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RISS 인기검색어
- 검색키워드
- 저자 : Sitikantha Pattanaik (검색결과 5 건)
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Sitikantha Pattanaik 서울대학교 국제학연구소 2008 Journal of International and Area Studies Vol.15 No.2
The US sub-prime crisis has been a prime revelation of monumental failure by every responsible agent in the market, starting from macroeconomic policy makers, to regulators, to rating agencies, to international standard setting bodies to even the smartest of all investment bankers. This paper aims at identifying the key unpleasant policy challenges that have surfaced in the aftermath of the crisis, while also trying to decipher the sub-prime black box. In the process of documenting the wide ranging and thought provoking post-crisis suggestions from the scattered literature , the paper highlights the gaping fault lines in the existing global financial stability architecture.
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Gulf NRIs and Their Remittances to India - The Saga of Overlooked Great Expectations
Sitikantha Pattanaik 서울대학교 국제학연구소 2007 Journal of International and Area Studies Vol.14 No.1
As the leading labour exporting country to the Gulf, and also as the largest recipient of annual remittance inflows, India occupies an enviable position in the world, particularly because of the strong and unmatched beneficial macroeconomic effects of remittances. This paper views remittances from the Gulf to India not only as a case of “rich dividend to the country on zero investment,” but also as a costless outcome characterized by “rich harvest from a policy of benign neglect.” This paper outlines the macroeconomic justifications for according specialized policy attention to remittances on par with other sector specific policies, ranging from exports to foreign direct investment, and argues that the Gulf NRIs as a group deserve such a focused policy framework in India as a reward for their indelible contributions to the Indian economy. Gulf NRIs represent an important interest group, with genuine justifications supporting their great expectations that someday India’s current policy of “benign neglect” will be replaced by a more focused policy framework, which not only could encourage remittance flows through an attractive policy environment, but also may lead to better harnessing of the immense growth and development potential of remittances.
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( Sitikantha Pattanaik ),( Jeevan Kumar Khundrakpam ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2010 Journal of Economic Integration Vol.25 No.4
The fiscal response in India to deal with the contagion from the global crisis during 2008-10 was driven by the need to arrest a major slowdown in economic growth. However, there could be medium-term risks to the future inflation path, in the absence of timely fiscal consolidation. As highlighted in the paper, fiscal deficit could be seen to influence the inflation process through either growth of base money or higher aggregate demand. Empirical estimates over the sample period 1953-2009 suggest that one percentage point increase in the level of the fiscal deficit could cause about a quarter of a percentage point increase in the Wholesale Price Index (WPI). The paper emphasises that the importance of fiscal space in the India specific context needs to be seen in terms of not only the usual output stabilisation role of fiscal policy but also the need for use of fiscal measures to contain inflationary pressures that often arise from temporary but large supply shocks.
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How Closely the GCC Approximates an Optimum Currency Area?
( Sitikantha Pattanaik ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2007 Journal of Economic Integration Vol.22 No.3
The six Gulf Cooperation Council (GCC) countries (namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and U.A.E.) have exhibited considerable cooperation in the past for deepening the process of economic integration, and there is an animated debate in the academic and policy circles as to whether the integration process can be intensified and carried forward so that eventually a common currency could replace the six national currencies by the year 2010**. The academic debate on optimum currency area suggests that individual countries at times may be better off just by joining hands to have a single currency, instead of each having its own currency. For several countries to constitute such an optimum currency area, however, they must satisfy certain preconditions; i.e., they must have similar economic structures with exposure to symmetric shocks, they must be open economies, well diversified and must also ensure high degree of factor mobility. In the context of this theoretical debate, this paper aims at assessing the degree to which the GCC may be meeting the requirements of an optimum currency area.
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( Bhupal Singh ),( Sitikantha Pattanaik ) 세종대학교 경제통합연구소 2012 Journal of Economic Integration Vol.27 No.1
The dynamic interactions between monetary policy and asset prices have conventionally been examined in terms of the asset price channel of transmission of monetary policy, given the pre-crisis analytical consensus against the use of monetary policy to respond directly to asset price inflation. In the post sub-prime crisis period, however, there has been an overwhelming intellectual support for revisiting the issue of whether monetary policy should become more sensitive to asset price trends and respond proactively to prevent any build up of bubbles. In the Indian context, this paper provides empirical evidence to explain the relevance of a policy of no direct use of the interest rate instrument for stabilising asset price cycles. While the asset price channel of monetary policy is clearly visible in empirical estimates, there is no evidence of monetary policy responding to asset price developments directly. Asset price changes also do not seem to influence the inflation path, as per the impulse response analysis in a structural VAR model. This suggests why monetary policy may continue to refrain from responding directly to asset price cycles. Credit market shocks, however, explain significant proportion of asset price variations over medium to long run, which though could be part of a broader comovement of variables over the business cycle, as visible in terms of simultaneous movement in real activity, credit flows and asset prices. Higher interest rates seem to lead to contraction in output, credit demand as well as asset prices; hence, only the impact on asset prices should not be viewed as a good enough reason to use monetary policy for stabilising asset price cycles. The financial stability concerns from asset price bubbles could be better addressed through micro and macro-prudential measures, and the effectiveness of such measures could be enhanced when implemented in a sound macroeconomic policy environment.
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