Articles by D N Ghosh

The Deepak Parekh report tells us what has happened, not why and how it happened. These questions have to be addressed and answered. The Parekh report will have served its purpose if it leads to this effort.

In the international financial system, following rapid consolidation and institutional changes, we are witnessing the highly concentrated power of a progressively smaller number of market participants. This has made the financial system a perennial breeder of systemic risks.

Rating Agencies and Capital Market Reform: A Plea for Self-Regulation D N Ghosh There have been several instances in recent times of the market not taking kindly to the actions of rating agencies. The merits of individual rating opinions apart, what is of concern are the nature of the differences in perceptions and the reasons why the rating agencies lay themselves open to criticism. The key issues.

Our Political Class and National Self-Respect D N Ghosh If some recent observations of US secretary of state Madeleine Albright on India and its leadership reflect the insensitivity of the US administration, our own political class has demonstrated neither will nor the imagination to define and act upon what is in the national interest in the complex ambience of global insecurity and turbulence.

Today's tribe of global fund managers claim that they can beat the market and flaunt their expertise in sophisticated asset-allocation and risk-return strategies. Yet puzzlingly, in several countries over the past few years the fund managers have continued to pour in funds, ignoring the disturbing signals about the state of these economies that were coming out Clearly, the global fund managers could not have behaved as they did unless they were sure that they would be protected against the consequences of their miscalculations and misjudgments. To extend such protection is the purpose of the rescue packages and bail-out strategies so that the near-default crises in the borrowing countries and the imposition of conditionalities provide a bonanza for the global investment hankers and the fund managers who can go on playing their games as they have always played them, safe in the knowledge that they would be rescued, if and when necessary.