Lars Syll on the Real World Economics Review Blog: The fallacy of composition basically consists of the false belief that the whole is nothing but the sum of its parts.  In society and in the economy this is arguably not the case. An adequate analysis of society and economy a fortiori can’t proceed by just adding up the acts and ..read more

Matthias Fleckenstein & Francis Longstaff in this paper:  We use the term structure of bank CD rates to examine whether maturity-transformation risk is priced into the rates banks offer customers. We find that depositors pay a significant cost for the liquidity provided by bank deposits. This cost is strongly related to the amount of maturity-transformation risk that ..read more

Lekha Chakraborty of NIPFP in this article analyses whether Bihar and Andhra should get Special Category Status. First what does SCS mean in terms of State finances: l What is the fiscal policy for states with this tag? FOR STATES ACCORDED the ‘Special Category Status’, under the 90:10 formula devised for devolution of funds for ..read more

Laurence Bristow and Michael Tang in this Reserve Bank of Australia Bulletin article trace history of Australian Repo Market: In 2019, the repurchase agreement (repo) market became the second largest onshore short-term wholesale funding market in Australia. In addition to its size, the range of participants and diversity of collateral used to obtain funds under ..read more

The news and discussion on electoral bonds has miraculosuly disappeared. Maitreesh Ghatak and Anirban Mukherjee in TheIndiaForum article discuss how electoral bonds served the incumbent parites and led to concentration of political power: In this essay, we will look at three issues based on a preliminary analysis of the data that has been made publicly ..read more

A Teacher Writes to Students Series (25): Crony Capitalism and Kleptocracy By Annavajhula J C Bose, PhD Department of Economics, SRCC, DU Crony capitalism is about cemented ties between capital and state, which also turns out to be hyper by kleptocracy (thief rule/pillage), which “fosters unlimited grand corruption, ensuring near total impunity for those authorised ..read more

PFRDA has started reviewing Pension Systems in different countries in its monthly bulletins from June-2023 onwards. The bulletins have covered Netherlands, US, UK, Israel, Iceland and so on..Very useful ..read more

PFRDA has started reviewing Pension Systems in different countries in its monthly bulletins from June-2023 onwards. The bulletins have covered Netherlands, US, UK, Israel, Iceland and so on..Very useful ..read more

Pablo Ottonello, Diego J. Perez & William Witheridge in this NBER paper: We study the role of exchange rates in industrial policy. We construct an open-economy macroeconomic framework with production externalities and show that the desirability of these policies critically depends on the dynamic patterns of externalities. When they are stronger in earlier stages of development, economies that ..read more

Payal Ghose and Abhishek Date of CCIL review Muncipal Bond Market in India and way forward: India, the world’s most populous nation, is witnessing rapid urbanization with the United Nations (UN) projecting the country’s urban population to reach 675 million by 2035 . While India’s bustling cities are a testament to its economic progress, this ..read more