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Browsing by Author "Goyal, Ashima"

Browsing by Author "Goyal, Ashima"

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  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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 ...
  • 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. ...
  • 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 ...
  • 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 ...
  • 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. ...
  • 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 ...
  • 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 ...
  • 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 ...