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

Money Markets

Money Markets
The RBI's market operations in the post-reform period appear to have had a three-pronged objective: to maintain an appropriate interest rate regime, to manage the government borrowing programme, and...
The effectiveness of a regulatory architecture in the financial sector can be gauged by three parameters - (1) the framework and mechanisms in place for clearly defined regulatory jurisdictions of...
This is an attempt at uncovering the nuances of India's exchange rate policy as spelt out by the Reserve Bank of India from time to time and discerning the current challenges, based on a brief review...
The market borrowing programme of the government has been hiked to unprecedented levels since September 2008 and it is budgeted to reach gigantic proportions in 2009-10. A preliminary analysis of...
The markets are quick to raise interest rates and curtail lending during the tightening phase of monetary policy, but their reactions are lukewarm in an easing phase. This asymmetric behaviour leads...
An approach to implementing public policies that allows some distance between policy outcomes and public aspirations has prevented the Reserve Bank of India from playing an effective role in the...
The benchmark prime lending rate, far from being a competitive and transparent mechanism that determines interest rates charged by banks, has instead turned opaque. In order to ensure that the cost...
Infrastructure investment is a priority area for the Eleventh Plan, and close to half of this investment is to be financed by debt. Yet, many of the institutional channels for debt financing are not...
The fiscal constraints on providing any substantial stimulus are evident from the revised estimates of the budget for 2008-09. In such a situation and given the current economic environment,...
The massive liquidity injected into the system cannot translate into additional bank credit because of both supply- and demand-side constraints. In the gloomy economic scenario, instead of expanding...
The situation in the external sector has become an extremely challenging one for the authorities. Foreign currency assets have begun to deplete and there is considerable uncertainty on the exchange...
The financial crisis should give the Reserve Bank of India an opportunity to do some soulsearching about its delivery of credit. Over the years, the layers of money market transactions indulged in by...
The unravelling of the global financial crisis sends a clear signal that India has to make fundamental changes in its management of the banking and financial sector. The first prerequisite is a...
There is an unwarranted smugness in the Indian response to the crisis sweeping global financial markets. If Indian institutions are, as of now, unaffected by the turmoil, it is not because of the...
The debt-service ratio may appear low and satisfactory, but it is high time the official agencies conceived of a more meaningful concept of sustainability of total external liabilities in the face of...

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