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'Riskless Capitalism' in India
Rohit Azad, Prasenjit Bose & Zico Dasgupta
  
A study of the financial processes underlying India’s high-growth trajectory of the 2000s and its relationship with “riskless capitalism,” a term f irst used by Raghuram Rajan in November 2014, finds that the Indian growth story cannot be over-simplistically explained as a result of “market-oriented” reforms......

Debts that cannot be paid will not be
T. Sabri Oncu
  
With my June 2015 HT Parekh Finance Column article titled “When Will the Next Financial  Crisis Start?” (Öncü 2015a) I initiated an investigation of the possibility of a new phase in the ongoing global ? nancial c risis (GFC) that started in the summer of  2007. This article was retitled at the  Policy Research in Macroeconomics website ......

The Roots of the Agrarian Distress In India
C.P. Chandrasekhar 
  
It did not take the current round of farmers’ agitations to drive home the idea that India’s agrarian sector is under stress. Low growth, poor earnings and distress behaviour such as large-scale internal migration and disproportionately high suicides have signalled that something is wrong with the rural sector in India. Agricultural growth has been, on average.........

A Simple Arithmetic
Prabhat Patnaik
  
The advance GDP estimates for 2016-17, however calculated, show a grim picture of the economy. The real per capita income of the agriculture-dependent population, which constitutes half the country's populace, has remained stagnant or even marginally declined during the three years of the Modi government. While the pursuit of neoliberal policies can be held responsible for this, treating the aggregate growth as a “great achievement”.........

Where will Global Demand come from?
C.P. Chandrasekhar and Jayati Ghosh
  
As the US reduces its role as engine of global demand, there are no signs that other economies will be able to pick up the slack. The mercantilist approach exemplified by Germany is creating net global slowdown........

World Capitalist Crisis getting Accentuated
Prabhat Patnaik
  
After a brief illusion of recovery in the U.S., the world economic crisis is getting accentuated. Trump administration would rather increase its fiscal deficit, if at all it does, through tax cuts than state expenditure under the hegemony of finance capital. This might further suppress consumption expenditure, already constricted by falling global wages. Such policies, paired with hostile protectionism, would make correcting.......

Public Bank Privatisation in a Post-truth World
C.P. Chandrasekhar
  
Narendra Modi government appears to have decided to privatise public sector banks (PSBs). Preparations are underway with arguments being marshalled that “there is no alternative” to privatisation......

Break up the Banks: A practical guide to stopping the next global financial meltdown
Andrew Cornford
  
Banking reforms to regulate the financial sector have broadly remained inadequate. In the book reviewed, Shirreff proposes the legal separation of banking activities into three groups, a return to unlimited liability for partners in investment banks.......

The De - digitisation of India
C.P. Chandrasekhar & Jayati Ghosh
  
The Modi government began to justify the demonetisation of currency notes in November 2016 in terms of the desired shift towards a “cashless economy”, once it became evident that all the other goals were not going to be met. It is also possible, as has been suggested by those familiar with the workings of “Catalyst” – the joint venture between USAID and the Indian Ministry of Finance ......

The State in Chinese Banking
C.P. Chandrasekhar & Jayati Ghosh
  
Financial restructuring and liberalisation began in China in the late 1970s, when commercial banking functions were separated from central banking functions. This amounted to moving away from the earlier ‘monobanking’ system in which the People’s Bank of China (PBoC) was almost the sole financial intermediary to one in which it served as the central bank and three independent state-owned..........

Negative Interest Rates Symptom of Crisis or Instrument for Recovery
C.P. Chandrasekhar
  
A near-unprecedented turn to negative interest rates to trigger a recovery has characterised the monetary policyin several developed countries and in Europe. This is the result of a shif t away from f iscal policy to an almost exclusive reliance on monetary policy......

Wicked Loans and Bad Banks
C.P. Chandrasekhar
  
The crisis created by non-performing assets (NPAs) on the balance sheets of commercial banks, especially public sector (PSBs), does not go away. It only intensifies. An environment that triggered large inflows of foreign capital and a surge in credit after 2003 encouraged banks to explore new areas and terms of lending, which are responsible for the large exposures that are now turning bad.....

Budget 2017-18: Blinded by neoliberalism
C.P. Chandrasekhar
  
In an insipid speech that was repeatedly misread, Finance Minister Arun Jaitley presented on 1 February the contours of a budget that was shockingly short of substance. It left disappointed those who expected that policies to compensate sections hurt by the demonetisation experiment would be included and those who were looking for some measures to counter the demand slump.....

Bond Market Reversal
C.P. Chandrasekhar & Jayati Ghosh
  
For more than two years now the world has been subject to a bizarre monetary policyregime in Europe, Switzerland, and more recently the UK.  Interest rates paid ondeposits held by commercial banks in central banks have been set at negative levels.This policy regime, by forcing banks and investors to move out of cash to low riskgovernment and investment grade corporate bonds........

Analysis

Prasenjit Bose,Zico Dasgupta,Rohit Azad
Monday 07 August, 2017
The Indian growth story of the 2000s’ cannot be over-simplistically explained as a result of “market-oriented” reforms. Public sector bank credit-financed investments, particularly in the infrastructure sector, played a significant role in sustaining growth, most crucially after the global economic crisis. Such a growth trajectory, however, proved to be unsustainable with the expansionary phase coming to an end in 2011–12 and bad loans piling up in the banking system.

Thomas Franco's Blog

Thomas Franco
Friday 19 May, 2017
May Day is celebrated as International Workers Day to remember the sacrifices of the working class and also assert the rights of workers. The first May Day was on May 1, 1886 when more than 300000 workers in 13000 businesses across the United States walked off their jobs asking for an 8 hour day among other demands.

Features

C.P. Chandrasekhar,Jayati Ghosh
Tuesday 23 May, 2017
As the US reduces its role as engine of global demand, there are no signs that other economies will be able to pick up the slack. The mercantilist approach exemplified by Germany is creating net global slowdown.

Working Papers

Andrew Cornford
Thursday 12 December, 2013
Agreements on trade and investment in banking services may need to be revisited to accommodate macroprudential measures that are an important part of financial re-regulation.

Videos



Jayati Ghosh speaks on Imperialism in the 21st Century


Jan Kregel speaks on “Keynote Lecture”
 

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