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SPEECH
Weaknesses Revealed by the Market Turmoil : Where Do We Go from Here?
--Malcolm D Knight © 2008 Keynote address by Malcolm D Knight, General Manager of the BIS, at the Chatham House Event. "The New Financial Frontiers", London.
DEBATE
Commodity Inflation and the Global Economy
-- Participants: Brad Zigler, Chintan Karnani, James R Crandell Recently, the Federal Reserve cut the Discount and Fed Funds rate by 25 basis points. However, the Fed did mention the risks of inflation and high prices of commodities for the economy. Here are some valuable points by a few analysts on global inflation impact on Indian markets, issues linked to commodities, futures and regulations.
© 2008 IUP . All Rights Reserved
COVER STORY
Oil Bonds :Boon or Bane for the Economy?
-- T Kiran Kumar Thanks to the government's oil bonds, the oil companies have been managing to stay afloat. Yet against the backdrop of surging oil prices in world markets and government postponing price increases on oil products, this strategy has now resulted in a ballooning bill that threatens to derail all fiscal corrections.
© 2008 IUP . All Rights Reserved
COVER STORY
Why is Oil Above $100 a Barrel
-- Dibyendu Dutta The crude oil prices recently spiked to a new trading high, sweeping toward $130 a barrel as supply concerns intensified the buying momentum. The oil market is linked with certain geopolitical uncertainties, inadequate refining capacity in the US to cope with rising demand, multiple specifications for gasoline for different states, and heavy speculation in oil by investment funds. This article discusses the driving factors in the global oil market, OPEC oil policy and production quotas, etc.
© 2008 IUP . All Rights Reserved
TREASURY
Central Banking in Paradise : 25 Years of the ECCB
-- Blair Baker and Giancarlo Espejo As the Eastern Caribbean Central Bank turns 25, Blair Baker and Giancarlo Espejo reflect on the leading role it has played in building financial markets and promoting regional integration.
© 2008 Central Banking Journal (www.centralbanking.co.uk). First published in May 2008 issue titled as "25 Years of the ECCB". Reprinted with permission.
TREASURY
Balanced Scorecard : The Modern Technique of Performance Measurement System
-- Anand Panigrahi With the passage of time, new inventions, innovations and improvements emerge which help overcome the drawbacks of the old systems. In the present era of liberalization, privatization and globalization, business environments, financial markets, financial instruments and products have changed drastically. The structural changes and emerging trends associated with the new open regime have rendered the traditional performance measures like Return on Investment (RoI), Residual Income, Economic Value-Added (EVA), etc., which concentrate only on financial performance (ignoring the non-financial aspect), ineffective. The drawbacks associated with such traditional measures have led to the emergence of a new innovative tool of performance management - the Balanced Scorecard.
© 2008 IUP . All Rights Reserved
FOREX
Japan's crawling recovery
-- Swaha Shome Japan's recovery from the asset bubble burst in 1990 was a slow one and even today Japan's growth rate continues to be disappointing. Economists have questioned the Bank of Japan's policy of low interest rates, the alarming fiscal burden and strong bureaucracy in policy decisions. A combination of the above along with a slowdown in its largest trading partner-the US-has once again raised concerns about the pace of recovery. Lessons are also to be learnt from Japan by the US policy-makers.
© 2008 IUP . All Rights Reserved
RISK
Credit Default Swaps : Issues in Focus
-- V Prashant Credit Default Swaps (CDS) represent an obscure corner of the global finance market that has become a weapon of mass speculation destabilizing international debt and equity markets in the recent months.
© 2008 IUP . All Rights Reserved
RISK
Gold Futures in India
- Hareram Mohanty and Pradeepta Kumar Samanta India's economic reforms have moved to a new high over the past decade, including the liberalization of the gold regime, which addressed a break with the past and may lay the ground for further reform.
© 2008 IUP . All Rights Reserved
RISK
Currency Derivatives : What Went Wrong with Indian Corporates?
-- Ravikanth In recent times, Indian companies have grabbed headlines for all the wrong reasons. Swaps, options, exotic derivatives, structured products, etc., the list is endless. Several legal disputes have cropped up between financial service providers and clients, alleging mis-selling and misrepresentation of derivatives which added to the uncertainty and fear factor. The article addresses this issue.
© 2008 IUP . All Rights Reserved
SHORT BOOK REVIEWS
The Future of the Dollar and Global Economic Trends and South Asia
-- Benjamin J Cohen and Somesh Kumar Mathur What is the future of the US dollar as an international currency? The essays collected in this volume comment on critical issues that will influence the outlook for America's greenback. The first two chapters address the emergence of the euro as a potential rival for the dollar.
© 2008 IUP . All Rights Reserved
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