Academic Foundation
 
 
About us Forthcoming New Releases  Catalogue  Search  Customer Service Contact us 

Home

 
 
Money and Banking   
Money and Banking
Select Research Paper by the Economists of
Reserve Bank of India
Edited By A. VASUDEVAN
Hard  Back Book     :   Pages : 285
2003  Edition         :   ISBN - 81-7188-318-4
Price : Rs. 795.00   :   USD $ 49.00
Order Now    
  
Information given below includes :
About the Book, About the Author(s)/Editor(s)/Contributors,
Contents in Detail, and other Ordering-Related information.
Academic Foundation
Indian Economy
Documents Library
Economic Developments
in India -- Monthly Update
Monthly Bulletin on
Banking & Finance
Books on Indian Economy, Banking & Finance
Books on other subjects
Textbooks (Economics)
Books of General Interest
Photo Gallery
Download Checklist in XLS Format

ABOUT THE BOOK :

The Reserve Bank of India has promoted research right from the early years of its existence. Excellent research papers have been prepared by some of the outstanding economists of the Bank. Barring exceptions, the invaluable research embodied in these papers has not been ‘widely’ disseminated.
Former Executive Director, Dr. A. Vasudevan has utilized his lifetime of experience at the central bank to painstakingly edit the present collection of research papers (organised under four sections) with a comprehensive introduction.

According to Dr. Vasudevan “The objective of the volume is not to include articles in a large number of areas but to include only those that focus on money, monetary policy and banking issues — areas in which the Reserve Bank’s expertise is widely recognized.”

The 20 chosen research papers included in the volume are contributed by :

D. Ajit, R.D. Bangar, Anupam Basu, Indranil Bhattacharya, B.K. Bhoi, Goutam Chatterjee, Abhiman Das, Narendra Jadhav, Himanshu Joshi, Renu Kohli, K.A. Menon, M.S. Mohanty, Ashok Nag, N. Nagarajan, Michael Debabrata Patra, Sitikantha Pattanaik, C. Rangarajan, D.C. Rao, Deba Prasad Rath, Mridul Saggar, Y.S.R. Sarma (late), Indranil Sengupta, Anoop Singh, A. Vasudevan, T.R. Venkatachalam, and Ghanshyam Upadhyay.

Dr. C. Rangarajan’s foreword to this volume adequately highlights its unique importance — a fact also echoed in the comments of two other distinguished experts, namely Professor R. Radhakrishna and Professor D.M. Nachane.

This collection of research papers gives the flavour of the research work that is getting done in the Reserve Bank of India. They reveal both maturity and technical excellence.

I congratulate Dr. Vasudevan in undertaking this effort and choosing a spectrum of articles that is truly representative of the research in the Reserve Bank of India.

--

Dr. C. Rangarajan
Chairman, Twelfth Finance Commission
Former Governor, Reserve Bank of India

Dr. Vasudevan exemplifies the highest traditions of that rare but felicitous blend of impeccable academic scholarship and intimate experience of high-level policy-making. This volume, edited by him, largely reflects research studies done by his younger colleagues at the Reserve Bank of India. Most of the studies have drawn inspiration either from his direct participation or from his own writings. The study of several of the areas discussed in the book (such as the monetary transmission mechanism and money supply analysis) was pioneered by him in the Indian context during his long career at the Reserve Bank. It is a safe prognosis that the volume should prove rewarding both to academics researching on monetary economics as also to all those concerned with the fine art of monetary policy

--

Professor D.M. Nachane
Former Director, Department of Economics, University of Mumbai

This commendable book edited by Dr. A. Vasudevan, a leading monetary economist, is based on selected papers prepared by the monetary economists of the Reserve Bank of India during the last two decades for its in-house journal. The topics range from conceptual issues to macro monetary models and methodologies from traditional econometric techniques to recent advances in co-integration. It provides a useful insight into how monetary policy is responding to the problems of inflation and balance of payments and carefully assesses policy effects. A few papers present evidence bearing on the role of money supply in the inflationary process and make a case for money based monetary policy against the credit view, which dominated the monetary policy prior to reforms. The small sized macro econometric model based on Polak's absorption approach estimated for exploring the interaction between fiscal deficit and external balance will be handy for class room teaching.

The introductory essay and introduction to sections by the editor provide a useful historical account of the issues, debates and policy responses, besides contextualizing the papers included in the book. The approach is both analytical and rigorous. It is a required reading for any one interested in policy design.

In my view, in terms of its coverage and range of insight, this book will be a most valuable source for students and economists.

--

Professor R. Radhakrishna
Director, Indira Gandhi Institute of Development Research (IGIDR), Mumbai

ABOUT THE AUTHOR :

Dr. A. Vasudevan, currently Honorary Advisor in the Reserve Bank of India, was Executive Director of the Reserve Bank between May 1996 and end-August 2000. As the Executive Director, he was in-charge of research, statistics, monetary policy and information technology departments. He has had vast international experience — Advisor to Executive Director for India at the International Monetary Fund (IMF) between 1984 and 1989; Member of the Indian Delegations to semi-annual IMF/ World Bank and G-24 meetings between 1984 and 1989 and again between 1993 and 2000; represented India at the UNDP Conference on financing of sustainable development at Santiago, Chile; Central Bank Deputy at the Group of Two Deputies’ meetings; and Member of the Task Force on Implementation of Standards and the Follow-up Group on the Implementation of Standards, appointed by the Financial Stability Forum.

Among the several Committees on which he served, the important ones were: Expert Group on Saving and Capital Formation in India, Government of India, 1996 (Member), the Working Group on Money Supply, Reserve Bank, 1998 (Vice-Chairman), and the Committee on Technology Upgradation in Banking Sector, Reserve Bank of India, 1999 (Chairman).

Apart from the present volume (edited by him), Dr. Vasudevan has recently authored Central Banking for Emerging Market Economies (Academic Foundation, 2003). Described as a “path-breaking work” of “encyclopaedic proportions”, within a short time-span this publication received extraordinary praise in several reviews across leading newspapers and journals. Having authored/edited a few other books earlier, Dr. Vasudevan has numerous scholarly writings of his own in various professional journals, both Indian and foreign. He also taught M.A. students at the University of Bombay (1966-69) on the theories of money and economic development and central banking.

Currently Dr. Vasudevan is engaged in writing the history of Reserve Bank of India — a task he has been entrusted with by a committee of the central bank, chaired by Dr. C. Rangarajan.


CONTENTS IN DETAIL :

Foreword by Dr. C Rangarajan

Contributors.

Symbols Used; Sources.

Editor’s Introduction.

SECTION  I
1. On Testing Some Hypotheses Concerning the Transmission Mechanism of Monetary Policy : The Indian Experience
(A Vasudevan and K A Menon)
2. A Short-term Model to Forecast Monetary Aggregates — Interim Results
(D C Rao, T R Venkatachalam and A Vasudevan)
SECTION  II
3. Reserve Money : Concept and Policy Implications for India
(C Rangarajan and Anoop Singh)
4. Weighted Monetary Aggregates: Rationale and Relevance for India
Narendra Jadhav.
5. The Dynamics of Money Supply Process in India : An Alternative Empirical Framework
Himanshu Joshi and Indranil Bhattacharyya.
6. Residency in Money Supply
Deba Prasad Rath and Indranil Sen Gupta
7. Estimating Money Demand Function : A Cointegration Approach
Ashok K Nag and Ghanshyam Upadhyay.
8. The Demand for Money in India : Stability Revisited
Himanshu Joshi and Mridul Saggar.
9. Modelling Buffer Stock of Money : An Indian Experience
B K Bhoi
SECTION III
10. Financial Innovation : Determinants and Implications for Monetary Policy - A Model
N Nagarajan.
11. Credit Availability and Small Firms : A Probit Analysis of Panel Data
Renu Kohli
12. Dynamics of Interaction Between Government Deficit and Domestic Debt in India
C Rangarajan, Anupam Basu and Narendra Jadhav
13. Fiscal Deficit, External Balance and Monetary Growth
C Rangarajan and M S Mohanty.
14. Analytics of Monetary Management
A Vasudevan.
15. Money, Output and Prices
Y S R Sarma
16. Exchange Rate Management in India : An Expirical Evaluation
Michael Debabrata Patra and Sitikantha Pattanaik
17. REER : The Leading Indicator
Sitikantha Pattanaik
SECTION IV
18. Banks in Financial Intermediation : Performance and Issues
D Ajit and R D Bangar
19. Scale Economies in Banking — Indian Experience in Deregulated Era
Goutam Chatterjee
20. Technical, Allocative and Scale Efficiency of Public Sector Banks in India
Abhiman Das.

CONTRIBUTORS
Names of the authors/co-authors of respective papers included in the present volume are arranged alphabetically (according to last name). The corresponding designations represent current/latest position held.

D Ajit

Director, Department of Economic Analysis & Policy,
Reserve Bank of India, Mumbai
(Now on sabbatical leave)

R D Bangar
Formerly: Assistant Adviser, Department of Economic Analysis & Policy,
Reserve Bank of India, Mumbai
Anupam Basu
Deputy Director, African Department, International Monetary Fund,
Washington D C
Indranil Bhattacharya
Research Officer, Monetary Policy Department,
Reserve Bank of India, Mumbai
B K Bhoi
Director, Department of Economic Analysis & Policy,
Reserve Bank of India, Mumbai
Goutam Chatterjee
Director, Department of Statistical Analysis & Computer Services,
Reserve Bank of India, Kolkata
Abhiman Das
Assistant Adviser, Department of Statistical Analysis & Computer Services,
Reserve Bank of India, Mumbai
Narendra Jadhav
Principal Adviser, Department of Economic Analysis & Policy,
Reserve Bank of India, Mumbai
Himanshu Joshi
Director, Monetary Policy Department, Reserve Bank of India, Mumbai
Renu Kohli
Assistant General Manager, Reserve Bank of India, Kolkata
K A Menon
Formerly : General Manager, Reserve Bank of India, Tiruvananthapuram
M S Mohanty
Economist, Bank for International Settlements, Basle, (Switzerland)
Ashok Nag
Director, Department of Statistical Analysis & Computer Services,
Reserve Bank of India, Mumbai
N Nagarajan
Chief Economist, Indian Banks’ Association
Michael Debabrata Patra
Adviser, Department of Economic Analysis & Policy,
Reserve Bank of India, Mumbai
Sitikantha Pattanaik
Assistant Adviser, Department of Economic Analysis & Policy,
Reserve Bank of India, Mumbai
C Rangarajan
Chairman, 12th Finance Commission, Government of India, New Delhi
and Former Governor, Reserve Bank of India, Mumbai
D C Rao
Formerly: Director, International Finance Department,
World Bank, Washington D C
Deba Prasad Rath
Director, Department of Economic Analysis & Policy,
Reserve Bank of India, Mumbai
Mridul Saggar
Director, Monetary Policy Department,
Reserve Bank of India, Mumbai
Y S R Sarma (Late)
Formerly: Adviser-in-charge, Monetary Policy Department,
Reserve Bank of India, Mumbai
Indranil Sengupta
Assistant Adviser, Department of Economic Analysis & Policy,
Reserve Bank of India, Mumbai
Anoop Singh
Director, Western Hemisphere Department, International Monetary Fund,
Washington D C
A Vasudevan
Formerly: Executive Director, Reserve Bank of India, Mumbai
(Presently Honorary Adviser, Reserve Bank of India, Mumbai)
T R Venkatachalam
Formerly: Adviser-in-charge, Monetary Policy Department,
Reserve Bank of India, Mumbai
Ghanshyam Upadhyay
Assistant Adviser, Department of Statistical Analysis & Computer Services,
Reserve Bank of India, Mumbai
Academic Foundation
  Top
  
Home | Registration | Ordering Online | Search | Feedback | Contact Us | Jobs
Our Privacy Policy | Terms of Use | Disclaimer

© Copyright 2001 Academic Foundation

Website Designed & Developed by Ace Web Technologies.
                    
This site is best viewed at 800 by 600 resolution and is optimized for Internet Explorer - v5.50 or higher versions