3,525 research outputs found
India's policy stance on reserves and the currency
Over the last decade, India engaged in substantial liberalisation on the current account and the capital account. At the same time, a fully articulated policy framework defining the currency regime is not known in the public domain. In this paper, we seek to characterise then ature of the currency regime, in the period after the Asian crisis. This is closely linked to better understanding the phenomenon of reserves accumulation of the recent years. Our results suggest that the main focus of the currency regime has been to deliver a low volatility of the nominal exchange rate. The rupee appears to be a de facto peg to the USD. In the last one year, reserves accumulation cannot be explained by insurance motivations; it seems to be a passive side effect of maintaining the currency regime
The Consequences of currency intervention in India
Currency management in India has focused on delivering low levels of currency volatility. In earlier years, the implementation of the currency regime was enabled by the presence of capital controls. In recent years, India has made much progress towards capital account convertibility. This paper closely examines India's experience with the implementation of the currency regime in two episodes: 1993-95 and after 2002. We argue that the implementation of the existing currency regime now induces distorted monetary policy and fiscal costs. These costs of implementing the currency regime need to be factored into the choice of currency regime
The Indian currency regime and its consequences.
While the Indian rupee is claimed to be a `market determined ex-change rate', there is a gulf between the de facto and de jure exchange rate regime. An examination of the data reveals that India has a de facto rupee-dollar pegged exchange rate. From the early 1990s on- wards, as India as reintegrated with the world economy, the implementation of this pegged exchange rate has induced increasing monetary policy distortions. The volatility of the rupee-dollar rate has sub-stantial variation which have considerable implications for economic agents in understanding currency risk and monetary policy. However these changes in course have not been preceded by announcements from RBI.Money
No scale SUGRA SO(10) derived Starobinsky Model of Inflation
We show that a supersymmetric renormalizable theory based on gauge group
SO(10) and Higgs system {\bf {10 210 126
}} with no scale supergravity can lead to a Starobinsky
kind of potential for inflation. Successful inflation is possible in the cases
where the potential during inflation corresponds to , and flipped intermediate symmetry with a suitable choice of superpotential
parameters. The reheating in such a scenario can occur via non perturbative
decay of inflaton i.e. through "preheating". After the end of reheating, when
universe cools down, the finite temperature potential can have a minimum which
corresponds to MSSM.Comment: 6 pages, 2 figures, Replaced with version to appear in Phys Lett
On the mean number of 2-torsion elements in the class groups, narrow class groups, and ideal groups of cubic orders and fields
Given any family of cubic fields defined by local conditions at finitely many
primes, we determine the mean number of 2-torsion elements in the class groups
and narrow class groups of these cubic fields when ordered by their absolute
discriminants.
For an order in a cubic field, we study the three groups: , the group of ideal classes of of order 2; , the group of narrow ideal classes of of order 2; and
, the group of ideals of of order 2. We prove that
the mean value of the difference is always equal to , whether one averages over the maximal orders in
real cubic fields, over all orders in real cubic fields, or indeed over any
family of real cubic orders defined by local conditions. For the narrow class
group, we prove that the mean value of the difference is equal to for any such family. For any family
of complex cubic orders defined by local conditions, we prove similarly that
the mean value of the difference is always equal to , independent of the family.
The determination of these mean numbers allows us to prove a number of
further results as by-products. Most notably, we prove---in stark contrast to
the case of quadratic fields---that: 1) a positive proportion of cubic fields
have odd class number; 2) a positive proportion of real cubic fields have
isomorphic 2-torsion in the class group and the narrow class group; and 3) a
positive proportion of real cubic fields contain units of mixed real signature.
We also show that a positive proportion of real cubic fields have narrow class
group strictly larger than the class group, and thus a positive proportion of
real cubic fields do not possess units of every possible real signature.Comment: 17 page
PENGARUH EMOTIONAL INTELLIGENCE TERHADAP BURNOUT PADA KARYAWAN USAHA MIKRO, KECIL DAN MENENGAH
Stress is seen as a major problem for individuals in a highly competitive environment. It is undeniable that stress can affect a person's physical health and reduce work productivity. Since the outbreak of the Covid-19 in Indonesia, and the speed at which the Corona Covid-19 virus has spread has had a major impact on the sustainability of the economy in Indonesia, including with business actors, both micro, small and medium enterprises. Burnout can have an impact on yourself, such as feeling like a failure and unproductive. With the existence of emotional intelligence, individuals have self-control to be able to control themselves so as not to be affected by excessive workload so that it can prevent the employee from experiencing burnout. The purpose of this study was to determine the effect of emotional intelligence on burnout in employees of micro, small and medium enterprises. This study uses a non-experimental quantitative approach with correlational research. The number of samples in this study were 113 employees of micro, small and medium enterprises using purposive sampling technique. This study uses the Emotional Intelligence scale instrument and The Maslach-Trisni Burnout Inventory. This study uses simple linear regression. The results of the study explain that there is a positive influence (B = 0.522; p = 0.001) that the effect of emotional intelligence on burnout is 27.2%
Asia confronts the impossible trinity.
In this paper, we examine capital account openness and exchange rate flexibility in 11 Asian countries. Asia has made slow progress on de jure capital account openness, but has made much more progress on de facto capital account openness. While there is a slow pace of increase in exchange rate flexibility, most Asian countries continue to have largely inflexible exchange rates. This combination - of moving forward with de facto capital account integration without bringing in exchange rate exibility - has lead to procyclicality of monetary policy when capital flows are procyclical. The paper emphasises the case for a consistent monetary policy framework.
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