Apr 29, 2024
Say, there was a wonderful discretionary product that everyone would want that cost 50,000. Assuming that you would need an annual income of 30 lakh to readily spend on that, and given that only 3% of India’s population has an income in excess of 30 lakh, the demand for the product would be around 40 million. If, by magic, 30% of India’s population had an income in excess of 30 lakh, the demand for the product would rise to 400 million, the manufacturer(s) of the product would be jumping for joy, and, at a broader level, economic growth would zoom.
Of course, there is no magic, but a sensible – if radical – approach to fiscal policy could bring this state of affairs much, much closer. Rather than talking about inheritance taxes and income redistribution, a new, more effective capitalism would IMPOSE ZERO TAX ON INCOME OF ANY KIND – whether salaries, consultancy fees, corporate profits, rental income, whatever – AND ONLY TAX ASSETS, with exemption only for a single owner-occupied apartment or house.
I had already made this case in January 2022, in an article titled A NEW FORM OF CAPITALISM, which I am reproducing below:
At the start of the year, I had written that “2022 will be remembered as the year that the world started turning differently”, and here we are, just three weeks in, and there are already multiple signs that remarkable structural changes are in the air.
First of all, it looks increasingly like the populist surge of the last twenty or so years is losing steam. An analysis by the Tony Blair Institute for Global Change found that “the number of populist leaders in power at the beginning of 2022 is down from 17 at the beginning of 2021 to 13 – the lowest since 2004.” One of the key reasons for this could be that the pandemic “…reminded the public of the importance of seriousness and expertise in policymaking. Countries with populist leaders around the world had higher Covid-19 case and death rates than those without populist leaders”.
But even before the pandemic, this move away from obstreperous leaders had been building. A YouGov survey in early 2020 showed a “…steep decline in populist tendencies in all eight of the European countries surveyed”. And the trend persists – a very recent (published just last week) survey conducted by Cambridge University that covered half a million people showed that in most parts of the world populism, which had seemed to be taking over the world just a few years ago, is in definitive retreat.
Secondly, and despite the US seemingly mired in decision-making mud, leadership of the liberal democratic movement is broadening. While the Europeans have always – well, at least since the 1960’s – been ahead of the sanity curve, this year at Davos it was Japan that stepped up to the plate. In his address, Prime Minister Kishida Fumio pointed out that “History has proven that state capitalism without checks and balances carries risks at home and abroad, listing challenges including climate change, widening income gaps, rural-urban disparities and social tensions…Instead of leaving everything to the market and competition [we should] focus on public and private sector collaboration on reforms… inspire investment and change the way of sharing added values…[and] build a virtuous cycle where investment in people leads to a continuous increase in company value and attracts further investment in human capital." With Japan taking over the leadership of the G-7 this year, these will, hopefully, be more than the empty words we have come to expect from Davos.
And thirdly, the most encouraging news (again from Davos) was a letter written by 102 millionaires and billionaires which called on governments to “tax us now…[and institute] permanent wealth taxes on the richest to help reduce extreme inequality and raise revenue for sustained, long-term increases in public services like healthcare to help pay for the pandemic response and tackle the gulf between rich and poor.”
As I wrote in my earlier piece, it is clear “that humans, effectively chastised by the pandemic, became more human (for want of a better word)”. The pandemic also highlighted the obvious foolishness of having “front-line workers” at the back of the bus when it comes to sharing rewards. Substantive change is coming – and about time too.
There has already been increasing talk about a wealth tax in most countries, particularly as the numbers in terms of private wealth and government budgets are startling. In India, for instance, there are 700,000 [dollar] millionaires whose total wealth is estimated at USD 12.83 trillion [INR 962 trillion]. This is more than 35 times the Indian government’s total budgeted expenditure for 2020-21 [INR 34.83 trillion]!
In other words, a wealth tax of just 3% on all the rich guys and girls – I’m putting my hand up as well – would cover 100% of the government’s expenses.
Now, there is often a knee-jerk horror at the concept of a wealth tax, particularly among readers of the financial press. But the arithmetic (and the mood) today is just too strong. To be sure, implementing a wealth tax requires serious consideration of its impact in several domains. First of all, since much of peoples’ wealth consists of holdings of market instruments like equity shares, there would be a reasonable concern that the value of these holdings would fall as a result of the tax, rendering the tax less effective.
However, if wealth tax was part of a wider package that reduced and direct tax on earnings (including corporate profits) and indirect taxes to ZERO, the market would need to balance the impact of the direct hit on wealth with the boost to valuations and economic growth from zero taxes. [Incidentally, this is why I would not make the tax on assets permanent; it should be titrated over time against taxes on earnings to ensure a reasonable balance – today, the scale is tipped so far in favor of assets that we would need to start with 100 and zero.]
It would also be important to consider the impact on real estate, which is another major component of private wealth; the estimated value of all privately-held real estate in India is around INR 80 trillion, more than twice the value of all listed equities. The major issue here is that there are many people – mostly older people – who own a flat or home but may not have the cash flow to pay the taxes. While we could make exceptions, I believe a simpler solution would be to charge no wealth tax on owner-occupied housing; second homes and other real estate holdings would come into the net. This may tweak the arithmetic slightly – say, to a 3.5% tax rate, which, again, as a potential payer, is no big deal.
Unlike in equities, a tax on real estate would certainly lead to a decline in prices, which is, in fact, a very good thing. Housing desperately needs to become more affordable; this would dramatically increase the number of people who could buy property so that many more units could be sold, which, in turn would increase demand for cement, iron, steel, etc., as well as generate higher employment.
Obviously, the many aspects of the tax would need to be carefully tuned, and there are far more qualified people than myself to undertake this exercise.
My point is that, as the cycle towards a new world order accelerates, we will see a continuing shift away from populism, and towards what Prime Minister Fumio calls “a new form of capitalism” with markets and taxation designed to provide a better balance between growth and distribution.
The music is getting louder – get on the dance floor!
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RUPEE ON THE ROPES
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Living With Low Premiums
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THE DOLLAR’S CHOKEHOLD ON GLOBAL FINANCE
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SKINNY DIPPING SHOULD BE MORE FUN THAN SWIMMING NANGA
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Beating Both Sides of The Market
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Globalization and Gandhi’s Social Sins
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Not Quite A Global Currency, But...
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A PARADIGM SHIFT FOR THE RUPEE?
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Is The Rupee Decline Ending?
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Is The Dollar Rally Over?
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FEAR OF EQUITIES, REDUX
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BUYER BEWARE
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The Battle For 80 Is Joined
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WHAT IS DRIVING MARKETS TODAY
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THE RUPEE AT 80
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How Putin is Protecting The Euro
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The Heat is On
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Another Out of Turn Rate Hike ?
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A Terrifying History Lesson
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A Treadmill of Death
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Even If The Dollar Turns Around, The Rupee May Not
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80 AHOY!
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LET’S CALL PAUL
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ONLY THE CHANAWALA KNOWS FOR SURE
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MARKETS ARE AMORAL
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MY FIRST LESSON IN MACROECONOMICS
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COULD THE LIC IPO BE A GAME-CHANGER FOR THE ENVIRONMENT
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A NEW FORM OF CAPITALISM
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ELECTORAL VOLATILITY AHEAD
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WELCOME TO 2022
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UBI – AN IDEA WHO’S TIME HAS COME
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THE ELEPHANT IN THE ROOM
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THE FED IS WA-AY BEHIND THE CURVE
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THE CHINESE CENTURY
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THE NEXT STEP DOWN?
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SAVING MONEY ON EUR IMPORTS
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WHY CLASSIC RISK MANAGEMENT MODELS DONT WORK
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SO, WHAT’S WITH CRYPTO-X?
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HOW IMPORTANT IS THE FED FOR THE RUPEE?
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THE BEGINNING AND THE END OF LIBOR
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MORE EVIDENCE THAT MARKETS DON’T WORK
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IS GOD A TECHNICAL ANALYST – PART II
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AN IMAGINED PAST IS THE FUTURE
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IS GOD A TECHNICAL ANALYST ?
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THE RUPEE ROCKET
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MANAGING FX RISK ON IMPORTS
May 07, 2021
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LET US PRAY
May 03, 2021
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CAN RBI WIN THIS WAR?
Apr 19, 2021
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IS IT TIME TO SELL DOLLARS OR BUY THEM?
Apr 08, 2021
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HOW MUCH LONGER CAN THE RUPEE STAY STRONG
Apr 01, 2021
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Will Interest Rates Continue to Rise ?
Mar 12, 2021
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HOW RBI CAN ENHANCE SOCIAL HARMONY
Mar 01, 2021
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LOOK AT THOSE PREMIUMS GO!
Feb 16, 2021
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COULD BREXIT HEAL THE WORLD?
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IS INFLATION COMING BACK?
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IS GOLD BEING PUSHED ASIDE BY BITCOIN
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OH NO, NOT AGAIN – ANOTHER HISTORY LESSON
Dec 28, 2020
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ANOTHER NEW YEAR’S EVE PARTY?
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PICTURES AT AN EXHIBITION
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SLOW, STEADY STEPS TO CAC
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Is Judgment Day Coming?
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Chana Jor Garam
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BUY EURO, SELL GOLD
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Is The Rupee’s Flirtation with 73 Over?
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WHAT VPI’S HAVE TO DO TODAY
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A Stronger European Flavor
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Gold, Golder, Goldest
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Missing The Forest For The Trees
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A Strange And Risky Picture
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More Storms Ahead?
Jun 29, 2020
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500 Billon And Counting
Jun 18, 2020
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Needed – A Sustained Push For Police Reforms
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Dealing With Known and Unknown Unknowns
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India's Next Government
May 28, 2020
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Could The Rupee Be Getting A Little Respite?
May 18, 2020
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We Are The World
May 06, 2020
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Why is The Rupee Sacrosanct?
Apr 27, 2020
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IS THE RUPEE FISHING FOR A BOTTOM?
Apr 17, 2020
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Will The Rupee Take A Breather?
Apr 07, 2020
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After The Fall
Mar 12, 2020
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The Gods Must Be Crazy
Mar 11, 2020
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2008 Once More?
Feb 24, 2020
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A Snake in The Ladder
Feb 10, 2020
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Continuing Troubles with Growth
Jan 06, 2020
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Time For A Big Bang
Nov 20, 2019
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AAP HAS ARRIVED
Nov 04, 2019
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So Where Will The Rupee Go Now?
Sep 23, 2019
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Will A Weaker Rupee Help Exports
Sep 20, 2019
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A Silver Lining
Sep 04, 2019
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The New Sharia
Jul 22, 2019
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WELCOME TO ISTANBUL, WELCOME TO BOMBAY
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The Rupee and The Budget
Jul 08, 2019
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WOULDN’T IT BE LOVELY
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Stretch Targets for Mr Modi
May 27, 2019
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YOU AND I WILL BUILD THE NEW INDIA !
Apr 23, 2019
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PATRIOTISM WILL ALWAYS TRUMP NATIONALISM (no pun intended)
Apr 09, 2019
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So, What Will the Rupee Do Now?
Mar 18, 2019
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Not Just Straws In The Wind
Feb 21, 2019
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ARTIFICIALLY LOW INFLATION
Jan 28, 2019
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Dear MEERA
Jan 14, 2019
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2019 - The Year of (Not) Living Dangerously
Dec 31, 2018
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Turning RBI into the CBI ?
Dec 11, 2018
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So, Is the Rupee Going Back to 69?
Nov 26, 2018
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An Idea Who's Time Has Come
Nov 05, 2018
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Is The Rupee’s Sudden Steadiness Real ?
Oct 26, 2018
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A Few Things I Have Learned About Forecasting
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TURNING IT AROUND
Oct 08, 2018
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Flirting with Disaster
Sep 20, 2018
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Easing Imports' Trauma
Sep 07, 2018
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The Hundred Year Old Man
Sep 05, 2018
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Is the Dollar Getting Ready to Turn Lower
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Ten Year On
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SACRED GAMES – A Review
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You Just Can't Get Good Help These Days
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You are Uniquely Qualified
Jun 18, 2018
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Monetary Tightening – More to Come
Jun 06, 2018
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RBI Shows Who's The Boss
May 28, 2018
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Another Trip to the Pavilion?
May 07, 2018
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Is the Rupee Headed to 68 ?
Apr 23, 2018
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Hedging Exports to 24 Months
Apr 16, 2018
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The Second Wave
Apr 12, 2018
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Privacy Doesn't Exist In A Global Village
Apr 02, 2018
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What is Keeping The Rupee from Weakening Further
Mar 05, 2018
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A Tale of Two Markets
Feb 21, 2018
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#MeToo is Just The Beginning
Feb 19, 2018
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Changing The World
Feb 12, 2018
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EQUITY RHAPSODY
Feb 06, 2018
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Thinking About The Dollar
Jan 15, 2018
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The Rupee in 2018
Jan 02, 2018
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WHY YOU SHOULDN’T INVEST IN BITCOIN
Dec 07, 2017
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Waiting for 2020
Nov 30, 2017
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Where Have All The Speculators Gone
Sep 21, 2017
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A New European-ness
Aug 28, 2017
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Independence from Political Parties
Aug 21, 2017
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The Sky is Falling, The Sky is falling
Aug 10, 2017
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Prudence Uber Alles
Jul 24, 2017
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Making India Great Again
Jul 11, 2017
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Making America Great Again
Jul 04, 2017
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Eid Mubarak!
Jun 27, 2017
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Equity Disconnect ?
Jun 12, 2017
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Managing FX Risk on Exports
May 31, 2017
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VIVE L’EUROPA!
May 22, 2017
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Deregulate to Generate Much-Needed Volatility
Apr 17, 2017
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The Limits of Playing The Percentages
Mar 30, 2017
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Internationalization of the Rupee
Feb 20, 2017
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It ain't Broke; But It ain't Really Working - FX Risk Management in India
Feb 07, 2017
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Trump = Uncertainty = Volatility
Jan 23, 2017
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Is The Dollar Rally Ending?
Jan 09, 2017
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The Rupee : (Much) Higher Volatility in 2017
Dec 20, 2016
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Rupee Volatility to Rise Further
Nov 28, 2016
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Tata to Tata Sons
Nov 23, 2016
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The End of Trump
Nov 14, 2016
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The Future According to Trump
Nov 09, 2016
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Of Lit Cigarettes and Oil Prices
Oct 19, 2016
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Far from Nonsense
Oct 10, 2016
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October 4, Here We Come
Sep 26, 2016
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Desperately Seeking a Signal*
Sep 12, 2016
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The Science and Art of FX Risk Management
Aug 29, 2016
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Is Rupee Volatility about to Spike
Aug 18, 2016
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A New Truly United Kingdom
Aug 08, 2016
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As Dr. Rajan Starts Packing His Bags…
Aug 02, 2016
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Could Brexit Be Good For Europe?
Jul 04, 2016
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The Real Lesson from Brexit
Jun 27, 2016
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Politics Uber Alles
Jun 20, 2016
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Known Unknowns
Jun 13, 2016
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So, What’s all this Trump Nonsense
Jun 06, 2016
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Lessons from Erdogan
May 24, 2016
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Managing the risk on eur/usd receivables
May 02, 2016
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Corridor strategy for managing FX Risk on ECB`s
Apr 18, 2016
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First Thing We Do, Let’s Kill All The Lawyers
Apr 11, 2016
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KYC for RBI
Mar 28, 2016
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A New Authoritarianism
Mar 09, 2016
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The Decline of Capital
Feb 15, 2016
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Oil at $5 a Barrel!
Jan 27, 2016
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Pissin’ in the Wind
Jan 11, 2016
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The Rupee in 2016
Dec 29, 2015
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Good Luck to Dr. Rajan
Dec 07, 2015
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So Could the Rupee Tank Again?
Nov 05, 2015
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Who's Left, What's Right?
Oct 26, 2015
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A Birth In Europe, But No Cigar (For Markets)
Oct 15, 2015
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RAJAN-HO-AKBAR
Sep 30, 2015
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Back to a Better Reality
Sep 28, 2015
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What can you do about the rupee ?
Sep 08, 2015
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Friday, Bloody Friday
Aug 24, 2015
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Why China devalued the yuan
Aug 17, 2015
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Enjoying the Rajan put
Jul 30, 2015
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FX Market Report - July 31, 2025
Jul 28, 2015
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It's not Greece, It's the Euro
Jul 09, 2015
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So, what’s gonna happen to the Euro ?
Jun 23, 2015
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And so it goes – but for how much longer?
Jun 10, 2015
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Where will the rupee be in two years?
May 21, 2015
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Why do companies invest?
Apr 27, 2015
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Fear of convertibility
Apr 18, 2015
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Reversing the backslide
Apr 13, 2015
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A difficult transition
Mar 23, 2015
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Of REER and other animals
Mar 12, 2015
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Budget 2015 – A few rousing cheers
Mar 02, 2015
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Is this a “correction” which I see before me
Feb 16, 2015
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The challenges before AAP
Feb 09, 2015
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Have I been wrong all along?
Jan 28, 2015
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Three cheers for RBI’s rate cut
Jan 19, 2015
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Storm clouds in 2015
Jan 14, 2015
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Where is Henry Ford?
Jan 12, 2015
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Call me Mr. Volatility
Dec 31, 2014
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Modi ka magic ko kya hua?
Dec 22, 2014
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Dancing to its own tune
Dec 08, 2014
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Can we now stop worrying about oil prices?
Dec 01, 2014
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Continuing foolishness on gold
Nov 19, 2014
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From Ananda, with love
Nov 10, 2014
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Using FX as a strategic management tool
Oct 27, 2014
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A lesson for the regulator
Oct 13, 2014
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Modi ka magic chalega kya
Sep 29, 2014
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God reads my columns
Sep 15, 2014
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Regulators always live in interesting times
Aug 28, 2014
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Rajan and me
Aug 14, 2014
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Asset-lite as a lifestyle choice
Jul 31, 2014
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Bring on the lederhosen
Jul 15, 2014
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Can one man be enough?
Jul 03, 2014
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Live another day
Jun 19, 2014
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Back to the pavilion
Jun 08, 2014
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Rebooting AAP
Jun 05, 2014
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Stay close to the exits
May 28, 2014
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Stay close to the exits
May 28, 2014
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We need heroism not heropanty
May 22, 2014
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Fighting last year’s battle
Apr 29, 2014
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Fighting last year’s battle
Apr 29, 2014
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Burning money
Apr 15, 2014
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How low can it go…
Apr 01, 2014
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Stability? What stability?
Mar 18, 2014
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Be careful with horses
Mar 03, 2014
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Dear Prudence
Feb 17, 2014
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Paradigms shifting
Feb 05, 2014
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The revolution is being televised
Jan 15, 2014
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Volatility is here to stay
Jan 06, 2014
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Truly, a new India
Dec 10, 2013
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It ain’t the market
Nov 25, 2013
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A more Islamic world
Nov 13, 2013
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Poker lessons
Oct 30, 2013
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The rupee in 2030
Oct 14, 2013
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Snakes and Ladders
Sep 30, 2013
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Accountability and Governance
Sep 23, 2013
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Ideal Boy Rides Again
Sep 10, 2013
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Time to thank the "Speculators"
Aug 29, 2013
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The only way out
Aug 19, 2013
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Why companies don’t hedge
Jul 31, 2013
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Circular reasoning
Jul 22, 2013
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Vitamin G
Jul 09, 2013
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The correct value of the rupee
Jun 24, 2013
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Lessons in risk management
Jun 07, 2013
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Waltzing Matilda
May 20, 2013
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Managing Volatility
May 13, 2013
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Selling India in America
Apr 30, 2013
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Joy and hope in Cochin
Apr 01, 2013
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How bad can it get ?
Mar 18, 2013
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Love me tender
Mar 06, 2013
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Special More-Than-26
Mar 01, 2013
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A Real Currency War
Feb 18, 2013
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Controlling Gold Imports
Jan 24, 2013
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So, What’s with the Yen
Jan 11, 2013
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A New Goa
Jan 04, 2013
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As the Year Turns…
Dec 19, 2012
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Meaningful Financial Innovation
Dec 10, 2012
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To ECB or not to ECB
Nov 26, 2012
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On to 2016!
Nov 08, 2012
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RBI should Embrace Speculation
Oct 29, 2012
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Congratulations, Eurozone
Oct 16, 2012
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Havala, Politics and The Rupee
Oct 03, 2012
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Champagne and Vada Pao – Again?
Sep 18, 2012
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SNAP! CRACKLE! POP!
Sep 15, 2012
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Measuring Business Margins Correctly
Sep 12, 2012
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Is the Dollar about to weaken ?
Sep 03, 2012
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The smart money’s on Obama
Aug 27, 2012
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Making Money isn’t Supposed to be Easy
Aug 17, 2012
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The Rupee Fan
Jul 31, 2012
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I'll Do Anything...
Jul 30, 2012
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How did Bankers Become Sexy?
Jul 19, 2012
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Has a Serious Dollar Rally Begun ?
Jul 09, 2012
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A Car Crash in Slow Motion
Jul 03, 2012
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Measuring Sentiment
Jun 26, 2012
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47 to 57 in 2012 – ha !
Jun 07, 2012
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Who is tomorrow’s Narasimha Rao ?
May 25, 2012
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When The Going Gets Tough…
May 21, 2012
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Is The Euro Going Down?
Apr 27, 2012
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Getting More Out of the FX Market
Apr 11, 2012
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Nandan Nilekani ki Jai
Apr 02, 2012
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The Conundrum of FX Borrowings
Mar 19, 2012
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Those Glittering Assets
Mar 05, 2012
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Global Turbulence – More to Come
Feb 17, 2012
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A Near-Sure Thing
Feb 09, 2012
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What was That Bearded Man Thinking?
Feb 06, 2012
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The Anomalous Strength of the Rupee
Jan 23, 2012
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Nothing Ideological About It
Jan 09, 2012
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The FX Market In 2012
Dec 29, 2011
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Party Time!
Dec 26, 2011
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ONE CHEER FOR RBI
Dec 19, 2011
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India Is Not Going To Hell
Dec 07, 2011
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So What’s Happening To The Rupee?
Nov 28, 2011
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Intervene Today; Deregulate Tomorrow
Nov 21, 2011
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C’mon Mr. Cain
Nov 09, 2011
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Keep On Praying
Oct 31, 2011
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Acting Lessons for RBI
Oct 17, 2011
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A Brave New (Globalized) World
Sep 29, 2011
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A Different Kind of Fool
Sep 23, 2011
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European Football and a Dollar Rally
Sep 16, 2011
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Will The Collapsing Euro Save Itself
Sep 12, 2011
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Making Hedging Markets More Effective
Sep 05, 2011
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The Anna Effect and Other Joyous Animals
Aug 29, 2011
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Betting on a Range-bound Rupee
Aug 22, 2011
|
Shoot the Messenger
Aug 08, 2011
|
Benchmarking Treasury Performance
Aug 02, 2011
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Betting on a Range-bound Rupee
Aug 01, 2011
|
Lesson From My Father – Redux
Jul 14, 2011
|
Welcome to Turkey
Jul 08, 2011
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Has RBI Lost Control of the Rupee
Jun 27, 2011
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Managing Raw Material Price Risk
Jun 06, 2011
|
Third Time Lucky?
May 30, 2011
|
Light Up and the Bus will come
May 09, 2011
|
Time To Fast-track Full Convertibility
Apr 25, 2011
|
A Tribute to Sarah Wells
Apr 08, 2011
|
Three Birds With Two Stones
Mar 18, 2011
|
Another Step Towards a New Islam
Mar 11, 2011
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Bhrabo!
Feb 28, 2011
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Another Step Towards a New Islam
Feb 22, 2011
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Don’t Arabs Love Gold Any More?
Feb 08, 2011
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Thank you, Anish Kapoor
Jan 28, 2011
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Faint Heart Never Won Fair Lady
Jan 25, 2011
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Beyond the Inflexion Point
Jan 07, 2011
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Visibility: Poor
Dec 30, 2010
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India 2030: May The God Of Your Choice Bless You
Dec 06, 2010
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The New G-7
Nov 26, 2010
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Thoughts From Turkey (and Elsewhere)
Nov 16, 2010
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Takeaways From the 2nd Quarter Review of Monetary Policy
Nov 03, 2010
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The Rise of a New Europe
Oct 25, 2010
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(Another) Lesson From the Past
Oct 08, 2010
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The OTC FX Market – Falling Behind the Curve
Sep 24, 2010
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Unnatural Hedging
Sep 03, 2010
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Smile Darlin’, It’s Better Than You Think
Aug 23, 2010
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Do You Believe in Empirical Evidence?
Jul 30, 2010
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Could the Rupee Hit 50 Again?
Jul 22, 2010
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Higher Volatility Ahead?
Jul 14, 2010
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A Return to Values?
Jul 01, 2010
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Don’t Cry for Me, Maradona
Jun 21, 2010
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Could the World Cup Trigger a Correction in the Euro?
Jun 11, 2010
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The Next Cycle
Jun 02, 2010
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I Hate to Say It, but…
May 24, 2010
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W(h)ither the Euro – a Fable
May 05, 2010
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Could the Euro Go into Long-term Decline
Apr 09, 2010
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Enabling Better Profits for Small Exporters
Apr 05, 2010
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Shades of Enron
Mar 22, 2010
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Bt or Not To Be
Mar 16, 2010
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Post Budget: A New Paradigm
Feb 26, 2010
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Budget Ideas for The Financial Sector
Feb 19, 2010
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Time For More Aggressive Regulation
Feb 03, 2010
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American Breakfast
Jan 25, 2010
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The CAG handicap
Jan 11, 2010
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Bringing Hedgers to the Futures Market
Dec 30, 2009
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The Major Currency Risk In 2010
Dec 16, 2009
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God Bless You, Mr. Obama
Dec 11, 2009
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Dear Mr. Bhave (and Dr. Subbarao)
Dec 03, 2009
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Has RBI been diversifying out of dollars?
Nov 16, 2009
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Welcome To Vegas
Nov 02, 2009
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Rabbit in the headlights – again
Oct 09, 2009
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The calm after the storm
Sep 25, 2009
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Sufferin’ Art
Sep 11, 2009
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Is it time to hedge your interest rate risk
Aug 31, 2009
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Unconventional wisdom
Aug 31, 2009
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A gift for the chairman's wife
Aug 17, 2009
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Surf’s up!
Aug 01, 2009
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Dr. Subbarao As Tiger: 25% Visibility, 75% Ability
Jul 28, 2009
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Coming of age
Jul 20, 2009
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Thoughts on the budget
Jul 09, 2009
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Guinness is good for you
Jul 02, 2009
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Will it rain the day after tomorrow?
Jun 08, 2009
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Cleaning the Augean Stables
May 19, 2009
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Bali Hai
May 14, 2009
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Another exotic bet
Apr 27, 2009
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Buy US corporate bonds
Apr 24, 2009
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Mumbai chi Meera
Apr 13, 2009
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Turning around cautiously
Mar 30, 2009
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The curious role of the forex committee
Mar 16, 2009
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Green shoots
Mar 02, 2009
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The Party Party
Feb 16, 2009
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Obama is Jamal
Feb 02, 2009
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Who do you trust?
Jan 19, 2009
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The New American Dream
Jan 05, 2009
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