Zico Dasgupta | Azim Premji University (original) (raw)

Papers by Zico Dasgupta

Research paper thumbnail of State of Working India 2021: One year of Covid-19

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Research paper thumbnail of Development Expenditures of the States in the Post-Liberalisation Period

Economic and Political Weekly, Aug 16, 2012

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Research paper thumbnail of The Challenges before NABARD in the Midst of RBI's Sterilisation Policy

Economic & Political Weekly, 2010

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Research paper thumbnail of Investment function and the role of export: The case of India's manufacturing sector

Structural Change and Economic Dynamics

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Research paper thumbnail of Income Distribution and Aggregate Demand in the Indian Economy

Does there exist a trade-off between labour income share and output growth rate? Or does a reduct... more Does there exist a trade-off between labour income share and output growth rate? Or does a reduction in the wage share reduces the output growth rate? These questions remain central for analysing the impact of
change in income distribution on the output growth rate. Since the dilution and suspension of labour laws involve exogenous changes in income distribution, the impact of such policies would depend on the
relationship between income distribution and aggregate demand. This paper attempts to lay bare this relationship for the Indian economy through an empirical analysis of India’s macro data and a theoretical
model based on the regression results.

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Research paper thumbnail of * The authors previously published a newspaper article on the same theme, titled “What Deters Investment

Levy Institute scholars and conference participants. The purpose of the series is to disseminate ... more Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad.

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Research paper thumbnail of Financial Globalisation and India: Internal and External Dimensions

The Research Project seeks to study the implications of financial liberalisation, global financia... more The Research Project seeks to study the implications of financial liberalisation, global financial integration and cross-border capital flows for the Indian economy. The direction of policy change in India over the past two decades and a half has been in this direction. The domestic financial sector has grown significantly in the past decade, which has impacted the trajectory of real sector growth and economic development. The report contains four chapters. The first one introduces the readers to the Indian macroeconomic scene over the past two decades and the financial aspects of the growth process. The second chapter focuses on the internal dimensions of the growth process and the recent developments in the financial sector, especially the bad loans crisis. The third chapter looks at financial globalisation and its impact on India’s external vulnerability. The concluding chapter presents a theoretical model which seeks to explain the nature and consequences of financial liberalisa...

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Research paper thumbnail of Economic Slowdown and Financial Fragility: The Structural Malaise of India's Growth Process

The Indian economy is presently gripped by the dual phenomenon of an unprecedented slowdown as we... more The Indian economy is presently gripped by the dual phenomenon of an unprecedented slowdown as well as financial fragility. What has triggered this? Is this simply a random exogenous shock to an otherwise well-functioning economy? Or, is there anything structural about the present slowdown? What are the binding constraints for recovery? These questions are addressed in the context of India’s overall growth trajectory and policy regime in the last two decades.

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Research paper thumbnail of The dynamics of global demand, investment and trade deficit

Neoliberalism in the Emerging Economy of India

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Research paper thumbnail of Financialisation and corporate investments: the Indian case

Review of Keynesian Economics

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Research paper thumbnail of Fiscal Problem in West Bengal

Economic and Political Weekly, Mar 31, 2012

The fiscal picture in West Bengal is characterised by a high debt-gross state domestic product ra... more The fiscal picture in West Bengal is characterised by a high debt-gross state domestic product ratio (the second highest in the country among the non-special category states) and a low own tax revenue-GSDP ratio (the lowest in the country). This paper attempts to understand the reasons for these twin features which underlie the fiscal stress in the state.

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Research paper thumbnail of PSL Quarterly paper

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Research paper thumbnail of Economic Slowdown and Financial Fragility:The Structural Malaise of India's Growth Process

EPW, 2020

The Indian economy is presently gripped by the dual phenomenon of an unprecedented slowdown as we... more The Indian economy is presently gripped by the dual phenomenon of an unprecedented slowdown as well as financial fragility. What has triggered this? Is this simply a random exogenous shock to an otherwise well-functioning economy? Or, is there anything structural about the present slowdown? What are the binding constraints for recovery? These questions are addressed in the context of India’s overall growth trajectory and policy regime in the last two decades.

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Research paper thumbnail of Growth, Imports and Inequality Explaining the Persistently High Trade Deficit in India

One of the striking features of the Indian economy in recent years has been a sharp rise in the s... more One of the striking features of the Indian economy in recent years has been a sharp rise in the share of the trade deficit in the gross domestic product. While the period of high GDPgrowth was characterised by an even faster widening of the trade deficit, the subsequent slowdown has not reduced the deficit proportionately. The widening of the trade deficit in GDP has been primarily due to a similar rise in the import–GDP ratio. One of the main reasons for the rise in the import–GDP ratio, and the persistence of a high trade deficit is rising inequality in the economy

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Research paper thumbnail of Economic Policy in India: For Economic Stimulus, or for Austerity and Volatility?

The implementation of economic reforms under new economic policies in India was associated with a... more The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at “price stability” in the neoliberal regime, fiscal policies were characterized by the objective of maintaining “sound finance” and “austerity.” Such monetarist principles and measures have also loomed over the global recession. This paper highlights the theoretical fallacies of monetarism and analyzes the consequences of such policy measures in India, particularly during the period of the global recession. Not only did such policies pose constraints on the recovery of output and employment, with adverse impacts on income distribution; but they also failed to achieve their stated goal in terms of price stability. By citing examples from southern Europe and India, this paper concludes that such monetarist policy measures have been responsible for stagnation, with a rise in price volatility and macroeconomic instability in the midst of the global recession.

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Research paper thumbnail of Development Expenditures of the States in the Post-Liberalisation Period

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Research paper thumbnail of Fiscal Problem in West Bengal

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Research paper thumbnail of The Challenges before NABARD in the Midst of RBI’s Sterilisation Policy

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Research paper thumbnail of State of Working India 2021: One year of Covid-19

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Research paper thumbnail of Development Expenditures of the States in the Post-Liberalisation Period

Economic and Political Weekly, Aug 16, 2012

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The Challenges before NABARD in the Midst of RBI's Sterilisation Policy

Economic & Political Weekly, 2010

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Investment function and the role of export: The case of India's manufacturing sector

Structural Change and Economic Dynamics

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Income Distribution and Aggregate Demand in the Indian Economy

Does there exist a trade-off between labour income share and output growth rate? Or does a reduct... more Does there exist a trade-off between labour income share and output growth rate? Or does a reduction in the wage share reduces the output growth rate? These questions remain central for analysing the impact of
change in income distribution on the output growth rate. Since the dilution and suspension of labour laws involve exogenous changes in income distribution, the impact of such policies would depend on the
relationship between income distribution and aggregate demand. This paper attempts to lay bare this relationship for the Indian economy through an empirical analysis of India’s macro data and a theoretical
model based on the regression results.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of * The authors previously published a newspaper article on the same theme, titled “What Deters Investment

Levy Institute scholars and conference participants. The purpose of the series is to disseminate ... more Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Financial Globalisation and India: Internal and External Dimensions

The Research Project seeks to study the implications of financial liberalisation, global financia... more The Research Project seeks to study the implications of financial liberalisation, global financial integration and cross-border capital flows for the Indian economy. The direction of policy change in India over the past two decades and a half has been in this direction. The domestic financial sector has grown significantly in the past decade, which has impacted the trajectory of real sector growth and economic development. The report contains four chapters. The first one introduces the readers to the Indian macroeconomic scene over the past two decades and the financial aspects of the growth process. The second chapter focuses on the internal dimensions of the growth process and the recent developments in the financial sector, especially the bad loans crisis. The third chapter looks at financial globalisation and its impact on India’s external vulnerability. The concluding chapter presents a theoretical model which seeks to explain the nature and consequences of financial liberalisa...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Economic Slowdown and Financial Fragility: The Structural Malaise of India's Growth Process

The Indian economy is presently gripped by the dual phenomenon of an unprecedented slowdown as we... more The Indian economy is presently gripped by the dual phenomenon of an unprecedented slowdown as well as financial fragility. What has triggered this? Is this simply a random exogenous shock to an otherwise well-functioning economy? Or, is there anything structural about the present slowdown? What are the binding constraints for recovery? These questions are addressed in the context of India’s overall growth trajectory and policy regime in the last two decades.

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Research paper thumbnail of The dynamics of global demand, investment and trade deficit

Neoliberalism in the Emerging Economy of India

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Financialisation and corporate investments: the Indian case

Review of Keynesian Economics

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Fiscal Problem in West Bengal

Economic and Political Weekly, Mar 31, 2012

The fiscal picture in West Bengal is characterised by a high debt-gross state domestic product ra... more The fiscal picture in West Bengal is characterised by a high debt-gross state domestic product ratio (the second highest in the country among the non-special category states) and a low own tax revenue-GSDP ratio (the lowest in the country). This paper attempts to understand the reasons for these twin features which underlie the fiscal stress in the state.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of PSL Quarterly paper

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Research paper thumbnail of Economic Slowdown and Financial Fragility:The Structural Malaise of India's Growth Process

EPW, 2020

The Indian economy is presently gripped by the dual phenomenon of an unprecedented slowdown as we... more The Indian economy is presently gripped by the dual phenomenon of an unprecedented slowdown as well as financial fragility. What has triggered this? Is this simply a random exogenous shock to an otherwise well-functioning economy? Or, is there anything structural about the present slowdown? What are the binding constraints for recovery? These questions are addressed in the context of India’s overall growth trajectory and policy regime in the last two decades.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Growth, Imports and Inequality Explaining the Persistently High Trade Deficit in India

One of the striking features of the Indian economy in recent years has been a sharp rise in the s... more One of the striking features of the Indian economy in recent years has been a sharp rise in the share of the trade deficit in the gross domestic product. While the period of high GDPgrowth was characterised by an even faster widening of the trade deficit, the subsequent slowdown has not reduced the deficit proportionately. The widening of the trade deficit in GDP has been primarily due to a similar rise in the import–GDP ratio. One of the main reasons for the rise in the import–GDP ratio, and the persistence of a high trade deficit is rising inequality in the economy

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Economic Policy in India: For Economic Stimulus, or for Austerity and Volatility?

The implementation of economic reforms under new economic policies in India was associated with a... more The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at “price stability” in the neoliberal regime, fiscal policies were characterized by the objective of maintaining “sound finance” and “austerity.” Such monetarist principles and measures have also loomed over the global recession. This paper highlights the theoretical fallacies of monetarism and analyzes the consequences of such policy measures in India, particularly during the period of the global recession. Not only did such policies pose constraints on the recovery of output and employment, with adverse impacts on income distribution; but they also failed to achieve their stated goal in terms of price stability. By citing examples from southern Europe and India, this paper concludes that such monetarist policy measures have been responsible for stagnation, with a rise in price volatility and macroeconomic instability in the midst of the global recession.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Development Expenditures of the States in the Post-Liberalisation Period

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Fiscal Problem in West Bengal

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The Challenges before NABARD in the Midst of RBI’s Sterilisation Policy

Bookmarks Related papers MentionsView impact