Politicians require bureaucrats to implement policies. Due to information asymmetry about who is to be considered a beneficiary of policy screening devices like red tape are used. This results in opportunism by individuals ...

Recent capital flows to India have been predominantly portfolio flows and they have been associated with a deteriorating current account position. To induce foreign savings to finance current account deficits requires the ...

The Reserve Bank of India has been using open market operations to sterilise the inflows of foreign capital so as to contain domestic monetary expansion. At the same time it is intervening in foreign exchange markets. With ...