Indira Gandhi Institute of Development Research, Mumbai

Annual Money and Finance Conference

January 23- 24, 2009

( Download the PDF Version)

Day 1:  23 January, Friday

8.30 – 09.00 AM:   Registration


09.00 – 10.30 AM: Inaugural Session  (Venue:  IGIDR  Auditorium)


Chair:  Dr. Rakesh Mohan, Deputy Governor, RBI


Welcome: Dr. D.M. Nachane, Director, IGIDR


Overview: Dr. Ashima Goyal, Professor, IGIDR


Keynote Address: Dr. Avinash Persaud, (Chairman, Intelligence Capital Ltd., Emeritus  Professor Gresham College),

                               "Global Credit Crisis: Causes, Consequences and Implications for India".


Chairman's Remarks


Vote of Thanks:  Dr. Rajendra Vaidya, Professor, IGIDR


10.30-11.30 AM: Tea Break and Registration


11:30 AM – 1:00 PM: Parallel Sessions: 1

Conference Hall

Seminar Room 1

1(a): Open Economy Macro 1- Reserves and the Exchange Rate

Chair: Ganti Subrahmanyam

1(b): Finance 1- Stock Markets and Inflows

Chair: Susan Thomas

Saikat Sinha Roy (Jadavpur University, Kolkata) and Pradyut Kumar Pyne: Exchange Rate Pass-Through in India: An Exploration with Sectoral Import Prices

Suvojit Lahiri Chakravarty (Ram Lal Anand College (Eve), Delhi): The Optimal Level of International Reserves: The Case of India

Prabheesh KP (Department of Humanities and Social Sciences, IIT. Madras) and Malathy D: International Reserve Accumulation and Money Dynamics: An Empirical Investigation in Indian Context

Kousik Guhathakurta (Army Institute of Management, Kolkata), Sharad Nath Bhattacharya, Santo Banerjee and Basabi Bhattacharya: Comparative Analysis of Commodity and Stock Indices Daily Movement Using Techniques of Nonlinear Dynamics


Saurabh Ghosh (RBI, Mumbai) and Snehal Herwadkar: Foreign Portfolio Flows and their Impact on Financial Markets in India



K.V. Bhanu Murthy (Delhi School of Economics, Delhi) and Amit Singh: IPO Pricing: Informational in Efficiency and Misallocation in Capital Market


1.00– 2.00 PM: Lunch


2.00 – 3.30 PM: Parallel Sessions 2

Conference Hall

Seminar Room 1

2(a): Finance 2- Banks


Chair: T.V.S. Ramamohan Rao 

2(b): Crisis 1: Global Effects of U.S. Sub- Prime Crisis

Chair: Ganesh Kumar  

Bibhas Saha (University of East Anglia, U.K.) and Rudra Sensarma: State Ownership and Bank Competition : A Mixed Oligopoly Approach 


H D Hosamane (University of Mysore, Karnataka) and Dinabandhu Bag: Management of Retail Assets in Banking: Comparison of Internal Model Over Basel


Nitish Datta (University of Kalyani, West Bengal): Competition in Indian Commercial Banking Sector in the Liberalized Regime: An Empirical Evaluation

Dr. Shrawan Kumar Singh (Jagan Institute of Management Studies, New Delhi): U.S. Sub- Prime Crisis and its Global Consequences


K.V. Bhanu Murthy (Delhi School of Economics, Delhi) and Ashis Taru Deb: Sub Prime Crisis in US: Emergence, Impact and Lessons


Dr. Geeta Nair (H. R. College of Commerce & Economics, Mumbai): The Story of the American Sub- Prime Crisis and the Global Financial Tsunami


3.30 - 4.00 PM : Tea Break


4.00 – 5.30 PM: Parallel Sessions 3


Conference Hall

Seminar Room 1

3(a): Finance 3- Intermediation


Chair: Subrata Sarkar

3(b): The Law and Economics of Money Laundering

Chair: Jayati Sarkar

V.R Prabhakaran Nair (Sanathana Dharma College, Kerala): Does Financial Liberalization Reduce Credit Constraints: Evidence From a Panel of Indian Private Corporate Sector


Dipika Das (Monetary Policy Department, RBI, Mumbai): Role of Financial Intermediation in Promoting Productivity Growth: Evidence from India


Rampratap Sinha (A.B.N. Seal College, West Bengal) and Biswajit Chatterjee: Are Indian Life Insurance Companies Cost Efficient?

Vijay Kumar Singh (Hidayatullah National Law University, Raipur): Controlling Money Laundering in India: Problems and Perspectives

Pallav Shukla (ILS Law College, University of Pune, Pune): Money Laundering and Terrorist Financing: The National and International Legal Control


7.00 PM: Dinner Talk (Venue: Conference Hall) - Dr. Anjan Mukherji, (Professor, JNU), "Regulation and Competitive Equilibria" 

Chair: Dr. R.B. Barman, ex-Executive Director, RBI and Visiting Professor, IGIDR

8.30 PM: Director’s Dinner

Day 2: 24 January, Saturday


9.00 – 10.30 AM: Parallel Sessions 4


Conference Hall

Seminar Room 1

4(a): Open Economy Macro 2: Optimal Policies 

Chair: Romar Correa

4(b): Crisis 2- Effects on India

Chair: Rajendra Vaidya

Eiji Okano (Center on Japanese Economy and Business, Columbia University, USA): Optimal Monetary and Fiscal Policy Mix in a Currency Union with Nontradable Goods


Ashima Goyal (IGIDR, Mumbai), R. Ayyapan Nair and Amaresh Samantaraya: Monetary Policy, Forex Markets, and Feedback Under Uncertainty in an Opening Economy

Manoranjan Sharma (Canara Bank, Bangalore) and Arun Kumar Misra: U.S Sub-prime Crisis And Its Impact On India


Jayan Jose Thomas (Madras School of Economics, Chennai): India and the Global Financial Crisis: Some Lessons and the Way Forward


Dr. Kashmira P. Mody (St. Andrew’s College of Arts, Science and Commerce, Mumbai): U.S Sub-Prime Crisis and Its Global Consequences An Ongoing Saga


10.30 – 11.00 AM: Tea Break


11.00 AM – 12.30 PM: Parallel Sessions 5


Conference Hall

Seminar Room 1

5(a): Finance 4- Futures and Bubbles

Chair: V. S. Chitre

5(b): Crisis 3- Management of Crises

Chair: Bibhas Saha

Anver Sadath (University of Hyderbad, Hyderabad) and Kamaiah Bandi: Expiration Effects of Single Stock Futures on the Price and Volume of Underlying Stocks: Evidence from India


Mantu Mahalik (IIT, Madras) and Hrushikesh Mallick: What Causes Asset Price Bubble in an Emerging Economy?: Some Empirical Evidence in the Housing Sector of India

T.V.S.Ramamohan Rao (IIT, Kanpur): Subprime Crisis and Efficient Bailouts




Arijit Das (JNU, Delhi): Can Government Secure your Investment?



Saurabh Kumar (JNU, Delhi): IMF and Crisis Management





12.30 – 2.00 PM: Parallel Sessions 6


Conference Hall

Seminar Room 1

6(a): Development and Finance


Chair: Shubhashish Gangopadhyay  

6(b): Finance 5: Stock Markets and Money Laundering

Chair: K.V. Bhanu Murthy

Gagan Bihari Sahu (Centre for Social Studies, Veer Narmad South Gujarat University, Gujarat) and Biswaroop Das: How Does Remittance Market Function? Evidence from Surat City


Rupayan Pal (IGIDR, Mumbai): Outreach of Banking Services, Infrastructure Penetration, Labour Regulation and Industrial Growth: Evidence from Indian States


Tridip Ray and Namrata Gulati (ISI, Delhi): Impact of Income Inequality and Spatial Distribution on Consumer Welfare

Krishna Reddy Chittedi (Centre for Development Studies, Kerala): Indian Stock Market Integration and Cross Country Analysis




2.00 – 3.00 PM: Lunch Break


3.00 PM – 4.30 PM: Panel Discussion (Venue: Conference Hall) “Indian Financial Institutions: Healthy amid global crises?”

Chair : Dr. Anjan Mukherji, Professor, JNU

Panelists:                       Ms. Shyamala Gopinath, Deputy Governor, Reserve Bank of India
Dr. T. T. Ram Mohan, Professor, IIM Ahmedabad
Dr. Shubhada Rao, Chief Economist, Yes Bank
Dr. Renu Kohli, Senior Economist, IMF, New Delhi
Dr. Shubhashish Gangopadhyay, Director, India Development Foundation 

4.30 PM – 5.00 PM: Tea Break

5.00 PM: Valedictory Function (Venue: Conference Hall)

Chair: Dr. V. S. Chitre, Director, Indian Institute of Political Economy

Valedictory Address: Dr. Y.V. Reddy, ex Governor RBI. 

Vote of Thanks: Dr. Subrata Sarkar, Professor, IGIDR