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Browsing by Author "Goyal, Ashima"

Browsing by Author "Goyal, Ashima"

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  • Assessing changes in the global financial architecture from an emerging market perspective 
    Goyal, Ashima (2013-04)
    The paper assesses changes in the global financial architecture and related global governance. Despite useful reforms lacunae remain. Analysis of financial regulations and measures to address global imbalances show serious ...
  • Assessing the fiscal capacity of Indian governments 
    Goyal, Ashima (2012-05-31)
    In this paper we assess the record of different post reform governments in meeting their targets and improving both delivery and finances. A variety of indices are constructed, and consistency checks devised to measure ...
  • Banks competition, managerial efficiency and the interest rate pass-through in India 
    Ansari, Jugnu; Goyal, Ashima (2014-01)
    If banks solve an inter-temporal problem under adverse selection and moral hazard, then bank specific factors, regulatory and supervisory features, market structure, and macroeconomic factors affect banks's loan interest ...
  • Budget 2014: Marginal realignment of tactics to strategy 
    Goyal, Ashima (2014-07)
    The paper examines the restructuring of expenditure in the first budget of the new government, and its feasibility. It compares the increase in budget allocations for key macroeconomic aggregates and sectoral plan outlays ...
  • Data and definitions: Underestimating savings and investment in an open economy 
    Goyal, Ashima (2012-05-29)
    This note clarifies definitions and derives from first principles the relationship between investment, domestic and foreign savings in order to show that there is underestimation of investment and foreign savings given ...
  • Deriving India's potential growth from theory and structure 
    Goyal, Ashima; Arora, Sanchit (2012-09)
    Estimates suggest that Indian aggregate supply is elastic but subject to upward shocks. If supply shocks make a high persistent contribution to inflation, it implies second round pass through is occurring, implying growth ...
  • Distant labour supply, skills and induced technical change 
    Goyal, Ashima (2012-05-29)
    To analyze the consequences of new technologies, which make it possible to employ distant labour, we model a developed country with high and medium-skilled labour interacting with an emerging market economy (EME) with ...
  • Dynamic inconsistency, tradeoffs and delegation 
    Goyal, Ashima (2012-06-07)
    Strategic interaction between the government and economic agents can lead to the creation of more populism than is socially optimal. The tradeoffs through which this occurs, important for a populous democracy with a large ...
  • Estimating the Indian natural interest rate and evaluating policy 
    Goyal, Ashima; Arora, Sanchit (2013-09)
    We estimate the unobserved time-varying natural interest rate (NIR) and potential output for the Indian economy using the Kalman Filter. Estimation is a special challenge in an emerging market because of limited length of ...
  • Evolution of India's exchange rate regime 
    Goyal, Ashima (2012-06-02)
    The paper analyzes the changing INR trends over the reform period, in the context of fundamental determinants of exchange rates. In the early reform years the chief concern was to limit appreciation from inflows, and ...
  • Exchange rate regimes and macroeconomic performance in South Asia 
    Goyal, Ashima (2012-06-01)
    Stylized facts for South Asia show the dominance of supply shocks, amplified by macroeconomic policies and procyclical current accounts. Interest and exchange rate volatility rose initially on liberalization, but fell ...
  • Exchange rate regimes: Middling through 
    Goyal, Ashima (2012-06-07)
    The appropriate exchange rate regime, in the context of integration of currency markets with financial markets and of large international capital flows, continues to be a policy dilemma. The revealed preference for most ...
  • External shocks 
    Goyal, Ashima (2014-11)
    After the global financial crisis, India was exposed to many external shocks from commodity prices and foreign capital flows. Although capital flow fluctuations were largely due to global risk-on risk-off factors, a widening ...
  • Extracting information on inflation from consumer and wholesale prices and the NKE aggregate supply curve 
    Goyal, Ashima; Tripathi, Shruti (2012-06-01)
    Since consumer prices are a weighted average of the prices of domestic and of imported consumption goods, and producer prices feed into final consumer prices, wholesale price inflation should cause consumer price inflation. ...
  • Financial stability: Underlining context 
    Goyal, Ashima (2015-05)
    The paper argues that context is important in discussions of financial stability. It explores weaknesses in domestic and international reforms and ways of overcoming them, based on mitigating the fundamental failures finance ...
  • Foreign exchange markets, intervention and exchange rate regimes 
    Goyal, Ashima (2015-05)
    While macroeconomic fundamentals determine the exchange rate at long horizons, there are substantial and persistent deviations from these fundamentals. The market micro structure within which they operate, macroeconomic ...
  • The Future of financial liberalization in South Asia 
    Goyal, Ashima (2012-06-02)
    The paper defines financial liberalization, distinguishing between liberalization of domestic financial markets and capital account convertibility. It then examines the stages and the strategy of Indian financial reform. ...
  • A General equilibrium open economy model for emerging markets: Monetary policy with a dualistic labor market 
    Goyal, Ashima (2012-05-29)
    An optimizing model of a small open emerging market economy (SOEME) with dualistic labour markets and two types of consumers, delivers a tractable model for monetary policy. Differences between the SOEME and the SOE are ...
  • Global financial architecture: Past and present arguments, advice, action 
    Goyal, Ashima (2012-05-31)
    In the context of the formation of G-20, the paper points out the absence of reform in the global financial architecture (GFA) after the East Asian crisis, and assesses factors that can improve the chances of real reform ...
  • Governance in India's public transport systems:Comparing Indian railways and airlines 
    Goyal, Ashima (2012-05-29)
    The paper examines the basic reasons and feasible remedies for organizational weakness, and the possible contribution of ownership, industry and management structure, leadership, social norms, and institutional incentives ...