Zico Dasgupta | Azim Premji University (original) (raw)
Papers by Zico Dasgupta
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Economic and Political Weekly, Aug 16, 2012
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Economic & Political Weekly, 2010
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Structural Change and Economic Dynamics
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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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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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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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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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Neoliberalism in the Emerging Economy of India
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Review of Keynesian Economics
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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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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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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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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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Bookmarks Related papers MentionsView impact
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Economic and Political Weekly, Aug 16, 2012
Bookmarks Related papers MentionsView impact
Economic & Political Weekly, 2010
Bookmarks Related papers MentionsView impact
Structural Change and Economic Dynamics
Bookmarks Related papers MentionsView impact
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
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
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
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
Neoliberalism in the Emerging Economy of India
Bookmarks Related papers MentionsView impact
Review of Keynesian Economics
Bookmarks Related papers MentionsView impact
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
Bookmarks Related papers MentionsView impact
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
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
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
Bookmarks Related papers MentionsView impact
Bookmarks Related papers MentionsView impact
Bookmarks Related papers MentionsView impact