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Tag Archives: Economics – macro, micro etc

Taliban will not be able to access most Afghan central bank assets

I had blogged earlier on how the first thing Nazis did after invasion was to take over the central bank. After all that is where the money is. Given Taliban’s yet another invasion of Afghan, will they be able to do the same? Apparently not. There are articles on why Taliban will not get much of Afghan central bank assets. For instance, see this BBC article by Daniel Thomas: Any central bank assets the Afghan government has in the US will not be made available to the Taliban, a Biden...

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Performance of Small Finance Banks – An Early Reflection

In the recent RBI Bulletin article, RBI researchers Nitin Kumar and Sarita Sharma evaluate performance of Small Finance Banks: The Small Finance Banks (SFBs) is a relatively new bank group provided license with the objective to serve the under-served and marginalised sections of society. The article carries out a preliminary analysis based on available data to shed light on various aspects of SFBs’ functioning. The salient findings of the study are as below: Highlights: A basic...

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When central bank governor eyebrows were primitive form of emojis..

Andy Haldane, chief economist, Bank of England is leaving the central bank and moving to The Royal Society for Arts.  Andy gave his swansong speech recently which is a must read. Fair bit of history and humor. On central bank communications: At the point I joined the Bank, central banks lived by a mantra of “monetary mystique”. This was more than just cultural. Secrecy was seen as one of the essential tools in central banks’ armoury.footnote[33] Opacity imparted power, secrecy conferred...

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RBI State of the Economy Report: The Maya of Inflation and the Leela of Growth

RBI’s latest State of Economy Report in its Monthly Bulletin has led to lot of media bytes. The latest SER (Aug-2021) says the following: This edition of the State of the Economy coincides with the fourth month of the Shalivahana Shaka – the Indian national calendar – when the south west monsoon stretches its embrace across India. It is a time of sacrifice and fasting, and of thecelebration of material creations, especially water. It is the season of mists and mellow fruitfulness, its...

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Consumption baskets of Indian households: Comparing estimates from the CPI, CES and CPHS

Ananya Goyal Radhika Pandey and Renuka Sane in this NIPFP paper: A study of inflation requires a fixed consumption basket. The last publicly available data on household consumption baskets is from Consumer Expenditure Survey (CES) 2011-12. A more recent source of data has been the CMIE Consumer Pyramid Household Survey (CPHS). In this paper we compare the weights of various commodities in the Consumer Price Index (CPI) series with the CES 2011-12 and the CPHS 2019. We first document the...

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Regulation and Informal Market for Schools in Delhi

Sukanya Bose, Priyanta Ghosh, Arvind Sardana and Manohar Boda in this NIPFP paper: The unrecognised school sector in Delhi has grown significantly over the years, and since long ceased to be marginal. The aim of the study is to understand the regulatory practice on the ground in this sector. According to the law, private schools must seek recognition from the appropriate authorities such that their functioning is aligned to public interest. Reading of the laws and an important Court...

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Why we don’t write more papers on political finance?

Thorsten Beck and Orkun Saka in this voxeu post pop the question: Despite the commonly held views of economists on regulatory capture, our profession has been much more hesitant in recognising similar conflicts of interests that may exist in economics research. This column reports on the related discussions and research presented at the second London Political Finance (POLFIN) workshop, including work on the interaction between political power and corporate favouritism, the influence...

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Money maker: who determines what money is?

Johannes Beermann of Bundesbank in this speech (in German but Google translates it): Some history on why we pay with the coin/note with number on top: In the Middle Ages it was common to “hit the head” with the money – and back then it was only coins – when paying in an inn. It was less about squandering the hard-earned money without meaning or understanding, as the vernacular would suggest today. Rather, they were practical considerations. In view of the large number of aristocratic,...

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Financial crises: A survey

Amir Sufi and Alan Taylor provide fresh lit review of fin crises: Financial crises have large deleterious effects on economic activity, and as such have been the focus of a large body of research. This study surveys the existing literature on financial crises, exploring how crises are measured, whether they are predictable, and why they are associated with economic contractions. Historical narrative techniques continue to form the backbone for measuring crises, but there have been...

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Expecting the Spanish Inquisition: Economic backwardness and religious persecution

As one sees shocking pictures from Afghanistan, here is a reminder from Spanish inquisition. Mauricio Drelichman, Jordi Vidal-Robert, Hans-Joachim Voth present evidence: Throughout history, religion has influenced growth and per capita output, and its effects are felt even in modern times. This column investigates the effect of one of history’s longest-running and most intrusive forms of religious persecution – the Spanish Inquisition. In areas without measured persecution, annual GDP...

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