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How India is losing the market for trading in rupee
The recent order by the Competition Commission of India on NSE and MCX-SX has a bunch of difficulties based on a lack of understanding of new age industries where a pricing of zero is quite feasible and important, a focus on protecting a competitor instead of upholding #NSE #RegulatorRaj #Rupee
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Why NSE order has landed Competition panel in soup
The Competition Commission of India (CCI) has written an order on the National Stock Exchange (NSE) and MCX-SX in the currency derivatives market. Even if you do not take interest in financial markets, this is an interesting episode in Indian governance. #CCI #MCX-SX #NSE #Regulator Raj
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Will India go the Argentina way toward populist decline?
Suppose we go back to 1870 and envision future scenarios for four interesting and promising countries. Britain: The incumbent, the pioneer of the industrial revolution, home of Newton and Darwin, with a head start on building institutions, with sound economic policy and deep integration with a global empire. Germany: The rising power #GDP #Liberal democracy #NotJobsButPassion #To The Contrary
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The Anna-Baba show is over, now let’s deal with corruption
Somewhere in 2010 or so, I started getting much more gloomy about India's problem of corruption. For a snapshot of the zeitgeist, see this group of articles from August 2010. A large swathe of the economy operates in close contact with government. If government will not sensibly make #2G scam #Ajay Shah's blog #Anna Hazare #Baba Ramdev #CWG scandal #NotJobsButPassion #Regulator Raj
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MTNL, BSNL, Air India: Why govt is bad owner of business
When the UPA came to power, the word privatisation was buried, partly out of deference for the Communist parties which were supporting the UPA. The sale of shares did revive after the UPA-2 commenced . On a global scale, the experience with firms like British Airways and Alitalia has done a #Alitalia - Linee Aeree Italiane S.p.A #Bharat Sanchar Nigam Limited #NotJobsButPassion #That's Mahanagar Telephone Nigam Ltd #worthit
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Indian media is more complacent than Pakistan’s
One of Pakistan's more remarkable journalists, Syed Saleem Shahzad, was tortured and murdered, probably by Pakistan's ISI. Asia Times Online that got him killed has part one of the article that got him killed. Saleem in the shadow of Massoud by Chan Akya, also in Asia Times #Ajay Shah's blog #Freedom of Speech #Indian media #NotJobsButPassion #Pak media #To What Effect
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Recruiting the right Managing Director for the IMF
The recruitment of the IMF MD has turned into quite a controversy. For an interesting set of views, see this page on the website of The Economist. In a remarkable development, the EDs of India, China, Russia, Brazil and South Africa came out with a clear #Headhunt #IMF #Managing Director #NotJobsButPassion
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RBI is shooting itself in the foot over inflation
The #1 problem of Indian macroeconomic policy is the inflation crisis. From February 2006 onwards, in every single month, inflation has exceeded the target zone of four to five per cent. I'm measuring inflation as the year-on-year change of the CPI-IW (Consumer Price Index for Industrial Workers). The latter is #Inflation #Macro-Economic policy #NotJobsButPassion #Numbers #Price indices #RBI
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19 books to read before doing your PhD in Economics
Suppose a young person is going to start a PhD in economics. What essential readings would you recommend prior to this? In my opinion, the PhD in economics involves a heavy emphasis on tools. But the story isn't told, about why we are building these tools. The intuition isn't built, about #Ajay Shah's blog #Books #BooksWeLike #Eco-Logic #NotJobsButPassion
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Infosys and the problem with corporate democracies
Autocratic countries often appear to have a clean and stable political system. A government is clearly in charge. Businessmen like to deal with such a government, because you can go into a room with a powerful person and walk out holding a deal. You can do business with them. Democracies, in #Autocracy #Corporate Democracy #CounterPoint #Narayana Murthy #NotJobsButPassion #Succession war