It is well known that a tightening or easing of the United States' monetary policy affects financial markets in emerging economies. This paper argues that uncertainty about future monetary policy is a separate transmission channel. We focus on the taper tantrum episode in 2013, a period with an...

This article grapples with the causes of India's microfinance crisis. By contrasting Bangladesh's highly successful Grameen model with the allegedly “universalizable” version of India's SKS Microfinance (which precipitated the crisis), trust or social capital is isolated — not just...

This paper begins with a brief overview of the prevailing fiscal scenario in India, emphasizing the path of the fiscal deficit between 1991 and the present fiscal year. It then examines the prevailing monetary policy framework and the key issues involved which lead up to a debate on monetary...

We investigate through a time-varying trend inflation model the anchoring of the inflation process in the five largest emerging economies: Brazil, Russia, India, China and South Africa (also known as the BRICS countries) since 1990s. Our analysis is based on a non-centered unobserved components...