Reports

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Date : 31 May 2007
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Bagehot, Walter. 1873. “A Description of the Money Market.” Lombard Street, Richard Irvin Inc.Gambhir, N., and M. Goel.  2003. “Foreign Exchange Derivatives Market in India - Status and Prospects.” in Derivatives Markets In India, Invest India(ed.) Susan Thomas, Tata McGraw-Hill.

Government of India. 2007. High Powered Expert Committee Report on Making Mumbai An International Financial Centre, April.

King, Robert G., and  Ross Levine. 1993. “Finance and Growth : Schumpeter Might be Right.” The Quarterly Journal of Economics, 108(3).

Levine, Ross, and Sara Zervos. 1996. “Stock Market Development and Long-Run Growth.” World Bank Economic Review, Vol. 10.

Levine, Ross. 1997. “Financial Development and Economic Growth: Views and Agenda.” Journal of Economic Literature, 35(2).

Lipschitz, Leslie. 2007. “Wising Up about Finance.” Finance and Development, 44(1), March.
McKinnon, R. 1973. “Money and Capital in Economic Development.”  The Brookings Institution, Washington, D.C.

Mishkin, Frederic S. 2006. “The Next Great Globalisation: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich.”  New Jersey : Princeton University Press.

Mohan, Rakesh. 2004. “Challenges to Monetary Policy in A Global Context.” RBI Bulletin, January. ——. 2006a. “Coping with Liquidity Management: A Practitioner’s View.” RBI Bulletin, April. ——. 2006b. “Monetary Policy and Exchange Rate Frameworks: The Indian Experience.”

RBI Bulletin, June. ——. 2006c. “Economic Growth, Financial Deepening and Financial Inclusion.” RBI Bulletin, November. ——. 2007. “Development of Financial Markets in India.”

Speech Delivered at the first Indian-French Financial Forum in Mumbai, May 16.
Rajan, Raghuram G., and Luigi Zingales. 1998. “Financial Dependence and Growth.”  American Economic Review, 88 (3).

——    . 2003. Saving Capitalism from Capitalists, Crown Business, New York.

Rato, Rodrigode. 2006. “The Growing Integration of the Financial Sector and the Broader Economy: Challenges for Policy Makers.” Speech at the Colegio de Economistas Madrid, Spain, November 23. Reddy, Y.V. 2000. Monetary and Financial Sector Reforms in India: A Central Banker’s Perspective.

UBS Publishers’ Distributors Pvt. Ltd.
——. 2004. “Financial Stability: Indian Experience.” RBI Bulletin, July.
——. 2005. “Implications of Global Financial Imbalances for the Emerging Market Economies.”

RBI
Bulletin, December.
Reserve Bank of India. 2006. Report of the Committee on Fuller Capital Account Convertibility (Chairman: S.S.Tarapore),  July.

Robinson, Joan. 1952. “The Generalization of the General Theory.” in The Rate of Interest and Other Essays, London : McMillan.

Schumpeter, Joseph E. 1912. A Theory of Economic Development. New York : Oxford University Press.

Shaw, E. 1973. Financial Deepening in Economic Development. New York : Oxford University Press. World Bank. 2006. The Road to Robust East Asian Financial Markets, September.

III. MONEY MARKET

Bandt, D. O. 1999.  “A Cross Country Comparison of Market Structures in European Banking.” European Central Bank Working Paper, No.7, September.

Bernanke, Ben, and M. Gertler. 1995. “Inside the Black Box: The Credit Channel of Monetary Policy Transmission.” Journal of Economic Perspectives, 9(4): 27-48.

Bhattacharyya, I., and R. Sensarma. 2005. “Signalling Instruments of Monetary Policy: The Indian Experience.” Journal of Quantitative Economics, 3(2):180-196.

Blenck D, et al. 2001. “The Main Features of the Monetary Policy Frameworks of Bank of Japan, the Federal Reserve and the Euro System”, BIS Paper, No. 9.

Blinder, A. S.  2006. “Monetary Policy Today: Sixteen Questions and about Twelve Answers.” in Central Banks in the 21st Century,  (eds.) S. Fernandez de Lis and F. Restoy, Banco de Espana, 31-72. Borio, Claudio E.V. 1997. “The Implementation of Monetary Policy in Industrialised Countries: A Survey.”

BIS Economic Papers, No.47, July.
Clarida, R., J. Gali, and M. Gertler. 1999. “The Science of Monetary Policy: A New Keynesian Perspective.”

Journal of Economic Literature, 37(4): 1661-1707.
Chow, G. 1989. “Rational versus Adaptive Expectations in Present Value Models.” Review of Economics and Statistics, 71(3):376-384. August.

Forssbaeck, J., and L. Oxelheim. 2003. “Money Markets and Politics - A Study of European Financial Integration and Monetary Policy Options.” Edward Elgar, Cheltenham.

Friedman, B.M. 2000a. “The Role of Interest Rates in Federal Reserve Policymaking.” NBER Working Paper No. 8047, December.

——. 2000b. Monetary Policy, NBER Working Paper No. 8057, December.
Government of India. 1998. Report of the Committee on Banking Sector Reforms (Chairman: M.
Narasimham).

Gray, S. 1998. ‘‘Repo of Government Securities.’’ Handbooks in Central Banking, No. 16, CCBS, Bank of England.
Gray, S., and J. Place. 1999. ‘‘Repo of Government Securities.’’ Handbooks in Central Banking, No. 17, CCBS, Bank of England.

Hawkins, J. 2005. “Globalisation and Monetary Operations in Emerging Economies.” BIS Paper, No. 23, May. Jalan, Bimal. 2002. “Research and Policy Developments in Money, Finance and the External Sector.” in
Macroeconomics and Monetary Policy: Issues for a Reforming Economy (eds.) M. S. Ahluwalia, Y. V. Reddy and S. S. Tarapore, New Delhi: Oxford University Press.

Joshi, H. 2005. “The Interbank Money Market in India: Evidence on Volatility, Efficacy of Regulatory Initiatives and Implications for Interest Rate Targeting.” RBI Occasional Papers, 25 (1, 2 and 3, Summer, Monsoon and Winter 2004).

Kuttner, K. N. and P. C. Mosser. 2002. “The Monetary Transmission Mechanism: Some Answers and Further Questions.” Economic Policy Review, Federal Reserve Bank of New York, May.

Maeda, E., B. Fujiwara, and  A. Mineshima Taniguchi. 2005. “Japan’s Open Market Operations under the Quantitative Easing Policy.” Bank of Japan Working Paper, No.05-E-3, April.

Mehran, Hassanali, Laurens, Bernard, Quintyn, Marc. (eds.). 1996. Interest Rate Liberalisation and Money Market Development: Selected Country Experiences, International Monetary Fund, Washington D.C.

Mohan, Rakesh. 2004. “Challenges to Monetary Policy in a Globalising Context.” RBI Bulletin, March. ——. 2006. “Coping with Liquidity Management in India: A Practitioner’s View.” RBI Bulletin, April. Poole, W. 1970. “Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model.”

The Quarterly Journal of Economics, 84(2):197-216, May.
Reddy,Y.V. 1999. “Development of Money Market in India.” Address at the Fifth J.V. Somayajulu Memorial Lecture at Madras, February.

——. 2002. “Monetary and Financial Sector Reforms in India: A Practitioner’s Perspective.” RBI Bulletin, May. Reserve Bank of India. 1985. Report of the Committee to Review the Working of the Monetary System
(Chairman: Sukhomoy Chakravarty).

——. 1987. Report of the Working Group on the Money Market (Chairman: N. Vaghul). ——. 1991. Report of the Committee on the Financial System. (Chairman:  M. Narasimham). ——. 2003a. Report of the Working Group on Call Money Market, RBI.

——. 2003b. Report of the Working Group on Instruments of Sterilisation (Chairperson: Ms. Usha Thorat). ——. 2004a. Report on Currency and Finance, 2003-04.

——. 2004b. Annual Report, 2003-04.

——. 2005. Report of the Technical Group on Money Market, May.

——. 2006. Report of the Committee on Fuller Capital Account Convertibility (Chairman: S. S. Tarapore). Rotemberg, J. J., and M. Woodford. 1997. ‘‘An Optimization- Based Econometric Framework for the Evaluation of Monetary Policy.” in NBER Macroeconomics Annual 1997, (eds.) Bernanke Ben and J.J. Rotemberg. Cambridge: MIT Press.

Samuelson, P. A., and R. M. Solow. 1960. “Analytical Aspects of Anti-inflation Policy.” American Economic Review, 50(5):177-194.

Solans, E. D. 2003. “Financial Innovations and Monetary Policy.” the 38th SEACEN Governors Conference and 22nd Meeting of SEACEN Board of Governors on Structural Change and Growth Prospects in Asia – Challenges to Central Banking. Manila, February.

Spence, M.1973. “Job Market Signalling.” The Quarterly Journal of Economics, 87(3), August. Van’t dack, J. 1999. “Implementing Monetary Policy in Emerging Market Economies: An Overview of Issues.” BIS Policy Papers, (5): 3-72. March.

IV. CREDIT MARKET

Banerjee, Abhijit V., Shawn Cole, and Esther Duflo. 2003. “Bank Financing in India.” MIT, October. Barth, James R., Gerard Caprio Jr., and Ross Levine. 2002. “Financial Regulation and Performance: Cross Country Evidence.” in Banking, Financial Integration, and International Crisis (eds.), Leonardo Hernandez and Klaus Schmidt-Hebbel, Central Bank of Chile, Santiago.

Beck, Thorsten, Asli Demirguc-Kunt, and Maria Soledad Martinez Peria. 2005. “Reaching out: Access to and Use of Banking Services Across Countries.” World Bank Policy Research Working Paper No. 3754, October.

Bernanke, Ben, and M. Gertler. 1995. “Inside the Black Box: the Credit Channel of Monetary Policy Transmission.” NBER Working Paper, No. 5146.

Bernanke, Ben, and A. Blinder. 1988. “Credit, Money and Aggregate Demand.” American Economic Review (AEA Papers and Proceedings), Vol. 78.

Bernanke, Ben, and Simon Gilchrist. 1999. “The Financial Accelerator in a Quantitative Business Cycle Framework.” in Handbook of Macroeconomics, Vol.1C, (ed.) John Taylor and Michael Woodford (Amsterdam: North-Holand).

Bernanke, Ben. 2002. “Asset Price Bubbles and Monetary Policy.” BIS Review, 59. BIS. 2003. Credit Risk Transfer, Committee on the Global Financial System, January. ——. 2006a. Quarterly Review, Bank for International Settlements, June.

——. 2006b. Committee on the Global Financial System, Housing Finance in the Global Financial Market.
Working Group Report, No.26.

Caprio, Gerard, and Daniela Klingebiel. 2003. “Episodes of Systemic and Borderline Financial Crises.” The World Bank, Washington.
Diamond, D.W. 1984. “Financial Intermediation and Delegated Monitoring.” Review of Economic Studies, Vol. 51:393-414.

Gertler, Mark, and Simon Gilchrist. 1993. “The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence.” Finance and Economics,Discussion Series 93-5, Board of Governors of the Federal Reserve System. U.S.
——. 1994. “Monetary Policy, Business Cycles, and the Behaviour of Small Manufacturing Firms.” The Quarterly Journal of Economics, 109(2):309-40. May.
Gourinchas, Pierre-Oliver, Valdes Rodrigo, and Landerretche Oscar. 2000. “Lending Booms: Some Stylized Facts.” MIT, February.

Hernandez, L., and Landerretche Oscar. 2002. “Capital Inflows, Credit Booms and Macroeconomic Vulnerability: The Cross-country Experience.” in Banking Financial Integration and International Crises, Central Bank of Chile, Santiago.

Hilbers, Paul, Inci Otker-Robe, Ceyla Pazarbasioglu, and Gudrun Johnsen. 2005. “Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential policies.” IMF Working Paper, WP/05/151, July.

IMF. 2002. Monetary and Financial Statistics Manual. ——. 2004. World Economic Outlook, April.
——. 2006: Global Financial Stability Report, September.

Joshi, H. 2006. “Identifying Asset Price Bubbles in the Housing Market in India – Preliminary Evidence.”

RBI Occasional Papers, 27 (1 and 2): 182.

Levine, R. 2004. “Finance and Growth: Theory and Evidence.” NBER Working Paper, No. 10766. Lindgren, Carl-Johan, Gillian Garcia, and Matthew Saal. 1996. Bank Soundness and Macroeconomic Policy, IMF, Washington.

Mishkin, Frederic S. 1995. “Symposium on the Monetary Transmission Mechanism.” The Journal Economic Perspectives, 9 (4) (Autumn).

Mohan, Rakesh. 2003. “Transforming Indian Banks: In Search for a Better Tomorrow.” RBI Bulletin, January ——. 2005. “Some Apparent Puzzles for Contemporary Monetary Policy.” RBI Bulletin, December. ——. 2006a. “Financial Sector Reforms and Monetary Policy: The Indian Experience.” RBI Bulletin, July ——. 2006b. “Economic Growth, Financial Deepening and Financial Inclusion.” RBI Bulletin, 1305-1320 November.

——. 2006c. “Reforms, Productivity and Efficiency in Banking: The Indian Experience.” RBI Bulletin 279-293. March.
Mohanty, M.S., Gert Schnabel, and Pablo Gracia-Luna. 2006. “Banks and Aggregate Credit: What New?”, BIS Papers, No.28, August.

NSSO. 2006a.  Household Assets and Liabilities as on 30.06.2002, All India Debt and Investment Survey, 59th Round, Report No.500, National Sample Survey Organisation, Government of India. ——. 2006b. Household Indebtedness in India as on 30.06.2002, All India Debt and Investment Survey, 59th Round, Report No.501, National Sample Survey Organisation, Government of India. Ottens, Daniel, Edwin Lambregts, and Steven Poelhekke. 2005. “Credit Boom in Emerging Market Economies: A Recipe for Banking Crisis?.” DNB Working Papers, Netherlands Central Bank. Pandit, B. L., Ajit Mittal, Mohua Roy, and Saibal Ghosh. 2006. “Transmission of Monetary Policy and the Bank Lending Channel: Analysis and Evidence for India.” DRG Study No. 25, Reserve Bank India, Mumbai. Rajan, Raghuram G.,  and L. Zingales. 1988. “Financial Dependence and Growth.” American Economic Review, 88, June.

Reddy, Y.V. 2004. “Credit Policy, Systems and Culture.” RBI Bulletin, March.

——. 2006a. “Credit Counseling: An Indian Perspective.” RBI Bulletin, 1117-1120. October.

——. 2006b and c. “The Role of Financial Education: The Indian Case.” RBI Bulletin, 1131-1135. October ——. 2006d. “Rural Banking: Review and Prospects.” RBI Bulletin, January.

Reserve Bank of India. 1998. Working Group on Money Supply: Analytics and Methodology of Compilation
(Chairman: Dr. Y.V. Reddy), June.

——. 2003. Report of the Working Group on Introduction of Credit Derivatives in India (Convenor: B
Mahapatra), Mumbai, March.

——. 2004. Report of the Working Group on Flow of Credit to the SSI sector (Chairman: Dr. A. S. Ganguly), Mumbai, September.

——. 2006. Handbook of Statistics on the Indian Economy 2005-06. ——. Report on Currency and Finance, Various Issues.

——. Report on Trend and Progress of Banking in India, Various Issues. ——. Annual Report, Various Issues.

——. Basic Statistical Returns, Various Volumes.

Rozhkov, Dmitriy. 2006. “On the Way to a World-Class Banking Sector.” in India Goes Global: Its Expanding Role in the World Economy, (eds.) Catriona Purfield and Jerald Schiff.  IMF.

Singh, Manmohan. 2006. Address at the Second Agriculture Summit, New Delhi, October 18.
Ueda Kazuo. 2003. “On Credit Risk Transfer Instruments and Central Banks”. 18th Annual General Meeting, Tokyo, April.

V. GOVERNMENT SECURITIES MARKET

Abbink, Klaus, Jordi Brandts, and Paul Pezanis-Christou.  2002. “Auctions for Government Securities: A Laboratory Comparison of Uniform, Discriminatory and Spanish Designs.” November. www.nottingham.ac.uk/.

Asian Development Bank. 2005 and 2006. Asia Bond Monitor.

Back, K., and J.P. Zender. 1993. “Auctions for Divisible Goods with Endogenous Supply.” The Review of Financial Studies, 6(4): 733-764.

Bank of England.1999. “Government Debt Structure and Monetary Conditions.” Quarterly Bulletin, November. Bank for International Settlements.1999. “How Should We Design Deep and Liquid Markets? The Case for Government Securities.” Committee on Global Financial System, Basel, October.

——. 2001a. “The Changing Shape of Fixed Income Markets: A Collection of Studies by Central Bank Economists.” Monetary and Economic Department.

——. 2001b. International Organisation of Securities Commissions and Technical Committee of the International Organisation of Securities Commissions - Recommendations for Securities Settlement Systems.

Bank Negara Malaysia. 2005. Annual Report.
Bank of Thailand. “Private Repurchase Market.” Market Research and Development Team, Financial Markets and Reserve Management http://www.bot.or.th.

Bedlord, Margaret E. 1978.“The Federal Reserve and the Government Securities Market.” Economic Review, April.

Borio, Claudio.  2004. “Market Distress and Vanishing Liquidity: Anatomy and Policy Options.” BIS
Working Paper No. 158, July.

Chabchitrchaidol, Akkharaphol, and Orawan Permpoon. 2002. “Development of the Thai Bond Market.” BIS Papers No. 11, June-July.

Chrystal, A., A. Haldane, and J. Proudman.1999.“Government Debt Structure and Monetary Conditions.” Quarterly Bulletin, Bank of England, November.

Commonwealth of Australia. 2002. “Review of Commonwealth Government Securities Market.”
Discussion Paper, October.

Dato, Salleh Harun. 2002. “The Development of Debt Markets in Malaysia.” BIS Papers No. 11, June-July. Department of Treasury. 1992. Joint Report on the Government Securities Market. US Government Printing Office, Washington D. C.

Doi, Takero, and Takeo Hoshi. 2002. “Paying for the FILP.” NBER Working Paper No.W9385, December. G-20. 2004. Workshop on Developing Strong Domestic Financial Markets, April.

Gordy, M.B. 1999. “Hedging Winner’s Curse with Multiple Bids: Evidence from the Portuguese Treasury Bill Auction.” The Review of Economics and Statistics, 81(3): 448-465.

Goswami, G., T.H. Noe, and M.J. Rebello. 1996. “Collusion in Uniform-Price Auctions: Experimental Evidence and Implications for Treasury Auctions.” The Review of Financial Studies, 9(3): 757-785. Guorong, Jiang, and Robert McCauley. 2004. “Asian Local Currency Bond Markets.” BIS Quarterly Review.

Harris, L. 1990. “Liquidity, Trading Rules and Electronic Trading Systems.”  Monograph Series in Finance and Economics, No 4. Stern School of Business, New York University.

Hattori, Masazumi, Koji Koyama, and Tatsuya Yonetani. 2001. “Analysis of Credit Spread in Japan’s Corporate Bond Market.” BIS Papers. No. 5.

Herring, R.J., and N. Chatusripitak.  2000. “The Case of the Missing Market: The Bond Market and Why it Matters for Financial Development.” ADB Institute Working Paper No.11.

Hirose, Masato, Tokeshi Murakami, and Yutaro Oku. 2004. “Development of Asia Bond Market and Business Opportunities.” NRI Papers, Nomura Research Institute.

IMF. 2001. Developing Government Bond Markets: A Handbook,  Washington D.C.

IMF-World Bank. 2002. Guidelines for Public Debt Management: Accompanying Document, November. Jadhav, Narendra. 2006. “Evolution of Financial Markets in India.” Monetary Policy, Financial Stability and Central Banking in India, New Delhi: Macmillan India Limited.

Kim, Yongbeom, S. M. Irene Ho, and Mark St Giles. 2003. “Developing Institutional Investors in People’s Republic of China.” World Bank Country Study Paper.

Kim, Yun-Hwan, and M. Suleik. 2001. “Overviews of the Government Bond Markets in Selected Asian Developing Countries.” in Government Bond Market Development (ed.) Kim Yun-Hwan. Manila: ADB. Korean Government Bond Market, Current Status and Future agenda, http://www.bex.or.th.

Krstic, Borko, and Srdan Marinkovic.1997. “Yield Curve and Interest Rate Risk.” Economics and Organisation, 1(5).
Laganá, Marco, Martin Peøina, Isabel Von Köppen-Mertes, and Avinash Persaud. 2006. “Implications for Liquidity from Innovation and Transparency in the European Corporate Bond Market.” ECB

Occasional Paper No. 50.

Malvey, P.F., C.M. Archibald, and S.T. Flynn.1997. “Uniform-Price Auctions: Evaluation of the Treasury Experiment.” Office of Market Finance, U.S.Treasury, Washington D.C.

McCauley, M. Robert, and Eli Remolona. 2000. “Special Feature: Size and Liquidity of Government Bond Market.” BIS Quarterly Review.

McCauley, M. Robert, 2006. “Consolidating the Public Debt Markets of Asia.” BIS Papers No. 30. Mihaljek, Dubravko, Michela Scatigna, and Agustin Villar. 2002. “Recent Trends in Bond Markets.” BIS
Papers No. 11, June-July.

Ministry of Finance of Japan. 2006. Guide to Japanese Government Bonds, http://www.mof.go.jp. Mohan, Rakesh. 2004. “A Decade of Reforms in Government Securities Market in India and the Road Ahead.” RBI Bulletin, November.

——. 2006. “Recent Trends in the Indian Debt Market and Current Initiatives.” RBI Bulletin, April.

Mohanty, M. S. 2001. “Improving Liquidity in Government Bond Markets: What Can be Done?” BIS
Papers No.11.

Mu, Huaipeng. 2006. “The Development of China’s Bond Market.” BIS Papers No. 26.
Nyborg, K.G., K. Rydqvist, and S. Sundaresan. 2002. “Bidder Behaviour in Multi-Unit Auctions: Evidence from Swedish Treasury Auctions.” Journal of Political Economy, 110 (2): 394-424.

Peter, McCray. 1997. “Australia’s Experience with Indexed Bonds.” Paper presented at the Investor Forum, New York.

Pongpen, Ruengvirayudh, and Sakkapop Panyanukul. 2006. “Developing Corporate Bond Market in Asia.” BIS Papers No. 26.
Reddy, Y. V. 2000. “Managing Public Debt and Promoting Debt Markets in India.” RBI Bulletin, October. ——. 2002. “Developing Bond Markets in Emerging Economies: Issues and Indian Experience.” RBI
Bulletin, April.

Reserve Bank of India. Annual Report, Various Issues.

——. 1996. “A Review of Internal Debt Management Policy and Operations for the period ended March 1995.” RBI Bulletin, November.

——. 2000. Report on Currency and Finance, 1999-2000.

——. 2002. Report of the Working Group for Suggesting Operational and Prudential Guidelines on STRIPS (Separately Traded Registered Interest and Principal of Securities), August.

——. 2003. Report on Currency and Finance, 2001-02. ——. 2004a. Discussion Paper on Capital Indexed Bonds, May.

——. 2004b. Report of Working Group on Screen Based Trading In Government Securities (Chairman: Dr. R.H.Patil), Mumbai, November.

——. 2005. Report of the Internal Technical Group on Central Government Securities Market, Mumbai, July. ——. 2006a. Report on Currency and Finance, 2004-05.

——. 2006b. Report of the Committee on Fuller Capital Account Convertibility (Chairman: S.S.
Tarapore), July.

Ric, Battellino. 2004. “Recent Developments in Asian Bond Markets.” Talk to the 17th Australasian Finance and Banking Conference, Sydney.

Roberto, Blanco. 2001. “The Euro-Area Government Securities Markets. Recent Developments and Implications for Market Functioning.” Paper prepared for the BIS Autumn Central Bank Economist’s Meeting.

Seongtae, Lee. 2006. “Recent Developments in Korean Bond Market.” BIS Papers No. 30.
Shen, Pu. 1995. “Benefits and Limitations of Inflation Indexed Treasury Bonds.” Federal Reserve Bank of Kansas City, Economic Review, Third Quarter.

Tomita, Toshiki. 2002. “The Need for Redefining Japan’s Government Debt Management Policy.” NRI
Papers, Nomura Research Institute.

Toshiro, Muto. 2004. “Japan’s Payment and Settlement System and the Bank of Japan.” Minutes of the Meeting Commemorating the 20th Anniversary of the Centre for Financial Industry Information Systems.

UK, Debt Management Office. 2005. Government Securities: A Guide to ‘gilts’.
Wang, J.J.D., and J.P. Zender. 2002. “Auctioning Divisible Goods.” Economic Theory, 19(4): 673-705. Wilson, R.1979. “Auctions of Shares.” Quarterly Journal of Economics, 93 (4): 675-679.

Yun, Hwan Kim. 2001. (ed.) Government Bond Market Development in Asia. Asian Development Bank, Manila.

VI. FOREIGN EXCHANGE MARKET

Almekinders, G.J., and C.W.S. Eijffinger. 1994. “The Ineffectiveness of Central Bank Intervention.” Center for Economic Research, No.94101.
Baillie, R., and W.P. Osterberg. 1997. “Why Do Central Banks Intervene?” Journal of International Money and Finance, 16(6): 909-19.
Bank for International Settlements. 2004. Triennial Central Bank Survey on Foreign Exchange and Derivatives Market Activity.

Becker, T., and A. Sy. 2005. “Were Bid-ask Spreads in the Foreign Exchange Market Excessive during the Asian Crisis?” IMF Working Paper 05/34, International Monetary Fund.

Behera, H.K., V. Narasimhan, and K.N. Murty. 2006. “Relationship Between Exchange Rate Volatility and Central Bank Intervention: An Empirical Analysis for India.” Paper presented at IGIDR Sixth Annual Conference on Money and Finance in the Indian Economy.
Bhaumik, S.K., and H. Mukhopadhyay. 2000. “RBI’s Intervention in Foreign Exchange Market-An Econometric Analysis.” Economic and Political Weekly, 35(5).

Bjonnes, H.G., and D. Rime. 2004. “Dealer Behavior and Trading Systems in Foreign Exchange Markets.”
Journal of Financial Economics, September.

Bonser-Neal, C. 1996. “Does Central Bank Intervention Stabilize Foreign Exchange Rates?” Federal Reserve Bank of Kansas City Economic Review, First Quarter.

Canales-Kriljenko, J.I. 2004. “Foreign Exchange Market Organisation in Selected Developing and Transition Economies: Evidence from a Survey.” IMF Working Paper No. 4.

Cornell, W.B. 1978. “Determinants of the Bid-ask Spread on Forward Foreign Exchange Contracts Under Floating Exchange Rates.” Journal of International Business Studies, Vol. 9:33-41. Danker, D.J., R.A. Has, D.W. Hendrson, S. Sysmansky, and R. Tryon. 1987. “Small Empirical Models of Exchange Market Intervention: Applications to Germany, Japan, and Canada.” Journal of Policy Modeling, Vol. 9:143-173.

Dominguez, K.M., and A.J. Frenkel. 1993. “Does Foreign Exchange Intervention Matter? The Portfolio Balance Effect.” American Economic Review, 83(5).

Dominguez, K.M. 1990. “Market Responses to Coordinated Central Bank Intervention.” Carnegie
Rochester Conference Series on Public Policy, Vol. 32:121-164.

Dominguez, K.M. 1998. “Central Bank Intervention and Exchange Rate Volatility.” Journal of International Money and Finance, Vol.17:161-190.

Edison, H.J. 1993. “The Effectiveness of Central Bank Intervention: A Survey of the Literature after 1982.” Princeton Special Papers in International Economics, No. 18, July.

Executives’ Meeting of East Asia Pacific Central Banks and Monetary Authorities (EMEAP). 2001.
“Experience and Practical Issues Concerning Foreign Exchange Operations.” EMEAP Study on Exchange Rate Regimes, June.

——. 2001. “Foreign Exchange Settlement Risk in the East Asia-Pacific Region.” Report prepared by the EMEAP Working Group on Payments and Settlement Systems, December.

Fane, G. 2000. “Capital Mobility, Exchange Rates and Economic Crises.” London: EE Publication. Fatum, R., and M. Hutchison. 2003. “Is Sterilised Foreign Exchange Intervention Effective After All? An Event Study Approach.” The Economic Journal, Vol. 113: 390-411.

——. 1999. “Is Intervention a Signal of Future Monetary Policy? Evidence from the Federal Funds Futures Market.” Journal of Money, Credit, and Banking, Vol. 31:54-69.

Frankel, J. A. 1982. “In Search of the Exchange Rate Premium: A Six Currency Test Assuming Mean-variance Optimization.” Journal of International Money and Finance, Vol. 1: 255-274.

Ghosh, A. 1992. “Is it Signaling? Exchange Intervention and Dollar-DM Rate.” Journal of International Economics, Vol.12: 201-220.

Goodhart, C.A.E., and T. Hesse. 1993. “Central Bank Foreign Exchange Intervention Assessed in Continuous Time.” Journal of International Money and Finance, Vol. 12: 368-389.

Gopinath, S. 2005. “Recent Developments in Foreign Exchange, Money and G-Sec Markets: Account and Outlook.” RBI Bulletin, September.

Government of India. 1993. The High Level Committee on Balance of Payments (Chairman: Dr. C.
Rangarajan), Ministry of Finance, New Delhi.

——. 2006. India’s External Debt: A Status Report. New Delhi, August.
Hartmann, P. 1999. “Trading Volumes and Transaction Costs in the Foreign Exchange Market – Evidence from Daily Dollar-Yen Spot Data.” Journal of Banking and Finance, Vol. 23: 801-824.

International Monetary Fund. 2007 “World Economic Outlook.” April.

Jacobson, L.R., 1983. “Calculations of Profitability for U.S. Dollar-Deutsche Mark Intervention.” Staff Studies 131. Board of Governors of the Federal Reserve System, Washington, D.C. September. Jalan, Bimal. 1999. “International Financial Architecture: Developing Countries Perspective.” RBI Bulletin, October.

——. 2003. “Exchange Rate Management: An Emerging Consensus?.” RBI Bulletin, September. Jorion, P. 1996. “Risk and Turnover in the Foreign Exchange Market.” in The Microstructure of Foreign Exchange Markets (eds.) Frankel, J.A., G. Galli and A. Giovannimi, London: The University of Chicago Press, 19-40.

Joshi, H., and M. Saggar. 1998. “Excess Returns, Risk Premia and Efficiency of the Foreign Exchange Market: Indian Experience in Post Liberalisation Period.” RBI Occasional Papers, Vol. 19: 129-152. Jurgenson, P. 1983. “Report of the Working Group on Exchange Market Intervention.” Washington, D.C., U.S. Dept. of the Treasury, March.

Kaminsky, L.G., and K. Lewis. 1996. “Does Foreign Exchange Intervention Signal Future Monetary Policy?” Journal of Monetary Economics, Vol. 37: 285–312.

Khundrakpam, J.K. 2007. “Economic Reforms and Exchange Rate Pass-through to Domestic Prices in India.” BIS Working Paper No. 225, February.

Kletzer, K., and R. Kohli. 2000. “Exchange Rate Dynamics with Financial Repression: A Test of Exchange Rate Models for India.” ICRIER Working Paper 52, March.

Kohli, R. 2000. “Real Exchange Rate Stabilisation and Managed Floating: Exchange Rate Policy in India.” 1993-99, ICRIER Working Paper 59, October.

Kortian, T.K. 1995. “Modern Approaches to Asset Price Formation: A Survey of the Recent Theoretical Literature.” Research Discussion Paper, Reserve Bank of Australia, WP 9501.

Lewis, K.K. 1995. “Are Foreign Exchange Market Intervention and Monetary Policy Related and Does it Really Matter?” Journal of Business, Vol. 68: 185-214.

——. 1988. “Testing the Portfolio Balance Model: A Multi-lateral Approach.” Journal of International Economics, Vol. 24: 109-127.
Lindberg, H. 1994. “The Effects of Sterilised Interventions Through the Signalling Channel, Sweden 1986-1990.” Sveriges Riksbank Working Paper 19.

Lipscomb, L. 2005. “An Overview of Non-Deliverable Foreign Exchange Forward Markets.” Bank of International Settlements, May.

Ma, G., C. Ho, and R.N. McCauley.  2004. “The Markets for Non-Deliverable Forwards in Asian Currencies.” BIS Quarterly Review, June.

Mc Kenzie, M. 2004. “An Empirical Examination of the Relation between Central Bank Intervention and Exchange Rate Volatility: Some Australian Evidence.” Australian Economic Papers, Vol. 43:59-74. Mohan, Rakesh. 2004. “Challenges to Monetary Policy in a Global Context.” RBI Bulletin, January.

 ——. 2004. “Financial Sector Reforms in India: Policies and Performance Analysis.” RBI Bulletin, October. ——. 2005. “Some Apparent Puzzles for Contemporary Monetary Policy.” RBI Bulletin, December. ——. 2006a. “Monetary Policy and Exchange Rate Frameworks: The Indian Experience.” RBI Bulletin, June. ——. 2006b. “Monetary and Financial Policy Responses to Global Imbalances.” RBI Bulletin, December. ——. 2006c. “Financial Sector Reforms and Monetary Policy: The Indian Experience.” RBI Bulletin, July. ——. 2006d. “Avian Influenza Pandemic: Preparedness within the Financial Sector.” RBI Bulletin, August. ——. 2007. “Development of Financial Markets in India.” Speech delivered at the First Indian-French Financial Forum, Mumbai, May.

Mussa, M. 1981. “The Role of Official Intervention.” Group of Thirty Occasional Papers No.6, New York. Neely, C. J. 2002. “The Temporal Pattern of Trading Rule Returns and Central Bank Intervention: Intervention Does Not Generate Technical Trading Rule Profits.” Working Papers 2000-018, Federal Reserve Bank of St. Louis.

Obstfeld, M. 1990. “The Effectiveness of Foreign Exchange Intervention-Recent Experience: 1985-1988.” in International Policy Coordination and Exchange Rate Fluctuations (eds.) W.H. Branson, J.A. Frankel and M. Goldstein, Chicago: U. Chicago press.

Pattanaik, S., and S. Sahoo. 2001. “The Effectiveness of Intervention in India: An Empirical Assessment.”
RBI Occasional Papers, Vol. 22, June.

Ranade, A., and G. Kapur. 2003. “Appreciating Rupee: Changing Paradigm?.” Economic and Political Weekly, February.

Ranjan, R., and S.C. Dhal. 1999. “Testing for the Impact of Cross-Currency Volatility on the Indian Rupee.” RBI Occasional Papers, 35(5). RBI, Mumbai.

Reddy, Y.V. 1997. “Exchange Rate Management: Dilemmas.”  RBI Bulletin, April. ——. 2003. “Global Economy and Financial Markets.” RBI Bulletin, October. ——. 2005. “Indian Economy: Current Status and Select Issues.” RBI Bulletin, February. ——. 2006a. “Financial Sector Reform and Financial Stability.” RBI Bulletin, March. ——. 2006b. “Global Imbalances: An Indian Perspective.” RBI Bulletin, June.

——. 2006c. “India in Emerging Asia.” RBI Bulletin, June.

——. 2006d. “Foreign Exchange Reserves: New Realities and Options.” RBI Bulletin, October. ——. 2006e. “Central Bank Communications: Some Random Thoughts.” RBI Bulletin, February. ——. 2007. “Point of View: Converting a Tiger.” Finance and Development, International Monetary Fund, Vol. 44, March.

Reserve Bank of India. 2006. Report of the Committee on Fuller Capital Account Convertibility (Chairman: S.S. Tarapore).

——. 1995. Report of the Expert Group on Foreign Exchange Markets in India (Chairman: O.P. Sodhani), June.

——. 1997. Report of the Committee on Capital Account Convertibility (Chairman: S.S. Tarapore). ——. 2000. Report on Currency and Finance. 1999-00.

——. 2003. Report on Currency and Finance. 2002-03. ——. 2004. Report on Currency and Finance. 2003-04.

——. 2005. Report of the Internal Technical Group on Foreign Exchange Markets.
Rogoff, K. 1984. “On the Effects of Sterilized Intervention: An Analysis of Weekly Data.” Journal of Monetary Economics, Vol. 14: 133–150.

Sahadevan, K. 2002. “Foreign Exchange Intervention and Future Monetary Policy: Some Empirical Evidence on Signaling Hypothesis.” ICFAI Journal of Applied Finance, Vol. 8.

Sarno, L., and M. Taylor. 2001. “Official Intervention In The Foreign Exchange Market: Is It Effective and, If So, How Does It Work?.” Journal of Economic Literature, Vol. 39: 839-868.

Sharma, A.K., and A. Mitra.  2006. “What Drives Forward Premia in the Indian Foreign Exchange Market?”
RBI Occasional Papers, 27 (1 and 2).

Tauchen, G., and M. Pitts. 1983. “The Price Variability-Volume Relationship in Speculative Markets.” Econometrica, Vol. 51:485-505.

Taylor, D. 1982. “Official Intervention in the Foreign Exchange Market or Bet Against the Central Bank.”
The Journal of Political Economy, Vol. 90: 356-368.

Udeshi, K.J. 2004. “Development of Forex Markets in India: Review and Prospects.” RBI Bulletin, September. Unnikrishnan, N.K., and P.R. Ravi Mohan. 2001. “Exchange Rate Dynamics: An Indian Perspective.”

RBI Occasional Papers, June.

VII. EQUITY AND CORPORATE DEBT MARKET

Allen, F.,  R. Chakrabarti, De, Sankar, Qian, Jun, and Meijun Qian. 2006. “Financing Firms in India.”
World Bank Policy Research Working Paper, 3975, August.

Allen, F., and D. Gale. 1999. Comparing Financial Systems. Cambridge: MIT Press.

Bandiera, Oriana, Gerard Caprio, Patrick Honohan, and Fabrio Schiantarselli. 2000. “Does Financial Reform Raise or Reduce Savings?” Review of Economics and Statistics, 82(2): 239-63. Bank for International Settlements. 2006. “Developing Corporate Bond Markets in Asia.” BIS Papers, No. 26, February.

Beck, Thorsten, Ross Levine, and Narsan Loayzo. 2000. “Finance and the Sources of Growth.” Journal of Financial Economics, 58 (1&2): 261-300.

Beck, Thorsten, and Ross Levine. 2003. “Stock Markets, Banks and Growth: Panel Evidence.” Journal of Banking and Finance, September.

Bose, Sushismita, and Dipankor Coondoo. 2003. “A Study of Indian Corporate Bond Market.” Money and Finance, ICRA Bulletin, January-March.

Cho, Y. 1986. “Inefficiencies from Financial Liberalisation in the Absence of Well-Functioning Equity Markets.” Journal of Money, Credit, and Banking, 18 (2): 191-199.

——. 1999. “Indian Capital Markets: Recent Development and Policy Issues.” Songang University,
Working Paper No. 99-01.

Christoffersen, P., and T. Slok. 2000. “Do Asset Prices in Transition Countries Contain Information About Future Economic Activity?” IMF Working Paper, WP/00/103, June.

Demirguc-Kunt, Asli, and Vojislav Maksimovic. 1998. “Law, Finance and Firm Growth.” Journal of Finance, 53(6): 2107-37, December.

Endo, Tadashi. 2004. “Debt Market Development in Emerging Economies: Major Issues and Challenges.” World Bank Seminar in Colombo, June 9.

Fratzscher, Oliver. 2006. “Emerging Derivative Markets in Asia.” Chapter for EAP Flagship on Asian Financial Market Development, The World Bank, March.

Government of India. Economic Survey, Various Issues.
Gyntelberg, J., and Eli M. Remolana. 2006. “Securitisation in Asia and the Pacific: Implications for Liquidity and Credit Risks.” BIS Quarterly Review, 65-75, June.

International Monetary Fund. 2000. World Economic Outlook, May. ——. 2005. Global Financial Stability Report, April.

IOSCO. 2002. “The Development of Corporate Bond Markets in Emerging Market Countries.” May. Levine, Ross, and Sara Zervos. 1998. “Stock Markets, Banks, and Economic Growth.” American Economic Review, 88(3):537-58, June.

Levine, Ross. 1997. “Financial Development and Economic Growth: Views and Agenda.” Journal of Economic Literature, 35(2):688-726, June.
——. 2003. “More on Finance and Growth: More Finance, More Growth?” Federal Reserve Bank of St.
Louis. 31-46, July/August.

Li, Kai. 2007. “The Growth of Equity Market Size and Trading Activity: An International Study.” Journal of Empirical Finance, Vol. 14: 59-90.

Ludwig, A., and T. Slok. 2002. “The Impact of Changes in Stock Prices and House Prices on Consumption in OECD countries.” IMF Working Paper, WP/02/1, January.

Luengnaruemitchai, P., and Li Lian Ong. 2005. “An Anatomy of Corporate Bond Markets: Growing Pains and Knowledge Gains.” IMF Working Paper, WP/05/152, July.

Mckinsey. 2006. “Accelerating India’s Growth Through Financial System Reforms.” May. Mohan, Rakesh. 2004a. “Financing for Industrial Growth.” RBI Bulletin, March.

——. 2004b. “Debt Markets in India – Issues and Prospects.” RBI Bulletin, December.

——. 2006a. “Recent Trends in the Indian Debt Market and Current Initiatives.” RBI Bulletin, April. ——. 2006b. “Financial Sector Reforms and Monetary Policy: The Indian Experience.” RBI Bulletin, July. Nagaishi, M. 1999. “Stock Market Development and Economic Growth: Dubious Relationship.” Economic and Political Weekly, 17-23, July.

Nagaraj, R. 1996. “Indian Capital Market Growth: Trends, Explanations and Evidences.” Economic and Political Weekly, Vol.33:14-20, March.

National Stock Exchange of India Ltd. 2005. “Indian Securities Market – A Review.” Volume VIII. ——. 2006. NSE Fact Book.
Patil, R. H. 2004. “Corporate Debt Market: New Beginnings.” Economic and Political Weekly, March 20, 1237-1246.

——. 2005. Report of the High Level Expert Committee on Corporate Debt and Securitisation, December. Purfield, Catriona, Hiroko Oura, Charles F. Kramer, and Andreas Jobst. 2006. “Asian Equity Markets: Growth, Opportunities, and Challenges.” IMF Working Paper, WP/06/266, December.

Rajan, Raghuram. G., and L. Zingales. 1998. “Financial Dependence and Growth.” American Economic Review, Vol. 88: 559-586.
Reddy, Y.V. 2005. “Banks and Corporates as Partners in Progress.” RBI Bulletin, November.
——. 2002. “Developing Bond Markets in Emerging Economies: Issues and Indian Experience.” RBI
Bulletin,April.

Reserve Bank of India. 2004. Report on Currency and Finance, 2003-04. ——. 2006. Handbook of Statistics on the Indian Economy, 2005-06.
Romer, C. 1990. “The Great Crash and the Onset of the Great Depression.” Quarterly Journal of Economics, Vol.105: 597-624.

Rousseau, Peter L., and Paul Wachtel. 2000. “Equity Markets and Growth: Cross-country Evidence on Timing and Outcomes, 1980-1995.” Journal of Banking and Finance, 24(12): 1933-57, December. Sakakibara, Eisuke. 2001. “A Brief Overview: Creation of Asian Bond Market.” in Bond Market Development in Asia, Proceedings of Round Table on Capital Market Reforms in Asia, Asian Development Bank Institute.

Securities and Exchange Board of India. 2003. SEBI-NCAER Survey of Indian Investors, March. ——. 2006. Handbook of Statistics on the Indian Securities Market, December.

Shah, Ajay. 1995. “The Indian IPO Market: Empirical Facts - Technical Report.” Centre for Monitoring Indian Economy, June.
Shah, A., and Susan Thomas. 1997. “Securities Markets : Towards Greater Efficiency.” India Development Report, Oxford University Press.

Singh, A. 1995. “Corporate Financial Patterns in Industrialising Economies.” Technical Paper, International Finance Corporation, Washington, D.C.
——. 1997. “Financial Liberalisation, Stock Markets and Economic Development.” The Economic Journal, 107(442): 771-782, May.

Society for Capital Market Research and Development. 2005. “Indian Household Investors Survey –The Changing Market Environment, Investors’ Preferences, Problems, Policy Issues.” June. Takagi, Shinji. 2001. “Developing a Viable Corporate Bond Market under a Bank-Dominated System –Analytical Issues and Policy Implications.”in Bond Market Development in Asia, Proceedings of Round Table on Capital Market Reforms in Asia, Asian Development Bank Institute.

The World Bank. 2004. Report on the Observance of Standards and Codes (ROSC) - Corporate Governance Country Assessment: India. Working Paper No. 2004/04/01.

The World Bank. 2006a. Global Development Finance,  Washington D.C. ——. 2006b. Doing Business 2007 : How to Reform, September.

World Federation of Exchanges. www.fibv.org.

VIII. FINANCIAL MARKET INTEGRATION

Agenor, P. R. 2001. “Benefits and Costs of International Financial Integration.” Paper for the Conference on Financial Globalisation: Issues and Challenges for Small States. Saint Kitts. March 27-28. Bank for International Settlements. 2006. “Regional Financial Integration in Emerging Markets: Trends and Policy Challenges.” Unpublished Paper.

Bekaert, Geert, Min Wei and Yuhang Xing. 2002. “Uncovered Interest Parity and the Term Structure”.

NBER Working Paper 8795.

Bhagwati, Jagdish. 1998. “The Capital Myth: The Difference between Trade in Widgets and Trade in Dollars.” Foreign Affairs, Vol. 77: 7-12.

Bhoi, B. K., and S. C. Dhal. 1998. “Integration of Financial Markets in India: An Empirical Evaluation.”

RBI Occasional Papers, 19(4). December.

Blinder, A.S. 2004. “The Quiet Revolution: Central Banking Goes Modern.” London: York University Press. Brewer, T. L., and S. Nollen. 2000. “Direct Investment and Portfolio Flows to Developing Countries.” World Bank.

Caprio, Gerard, and Patrick Honhan. 1999. “Restoring Banking Stability: Beyond Supervised Capital Markets.” Brookings Paper on Economic Activity, Vol.1:143-80.

Chinn. M. D. and Meredith G. 2002. “Testing Uncovered Interest Parity at Short and Long Horizons during the Post-Bretton Woods Era’. Working Paper, University of California.

Chuhan, P., G. Perez-Quiros, and H. Popper. 1996. “International Capital Flows: Do Short-term Investment and Direct Investment Differ?” PRE Working Paper No. 1669, World Bank.

Cournot, Augustin. 1927. Researches into the Mathematical Principles of the Theory of Wealth. trans. by Nathaniel T. Bacon. New York: Macmillan.

Dadush, U., D. Dasgupta, and D. Ratha. 2000. “The Role of Short-term Debt in Recent Crises.” Finance and Development, Vol. 37:54-57.

Fama, Eugene, F. 1984. “Forward and Spot Exchange Rates.” Journal of Monetary Economics, Vol. 14. Flood, Robert, P., and Andrew K. Rose. 2002. “Uncovered Interest Parity in Crisis.” IMF Staff Papers, 49(2). Froot, Kenneth, A., and H. Richarh Thaler. 1990. “Anomalies: Foreign Exchange.” Journal of Economic Perspectives, 49(3).

Giannetti, M. Guiso, L. Jappelli, M. Padula, and M. Pagano. 2002. “Financial Market Integration, Corporate Financing and Economic Growth.” European Commission.

Government of India. 2005. Report of High Level Expert Committee on Corporate Bonds and Securitisation (Chairman: Dr. R.H. Patil).

Isard, Peter. 1995. Exchange Rate Economics, Cambridge University Press.
Joshi, H., and M. Saggar. 1998. “Excess Returns, Risk-Premia and Efficiency of the Foreign Exchange Market: Indian Experience in the Post Liberalisation Period.” RBI Occasional Papers, 19(2), June. Kim, Soyoung, and Nouriel Roubini. 2000. “Exchange Rate Anomalies in the Industrial Countries: A

Solution with a Structural VAR Approach.” Journal of Monetary Economics, Vol. 45.
Kose, M. A., E. Prasad, K. Rogoff, and Shang-Jin Wei. 2006. “Financial Globalisation: A Reappraisal.”
IMF Working Paper, WP/06/189.

Lane, P.R. and G. M.M. Ferretti. 2006. “The External Wealth of Nations: Revised and Extended Estimates of Foreign Assets and Liabilities 1970-2004. IMF Working Paper No. 69.

Levine, Ross. 1996. “Foreign Banks, Financial Development and Economic Growth.” International Financial Markets. (ed.) by Claude E. Barfield. Washington DC: American Enterprise Institute Press. Levine, Ross. 2001. “International Financial Integration and Economic Growth.” Review of International Economics, Vol. 9.

Marshall, Alfred. 1930. Principles of Economics: An Introductory Volume. 8th ed. London: Macmillan. Mehra, R., and E.C. Prescott. 1985. “The Equity Premium: A Puzzle.” Journal of Monetary Economics, 15(2). Meredith, Guy, and Yue Ma. 2002. “The Forward Premium Puzzle Revisited.” IMF Working Paper. Mohan, Rakesh. 2004a. “Challenges to Monetary Policy in a Globalising Context.” RBI Bulletin, January. ——. 2004b. “Financial Sector Reforms in India: Policies and Performance Analysis.” RBI Bulletin, October. ——. 2005. “Globalisation, Financial Markets and the Operation of Monetary Policy in India.” BIS Papers No 23.

——. 2006. “Monetary Policy and Exchange Rate Frameworks: The Indian Experience.” RBI Bulletin, June. ——. 2007. “Monetary Policy Transmission in India.” RBI Bulletin, April.

Pattnaik, R. K., Muneesh Kapur, and S, C. Dhal. 2003. “Exchange Rate Policy and Management: The Indian Experience.” Economic and Political Weekly, May 31.

Prasad, Eswar, K. Rogoff, Shang-Jin Wei and A. Kose. 2003. “Effects of Financial Globalisation on Developing Countries: Some New Evidence.” IMF Occasional Paper 220.

——. 2006. “The Macroeconomic Implications of Financial Globalisation.” Journal of Economic Literature.

Pétursson, T G. 2001. ‘‘The Transmission Mechanism of Monetary Policy: Analysing the Financial Market Pass-Through.” Working Papers No. 14. Central Bank of Iceland.

Reddy, Y. V. 1999. “Financial Sector Reforms: Review and Prospects.” RBI Bulletin, January.

——. 2002. “Dimensions of Financial Development, Market Reforms and Integration: The Indian Experience.” In  Macroeconomics and Monetary Policy: Issues for a Reforming Economy, (eds.) M.S. Ahluwalia, Bimal Jalan and S. S. Tarapore, New Delhi : Oxford University Press.

——. 2003. “The Global Economy and Financial Markets: Outlook, Risks and Policy Responses.” RBI
Bulletin, October.

——. 2005a. “Overcoming Challenges in a Globalised Economy.” RBI Bulletin, July.

——. 2005b. “Implications of Global Financial Imbalances for the Emerging Market Economies”. RBI
Bulletin, December.

——. 2005c. “Globalisation of Monetary Policy and Indian Experience.” RBI Bulletin, July. ——. 2005d. “Annual Policy Statement for the year 2005-06.” Reserve Bank of India, April.

——. 2006a. “Reforming India’s Financial Sector: Changing Dimensions and Emerging Issues.” RBI
Bulletin, June.

——. 2006b. “Globalisation, Money and Finance: Uncertainties and Dilemmas.” RBI Bulletin, October. Reserve Bank of India. 2001. Report on Currency and Finance, 1999-2000.
——. 2006. Report of the Committee on Fuller Capital Account Convertibility (Chairman: S. S. Tarapore), Mumbai.

Rodrik, Dani. 1998. “Who Needs Capital Account Convertibility?’’ Harvard University, Mimeo.
Sarno, Lucio, and Mark P. Taylor. 1999. “Hot Money, Accounting Labels and the Permanence of Capital Flows to Developing Countries: An Empirical Investigation.” Journal of Development Economics, Vol. 59: 337-64.

Sharpe, William F. 1964. “Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk.” Journal of Finance, 19 (3).
Stiglitz, Joseph. 2002. Globalisation and its Discontents. New York: Norton.

Sundararajan, V., Cem Karacadag, and Jennifer Elliott. 2003. “Financial Market Development: Sequencing of Reforms to Ensure Stability.” Fifth Annual Financial Markets and Development Conference, Organized by the Brookings Institution, the International Monetary Fund, and the World Bank. Tobin J. 1958. “Estimation of Relationship for Limited Dependent Variables.” Econometrica, January. Trichet, J.C. 2005. “European Financial Integration.” Speech delivered at 10th Symposium on Finance, Banking, and Insurance, University of Karlsruhe, Karlsruhe, December 16.

United Nations Conference on Trade and Development. 2006. “World Investment Report.”
United States Agency for International Development. 1998.  “Financial Markets Development.” USAID
Policy Paper.

Wadhwani, Sushil. 1999. “Currency Puzzles.” Lecture Given at the London School of Economics.
September.

World Bank. 2000. Global Development Finance. New York. ——. 2006. Global Development Finance. New York.

IX. OVERALL ASSESSMENT

Geithner, Timothy F. 2007. “Liquidity and Financial Markets.” BIS Review, Vol.19.
Lipschitz, Leslie. 2007. “Wising Up about Finance.” Finance and Development, 44(1). March.

Mohan, Rakesh. 2004. “Challenges to Monetary Policy in a Globalising Context.” RBI Bulletin, January. ——. 2006a. “Coping with Liquidity Management: A Practitioner’s View.” RBI Bulletin, April.

——. 2006b. “Evolution of Central Banking in India.” RBI Bulletin, June.

——. 2006c. “Monetary Policy and Exchange Rate Frameworks: The Indian Experience.” RBI Bulletin, June.

——. 2007a. “Current Challenges to Monetary Policy Making in India.” RBI Bulletin, March.

——. 2007b. “Monetary Policy Transmission in India.” Paper presented at the BIS’ Deputy Governor’s Meeting on “Transmission Mechanisms for Monetary Policy in Emerging Market Economies –What is New?” RBI Bulletin, April.

Rajan, Raghuram G., 2005. “Has Financial Development Made the World Riskier?” NBER Working Paper 11278.
Reddy, Y.V. 2004. “Financial Stability: Indian Experience.” RBI Bulletin, July.

——. 2007a. “Point of View: Converting a Tiger.” Finance and Development, 44(1),  March. ——. 2007b. “Globalisation and Monetary Policy: Some Emerging Issues.” RBI Bulletin, April.

Reserve Bank of India. 2006. Report of the Committee on Fuller Capital Account Convertibility.
(Chairman: S. S. Tarapore).

——. 2007. “Third Quarter Review of the Annual Statement on Monetary Policy for the year 2006-07.” January.


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