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%.
  • Hauled to liquidity

    Saturday 31 Jul '10The finance ministry is pushing all the listed companies to have a significant amount of outside shareholding. Does this matter? In order to examine this question, we focus on a sample of 1,262 companies traded on NSE.
  • 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.
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  • 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.
  • 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...
  • Why oil control freaks are wrong - II

    Tuesday 09 Feb '10What are the consequences of the floating vs administered regime (in petroleum products) for the level and volatility of inflation? There are fears that inflation will go up....
  • Why oil control freaks are wrong - I

    Monday 08 Feb '10The report of the group chaired by Kirit Parikh, on ending the system of administered pricing for petroleum products, is an outstanding one and well worth reading.
  • 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.
  • Trading down - II

    Tuesday 15 Dec '09In 1992, the ‘Bombay Club’ led a lobbying effort by domestic industrialists against removing trade barriers. It was a seductive argument. They said they were in favour of removing barriers to imports, but they first required ‘fair’ competition with imports on a ‘level playing field’.
  • Trading down - I

    Monday 14 Dec '09Trade integration has been an important source of prosperity and progress in the last 500 years. Some feel that the project of opening up the world to free trade is mostly finished, based on the extent to which tariffs have gone down and the extent to which goods from across the world are available in stores everywhere.
  • 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.
  • On big banks, think small please

    Monday 16 Nov '09Big banks are a troublesome thing. The world faces some important questions on how to deal with them. There are three incremental paths: (a) better mechanisms for closing....
  • 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.
  • Why $-Re exchange rate shouldn’t bother RBI

    Monday 12 Oct '09We should not be fixated on the dollar exchange rate of the rupee, for the greenback is not a fixed yardstick. From March 2008, when Bear Stearns died, and particularly after September 2008, when Lehman Brothers died, something very peculiar happened.
  • Futures and our future

    Monday 12 Oct '09From 2005 onwards, the macroeconomists of the world were worried about a different crisis: the dollar crisis. The US was on a path of building up external debt at an unsustainable pace, the flip side of which was the currency distortions in China and other Asian countries.