ajay shah Columns, Leading Columnist

ajay shah The Indian Express Group

ajay shah-

column-improving-stock-futures
Friday 01 Oct '10While India has a world class equities trading ecosystem, one of the last missing building blocks is a mechanism to borrow shares.
column-trapped-in-the-wrong-equilibrium
Friday 27 Aug '10In the early 1990s, stock market trading took place through the BSE floor by open outcry. On a good day, BSE members did Rs 400 crore of turnover and earned 2% off buyers and sellers, thus bringing in Rs16 crore per day of revenues.
column-don-t-take-growth-for-granted
Saturday 14 Aug '10When Indian socialism was constructed in the 1960s and 1970s, it induced widespread pessimism about the possibility of breaking out of the Hindu growth rate of 3.5%. The events of the late 1970s and early 1980s provided the first break, to a growth rate of 5.5%.
column-building-good-institutions
Thursday 29 Jul '10Monetary policy requires a handful of good people. There is little political economy in play.
column-understand-regulatory-independence
Friday 23 Jul '10The Ulips ordinance has been criticised on the grounds that it infringes on the autonomy of RBI or Sebi.
column-importance-of-stanchart-idr
Wednesday 26 May '10The first Indian Depository Receipt, by Standard Chartered, is a historic milestone in the coming of age of Indian finance.

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column-how-can-orissa-not-be-greece-
Wednesday 12 May '10The euro is probably not a good currency for Greece. Is the rupee a good currency for Orissa? The answer is only a partial...
column-how-to-build-first-class-regulators
Tuesday 04 May '10One of the most important challenges that India faces today is that of building effective state agencies. All of us have...
column-at-75-rbi-needs-to-be-reformed
Monday 05 Apr '10In the private sector, the age of an organisation is not a problem. Private firms have to constantly pass the market test.
column-why-finmin-must-lead-the-fsdc
Tuesday 16 Mar '10Two kinds of reasons drive the need for better regulatory coordination in finance. The first is the Indian problem of having a large number of financial regulators.
column-another-step-towards-full-convertibility
Wednesday 17 Feb '10In March 1940, the British introduced the first capital controls in India under wartime conditions. These grew into full-fledged controls in 1948 and thereafter, culminating in the draconian...
column-obama-s-fury-on-banks-is-just-politics
Saturday 23 Jan '10When Barack Obama came to power, he handed the task of crafting intricate financial reform to the technocrats.
column-globalisation-is-not-a-dirty-word-in-india
Friday 08 Jan '10Observers of India are generally struck by the extent to which statist solutions dominate. Economic reforms are seen as orphans in the political landscape.
column-dubai-s-bubble-trouble-was-bound-to-come
Saturday 28 Nov '09Dubai’s debt default underlines what has been apparent to careful Dubai-watchers for a while: that such an attempt at creating an international financial centre out of thin air was not going to work.
column-those-born-free-in-1989-our-young
Saturday 07 Nov '09When the Berlin Wall fell, 20 years back, Eastern Europe began a project of economic development akin to what we in India have been engaged in. There were a few important differences when compared with what we have done.
column-our-central-bank-still-central-plans
Friday 30 Oct '09The recent speech by the RBI governor has some useful ingredients in financial reform. These small steps represent progress when compared with RBI’s stance of recent years of blocking all progress in finance.
column-let-s-have-unstable-thoughts
Tuesday 20 Oct '09In India, it is being claimed that the role and function of RBI, as it currently stands, is the right way to address the goal of financial stability. It is argued that after the crisis, the world will discover the merits of the RBI model.
column-bharti-today-another-tomorrow
Monday 05 Oct '09Reliance Infocomm and Bharti have both explored the possibility of a merger with MTN, the African telecom giant that is headquartered in South Africa.
column-when-will-we-rethink-the-rbi-act-
Wednesday 09 Sep '09The starting point of modern thinking on monetary policy is the issue of central bank independence.
column-from-ivory-tower-to-ground-zero
Thursday 27 Aug '09Seldom has an intellectual been as lucky as Ben Bernanke. He spent 23 years in an ivory tower, learning one obscure subject. And then he got thrust into the limelight, chairing the US Fed—he has now been renominated to serve a second term—when the challenge of the day was to put his 23 years of knowledge to work, to save the world economy.
column-savings-of-the-rich-are-good-for-the-poor
Thursday 20 Aug '09The direct tax code is an outstanding piece of work in many respects. Long-standing distortions and inefficiencies have been addressed. There are two areas where certain difficulties are visible.
column-the-time-to-build-a-dmo-is-right-now
Wednesday 12 Aug '09When a problem is easy, it is okay to get by with a hastily patched-up solution. But when a problem is really daunting, a top quality solution is called for.
column-listening-to-very-reserved-bank-of-india
Friday 31 Jul '09Most of us found it hard to understand the 124 pages that RBI recently put out.
column-in-next-week-s-monetary-policy-will-rbi-s-focus-be-on-monetary-policy-
Friday 24 Jul '09What should monetary policy do on July 28? If it is felt that the downturn is mostly over and the risk is that of inflation, then it is time to tighten interest rates.
column-don-t-compare-nickel-to-aluminium
Thursday 25 Jun '09Financial regulators must take interest in how the incentives of bank managers are shaped by ownership, governance and compensation. But a mere focus on the level of compensation is giving in to the populist envy of the rich.