Sushil Khanna | Indian Institute of Management Calcutta (original) (raw)
Papers by Sushil Khanna
The Indian economy has seen a radical change during the last decade. From a regime of fixed excha... more The Indian economy has seen a radical change during the last decade. From a regime of fixed exchange and regulated interest rates, tight control on foreign direct investment (FDI) and a complete absence of foreign portfolio investment, it has transformed itself into a favoured destination for FDI and portfolio investment.
Economic and Political Weekly, 1978
and added that "with him it really is a creed, while I believe that for Gandhi non-violenc... more and added that "with him it really is a creed, while I believe that for Gandhi non-violence is a political weapon far more than a creed". He further wrote: "His one idea for 40 years has been to overthrow British rule and influence and to establish a Hindu raj; and he is as unscrupulous as he is persistent .... He is an exceedingly shrewd, obstinate, domineering, double- tongued, single-minded politician; and there is little true saintliness in him. At one stage Wavell even charged Gandhi of attributing to him "an entirely false statement" while preparing the record of an interview between them.
The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows i... more The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows in the global economy, attracting a significant proportion of FDI and portfolio flows. India too has attracted more than $40 billion, during the second half of 1990s. External capital inflows were expected to have a positive impact on the emerging market economies. At the macro level, capital account liberalisation is expected to lead to more efficient resource allocation at the global level. Flows into capital scarce emerging economies would lead to decrease in interest rates, accelerated investment and higher growth. At the micro-level, integration of the capital markets in such economies with global portfolio flows should lead to risk diversification and lower the cost of capital for individual firms by raising Tobin’s q. This paper examines the experience of India at the macro and micro level, which accompanied by large fluctuations in the quantum of lows. At the macro level, periods ...
This paper examines the paradox of the diminishing institutional role of large central public sec... more This paper examines the paradox of the diminishing institutional role of large central public sector enterprises despite rising profitability and investment as a result of their being efficient competitors in the new market environment. Under the neo-liberal regime of the last two decades, these CPSES, with large cash balances and improved profitability, have emerged as the main drivers of public savings and investment. But instead of enhancing their strategic role, the union government has been treating them as cash cows. A comparison of the performance of large private and public sector firms in the manufacturing sector shows that the CPSES have provided higher returns on capital employed. And, performance in terms of technical parameters is in no way inferior to that of their private counterparts. Yet the
1. CAPITAL ACCOUNT LIBERALISATION IN AN EMERGING ECONOMY: PRIVATE CAPITAL FLOWS, EXCHANGE RATES A... more 1. CAPITAL ACCOUNT LIBERALISATION IN AN EMERGING ECONOMY: PRIVATE CAPITAL FLOWS, EXCHANGE RATES AND STOCK MARKETS IN INDIA Sushil Khanna, Indian Institute of Management Calcutta, India ABSTRACT The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows in the global economy, attracting a significant proportion of FDI and portfolio flows. India too has attracted more than $40 billion, during the second half of 1990s. External capital inflows were expected to have a positive impact on the emerging market economies. At the macro level, capital account liberalisation is expected to lead to more efficient resource allocation at the global level. Flows into capital scarce emerging economies would lead to decrease in interest rates, accelerated investment and higher growth. At the micro-level, integration of the capital markets in such economies with global portfolio flows should lead to risk diversification and lower the cost of capital for individual ...
Review of Radical Political Economics
Social Scientist, 1992
The balance of payments crisis that has necessitated the IMF guided structural adjustment program... more The balance of payments crisis that has necessitated the IMF guided structural adjustment programme took many observers of the Indian economy by surprise. It was well known that India had been unusually conservative in commercial borrowing from international banks abroad even ...
iimcal.ac.in
While the corporate governance problem has been analyzed by legal scholars as the problem of owne... more While the corporate governance problem has been analyzed by legal scholars as the problem of ownership and legislative supports towards protection of rights of the minority shareholders and by the economic theories in the context of agency conflicts by management and shareholders, in our views both these approaches offer a partial characterization of the problem.
Economic and Political Weekly, 1984
Sushil Khanna Technology, not capital, is the decisive factor in the control of modern enterprise... more Sushil Khanna Technology, not capital, is the decisive factor in the control of modern enterprises and the sharing of benefits from an investment decision. This has rekindled interest in the transfer of technology to Third World countries by the transnational corporations. Numerous ...
Economic and Political Weekly, 1999
THE economic reforms in India, initiated in 1991, were based on the premise that macro-economic c... more THE economic reforms in India, initiated in 1991, were based on the premise that macro-economic crisis was a result of 'micro-economic' inefficiencies that distort the structure of incentives to producers [Bhagawati and Srinivasan 1993]. After a short period of IMF style 'stabilisation', with the ...
Economic and Political Weekly, 1989
THE last a few years have witnessed an uneasiness with the industrialisation strategy hitherto fo... more THE last a few years have witnessed an uneasiness with the industrialisation strategy hitherto followed amongst Indian planners and policy makers. It is argued that the old strategy has focused almost exclusively on the home market and has ignored techno-logical changes in the ...
iimcal.ac.in
While the corporate governance problem has been analyzed by legal scholars as the problem of owne... more While the corporate governance problem has been analyzed by legal scholars as the problem of ownership and legislative supports towards protection of rights of the minority shareholders and by the economic theories in the context of agency conflicts by management and shareholders, in our views both these approaches offer a partial characterization of the problem.
The Copenhagen Journal of Asian Studies, Feb 19, 2014
Economic reforms in India are often hailed as the march of private enterprise, unshackled from bu... more Economic reforms in India are often hailed as the march of private enterprise, unshackled from bureaucratic control. Though it is true that the Indian growth story is led by private capital, reforms have also unleashed a resurgent public sector in the Indian economy, with a significant contribution to investment and growth in India. This article looks at the political economy of SOE reforms, their partial privatization and restructuring, with enhanced autonomy as the key factors that have shaped a more dynamic SOE sector, at least amongst those controlled by the central government. As India moved to market-based prices and incentives, and better contract enforcements, central government SOEs (CSOEs) have substantially enhanced their profitability, investments and growth. As far as manufacturing SOEs are concerned, their profitability and efficiency is superior to private firms, while the performance of CSOEs in services has been rather poor.
China Journal, The, 2008
To cite this article: Khanna, Sushil. China and India: A Tale of Two Economies [Book Review] [onl... more To cite this article: Khanna, Sushil. China and India: A Tale of Two Economies [Book Review] [online]. China Journal, The, No. 60, July 2008: 168-170. Availability: <http://search.informit .com.au/documentSummary;dn=312543180908078;res=IELHSS> ISSN: 1324-9347. ...
Social Scientist, 1992
The balance of payments crisis that has necessitated the IMF guided structural adjustment program... more The balance of payments crisis that has necessitated the IMF guided structural adjustment programme took many observers of the Indian economy by surprise. It was well known that India had been unusually conservative in commercial borrowing from international banks abroad even ...
Economic and Political Weekly, May 2, 2014
Economic and Political Weekly, Jan 29, 2015
The Indian economy has seen a radical change during the last decade. From a regime of fixed excha... more The Indian economy has seen a radical change during the last decade. From a regime of fixed exchange and regulated interest rates, tight control on foreign direct investment (FDI) and a complete absence of foreign portfolio investment, it has transformed itself into a favoured destination for FDI and portfolio investment.
Economic and Political Weekly, 1978
and added that "with him it really is a creed, while I believe that for Gandhi non-violenc... more and added that "with him it really is a creed, while I believe that for Gandhi non-violence is a political weapon far more than a creed". He further wrote: "His one idea for 40 years has been to overthrow British rule and influence and to establish a Hindu raj; and he is as unscrupulous as he is persistent .... He is an exceedingly shrewd, obstinate, domineering, double- tongued, single-minded politician; and there is little true saintliness in him. At one stage Wavell even charged Gandhi of attributing to him "an entirely false statement" while preparing the record of an interview between them.
The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows i... more The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows in the global economy, attracting a significant proportion of FDI and portfolio flows. India too has attracted more than $40 billion, during the second half of 1990s. External capital inflows were expected to have a positive impact on the emerging market economies. At the macro level, capital account liberalisation is expected to lead to more efficient resource allocation at the global level. Flows into capital scarce emerging economies would lead to decrease in interest rates, accelerated investment and higher growth. At the micro-level, integration of the capital markets in such economies with global portfolio flows should lead to risk diversification and lower the cost of capital for individual firms by raising Tobin’s q. This paper examines the experience of India at the macro and micro level, which accompanied by large fluctuations in the quantum of lows. At the macro level, periods ...
This paper examines the paradox of the diminishing institutional role of large central public sec... more This paper examines the paradox of the diminishing institutional role of large central public sector enterprises despite rising profitability and investment as a result of their being efficient competitors in the new market environment. Under the neo-liberal regime of the last two decades, these CPSES, with large cash balances and improved profitability, have emerged as the main drivers of public savings and investment. But instead of enhancing their strategic role, the union government has been treating them as cash cows. A comparison of the performance of large private and public sector firms in the manufacturing sector shows that the CPSES have provided higher returns on capital employed. And, performance in terms of technical parameters is in no way inferior to that of their private counterparts. Yet the
1. CAPITAL ACCOUNT LIBERALISATION IN AN EMERGING ECONOMY: PRIVATE CAPITAL FLOWS, EXCHANGE RATES A... more 1. CAPITAL ACCOUNT LIBERALISATION IN AN EMERGING ECONOMY: PRIVATE CAPITAL FLOWS, EXCHANGE RATES AND STOCK MARKETS IN INDIA Sushil Khanna, Indian Institute of Management Calcutta, India ABSTRACT The emerging economies of Asia have in 1990s, emerged as the epicentre of private capital flows in the global economy, attracting a significant proportion of FDI and portfolio flows. India too has attracted more than $40 billion, during the second half of 1990s. External capital inflows were expected to have a positive impact on the emerging market economies. At the macro level, capital account liberalisation is expected to lead to more efficient resource allocation at the global level. Flows into capital scarce emerging economies would lead to decrease in interest rates, accelerated investment and higher growth. At the micro-level, integration of the capital markets in such economies with global portfolio flows should lead to risk diversification and lower the cost of capital for individual ...
Review of Radical Political Economics
Social Scientist, 1992
The balance of payments crisis that has necessitated the IMF guided structural adjustment program... more The balance of payments crisis that has necessitated the IMF guided structural adjustment programme took many observers of the Indian economy by surprise. It was well known that India had been unusually conservative in commercial borrowing from international banks abroad even ...
iimcal.ac.in
While the corporate governance problem has been analyzed by legal scholars as the problem of owne... more While the corporate governance problem has been analyzed by legal scholars as the problem of ownership and legislative supports towards protection of rights of the minority shareholders and by the economic theories in the context of agency conflicts by management and shareholders, in our views both these approaches offer a partial characterization of the problem.
Economic and Political Weekly, 1984
Sushil Khanna Technology, not capital, is the decisive factor in the control of modern enterprise... more Sushil Khanna Technology, not capital, is the decisive factor in the control of modern enterprises and the sharing of benefits from an investment decision. This has rekindled interest in the transfer of technology to Third World countries by the transnational corporations. Numerous ...
Economic and Political Weekly, 1999
THE economic reforms in India, initiated in 1991, were based on the premise that macro-economic c... more THE economic reforms in India, initiated in 1991, were based on the premise that macro-economic crisis was a result of 'micro-economic' inefficiencies that distort the structure of incentives to producers [Bhagawati and Srinivasan 1993]. After a short period of IMF style 'stabilisation', with the ...
Economic and Political Weekly, 1989
THE last a few years have witnessed an uneasiness with the industrialisation strategy hitherto fo... more THE last a few years have witnessed an uneasiness with the industrialisation strategy hitherto followed amongst Indian planners and policy makers. It is argued that the old strategy has focused almost exclusively on the home market and has ignored techno-logical changes in the ...
iimcal.ac.in
While the corporate governance problem has been analyzed by legal scholars as the problem of owne... more While the corporate governance problem has been analyzed by legal scholars as the problem of ownership and legislative supports towards protection of rights of the minority shareholders and by the economic theories in the context of agency conflicts by management and shareholders, in our views both these approaches offer a partial characterization of the problem.
The Copenhagen Journal of Asian Studies, Feb 19, 2014
Economic reforms in India are often hailed as the march of private enterprise, unshackled from bu... more Economic reforms in India are often hailed as the march of private enterprise, unshackled from bureaucratic control. Though it is true that the Indian growth story is led by private capital, reforms have also unleashed a resurgent public sector in the Indian economy, with a significant contribution to investment and growth in India. This article looks at the political economy of SOE reforms, their partial privatization and restructuring, with enhanced autonomy as the key factors that have shaped a more dynamic SOE sector, at least amongst those controlled by the central government. As India moved to market-based prices and incentives, and better contract enforcements, central government SOEs (CSOEs) have substantially enhanced their profitability, investments and growth. As far as manufacturing SOEs are concerned, their profitability and efficiency is superior to private firms, while the performance of CSOEs in services has been rather poor.
China Journal, The, 2008
To cite this article: Khanna, Sushil. China and India: A Tale of Two Economies [Book Review] [onl... more To cite this article: Khanna, Sushil. China and India: A Tale of Two Economies [Book Review] [online]. China Journal, The, No. 60, July 2008: 168-170. Availability: <http://search.informit .com.au/documentSummary;dn=312543180908078;res=IELHSS> ISSN: 1324-9347. ...
Social Scientist, 1992
The balance of payments crisis that has necessitated the IMF guided structural adjustment program... more The balance of payments crisis that has necessitated the IMF guided structural adjustment programme took many observers of the Indian economy by surprise. It was well known that India had been unusually conservative in commercial borrowing from international banks abroad even ...
Economic and Political Weekly, May 2, 2014
Economic and Political Weekly, Jan 29, 2015