This study investigates the nature of relationship between price and trading volume for 50 Indian stocks. Firstly the contemporaneous and asymmetric relation between price and volume are examined. Then the dynamic relation between returns and volume using VAR, Granger causality, variance...

This paper studies an episode of dissemination of wrong stock index values in real time due to a software bug in the Indian Nifty index futures market on the morning of January 18, 2006. The episode provides an opportunity to test various models of cognitive biases and bounded rationality...

The paper reviews the calculation of Indian wholesale and consumer price indices and suggests improvements in the light of past experience and international best practices. It confirms that food inflation has been the driver of domestic inflation.

The financial sector has built capabilities such that, with appropriate policy changes, it can grow tremendously, both domestically and internationally. the report touches upon two reasons for financial sector reform—to include more Indians in the growth process, and to foster growth...

The paper attempts to analyse the emerging contours of regulation of financial institutions with an emphasis on the emerging challenges and dynamics. [Paper prepared for Financial Stability Review of Bank of France].

The key elements of effective central banking that account for much of the improvement in monetary policy around the world today are outlined and explained. The past quarter of the century has been a revolutionary period in which the world emerged from great inflation and output instability into...

The nature of the financial turbulence that happened recently in US and Europe, why it happened, where it happened, and the implications for central banks. Some of the forces that led up to and characterized the recent spate of events, the specific responses of central banks and some challenges...