Two agendas of the heterodox economics programme; the stock-flow consistent models pioneered by Wynne Godley, and the monetary circuit approach researched in France and Italy are discussed. The objective is to present a coherent account of two innovations in payments mechanisms: deposit-creating...

In this speech to the staff of the Reserve Bank of India delivered on May 14, 2007 at the RBI, Central Office, Mumbai, the author offers some comments on the challenges posed by financial liberalisation drawing a comparison with France. The lessons that can be drawn from a comparison with the...

Budget in Brief is designed to summarize the detailed information into an overview comprising essential information about expenditure and receipt and the resulting budget balance.

The paper attempts to construct political influence variables and explain discrepancies in fund disbursement through proper econometric specification in the Indian context.