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Changed Profile of Money Market

Vol. 37, Issue No. 48, 30 Nov, 2002
EPW Research Foundation

The Reserve Bank's two-pronged approach of allowing market players freedom to operate on the basis of market signals while threatening stern measures against excessive arbitraging between markets has achieved a profound transformation of the profile of the money market.

Dire Impact of Drought on Saving and Investment

Vol. 37, Issue No. 33, 17 Aug, 2002
EPW Research Foundation

In the current macro-economic scenario, the adverse impact of the drought is likely to be much more severe on saving and investment in the economy than on supplies of commodities.

Changing Financial Wind

Vol. 37, Issue No. 25, 22 Jun, 2002
EPW Research Foundation

For the last two years the Reserve Bank has enjoyed a congenial financial environment which has enabled it to manage the liquidity situation smoothly and successfully soften interest rates. However, there are now subtle signs of a change in the financial market.

Cautious, but Flexible

Vol. 37, Issue No. 20, 18 May, 2002
EPW Research Foundation

The RBI's latest monetary policy measures fall neatly into the policy framework pursued for the last five years with the objectives of maintaining a stable financial environment and strengthening the financial system and improving the transmission of monetary policy signals.

Cautious Capital Account Liberalisation

Vol. 37, Issue No. 17, 27 Apr, 2002
EPW Research Foundation

The achievements on the external account have been quite remarkable, most notable among them being containment of speculative forces and curbing of arbitrage. The build-up of sizeable foreign currency assets and stability in the forex market have made it possible for the authorities to carry forward the policy of cautious capital account liberalisation.

Credit Policy: Beyond Expansionary Signals

Vol. 37, Issue No. 11, 16 Mar, 2002
EPW Research Foundation

There are clear pointers in the Budget for 2002-03 to the stance likely to be adopted in the credit and monetary policy to be announced next month. However, mere expansionary signals from the RBI through reduction of the repo rate and the Bank rate and through money market instruments will not be enough. The RBI will need to address structural disabilities and distorted commercial banking behaviour in response to financial sector reforms.

Productive Deployment of Excess Liquidity

Vol. 36, Issue No. 11, 17 Mar, 2001
EPW Research Foundation

The reduction in government borrowing, as the government continues its efforts to bring down the fiscal deficit, is sure to result in excess liquidity in the financial system. Optimal use of funds in this situation will rest on the quality of the banking system's credit delivery and recovery mechanisms.

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