The recent de-emphasizing of the role of "money" in both theoretical macroeconomics as well as in the practical conduct of monetary policy sits uneasily with the idea that inflation is a monetary phenomenon. Empirical evidence has, however, been accumulating pointing to an important leading...

The article traces the determinants of off-balance sheet activities in the Indian banking sector. Using data for the period 1996 to 2004, the article finds that not only regulatory factors, but also market forces captured by banks-specific characteristics and macro-economic conditions are at...

It is generally believed that financial liberalisation erodes the potency of monetary policy by rendering tenuous the link between monetary aggregates and important macro-economic magnitudes (such as income, prices and exchange rates). This could be accounted for by several factors such as the...