The Indian economy is presently gripped by the dual phenomenon of an unprecedented slowdown as well as financial fragility. What has triggered this? Is this simply a random exogenous shock to an...
Money, Banking and Finance
The regime shifts in Indian monetary policy during the period 1998–2017 are estimated by applying a multivariate Markov-switching Vector Autoregression (MS-VAR) model. It is found that, in general,...
Against the backdrop of the North Atlantic financial crisis that erupted in 2007–08, this article looks into the changing role of central banks and the monetary and financial sector policies and the...
Statements like “money, finance and banking are at the crossroads at this juncture” have become a much-used cliché, but tend to be true for most of the recent past. This year, too, is no exception...
Using district-level data, the effect of financial literacy centres on financial inclusion in India is investigated. There is evidence of an improvement in the use of bank accounts over time...
In the Indian context, a key question is addressed: What has been the influence of monetary policy on different segments of the financial markets? Constructing a structural vector autoregressive...
The riskiness of banks (public and private) and non-banking financial companies listed on the stock exchange is examined by measuring their extent of interconnectedness at the lowest tail (1%)...
Over 2017–18, there was a sharp rise in Indian government securities interest rates unrelated to fundamentals. Examining each of the standard explanatory variables shows them to be inadequate to...
The flow of events and ideas behind central banking in India, in four distinct phases since independence—1950–70, 1970–90, 1990–2010, and post 2010—is narrated. The 1950–70 period is characterised as...
While there has been a tremendous increase in the number of bank accounts opened, the data show that the average balance in these accounts is low and a significant proportion of the accounts are...
Utilising a nationally representative data set, an index of financial literacy consisting of financial knowledge, behaviour, and attitude is constructed. The findings suggest significant variation in...
Competition is supposed to make banks more efficient and stimulate financial innovation by opening up of new markets. Given the dynamic changes within the Indian banking system in the last two...
The idea of “bail-in” in cases of serious banking instability has been widely discussed in India ever since the introduction of the Financial Resolution and Deposit Insurance Bill. Given the large...
Neo-liberal banking reform was launched in the early 1990s to address the low profitability of the public banking system and the large presence of non-performing assets. It set itself the objectives...
