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RNRL's submissions on the MoU
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Ajay Shah
Big 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....
When 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.
The 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.
In 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.
From 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.
We 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.
Reliance Infocomm and Bharti have both explored the possibility of a merger with MTN, the African telecom giant that is headquartered in South Africa.
India has seen greater integration with the world economy through trade in goods and services, and through financial integration, over the past two decades.
The starting point of modern thinking on monetary policy is the issue of central bank independence.
