sovereign balance sheet before venturing in to the unchartered territory of foreign borrowing.
Demonetisation’s multiple failures
With 99.3% of banned currency returning to the banks, it is clear that demonetisation’s primary objective of nullifying ‘black money’ was not achieved. In this post, Dr Renu Kohli contends that it is also difficult to conclude – as some others have done – that demonetisation either raised tax buoyancy more than other measures, or lowered cash intensity in the economy
King Cash is back: Has informality increased?
Demonetisation and the introduction of goods and services tax were expected to accelerate the shift to formality in the economy. In this article, Renu Kohli contends that while currency in circulation has returned to previous levels, three large cash-intensive parts of the informal economy have fared poorly in the post-demonetisation and GST period. She explores whether formalisation has really occurred, or if there has been an unintended consequence of increased informality instead.
Inflation targeting: Should RBI revisit its inflation anchor?
Ever since the RBI switched to flexible inflation targeting with headline Consumer Price Index as the inflation anchor, inflation has witnessed a dramatic collapse. In this article, Renu Kohli contends that volatile food prices have exposed the risks inherent in targeting headline CPI inflation.
Evaluating the risks of inflation targeting in India
The adoption of flexible inflation targeting by the Indian government and RBI is a landmark change in the country’s monetary policy. In this article, Renu Kohli - a macroeconomic policy specialist - discusses the risks associated with the move. She reasons that the national and global macroeconomic environment and the timing of transition to the new regime are crucial to its success.