Macro/Finance Group: Meetings


13th Research Meeting of NIPFP-DEA Research Program

6-8 March, 2015

'Jalgiri Mahal'
Neemrana Fort Palace
Rajasthan



NIPFP-DEA Conference

“Next Generation Fiscal Reform Frameworks to deliver
effective counter-cyclical policy: Indian and International
Experiences”

12-13 December, 2014

Hotel Cidade de Goa
Vainguinim Beach
Goa, India (www.cidadedegoa.com)
Logistics

12 December 2014

 Inaugural Session
09:30 - 09:45 Welcome Address, Rathin Roy, Director, NIPFP
09:45 - 10:00 Opening Remarks, Ila Patnaik, DEA, Ministry of Finance, [slideshow]

10:00 - 11:30 Session I - Experiences with fiscal rules
Chair: Rathin Roy, NIPFP
  Fiscal rules at sub-national levels, Sanjeev Gupta, International Monetary Fund, [slideshow]
  Cyclically adjusted fiscal stance in India, Saurabh Ghosh, Reserve Bank of India, [slideshow]
  The impact of national fiscal rules on the stabilization function of fiscal policy, Agnese Sacchi, Universitas Mercatorum, [slideshow]

11:30 - 11:50

Tea/Coffee Break

11:50 - 13:20 Session II - Emerging economies experience with fiscal rules, fiscal councils and counter-cyclicality
Chair: Ila Patnaik, DEA, Ministry of Finance
  State finances in India, Vinaya Swaroop, World Bank, [slideshow]
  Fiscal councils in emerging markets, Xavier Debrun, International Monetary Fund, [slideshow]
  Fiscal rules in emerging markets: What have we learnt?, Marcelo Giugale, World Bank, [slideshow]

13:20 - 14:30

Lunch

14:30 - 16:15 Session III - Expenditure management: Achieving fiscal stability and automatic stabilisers
Chair: Sumit Bose, Expenditure Management Commission
  Remarks from Chair - Challenges before Expenditure Management Commission (EMC)
  Expenditure management during economic downturns, Allen Schick, University of Maryland, [slideshow]
  Let's improve the plumbing, Viral Shah, FourthLion Technologies
  Fiscal and welfare costs of excess food stocks, Bharat Ramaswami, Indian Statistical Institute, [slideshow]

19:45

Talk over Dinner, Arvind Subramanian, Chief Economic Advisor, DEA, Ministry of Finance

13 December 2014

09:30 - 11:00 Session IV - Panel discussion on states experience with fiscal rules
Chair: M Govinda Rao, Fourteenth Finance Commission
  V. Bhaskar, Government of Andhra Pradesh, [slideshow]

  Upendra Nath Behera, Government of Odisha, [slideshow]

  Vini Mahajan, Government of Punjab

11:00 - 11:30

Tea/Coffee Break

11:30 - 13:00 Session V - Institution building for debt management - global and national experiences
Chair: Dhirendra Swarup
  Strengthening institutions to manage public debt: design and implementation, Phillip Anderson, World Bank, [slideshow]
  Debut management in Turkey, Hakki Karatas, Undersecretariat of treasury, Republic of Turkiye, [slideshow]
  Setting up public debt management agency in India, Neeraj Gambhir, Nomura India

13:00 - 14:00

Lunch

14:00 - 15:45 Session VI - Next steps in fiscal institution building
Chair: Rathin Roy, NIPFP
  Experiences with budget institutions in G20 countries, Sanjeev Gupta, International Monetary Fund, [slideshow]

  Fiscal, financial and monetary institution building, Ajay Shah, NIPFP, [slideshow]

  Policy takeaways and comments, Arvind Subramanian, DEA, Ministry of Finance

Comments by Chair

15:45 - 16:15

Remarks and next steps, Rajiv Mehrishi, Finance Secretary, Ministry of Finance

20:00

Dinner


12th Research Meeting of NIPFP-DEA Research Program

13-14th March, 2014

Magnolia Conference Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3 on Vardhman Marg.

13 March 2014

09:00 - 09:30 Tea/Coffee with Snacks
09:30 - 10:00 Inaugural Session
    Introduction by Rathin Roy, Director, NIPFP
    Inaugural Address by C. Rangarajan, Chairman, NIPFP
10:00 - 10:50      International investors in local bond markets: Indiscriminate flows or discriminating tastes?, [paper] [slideshow]
     Rajeswari Sengupta, IGIDR
         Discussant: Joshua Felman, International Monetary Fund [slideshow]
10:50 - 11:40      Two tales of adjustment: East Asian lessons for European growth, [paper] [slideshow]
     Anusha Chari, University of North Carolina at Chapel Hill
         Discussant: Ajay Shah, NIPFP [slideshow]
11:40 - 12:00 Tea/Coffee
12:00 - 12:50      Exchange rate management and crisis susceptibility: A reassessment, [paper] [slideshow]
     Atish Rex Ghosh, International Monetary Fund
         Discussant: Ila Patnaik, NIPFP [slideshow]
12:50 - 13:50 Lunch
13:50 - 14:40      Motivations for capital controls and their effectiveness, [paper] [slideshow]
     Ila Patnaik, NIPFP
         Discussant: Atish Rex Ghosh, International Monetary Fund [slideshow]
14:40 - 15:30      Who borrows abroad and what are the consequences, [slideshow]
     Ajay Shah, NIPFP
         Discussant: Anusha Chari, University of North Carolina at Chapel Hill
15:30 - 15:50 Tea/Coffee
15:50 - 18:00 Panel Discussion
     FX Risks: Deleveraging < Delhi < Dollar, [slideshow]
     Abhishek Gupta and Indranil Sen Gupta, DSP Merrill Lynch Limited

     Financial reforms
     K. P. Krishnan, DEA

         Discussant: Ajay Shah, NIPFP
                          Joshua Felman, International Monetary Fund

19:30 - 21:00 Dinner, at the 'Maple Room' at India Habitat Centre

14 March 2014

09:30 - 10:15 Tea/Coffee with Snacks
10:15 - 11:05      An unobserved components Phillips curve for India, [paper] [slideshow]
     Ananya Kotia, Oxford University
         Discussant: Abhishek Gupta, DSP Merrill Lynch Limited
11:05 - 11:30 Tea/Coffee
11:30 - 12:30      Internationalization choices: An ordered probit analysis at industry-level, [paper] [slideshow]
     Alberto Franco Pozzolo, University of Molise
         Discussant: Apoorva Gupta, NIPFP [slideshow]
12:30 - 13:20      Comparative advantage as a source of exporters' pricing power: Evidence from China and India, [paper] [slideshow]
     Sushanta Mallick, University of London
         Discussant: Rudrani Bhattacharya, NIPFP [slideshow]
13:20 - 14:20 Lunch
14:20 - 15:20      Monetary policy analysis in an inflation targeting framework in emerging economies: The case of India, [paper] [slideshow]
     Rudrani Bhattacharya, NIPFP
         Discussant: Subir Gokarn, Brookings India
15:20 - 15:40 Tea/Coffee
15:40 - 16:30      The future of the Euro at 15: Rounding the corners of the holy trinity?, [paper] [slideshow]
     Ad van Riet, European Central Bank
         Discussant: Subir Gokarn, Brookings India
16:30 - 18:00 Panel Discussion
     Post election growth scenario,
     Ila Patnaik, NIPFP

     New thinking on wealth effects and household borrowing, [slideshow]
     Josh Felman, International Monetary Fund

     Lessons from financial reform in the US and Europe for India?,
     Sony Kapoor, Re-define

         Discussant: Subir Gokarn, Brookings India

19:30 - 21:00 Dinner, at the 'Maple Room' at India Habitat Centre


Food Inflation: Micro and Macro Perspectives
25th February, 2014

Conference Room (Ground Floor), R&T Building, NIPFP, New Delhi

09:45 - 10:00 Tea/Coffee
10:00 - 10:15      Inaugural speech, [speech]
     Ajay Chhibber, Independent Evaluation Organisation
Chairman, Ajay Chhibber, Independent Evaluation Organisation
10:15 - 10:45      Understanding food inflation in India, [slideshow]
     Rudrani Bhattacharya, NIPFP
10:45 - 11:15      Indian inflation 2008-2013 – What happened?, [slideshow]
     Surjit Bhalla, OxUs Investments
11:15 - 11:30 Tea/Coffee
11:30 - 12:00      Farm sector performance and food price inflation in India: Insights and lessons from pre- and post- economic liberalisation experiences, [slideshow]
     Sthanu R. Nair, IIM Kozhikode
12:00 - 12:30      Food Inflation: The role of monetary policy in India, [slideshow]
     Rahul Anand and Volodymyr Tulin, IMF
12:30 - 13:15 Lunch
13:15 - 14:00      Better resource allocation through commodity futures markets, [slideshow]
     Ajay Shah, NIPFP
         Discussants: Ramesh Abhishek, FMC and C. K. G. Nair, Ministry of Finance
14:00 - 14:45      Enabling a competitive, national market for food, [slideshow]
     Ila Patnaik, Shubho Roy and Anirudh Burman, NIPFP
         Discussants: K. P. Krishnan, Ministry of Finance and Anandi Subramanian, Ministry of Finance and Sanjay Kaul, NCML
14:45 - 15:00 Tea/Coffee
15:00 - 16:15      Building capable warehouses
     Chairman, M.S. Sahoo, ICSI

     Dinanath Kolamkar, Ministry of Finance
     Yatinder Prasad, WDRA, [slideshow]
     Anil K. Choudhary, NBHC
     Samir Shah, NCDEX
     Arjun Rajagopal, NIPFP
     Suyash Rai, NIPFP, [slideshow]
16:15 - 17:30      Food supply chains: Challenges & opportunities
     Chairman, Ajay Shah, NIPFP

     Sanjeev Asthana, I-Farm Venture Advisors Pvt. Ltd.
     Sachid Madan, Technico Agri Sciences Ltd.
     Nitin Puri, Yes Bank
     Unupom Kausik, Olam Agro India Ltd.
17:30 - 17:40      Closing remarks


India Macro Policy Review, 19th November, 2013

NIPFP Auditorium, NIPFP, New Delhi

09:00 - 09:30 Tea/Coffee
09:30 - 10:00      Is food special, [slideshow]
     Rudrani Bhattacharya, NIPFP
10:00 - 10:30      Improvements in macroeconomic measurement, [slideshow]
     Radhika Pandey, NIPFP
10:30 - 10:45 Tea/Coffee
10:45 - 11:15      QE unwinding and its impact, [slideshow]
     Ila Patnaik, NIPFP
11:15 - 11:45      How did we get it so wrong?
     Sajjid Chinoy, J. P. Morgan
11:45 - 12:30      The Macroeconomic situation, [slideshow]
     Ajay Shah, NIPFP
12:30 - 13:30 Lunch Break
13:30 - 14:15      Election spending and growth, [slideshow] (Preliminary work. Do not cite)
     Taimur Baig, Deutsche Bank
14:15 - 14:45      Fiscal policy - Centre but not States, [slideshow] [slideshow]
     Rathin Roy, NIPFP
14:45 - 15:15 Tea/Coffee
15:15 - 17:15      An FPAS model for India, [slideshow]
     Pranav Kumar Gupta, IMF
17:15 - 17:45 Tea/Coffee


11th Research Meeting of NIPFP-DEA Research Program

7-8 September, 2013

'Darbar Mahal'
Neemrana Fort Palace
Rajasthan


7 September 2013

 Inaugural Session
09:00 - 09:10 Introduction by Rathin Roy, Director, NIPFP
09:10 - 10:00 Inaugural Address by Ajay Chhibber, Director General, Independent Evaluation Office, Government of India, [speech]
Technical Session
10:00 - 10:50      International asset allocation: The benchmark effect, [paper] [slideshow]
     Sergio Schmukler, World Bank
         Discussant: Gangadhar Darbha, Nomura Securities
10:50 - 11:10 Coffee Break
11:10 - 12:00      Learning to export, [paper] [slideshow]
     Ajay Shah, NIPFP
         Discussant: Sergio Schmukler, World Bank [slideshow]
12:00 - 12:50      Understanding the pro-cyclicality of capital flows, [paper] [slideshow]
     Rudrani Bhattacharya, NIPFP
         Discussant: Prachi Mishra, International Monetary Fund [slideshow]
12:50 - 13:50 Lunch
13:50 - 14:40      Foreign investors on extreme days, [slideshow]
     Nirvikar Singh, University of California, Santa Cruz
         Discussant: Thomas Richardson, International Monetary Fund
14:40 - 15:00 Coffee Break
Envisioning withdrawal of QE in the US
15:00 - 15:50     Did QE Unleash a Monetary Tsunami? An Exchange Market Pressure Approach, [paper] [slideshow]
     Ila Patnaik, NIPFP
15:50 - 16:20      Impact of QE upon EMs
     Rhys Mendes, Bank of Canada
16:20 - 17:10      Surges, [paper] [slideshow]
     Atish Rex Ghosh, International Monetary Fund
17:10 - 18:00      Discussion
     Sajjid Chinoy, J. P. Morgan [slideshow]
18:00 - 18:50      Floor Discussion

20:00 - 22:00 Dinner

8 September 2013

Too sensational: The problem of the rupee
09:30 - 10:00      The role of the NDF market
     Gangadhar Darbha, Nomura Securities
10:00 - 10:20      Recent policy actions on the rupee, [slideshow]
     Jayesh Mehta, Bank of America Merrill Lynch
10:20 - 10:50      Coffee Break
10:50 - 11:10      How might the rupee story play out, [slideshow]
     Ila Patnaik, NIPFP
11:10 - 11:40      Discussion,
     Subir Gokarn, Brookings India
11:40 - 12:40      Floor Discussion
12:40 - 13:40 Lunch
Reviving growth
13:40 - 14:10      Emerging markets after 2009, [slideshow]
     Joshua Felman, International Monetary Fund
14:10 - 14:40      Do weak institutions prolong the fall?, [paper] [slideshow]
     Richard Bluhm
14:40 - 15:10      Coffee Break
15:10 - 15:40      Disentangling India’s investment slowdown, [slideshow]
     Thomas Richardson, International Monetary Fund
15:40 - 17:10      Discussion,
     Ajay Chibber, IEO
     K. P. Krishnan, DEA
     Ajay Shah, NIPFP

20:00 - 22:00

Dinner



10th Research Meeting of NIPFP-DEA Research Program

NIPFP-DEA-JIMF Conference, 12-13th December, 2012

'Darbar Mahal'
Neemrana Fort Palace
Rajasthan


12 December 2012

9:15 - 9:30 Welcome Address
9:30 - 10:30 Keynote Address
    Raghuram Rajan, Chief Economic Advisor, Department of Economic Affairs (by video from Delhi)
10:30 - 11:30      Macro-prudential policies to mitigate financial system vulnerabilities, [paper] [slideshow]
     Stijn Claessens, International Monetary Fund
         Discussant: Viral Acharya, Stern School of Business [slideshow]
11:30 - 12:00 Coffee
12:00 - 13:00      Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flows concerns, [paper] [slideshow]
     Gurnain Kaur Pasricha, Bank of Canada
         Discussant: Ila Patnaik, NIPFP [slideshow]
13:00 - 14:00 Lunch
14:00 - 15:00      The growth of a shadow banking system in emerging markets: Evidence from India, [paper] [slideshow]
     Viral Acharya, Stern School of Business
         Discussant: Stijn Claessens, International Monetary Fund [slideshow]
15:00 - 16:00      The financing and growth of firms in China and India: Evidence from capital markets, [paper] [slideshow]
     Sergio Schmukler, World Bank
         Discussant: Tarun Ramadorai, University of Oxford [slideshow]
16:00 - 16:30 Coffee
16:30 - 17:30      Impact of exchange rate movements on exports: An analysis of Indian non-financial sector firms, [paper] [slideshow]
     Yin-Wong Cheung, City University of Hong Kong
         Discussant: Joshua Aizenman, University of California, Santa Cruz [slideshow]
17:30 - 18:30      China’s financial linkages with Asia and the global financial crisis, [paper] [slideshow]
     Reuven Glick, Federal Reserve Bank of San Francisco
         Discussant: Rajeswari Sengupta, The Institute for Financial Management and Research [slideshow]
20:00 - 21:30 Dinner

13 December 2012

09:30 - 10:30      The global financial crisis and Indian banks: Survival of the fittest?, [paper] [slideshow]
     Poonam Gupta, NIPFP
         Discussant: Giovanni Veronese, Bank of Italy [slideshow]
10:30 - 11:30      How do foreign investors impact domestic economic activity? Evidence from China and India, [paper] [slideshow]
     Christian T. Lundblad, The University of North Carolina
         Discussant: Robert N. McCauley, Bank for International Settlements [slideshow]
11:30 - 12:00 Coffee
12:00 - 13:00      The investment technology of foreign and domestic institutional investors in an emerging market, [paper] [slideshow]
     Ajay Shah, NIPFP
         Discussant:Tarun Ramadorai, University of Oxford
13:00 - 14:00 Lunch
14:00 - 15:00      Is China or India more financially open?, [paper] [slideshow]
     Robert N. McCauley, Bank for International Settlements
         Discussant: Joshua Felman, International Monetary Fund [slideshow]
15:00 - 15:30 Coffee
15:30 - 17:00 Policymakers Session
     Anup Wadhawan, Department of Economic Affairs
     K. P. Krishnan, Government of Karnataka [slideshow]
     Stijn Claessens, International Monetary Fund [slideshow]
17:00 - 18:00 Valedictory Address
     Arvind Mayaram, Secretary, Department of Economic Affairs
18:00 - 18:30 Coffee

20:00 - 21:30

Dinner


NIPFP Macro-DSGE Workshop, 2012

Conference Hall (Ground Floor), New Building, NIPFP, New Delhi

12 November 2012

9:30 - 10:30      Monetary policy and bank lending rates in low-income countries: Heterogeneous panel estimates
     Prachi Mishra, International Monetary Fund
         Discussant: Ila Patnaik, NIPFP

10:30 - 10:45 Coffee Break
10:45 - 11:45      Emerging economy business cycles and terms of trade shocks
     Madhavi Pundit, NIPFP
         Discussant: Jyoti Vig, Instiute of Economic Growth

11:45 - 12:00 Coffee Break
12:00 - 13:00      Are fiscal and monetary policies in India procyclical?
     Radhika Pandey, NIPFP
         Discussant: Prachi Mishra, International Monetary Fund

13:00 - 14:00 Lunch
14:00 - 15:00      Management of capital flows in India: 1990-2011
     Abhijit Sen Gupta, Asian Development Bank
         Discussant: Ajay Shah, NIPFP

15:00 - 15:15 Coffee Break
15:15 - 16:15      Credit constraints, productivity shocks and consumption volatility in emerging economies
     Rudrani Bhattacharya, NIPFP
         Discussant: Partha Chatterjee, Faculty of Management Studies, Delhi


9th Research Meeting of NIPFP-DEA Research Program

15-16th March, 2012

Magnolia Conference Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3 on Vardhman Marg.


15 March 2012

9:00 - 9:30 Coffee with Snacks
9:30 - 10:15 Inaugural Session
    C. Rangarajan, Chairman, NIPFP
10:15 - 11:05      Capital flow waves: Surges, stops, flight, and retrenchment, [paper] [slideshow]
     Francis E. Warnock, University of Virginia
         Discussant: Joshua Aizenman, University of California, Santa Cruz [slideshow]

11:05 - 11:45      Recent trends in measures to manage capital flows in emerging economies, [paper] [slideshow]
     Gurnain Kaur Pasricha, Bank of Canada
         Discussant: Madhavi Pundit, NIPFP [slideshow]

11:45 - 12:00 Coffee
12:00 - 12:45      Capital flow types, external financing needs, and industrial growth: 99 countries, 1991-2007, [paper] [slideshow]
     Joshua Aizenman, University of California, Santa Cruz
         Discussant: Sergio Schmukler, World Bank [slideshow]

12:45 - 13:25      Trade productivity upgrading, trade fragmentation, and FDI in manufacturing: The Asian development experience, [paper] [slideshow]
     Nirvikar Singh, University of California, Santa Cruz
         Discussant: Rudrani Bhattacharya, NIPFP [slideshow]

13:25 - 14:10 Lunch
14:10 - 15:00      Improved measurement of exchange market pressure
     Ila Patnaik, NIPFP
         Discussant: Michael M. Hutchison, University of California, Santa Cruz

15:00 - 15:45      Emerging local currency bond markets, [paper] [slideshow]
     Veronica C. Warnock, University of Virginia
         Discussant: Rajeswari Sengupta, Institute for Financial Management and Research [slideshow]

15:45 - 16:00 Coffee
16:00 - 18:00 The view from the trenches
     Jayesh Mehta, Bank of America
     Jahangir Aziz, J P Morgan [slideshow]
         Discussant: K. P. Krishnan, EAC to PM

19:30 - 21:00 Dinner, at the 'Maple Room' at India Habitat Centre

16 March 2011

9:30 - 10:00 Coffee with Snacks
10:00 - 10:50      The role of FII, [slideshow]
     Ajay Shah, NIPFP
         Discussant: Tarun Ramadorai, University of Oxford [slideshow]

10:50 - 11:40      On the international transmission of shocks: Micro-evidence from mutual fund portfolios, [paper] [slideshow]
     Sergio Schmukler, World Bank
         Discussant: Ajay Shah, NIPFP [slideshow]

11:40 - 12:00 Coffee
12:00 - 12:50      How do regulators influence mortgage risk? Evidence from an emerging market, [paper] [slideshow]
     Tarun Ramadorai, University of Oxford
         Discussant: Vimal Balasubramaniam, NIPFP [slideshow]

12:50 - 13:40      Impact of macroeconomic surprises on carry trade activity, [paper] [slideshow]
     Michael M. Hutchison, University of California, Santa Cruz
         Discussant: Ilan Noy, Victoria University [slideshow]

13:40 - 14:30 Lunch
14:30 - 15:20      Fire-sale FDI? The impact of financial crises on foreign direct investment, [paper] [slideshow]
     Ilan Noy, Victoria University
         Discussant: Veronica C. Warnock, University of Virginia [slideshow]

15:20 - 16:10      What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk, [paper] [slideshow]
     Yothin Jinjarak, University of London
         Discussant: Riccardo Cristadoro, Bank of Italy [slideshow]

16:10 - 16:25 Coffee
16:25 - 17:15      Long-run bulls and bears, [slideshow]
     Rui Albuquerque, Boston University and Catholic University of Portugal
         Discussant: Francis E. Warnock, University of Virginia

17:15 - 18:00      Monetary policy in India: Is something amiss?, [paper] [slideshow]
     Riccardo Cristadoro, Bank of Italy
         Discussant: Abhishek Gupta, NIPFP [slideshow]

19:30 - 21:00 Dinner, at the 'Maple Room' at India Habitat Centre


8th Research Meeting of NIPFP-DEA Research Program

15-16th March, 2011

Amaltas Conference Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3 on Vardhman Marg.


15 March 2011

9:00 - 9:30 Coffee with Snacks
9:30 - 10:30 Inaugural Session
    C. Rangarajan, Chairman, NIPFP
    Kaushik Basu, DEA
Chairman,
10:30 - 11:20      Foreign investors under stress, [slideshow]
     Nirvikar Singh, University of California, Santa Cruz
         Discussant: Tarun Ramadorai, University of Oxford [slideshow]

11:20 - 12:10      Finance and poverty: Evidence from India, [slideshow]
     Thorsten Beck, Tilburg University
         Discussant: Ajay Shah, NIPFP

12:10 - 12:25 Coffee
12:25 - 13:15      Has India Emerged? Business Cycle Stylized Facts from a Transitioning Economy, [slideshow]
     Radhika Pandey, NIPFP
         Discussant: Abhijit V. Banerjee, MIT [slideshow]

13:15 - 14:00 Lunch
Chairman,
14:00 - 14:50      Exchange market pressure and absorption by international reserves: Emerging markets and fear of reserve loss during the 2008-09 crisis, [paper] [slideshow]
     Michael M. Hutchison, University of California, Santa Cruz
         Discussant: Ila Patnaik, NIPFP [slideshow]

14:50 - 15:40      The miracle of microfinance? Evidence from a randomized evaluation, [paper] [slideshow]
     Abhijit V. Banerjee, MIT
         Discussant: Thorsten Beck, Tilburg University [slideshow]

15:40 - 16:00 Coffee
16:00 - 18:00 Practitioner Session
Chairman, Ashok Chawla

     Foreign investment in rupee denominated bonds,
     Jayesh Mehta, Bank of America

     Looking beyond the FII framework, [slideshow]
     Sanjiv Shah, Benchmark Asset Management Company

     The ODI market,
     Manmohan Singh, IMF

     The bond market : Where did we go wrong, [slideshow]
     Manish Sabharwal

         Discussant: Ajay Shah, NIPFP

19:30 - 21:00 Dinner, at the 'Maple Room' at India Habitat Centre

16 March 2011

9:00 - 9:30 Coffee with Snacks
Chairman, Shekhar Shah, World Bank
9:30 - 10:20      Financial development and globalisation in emerging markets, [slideshow]
     Sergio Schmukler, World Bank
         Discussant: Sanjaya Panth, IMF [slideshow]

10:20 - 11:10      Creating an integrated market by 2015: Capital account liberalization in ASEAN,
     Shinji Takagi, Osaka University
         Discussant: Ulrich Bartsch, World Bank [slideshow]

11:10 - 11:25 Coffee
11:25 - 12:15      Surfing the waves of globalization: Asia and financial globalization in the context of the trilemma, [paper] [slideshow]
     Joshua Aizenman, University of California, Santa Cruz
         Discussant: Sergio Schmukler, World Bank [slideshow]

12:15 - 13:00      Does one size fit all? The consequences of switching markets with different regulatory standards, [paper] [slideshow]
     Tarun Ramadorai, University of Oxford
         Discussant: Shubho Roy, NIPFP [slideshow]

13:00 - 13:45 Lunch
Chairman, Ashok Desai
13:45 - 14:35      Does capital scarcity matter?, [paper] [slideshow]
     Anusha Chari, University of North Carolina
         Discussant: Michael M. Hutchison, University of California, Santa Cruz [slideshow]

14:35 - 15:25      Who cares about the Chinese yuan?, [paper] [slideshow]
     Vimal Balasubramaniam, NIPFP
         Discussant: Joshua Aizenman, University of California, Santa Cruz [slideshow]

15:25 - 15:40 Coffee
15:40 - 18:00 Policymakers Roundtable
Chairman, R. Gopalan, DEA

     The Beijing consensus, the Delhi discord and other myths,
     Sean Dougherty, OECD

     There be dragons,
     Sajjid Chinoy, J P Morgan

     Did the Indian capital controls work?, [slideshow]
     Ila Patnaik, NIPFP

         Discussant: Kalpana Kochhar, World Bank
         Discussant: K. P. Krishnan, EAC to PM

19:30 - 21:00 Dinner, at the 'Maple Room' at India Habitat Centre


Business Cycle Facts and DSGE Model for India, 2011

Conference Room (First Floor), Old Building, NIPFP
31 January 2011

10:00      CES Technology and Business Cycle Fluctuations, [slideshow]
     Cristiano Cantore, University of Surrey

11:15      Changing Stylised Facts of Business Cycles in India, [slideshow]
     Radhika Pandey, NIPFP

12:30      An Estimated DSGE Open-Economy Model of the Indian Economy with Financial Frictions, [slideshow]
     Bo Yang, University of Surrey

13:30      Lunch

NIPFP Macroeconomics Symposium, 2010

Auditorium NIPFP
14 September 2010

10:00      India's inflation problem: Not only a measurement issue?, [slideshow]
     Giovanni Veronese, Bank of Itlay

10:30      Tracking Indian growth in real time, [paper] [slideshow]
     Radhika Pandey, NIPFP

11:00      Leading indicators to the Indian business cycle, [slideshow]
     Sonal Varma, Nomura

11:30      Better macroeconomic measurement using micro datasets
     Mahesh Vyas, CMIE

12:00      Discussion
     Sanjaya Panth, IMF
     K. P. Krishnan, EAC to PM
     T. C. A. Anant, Chief Statistician

13:00      Lunch

7th Research Meeting of NIPFP-DEA Research Program

31st August and 1st September, 2010

Magnolia Conference Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3.

31 August 2010

9:00 - 9:30 Coffee with Snacks
9:30 - 10:30 Inaugural Session
    C. Rangarajan, Chairman, NIPFP
    Kaushik Basu, DEA
Chairman, Kaushik Basu, DEA
10:30 - 11:20      Trading activity of foreign institutional investors and volatility, [paper] [slideshow]
     Ravi Anshuman, IIMB
         Discussant: Tarun Ramadorai, University of Oxford [slideshow]

11:20 - 12:10      Multinational corporations and crisis transmission, [paper] [slideshow]
     Ajay Shah, NIPFP
         Discussant: James Yetman, Bank for International Settlements [slideshow]

12:10 - 12:25 Coffee
12:25 - 13:15      Trade Credit and International Stock Return Co-movement, [paper] [slideshow]
     Tarun Ramadorai, University of Oxford
         Discussant: Michael Plummer, Johns Hopkins University [slideshow]

13:15 - 14:00 Lunch
Chairman,
14:00 - 14:50      Capital market integration and wages, [paper] [slideshow]
     Anusha Chari, University of North Carolina, Chapel Hill
         Discussant: Ulrich Bartsch, World Bank [slideshow]

14:50 - 15:40      Regional monitoring of capital flows and coordination of financial regulation: Stakes and options for Asia, [paper] [slideshow]
     Michael Plummer, Johns Hopkins University
         Discussant: Chong En Bai, Tsinghua University [slideshow]

15:40 - 16:00 Coffee
16:00 - 18:00 Practitioner Session
Chairman, Thomas Mathew, Ministry of Finance

     The Standard Chartered IDR,
     Neeraj Swaroop, Standard Chartered Bank

     The internationalisation of Indian and Asian firms,
     Alok Kshirsagar, McKinsey & Company

     The experience of Reliance with internationalisation,
     Alok Agarwal, Reliance Industries

19:30 - 21:00 Dinner, at the 'Maple Room' at India Habitat Centre

1 September 2010

9:00 - 9:30 Coffee with Snacks
Chairman, Suman Bery, NCAER
9:30 - 10:20      State ownership and systemic risk: Evidence from the Indian financial sector during 2007-09, [paper] [slideshow]
     Viral Acharya, Stern School of Business, New York University
         Discussant: Giovanni Veronese, Bank of Itlay [slideshow]

10:20 - 11:00      Financial crises and international portfolio dynamics, [paper] [slideshow]
     Sergio Schmukler, World Bank
         Discussant: Ajay Shah, NIPFP [slideshow]

11:00 - 11:15 Coffee
11:15 - 12:05      Factor income distribution: The story behind the statistics, [paper] [slideshow]
     Chong En Bai, Tsinghua University
         Discussant: Nirvikar Singh, University of California, Santa Cruz [slideshow]

12:05 - 12:50      Financial contagion and vulnerability of Asian financial markets, [paper]
     James Yetman, Bank for International Settlements
         Discussant: Rajesh Chakrabarti, ISB [slideshow]

12:50 - 13:35 Lunch
Chairman,
13:35 - 14:15      Do multinationals pay lower taxes?
     Ila Patnaik, NIPFP
         Discussant: Sergio Schmukler, World Bank

14:15 - 15:05      Bank ownership and the effects of financial liberalization: Evidence from India, [slideshow]
     Poonam Gupta, ICRIER
         Discussant: Viral Acharya, Stern School of Business, New York University [slideshow]

15:05 - 15:45      India?s trilemma: Financial liberalization, exchange rates and monetary policy , [paper] [slideshow]
     Nirvikar Singh, University of California, Santa Cruz
         Discussant: Vimal Balasubramaniam, NIPFP [slideshow]

15:45 - 16:00 Coffee
16:00 - 18:00 Policymakers Roundtable
Chairman, Montek Singh Ahluwalia, Deputy Chairman, Planning Commission

     The MOF Working Group on foreign investment flows, [slideshow]
     U K Sinha, UTI

     The structural reforms that matter, [slideshow]
     Sean Dougherty, OECD
19:30 - 21:00 Dinner, at the 'Maple Room' at India Habitat Centre


6th Research Meeting of NIPFP-DEA Research Program

9-10 March, 2010

Amaltas Conference Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3.

9 March 2010

9:00 - 9:30 Coffee with Snacks
9:30 - 10:00 Inaugural Session
    C. Rangarajan, Chairman, NIPFP
Chairman, Kaushik Basu, DEA
10:00 - 10:50      Capital inflows: The role of controls, [paper] [slideshow]
     Atish Ghosh, IMF
         Discussant: Giovanni Veronese, Bank of Italy [slideshow]

10:50 - 11:40      Domestic investment by firms who expand overseas, [paper] [slideshow]
     Ila Patnaik, NIPFP
         Discussant: Aradhna Aggarwal, University of Delhi [slideshow]

11:40 - 12:00 Coffee
12:00 - 12:45      Productivity and outbound FDI in software services: A reversal of the HMY model, [paper] [slideshow]
     Rudrani Bhattacharya, NIPFP
         Discussant: Vani Archana,

12:45 - 13:30      Monetary regime switches in India: Policy or structure?, [paper] [slideshow]
     Nirvikar Singh, University of California, Santa Cruz
         Discussant: Ila Patnaik, NIPFP [slideshow]

13:30 - 14:15 Lunch
Chairman, Suman Bery, NCAER
14:15 - 15:00      The global financial crisis: Explaining cross-country differences in the output impact, [paper] [slideshow]
     James P. Walsh, IMF
         Discussant: Abhijit Sen Gupta, JNU [slideshow]

15:00 - 15:45      What are the effects of fiscal policy shocks in India?, [paper] [slideshow]
     Roberto Guimaraes, IMF
         Discussant: M. Govinda Rao, NIPFP

15:45 - 16:00 Coffee
16:00 - 18:00 Practitioner Session
Chairman, C. B. Bhave, SEBI

     Algorithmic trading in the crisis, [slideshow]
     Gangadhar Darbha, Royal Bank of Scotland

     EM-DM differentiation in the post Lehman era, [slideshow]
     Hari Hariharan, New World Investments

     Private equity and venture capital in India: What comes next?, [slideshow]
     Sudhir Sethi, IDG Ventures India Advisors

19:30 - 21:00 Dinner, at the 'Maple Room' at India Habitat Centre

10 March 2010

9:00 - 9:30 Coffee with Snacks
Chairman, Subir Gokarn, RBI
9:30 - 10:20      Bank involvement with SMEs: Beyond relationship lending, [paper] [slideshow]
     Sergio Schmukler, World Bank
         Discussant: Ajay Shah, NIPFP [slideshow]

10:20 - 11:00      Inclusive, balanced, sustained growth in the Asia-Pacific, [paper] [slideshow]
     Wendy Dobson, University of Toronto
         Discussant: Ulrich Bartsch, World Bank

11:00 - 11:15 Coffee
11:15 - 12:05      Securities markets and foreign investors in the aftermath of a corporate scandal: Evidence from the Satyam episode,
     Ajay Shah, NIPFP
         Discussant: Sergio Schmukler, World Bank [slideshow]

12:05 - 12:50      Reforming China?s monetary policy framework, [paper] [slideshow]
     Richard Herd, OECD
         Discussant: Vivek Moorthy, IIMB

12:50 - 13:35 Lunch
Chairman, R. Gopalan, DFS
13:35 - 14:15      Dollar debt of firms and dollar reserves of central bank: A case of moral hazard?, [paper] [slideshow]
     Rajeswari Sengupta, University of California, Santa Cruz
         Discussant: Roberto Guimaraes, IMF [slideshow]

14:15 - 15:05      A new global database on the de facto exchange rate regime, [paper] [slideshow]
     Ila Patnaik, NIPFP
         Discussant: Atish Ghosh, IMF

15:05 - 15:45      Estimation of value at risk for the Indian capital market: Filtered historical simulation approach using GARCH model with suitable mean specification, [paper] [slideshow]
     Indrajit Roy, RBI

15:45 - 16:00 Coffee
16:00 - 18:00 Policymakers Roundtable
Chairman, Ashok Chawla, DEA

     Unwinding fiscal and monetary stimuli, [slideshow]
     Jahangir Aziz, J P Morgan

     Current thinking in the Ministry of Finance on financial reforms, [slideshow]
     K. P. Krishnan, DEA
19:30 - 21:00 Dinner, at the 'Maple Room' at India Habitat Centre


5th Research Meeting of NIPFP-DEA Research Program

16-17 September, 2009

Magnolia Conference Room
India Habitat Centre
Lodhi Road
New Delhi
The entry is from the IHC Gate number 3

16 September 2009

9:00 - 9:30 Coffee with Snacks
9:30 - 10:15 Inaugural Session
    C. Rangarajan, Chairman, NIPFP
    Montek Singh Ahluwalia, Deputy Chairman, Planning Commission
Chairman, Arvind Virmani, DEA
10:15 - 11:00      Cross-Border Capital Flows and the Financial Crisis, [slideshow]
     Gian Maria Milesi-Ferretti, IMF
         Discussant: Michael M. Hutchison, University of California, Santa Cruz [slideshow]

11:00 - 11:45      Asset Fire Sales and Purchases and the International Transmission of Funding Shocks, [paper] [slideshow]
     Tarun Ramadorai, Oxford University
         Discussant: Viral Acharya, Stern School of Business, New York University [slideshow]

11:45 - 12:30      Technology adoption and production organisation in India, [paper] [slideshow]
     Sourafel Girma, Nottingham University Business School
         Discussant: Rudrani Bhattacharya, NIPFP [slideshow]

12:30 - 13:05 Lunch
Chairman, Shankar Acharya, ICRIER
13:05 - 13:55      Have China and India decoupled?, [paper] [slideshow]
     Jarko Fidrmuc, Munich Graduate School of Economics
         Discussant: Radhika Pandey, NIPFP [slideshow]

13:55 - 14:40      Multinationals and the effectiveness of capital controls, [paper] [slideshow]
     Ajay Shah, NIPFP
         Discussant: Sanjaya Panth, IMF [slideshow]

14:40 - 15:25      Central bank preventing appreciation vs. preventing depreciation, [paper] [slideshow]
     Matthieu Stigler, Federal Department of Economic Affairs, Switzerland
         Discussant: Gian Maria Milesi-Ferretti, IMF [slideshow]

15:25 - 15:40 Coffee
Chairman, Roberto Zagha, World Bank
15:40 - 16:30      The costs and benefits of informalisation in a two-sector new Keynesian model, [paper] [slideshow]
     Paul Levine, University of Surrey
         Discussant: Annabelle Mourougane, OECD [slideshow]

16:30 - 17:20      Crisis vulnerability of Indian corporations, [slideshow]
     Hiroko Oura, IMF
         Discussant: V Ravi Anshuman, IIM, Bangalore [slideshow]

17:20 - 18:00      Outbound FDI by Indian software firms, [paper] [slideshow]
     Rudrani Bhattacharya, NIPFP
         Discussant: Sourafel Girma, Nottingham University Business School [slideshow]

19:30 - 21:00 Dinner, at the 'Maple Room' at India Habitat Centre

17 September 2009

9:00 - 9:30 Coffee with Snacks
Chairman, Sanjaya Panth, IMF
9:30 - 10:20      Transmission of the subprime crisis to emerging markets, [paper] [slideshow]
     Michael M. Hutchison, University of California, Santa Cruz
         Discussant: Hiroko Oura, IMF [slideshow]

10:20 - 11:10      The long and short of emerging market debt, [paper] [slideshow]
     Sergio Schmukler, World Bank
         Discussant: Raimundo Soto, Pontificia Universidad Cat?lica de Chile [slideshow]

Chairman,
11:10 - 11:55      The effects of fiscal policy on output and debt sustainability, [paper] [slideshow]
     Annabelle Mourougane, OECD
         Discussant: Paul Levine, University of Surrey [slideshow]

11:55 - 12:40      Tracking Indian Growth in Real Time, [slideshow]
     Giovanni Veronese, Bank of Italy
         Discussant: Sudipto Mundle, NIPFP

12:40 - 13:20 Lunch
Chairman, Sudipto Mundle, NIPFP
13:20 - 14:10      What has happened with exchange rate regimes in Asia?, [paper] [slideshow]
     Ila Patnaik, NIPFP
         Discussant: Sergio Schmukler, World Bank [slideshow]

14:10 - 15:00      The impact of capital inflows on asset prices in emerging Asia, [paper] [slideshow]
     Soyoung Kim, Seoul National University
         Discussant: Sajjid Chinoy [slideshow]

15:00 - 15:20 Coffee
15:20 - 18:00 New Thinking on Policy
Chairman, Vijay Kelkar, Thirteenth Finance Commission
15:20 - 15:40      Lessons for emerging markets from the crisis, [paper] [slideshow]
     Pankaj Kumar & Binod Bhoi, RBI
15:40 - 16:00      Financial stability thinking in emerging markets, [paper] [slideshow]
     Michael Pomerleano, Bank of Israel
16:00 - 16:20      A good immune system for facing macroeconomic shocks: experiences from Latin America, [slideshow]
     Raimundo Soto, Pontificia Universidad Cat?lica de Chile
16:20 - 16:40      Policy issues with derivatives in India, [slideshow]
     Viral Acharya, Stern School of Business, New York University
16:40 - 17:00      Discussion,
     Jayanth R. Varma, IIM, Ahmedabad
17:00 - 17:20      Discussion,
     K. P. Krishnan, DEA
17:20 - 18:00      Floor Discussion
19:30 - 21:00 Dinner, at the 'Willow Room' at India Habitat Centre


4th Research Meeting of NIPFP-DEA Research Program

24-25 March, 2009

Amaltas Conference Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3.

24 March 2009

9:00 AM Coffee with Snacks
9:30 - 10:30 Chairman: Isher J. Ahluwalia, ICRIER

     Rebalancing growth in Asia, [paper] [slideshow]
     Eswar Prasad, Cornell University
     Montek Singh Ahluwalia, Planning Commission
10:30 - 10:50 Coffee
10:50 - 13:30 Chairman: Isher J. Ahluwalia, ICRIER

     Unexploited gains from international diversification, [paper] [slideshow]
     Sergio Schmukler, World Bank
         Discussant: Tarun Ramadorai, University of Oxford [slideshow]

     Implications of the choice of exchange rate regime, [paper] [slideshow]
     Atish Ghosh, IMF
         Discussant: Russell A. Green, U.S. Treasury Deptt. [slideshow]

     Corporate choice for overseas borrowings: The Indian Evidence, [paper] [slideshow]
     Bhupal Singh, RBI
         Discussant: P. V. Viswanath, Pace University [slideshow]

13:30 - 14:30 Lunch
14:30 - 15:30      Eurocoin: Tracking growth in realtime, [paper] [slideshow]
     Giovanni Veronese, Bank of Italy
         Discussant: Sanjaya Panth, IMF [slideshow]

15:30 - 16:00 Coffee
16:00 - 18:00 Tales from the trenches: What practitioners see
Chairman: Ashok Chawla, DEA

     The currency futures market, [slideshow]
     Ravi Narain, National Stock Exchange

     The outlook for private equity flows and FDI, [slideshow]
     Vishal Nevatia, India Value Fund Associates

     The environment for borrowing abroad by Indian companies, [slideshow]
     Rajeev Ahuja, Citibank

     The environment for borrowing abroad by Indian companies, [slideshow]
     K. Venkataraman, State Bank of India

19:30 - 21:00 Dinner, at the `Maple Room' at India Habitat Centre

25 March 2009

8:30 AM Coffee with Snacks
9:00 - 10:40 Chairman: Shekhar Shah, World Bank

     Determinants of aggregate and bilateral trade flows and firms' decision to export, [paper] [slideshow]
     T. N. Srinivasan, Yale University
         Discussant: Sushanta Mallick, Queen Mary, University of London [slideshow]

     Graduating to globalisation: A study of Southern multinationals, [paper] [slideshow]
     Ila Patnaik, NIPFP
         Discussant: T. N. Srinivasan, Yale University [slideshow]

10:40 - 11:10 Coffee
11:10 - 12:00      Export intensity and financial policies of Indian firms, [paper] [slideshow]
     P. V. Viswanath, Pace University
         Discussant: Anmol Sethy, NIPFP [slideshow]

12:00 - 12:50      Pricing to market in India's exports: The role of market heterogeneity and product differentiation, [paper] [slideshow]
     Sushanta Mallick, Queen Mary, University of London
         Discussant: Rudrani Bhattacharya, NIPFP [slideshow]

12:50-13:50 Lunch
13:50 - 14:40      Exploring the pricing of Indian ADRs, [slideshow]
     Ajay Shah / Matthieu Stigler, NIPFP
         Discussant: Sergio Schmukler, World Bank

14:40 - 15:10 Coffee
15:10 - 16:00 Chairman: Arvind Virmani, DEA

     India's business cycle synchronisation, [paper] [slideshow]
     Ila Patnaik, NIPFP
         Discussant: Giovanni Veronese, Bank of Italy [slideshow]

16:00 - 16:30 Coffee
16:30 - 18:30 Policy Roundtable
Chairman: Vijay Kelkar, Thirteenth Finance Commission

     Emerging markets in the global crisis, [slideshow]
     Sergio Schmukler, World Bank

     India in the global crisis, [slideshow]
     Ajay Shah, NIPFP

     Structural reform in the OECD in a time of crisis,
     Sean Dougherty, OECD
19:30 - 21:00 Dinner, at the `Maple Room' at India Habitat Centre


3rd Research Meeting of NIPFP-DEA Research Program

30 September and 1 October, 2008

Amaltas Conference Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3.

30 September 2008

8:30 - 9:00 Coffee
9:00 - 10:00 Inaugural
    C. Rangarajan, Chairman, NIPFP
    Ashok Chawla, Secretary, DEA
    C. B. Bhave, Chairman, Securities and Exchanges Board of India
10:00 - 10:30 Coffee
10:30 - 12:45 Macroeconomics
Chairman: Arvind Virmani, DEA

     Inflation targeting and real exchange rates in emerging markets, [paper] [slideshow]
     Michael Hutchison, UC Santa Cruz
         Discussant: Vincent Koen, OECD [slideshow]

     East Asian experiences with capital flows, [paper] [slideshow]
     Masahiro Kawai, ADB Institute
         Discussant: Jahangir Aziz, DEA [slideshow]

     Financial exchange rates and international currency exposures, [paper] [slideshow]
     Philip Lane, Trinity College, Dublin
         Discussant: Michael Hutchison, UC Santa Cruz [slideshow]

12:45-13:45 Lunch
14:00 - 15:30 International economics
Chairman: K. P. Krishnan, DEA

     Does openness to international financial flows contribute to productivity growth?, [paper] [slideshow]
     Eswar Prasad, Cornell University, Brookings Institution and NBER
         Discussant: Sourafel Girma, Nottingham Business School [slideshow]

     Fuller capital account opening in China and India: Mind the gap, [paper] [slideshow]
     Robert McCauley, BIS
         Discussant: Masahiro Kawai, ADB Institute

15:30 - 16:00 Coffee
16:00 - 18:15 International finance
Chairman: TBA

     Trade misinvoicing: A channel for de facto capital account openness, [paper] [slideshow]
     Abhijit Sen Gupta, ICRIER
         Discussant: Eswar Prasad, Cornell University, Brookings Institution and NBER

     The value of control in emerging markets, [paper] [slideshow]
     Anusha Chari, University of North Carolina, Chapel Hill
         Discussant: Ajay Shah, NIPFP [slideshow]

     Patterns of international capital raisings, [paper] [slideshow]
     Sergio Schmukler, World Bank.
         Discussant: Nirvikar Singh, UC Santa Cruz

7:30 - 9:00 Dinner, at the `Maple Room' at India Habitat Centre

1 October 2008

8:30 - 9:00 Coffee
9:00 - 11:30 India - I
Chairman: Shekhar Shah, World Bank

     Domestic investment by firms who expand overseas, [slideshow]
     Sourafel Girma, Nottingham Business School
         Discussant: Anusha Chari, University of North Carolina, Chapel Hill

     Indian capital control liberalisation: Estimates from NDF market, [paper] [slideshow]
     Nirvikar Singh, UC Santa Cruz
         Discussant: Ajay Shah and Matthieu Stigler, NIPFP [slideshow]

     Investment choices by foreign and domestic institutional investors, [paper] [slideshow]
     Ila Patnaik, NIPFP
         Discussant: Robert McCauley, BIS [slideshow]

11:30 - 12:00 Coffee
12:00 - 13:00 India - II
Chairman: Jahangir Aziz, DEA

     Indian Rupee Market Intervention: Managing Volatility or Inducing Additional Capital Inflows?, [paper] [slideshow]
     Hiroko Oura, IMF
         Discussant: Ila Patnaik, NIPFP [slideshow]

13:00 - 14:00 Lunch
14:00 - 15:30 India - III
Chairman: Suman Bery, NCAER

     Movement of trade balance and exchange rate sensitivity of industry trade flows, [paper] [slideshow]
     Rajarshi Mitra, University of Wisconsin, Milwaukee
         Discussant: S. Madhur, ADB

     One way bets on pegged exchange rates, [paper] [slideshow]
     Ajay Shah, NIPFP
         Discussant: Sergio Schmukler, World Bank [slideshow]

15:30 - 16:00 Coffee
16:00 - 18:30 Practitioner session
Chairman: Sindushree Khullar, DEA

     Legal contradictions of the FII framework, [slideshow]
     Somasekhar Sundaresan, J. Sagar Associates

     The global market for Indian equities, [slideshow]
     Gautam Chand, Instanex

     The global market for derivatives on Indian underlyings,
     Sayee Srinivasan, Chicago Mercantile Exchange
7:30 - 9:00 Dinner, at the `Maple Room' at India Habitat Centre


2nd Research Meeting of NIPFP-DEA Research Program

27-28 March 2008

Maple Room
India Habitat Centre
Lodhi Road
New Delhi.
The entry is from the IHC Gate number 3.

Photographs from the meeting. If you click on any of the images, you get the fullres underlying file.

27 March 2008

9:00 - 9:20 Coffee and snacks
9:20 - 9:30 Welcome
9:30 - 12:30 Session on "Capital controls"
Chairman: Arvind Virmani, Ministry of Finance

     Capital controls and international financial integration, [paper] [slideshow]
     Sergio Schmukler, World Bank
         Discussant: Ajay Shah, NIPFP [slideshow]

     Do capital controls foster exchange rate stability?, [paper] [slideshow]
     Michael Hutchison, UC Santa Cruz
         Discussant: Atish Ghosh, IMF

     Policy responses to capital flows, [paper] [slideshow]
     Juan Fernando Zalduendo, IMF
         Discussant: Abhijit Sen Gupta, ICRIER [slideshow]

12:30-13:30 Lunch
13:30 - 15:30 Session on "India's capital controls"
Chairman: Subir Gokarn, Standard and Poors

     One way bets on pegged exchange rates, [paper] [slideshow]
     Ila Patnaik, NIPFP
         Discussant: Michael Hutchison, UC Santa Cruz [slideshow]

     India's capital controls,
     Nirvikar Singh, UC Santa Cruz [slideshow]
         Discussant: Sergio Schmukler, World Bank. [slideshow]

16:00 - 18:00 Session on "Exchange rates"
Chairman: Suman Bery, NCAER

     Exchange rate pass-through, [paper] [slideshow]
     Rudrani Bhattacharya, NIPFP
         Discussant: Mandira Sarma, ICRIER

     Choice of exchange rate regime, [paper] [slideshow]
     Atish Ghosh, IMF
         Discussant: Ila Patnaik, NIPFP [slideshow]

19:00-21:00 Cocktails followed by dinner.

28 March 2008

9:30 - 10:00 Coffee and snacks
10:00 - 13:30 Session on "Internationalisation of firms"
Chairman: Sindhushree Khullar, Ministry of Finance

     Outbound FDI from India, [slideshow]
     Jaya Prakash Pradhan, ISID, New Delhi

     Is emerging market money smart?, [paper] [slideshow]
     Anusha Chari, University of Michigan
         Discussant: Nirvikar Singh, UC Santa Cruz [comments]

     Graduating to globalisation, [paper] [slideshow]
     Dilek Demirbas, Newcastle Business School.
         Discussant: Shubhashis Gangopadhyay, Ministry of Finance

     What makes home bias abate?, [paper] [slideshow]
     Ajay Shah, NIPFP
         Discussant: Anusha Chari, University of Michigan. [slideshow]

13:30-14:30 Lunch
14:30 - 17:30 Session on "Tales from the trenches: What practitioners see"
Chairman: K. P. Krishnan, Ministry of Finance

     Foreign capital for SMEs, [slideshow]
     Vipul Dalal, Elara Capital

     Implications of capital controls for domestic capital markets, [slideshow]
     Jayesh Mehta, DSP Merill Lynch

     Internationalisation of trading,
     Ravi Narain, National Stock Exchange

19:00-21:00 Cocktails followed by dinner. This is at the poolside.


1st Research Meeting of NIPFP-DEA Research Program

4-5 December 2007

Photographs from the meeting. If you click on any of the images, you get the fullres underlying file.

4 December 2007

Venue: NIPFP, except for dinner.

10:00-10:45 Inaugural session
     Welcome address, M. Govinda Rao, NIPFP.
     Inaugural address, C. Rangarajan, Chairman, EAC to the Prime Minister
     Introductory remarks, Sindhushree Khullar, Ministry of Finance.
10:45-11:00 Coffee
11:00-13:15 Session on "Exchange rate regimes and capital controls"
Chairman: Percy Mistry, Oxford International Group

     Structural change and exchange rate regimes, [paper], [slideshow],
     Achim Zeileis, Vienna University of Economics and Business Administration
         Discussant: Ramkishen Rajan, George Mason University, [slideshow]

     Exchange rate regimes and unhedged currency exposure, [paper], [slideshow]
     Ila Patnaik, NIPFP
         Discussant: Barry Eichengreen, UC Berkeley, [slideshow]

     De facto convertibility, [paper], [slideshow]
     Gurnain Pasricha, UC Santa Cruz
         Discussant: Sergio Schmukler, World Bank, [slideshow]
13:15-14:15 Lunch
14:15-15:45 Session on "Internationalisation of shareholding"
Chairman: K. P. Krishnan, Ministry of Finance

     Which firms from which countries go global?, [paper], [slideshow]
     Sergio Schmukler, World Bank
         Discussant: Rajesh Chakrabarti, ISB, [slideshow]

     Foreign ownership of Indian firms, [paper], [slideshow]
     Ajay Shah, NIPFP
         Discussant: Jayanth Varma, IIM, Ahmedabad

16:00-17:30 Session on "Monetary policy in China and India"
Chairman: R. C. Srinivasan, Ministry of Finance

     Exchange rate pass-through in India, [paper], [slideshow]
     Ramkishen Rajan, George Mason University
         Discussant: Rudrani Bhattacharya, NIPFP

     The Chinese macroeconomic policy framework, [paper], [slideshow]
     Eswar Prasad, Cornell University
         Discussant: Ila Patnaik, NIPFP [slideshow]

19:30-20:30 Distinguished speaker: Barry Eichengreen, U. California, Berkeley
Chairman: Montek Ahluwalia, Planning Commission.
"The cautious case for capital flows", [paper],
followed by dinner. Venue: Assocham Hall which is 47, Prithviraj Road.

5 December 2007

Venue: NIPFP.

9:30-10:00Coffee
10:00-13:00 Session on "Capital controls and capital flows"
Chairman: Suman Bery, NCAER

    Private equity, Sanjeev Sanyal, Deutsche Bank, [slideshow]
    Participatory notes, Dominique Dwor-Frecaut, ABN Amro, [slideshow]
    Participatory notes / ODIs, Jayanth Varma, IIM, Ahmedabad, [slideshow]
    The NDF market, Rajesh Chakrabarti, ISB, [slideshow], [note]
    Capital controls: a free lunch?, Josh Felman, IMF [slideshow]
    Capital flows in Asia, Rob Subbaraman, Lehman Brothers, [slideshow]
13:00-14:00 Lunch