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

Articles by T T Ram MohanSubscribe to T T Ram Mohan

Why Big Sell-Offs Irk Politicians

Dare one suggest that politicians could have good reasons to be wary of big-ticket privatisation? With their instinctual understanding of the polity, they might have a better sense of the 'agency' problems inherent in privatisation than the cerebral types who are forever running them down.

Deregulation and Performance of Public Sector Banks

How have India's public sector banks (PSBs) performed in the years since bank deregulation was set in motion in 1992-93? The banking system has not collapsed nor has there been a banking crisis and the efficiency of the system as a whole measured by declining spreads has improved. This paper documents and evaluates the performance of PSBs since deregulation in absolute and relative terms and attempts to understand the factors underlying their improved performance.

Privatisation: Theory and Evidence

Privatisation is very much the flavour of the day. Many enthusiasts of privatisation seem to believe that a shift from public to private ownership will automatically make for improved performance. Yet there is little in economic theory or the empirical evidence on privatisation that lends support to such a simplistic belief. The evidence on the impact of privatisation is by no means unmixed. In particular, in less developed countries, where law enforcement and corporate governance tend to be weak, private ownership does not necessarily make for better performance. It is possible, based on the research on privatisation, to draw some tentative conclusions for privatisation policy in a context such as ours.

The Ecstasy and the Agony

The budget's strategy for stepping up growth in the near term rests on certain key premises: (i) fiscal consolidation is under way; (ii) fiscal consolidation and reduction in administered interest rates will lead to lower lending rates; and (iii) lower interest rates, along with continued deregulation, will make for higher investment and growth. Each of these premises needs to be carefully examined.

Setting the Stage for Bank Privatisation

Whether the move towards eventual privatisation, including transfer of control to foreign banks, is the right prescription for a banking system that has shown an improving trend in efficiency while remaining stable needs to be vigorously debated.

Competition Policy Dilemmas

Once, we accept the need for a competition policy, there is the practical matter of what the coverage of such a policy might be. Most of what the Committee on Competition Policy and Law has recommended is standard stuff where competition policy is concerned. The important recommendations relate to three areas: agreements among enterprises, abuse of dominance and mergers.

Growth, Poverty and Equity

The resignation of Ravi Kanbur as head of the team preparing the World Bank's World Development Report 2000/01 suggests that, the convulsions in east Asia in 1997 notwithstanding, there is little willingness among the high priests of the Washington Consensus to rethink the application of its tenets to the world at large.

Case Unproven

Case Unproven Economy and Organisation: Indian Institutions under the Neoliberal Regime edited by Amiya Kumar Bagchi; Sage Publications, New Delhi, 1999; pp 427, Rs 495 (cloth).

Equity Issues by New Units Patterns of Public Response

Patterns of Public Response T T Ram Mohan This article aims to study the patterns of public response to equity issues made recently by units coming into the capital market for the first time. The data are gathered from the Industrial Credit and Investment Corporation of India.

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