How do RBI’s actions (and words) affect financial markets?
Financial markets in developed countries are known to react substantially to monetary shocks, that is, surprise changes in policy rates announced by the central bank. Based on a narrative analysis of ...
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Aeimit Lakdawala
Rajeswari Sengupta
09 March, 2022
- Articles
A decade of credit collapse in India
The government and the Central Bank have undertaken various measures to protect the banking and finance sector from the adverse impact of the Covid-19 crisis. However, despite historically low interes...
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Harsh Vardhan
25 June, 2021
- Perspectives
Not exactly bad news: Fed tightening cycle’s implications for emerging markets
The conventional perception, that US Federal Reserve rate hikes necessarily imply capital outflows from emerging markets, is an incomplete assessment. This article disaggregates Fed hikes’ effects o...
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Gabriele Ciminelli
John Rogers
Wenbin Wu
15 June, 2022
- Articles
Assessing the impact of demonetisation through the gender lens
In this article, Mitali Nikore, Senior Consultant at PwC India, highlights how demonetisation is impacting women differentially, and offers policy suggestions on how the negative effects can be mitiga...
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Mitali Nikore
04 January, 2017
- Perspectives
On demonetisation
On the evening of 8 November, the Prime Minister announced on national television that Rs. 1,000 and 500 notes are no longer legal tender, and must be exchanged at the banks for newly issued currency....
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Parikshit Ghosh
23 December, 2016
- Symposium
Demonetisation: A thunderbolt in search of a target
In this article, Ajit Karnik, Professor of Economics at Middlesex University, Dubai, examines the various rationales that have been trotted out to justify demonetisation and finds little evidence to b...
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Ajit Karnik
23 December, 2016
- Perspectives
Post-demonetisation: Can the old notes return?
Banks in India are reported to have received about 87.7% of the demonetised currency notes so far. In this article, Badri Sunderarajan argues that when once all the old notes have come in, it would ma...
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Badri Sunderarajan
22 December, 2016
- Perspectives
India’s demonetisation drive: Politics trumps economics
In this article, Siddhartha Mitra, Professor of Economics at Jadavpur University, argues that even though demonetisation fails the standard economic cost-benefit test with regard to its stated objecti...
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Siddhartha Mitra
20 December, 2016
- Perspectives
Demonetisation: Some very counterintuitive effects in practice
Due to demonetisation, holders of black money lose if they cannot exchange their notes or sell these in the black market. It is widely reasoned that this implies an equal financial gain for the public...
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Gurbachan Singh
18 December, 2016
- Perspectives
Will demonetisation lead to a protracted economic slowdown?
In this article, Pandey and Sengupta argue that the impact of the contractionary demand shock triggered by the note ban will gradually radiate from cash-intensive activities to virtually every sector ...
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Radhika Pandey
Rajeswari Sengupta
15 December, 2016
- Perspectives
The demonetisation boondoggle
In this article, Amartya Lahiri, Professor of Economics at the University of British Columbia, argues that all public policy must rely on a clear-headed cost-benefit analysis and the recent demonetisa...
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Amartya Lahiri
04 December, 2016
- Perspectives
why demonetisation?
In this article, Sarmistha Pal, Chair in Financial Economics at the University of Surrey, examines whether the current government’s stance in tackling black money has significantly differed from its...
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Sarmistha Pal
01 December, 2016
- Perspectives
Demonetisation and agricultural markets
In this article, Aggarwal and Narayanan contend that demonetisation alone cannot turn agricultural markets cashless. Such a shift would require sustained and focussed effort to expand the reach of for...
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Nidhi Aggarwal
Sudha Narayanan
30 November, 2016
- Perspectives
Consequences of the demonetisation shock
In this article, Sudipto Mundle, Emeritus Professor at NIPFP, contends that we are likely to see a significant dip in economic activity till January 2017 or even till the end of the current financial...
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Sudipto Mundle
29 November, 2016
- Perspectives
Notes ban: Modinomics vs. Moditics
Maitreesh Ghatak, Professor of Economics at the London School of Economics, contends that while the ban on high-denomination currency notes is bad economics, it is a brilliant political move.
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Maitreesh Ghatak
23 November, 2016
- Perspectives
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India’s insurance sector: Challenges and opportunities
While India’s insurance sector has been growing dynamically in recent years, its share in the global insurance market remains abysmally low. This article traces the journey of the Indian insurance s...
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Financial inclusion in India: Progress and prospects
Financial inclusion is globally considered as a critical indicator of development and well-being of society. In this post, Srinivasa Rao traces the financial inclusion journey in India so far, and dis...
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Thinking about financial sector reforms in India
A key element of the economy that needs to function well in order to facilitate India’s strong and sustained recovery from the pandemic is the financial system. In this post, Sengupta and Vardhan d...
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