Ajay Shah writing for the mass media (2009)
These are in Financial Express, except when stated otherwise.
- A pair of columns on trade liberalisation:
Where did the Bombay Club go wrong?, 14 December 2009
Trade liberalisation: Looking beyond the WTO, 15 December 2009.
kw = preconditions for trade liberalisation, protectionism in the Global Financial Crisis, bringing the power of open trade to services, open architecture free trade zone, EU as the lab for globalisation.
- Dubai's great crash, 28 November 2009. kw = international financial centres.
- The problem of big banks, 16 November 2009. kw = closing down banks, forcing narrow banks, banks as utilities.
- East Europe after 1989, 7 November 2009. kw = economic development, capitalism, freedom, EU, NATO.
- Central banking, not central planning, 30 October 2009. kw = Bond-Currency-Derivatives Nexus, micro management.
- The new question of financial stability, 20 October 2009. kw = micro prudential vs. macro prudential regulation, RBI reforms.
- Interpreting recent currency movements, 12 October 2009. kw = US major currencies index, US dollar decline, dollar crisis, costs of rupee-dollar peg.
- Deeper lessons of Bharti/MTN dual listing, 5 October 2009. kw = capital controls, cost of capital.
- Thinking through central bank independence, 9 September 2009. kw = central bank independence, accountability, monetary policy rule, transparency, inflation targeting.
- Having only a 10-year bond futures is more useful than meets the eye, 7 September 2009. kw = interest rate futures, first factor, one factor model, hedging the interest rate risk of bond portfolios using only a 10-year bond futures, BCD Nexus, mistakes of policy on the bond market, emerging market pathologies.
- From ivory tower to ground zero, 27 August 2009. kw = Ben bernanke, intellectuals in government, monetary policy in the Great Recession.
- Taxing capital income vs. taxing labour income, 20 August 2009. kw = Consumption tax, capital deepening, capital gains tax, EET.
- What is the right time for setting up the DMO?, 12 August 2009. kw = Debt Management Office, NTMA, investment banking for the government.
- New thinking on a traditional public good, 8 August 2009. kw = Maps, maps data, google, openstreetmap, GPS, Survey of India.
- Building a better credit policy speech, 31 July 2009. kw = RBI, functions, conflicts of interest, transparency.
- Tracking the economy using seasonally adjusted data, 20 July 2009. kw = what is going on in India; the picture as seen using month-on-month changes of seasonally adjusted data.
- Which type of budget speech is this?, 7 July 2009. kw = role of the budget speech; Pranab Mukherjee's July 2009 budget speech.
- Great men versus well functioning institutions, 1 July 2009. kw = great men, appointments process, institutional mechanisms.
- How to tackle compensation of bankers, 25 June 2009. kw = incentive issues, not the level of pay. policy process.
- Fixing financial regulation in the US, 20 June 2009. kw = Geithner/Summers proposal for reforming financial regulation in the US.
- Evolution of exchange traded derivatives, 1 June 2009. kw = growth of NSE exchange traded derivatives, role of index, role of options, rise of non-equity underlyings.
- The setting for the budget speech, 25 May 2009. kw = gloomy business cycle conditions, private corporate investment, animal spirits, reforms of the new UPA.
- Time to question circuit breakers, 19 May 2009. kw = interruptions in the supply of liquidity on the equity market.
- A rapid recovery is unlikely, 12 May 2009. kw = global downturn.
- How risk averse is RBI?, 8 May 2009. kw = caricature of RBI being risk averse while economic reforms are about bearing risk.
- Political problems of governments intervening in financial firms, 30 April 2009. kw = bailouts, populist backlash.
- How much reserves is required for achieving safety?, 25 April 2009. kw = reserves as insurance. complexities of actually using reserves in bad times. contingent claims are a better way to go.
- Signs of a thaw?, 20 April 2009. kw = what financial markets are saying about a possible recovery. Vix, Moody's Baa spread, S&P 500, Nifty, US dollar.
- India in the Great Recession, 15 April 2009. kw = what might happen in 2009-10 and 2010-11, economic reforms are the only counter-cyclical lever that matters, what the new government should aim to do in their first budget speech. business cycles. investment. global downturn.
- Contours of finance after the crisis, 30 March 2009. kw = a return to dirigisme? Turner / Geithner plans, relevance for the Indian debates on financial sector reforms.
- Watch the policy rate in real terms, but worry about how little it matters, 7 March 2009. kw = RBI rate cut, taylor principle, real rate and not nominal rate is the true stance of monetary policy, monetary policy transmission is ineffective, fixing the monetary policy process and fixing the monetary policy transmission.
- Fiscal crisis again, 26 February 2009. kw = fiscal crisis, S&P downgrade, impact of sovereign rating downgrade, lack of institutional credibility, fiscal institutional reforms, FRBM, Debt Management Office, delinking monetary policy and banking from problems in debt stability.
- Why has India coped rather well with the decline in capital inflows?, 23 February 2009. kw = sudden stop, price of crude oil, opportunity for building infrastructure when it is cheap.
- Is not, and should not be, a full budget, 17 February 2009. kw = vote on account, political business cycle, election cycle, fairness in elections, financial sector reforms.
- Law and regulation shape the character of the regulated industry, 4 February 2009. kw = NCDEX, FMC, MCX, regulatory capture, for-profit exchanges in the quest for valuation.
- What's a CEO to do in this downturn?, 29 January 2009. kw = business cycle downturn, response of CEOs, external financing, upstream and downstream ecosystem of dealers and suppliers, price flexibility, R&D, triage.
- Getting the right architecture for corporate governance, 13 January 2009. kw = principal-agent problems, firms.
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