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

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Indonesia From Ascent to Decline

Sunanda Sen THE collapsing economy of Indonesia bears testimony to the plight of a national economy in the process of its integration with international markets. In particular, the outcome has revealed the emptiness of the claims of conventional macro-policies which depend on financial intermediation as a major propeller of output growth. In terms of such beliefs, deregulation of finance sets the necessary preconditions for an efficient allocation of credit by means of financial intermediation. The flow of credit, in this set up, is expected to be accommodative and not repressive when backed by output growth. Stories as above are today hard to believe, especially as a part of Asia (which so far earned the rating as success stones of the market) plunge today into the most severe economic crisis of the post-war years.

Asia Myth of a Miracle

Sunanda Sen Recent developments have made a review of the so-called 'Asian Miracle' imperative. This paper is an attempt in that direction, focusing on the experience of three ASEAN countries (Malaysia, Thailand and Indonesia) and South Korea.

Financial Opening and Real-Financial Sector Nexus

Sector Nexus Sunanda Sen The experience of .some, gauntries in south-east Asia which were able to achieve and maintain higkimtes of output growth and saving and investment, moderate inflation, stable exchange rales and manageable balance of payments even as their economies underwent financial opening up contrasts sharply with the experience not only of other developing countries, such its those of Latin America, but even of the OECD countries. The special circumstances which made the achievement possible deserve careful attention and are discussed in this note.

Devaluation, Liberalisation and Structural Linkages between India s Foreign Trade and National Income

Linkages between India's Foreign Trade and National Income Sunanda Sen Hiranya Mukhopadhyay The structural links between a developing country's foreign trade sector and its domestic economy have a crucial bearing on the results likely to be achieved by trade liberalisation and currency devaluation. These links are often overlooked.

Dimensions of India s External Economic Crisis

This paper seeks to provide an analysis of India's recent external economic crisis, emphasising that the developmental dimensions of the crisis are distinct from the short-term liquidity aspects which are paramount to the international lenders. The discussion in Section I of the paper of a set of conceptual aspects is complemented in Section II by an analysis of the turn of events which led to the crisis. Section III offers a set of conclusions dwelling on the distinction between the exogenous/endogenous as well as the developmental/financial dimensions of the debt problem. The two aspects of the debt issue bring to light a basic incongruity between the diagnosis and the remedial measures implemented.

Import Liberalisation as a Tool of Economic Policy in India since Mid-Eighties

Import Liberalisation as a Tool of Economic Policy in India since Mid-Eighties Sunanda Sen R Upendra Das Examining the specificities of the liberalised trade regime that commenced in the early 80s this paper goes into the facts relating to import liberalisation the design of long-term policy changes and short-term adjustments and the short-run impact on trade. The analysis points to the ineffectiveness of the 'export-link ' to import liberalisation. The paper concludes with an overview of the overall macro-economic implications of import liberalisation.

Managing BOP Emerging Constraints

Sunanda Sen Judging by the global trends in the flow of credit to the LDCs, India is likely to find itself increasingly hard pressed to secure the rising levels of external finance required to meet its current account deficit.

Debt Crisis Fund-Bank Policies in the Dock

that has no consideration for the two legitimate concerns of prison administration; the prisoners' rights and the prison's security, but instead is determined by the dictates of the special branch of the police. At interviews that political prisoners have with their families and friends, the presence of the special branch is obligatory, and the prisoners are not allowed to talk anything outside the hearing of the policemen.

The South in a Turbulent World Economy

The South in a Turbulent World Economy Sunanda Sen World Economy in the Mid-Eighties, Research and Information System for the Non-Aligned and Other Developing Countries, Delhi, 1986; pp xi+ 222 price not mentioned.

External Economic Constraints and Domestic Economic Policy

Domestic Economic Policy Sunanda Sen This paper analyses the recent adverse changes in the international economic climate and the pressures on the Indian economy to adjust to these developments with a view to arriving at a judgment on the feasibility of an autonomous, non-dependent path of development in India. The paper begins with a brief reference to the 1985-86 Union Budget which helps to trace current official thinking on issues having a bearing on the external viability Of the economy The variables in the economy considered to be crucial in determining its international economic standing are next analysed to bring out the role of the international economy in regard to domestic development policy. In the concluding section of the paper, the underlying rationale of the policy options recently exercised by the government is spelt out and it is concluded that the rationale is far removed from the requirements of autonomous, non-dependent development.

Politics of International Economic Relations

Politics of International Economic Relations Sunanda Sen Politics of International Economic Relations edited by Ramashray Roy; Indian Council for Research in International Economic Relations and Centre for Study of Developing Societies, Delhi, 1982;

Internationalisation of Capital Neo-Colonialism and International Finance

Neo-Colonialism and International Finance Sunanda Sen International finance capital has been the crucial force behind the functioning and development of the world capitalist system since the last decade of the 19th century. A distinctive feature of international finance capital has been its concentration in the hands of a few, whether they be banks or industries.

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