ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles by Sunanda SenSubscribe to Sunanda Sen

Official Reforms and India’s Real Economy

The remedial measures announced by the government in and after the 2019–20 budget refl ect its limited understanding of the economy as the performance of the fi nancial markets alone. But, to revive the decelerating real economy, the state needs to act upon expansion of public investments towards employment and other basic social goals.

BRICS and the New Financial Architecture

The BRICS summit held in October 2016 suggested the possible use of local currency in intra-BRICS trade to lower costs. This article extends this idea and proposes a scheme for setting up a clearing account in local currencies of the BRICS countries. It contends that such a step will provide avenues for generating additional demand within the region while cushioning the member countries against shocks from exchange rate volatility.

Governing Capital Flows

Ruling Capital: Emerging Markets and the Reregulation of Cross-Border Finance by Kevin P Gallagher; Cornell University, 2015; pp xi +233, $29.95.

Currency Concerns under Uncertainty

The recent downslides in China's financial account balance, bringing to a close the "twin surpluses" and initiating, after a long time, a modest slip in the stock of offi cial reserves, reflect a reversal in the state of expectations relating to the future of the Chinese currency.

Speculation, Scams, Frauds and Crises: Theory and Facts

A systemic crisis in finance results from speculation under deregulation of the financial markets with an unrestrained use of derivatives therein. By making possible the free entry and exit of players in the market, financial liberalisation encourages shorttermism, which fails to generate real assets in the long run.

Labour under Stress: Findings from a Survey

Restructuring, cost-cutting and other associated trends in Indian industry in recent years have had a major impact on workers in organised industry in India. This article presents the results from a primary survey conducted during 2004-06 in pockets of Delhi, Gujarat, Haryana, Maharashtra and West Bengal.

Basel Norms, Indian Banking Sector and Impact on Credit to SMEs and the Poor

The present paper is an attempt to review the impact of Basel I and II norms, dealing with international bank regulation in terms of capital adequacy and supervision, on credit flows to the SMEs and the poor in India.

Finance in China after WTO

State directives to banks in China on the disbursement of credit and incentives offered by the state to provide facilities for industry have worked as an incentive for foreign investors. A large part of these FDI inflows is related to the success of China in having a ?guided financial market?. The benefits of these inflows, in the process, are reaped by both industry and finance, as opposed to a situation of finance-led growth alone, where speculation dominates the financial flows. In China, regulatory institutions in the area of banking, securities and insurance are given wide-ranging powers thus keeping a close vigil on the functioning of both finance and industry.

Consequences of the War for Global Economy

Unlike the past history of world capitalism when war could be expected to boost demand and real economic growth, the current scene is more complex. Even if the most optimistic expectations of global expansion of demand are fulfilled, government intervention on a much larger scale in the international markets would be required to channel financial flows to the creation of real assets instead of speculative activities. The prospects could be much more dismal if demand fails to pick up.

Global Growth and Recovery

Trade and Development Report 2000: Global Economic Growth and Imbalances, UNCTAD, New York and Geneva, September 2000.

Economic Turmoil in Asia

Most analyses of the recent south-east Asian crisis focus on non-performing fundamentals or on selffulfilling panics in the financial sector. This article traces the crisis to real sector deceleration, which was apparent a year before the crisis; and to the built-in instabilities in the deregulated financial system. As credit flows continued in spite of real sector slow-down, the system became vulnerable to sudden collapse in asset prices. Corrective measures by monetary authorities failed in deregulated financial markets.


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