Indira Gandhi Institute of Development Research, Mumbai

Money and Finance Conference

January 18-19, 2008


(Click Here for PDF Download Version)  

Day 1:  18 January, Friday


9.00 A.M. – 10.00 A.M.:   Registration


10.00 A.M.– 11.30 A.M: Inaugural Session


Chair: Dr. Rakesh Mohan, Deputy Governor, RBI


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


                        Overview: Dr. Ashima Goyal, Professor, IGIDR


Keynote Address: Dr. Willem Buiter (Professor of European Political Economy, European Institute, LSE) on "Liquidity Management by the Central Bank: Monetary policy, the lender of last resort and the market maker of last resort"


                        Vote of Thanks: Dr. Subrata Sarkar, IGIDR


11.30 A.M. – 12.00 P.M.: Tea Break


12 P.M.– 1.30 P.M.: Parallel Sessions 1:


Conference Hall

Seminar Room 1

Seminar Room 2

1(a): Macro 1 – Monetary Policy


Chair: Prof. V. S. Chitre

1(b): Security Markets


Chair: Dr.Subrata Sarkar

1(c): Financial Inclusion– Case Studies

Chair:Dr. Srijit Mishra

Saugata Bhattacharya and Rituparna Banerjee (Axis Bank, Mumbai): The RBI’s Monetary Policy Reaction Function: Does monetary policy in India follow an inflation targeting rule?



D.M. Nachane and P.P. Ranade (ICFAI, Jaipur) : “Relationship Banking” and the Credit Market in India: An Empirical Analysis




Saurabh Ghosh and Indranil Bhattacharyya (RBI, Mumbai): Spread, Volatility and Monetary Policy: Empirical Evidences from the Indian Overnight Money Market

Nicholas Snowden (Lancaster University Management School, Lancaster): Stock Markets, Firm Finance and Economic Development: IPO Prospectus Evidence from India


Yu Cong and Murugappa (Murgie) Krishnan (Yeshiva University): Corporate Governance and Informational Efficiency in Futures Markets in India’s National Stock Exchange


Kiran Kumar (ISB, Hyderabadand Chakrapani Chaturvedula: Price Leadership between Spot and Future Markets

D. Ajit (University of Northern British Columbia, Canada) R. Sunil and K. R. Raman: Micro-credit and Repayment Rates – A Case Study of Kudumbashree Programme in Kerala – 2006


V.P. Raghavan (DCSMAT Business School,  Kerala): Micro-Credit and Empowerment: A Study of Kudumbashree projects in Kerala




Sarthak Gaurav (IFMR, Chennai), Ana Paola Gomez Acosta and Lusi Flores Ballesteros: Innovating at the BOP: Delivering Microinsurance in Kalahandi and beyond


1.30 P.M.– 2.30 P.M.: Lunch


2.30 P.M– 4.00 P.M.: Parallel Sessions 2


Conference Hall

Seminar Room 1

2(a): Macro 2 – Exchange Rates

Chair:Dr. Romar Correa 

2(b): Banks

Chair: Dr. Jayati Sarkar

Rituparna Kar and Nityananda Sarkar (ISI, Kolkata): Exchange Rate Predictability Using Macrovariables: A Study on India



Atulan Guha (Institute for Studies in Industrial Development, New Delhi): Exchange Rate Movement of Developing Countries: An Alternative Theoretical Framework


Arabi U. (Mangalore University, Karnataka): Foreign Exchange Market Behaviour and its Management in the Post-Reform Period: The Indian Experiences

K. V. Bhanu Murthy (DSE) and Ashis Taru Deb: Operationalizing and Measuring Competition: Determinants of Competition in Private Banking Industry in India


Sumalatha B.S. (PhD Scholar, MIDS, Chennai): State of Competition among the Mutual Funds in India: An Exploratory Analysis


Ashis Taru Deb (DU) and K.V. Bhanu Murthy (DSE) : Theoretical Framework of Competition as Applied to Banking Industry.


4.30 P.M.– 6.00 P.M.: Parallel Sessions 3


Conference Hall

Seminar Room 1

3(a): Stock Markets and Risk

Chair: Dr. Bandi Kamiah

3(b): Macro 3 – Institutions and Crises

Chair:  Dr.Ashima Goyal

Debashis Dutta and Basabi Bhattacharya (Jadavpur University, Kolkata): A Bootstrapped Historical Simulation Value at Risk Approach to S & P CNX Nifty


Abhilash Nair (IIM, Kozhikode): Impact of Derivative Trading on Volatility of the Underlying: Evidence from Indian Stock Market


Shantanu Das ( BIT, Ranchi): Management of Non-Performing Assets in Indian Public Sector Banks with Special Reference to Jharkhand.

Partha Gangopadhyay (University of Western Sydney, Australia) and James Glenn : Central Bank Independence and Economic Efficiency



Nicholas Dimsdale (Queens College, Oxford): International Banking Crisis based on British experience


TVS Ramamohan Rao (IIT, Kanpur): Securitization and Volatility of Financial Transactions


7.00 P.M.: Dinner Talk - "Poverty, Inequality and Reforms" by Dr. Arvind Panagariya, Columbia University


Chair: Dr.  Nirmal  Sengupta,  Professor,  IGIDR


8.15 P.M.: Director’s Dinner (Venue: Outside IGIDR Auditorium)


Day 2: 19 January, Saturday


9.00 A.M.– 10.30 A.M.: Parallel Sessions 4


Conference Hall

Seminar Room 1

Seminar Room 2

4(a): Microfinance


Chair: Dr. Sripad Motiram

   4(b) : Derivatives
  Chair:  Dr. Ashok Nag

4(c): Macro  4:  Policy  in  an  Open  Economy

Chair: Dr.T.V.S  Ramamohan  Rao

Jyotish Prakash Basu (Raja Peary Mohan College, Hooghly): Microfinance and Women Empowerment: An Empirical Study with special reference to West Bengal



Britta Augsburg (PhD Scholar, University Maastricht, The Netherlands): Microfinance Plus – Impact of the ‘plus’ on customers’ income in rural India


Naveen K. Shetty (PhD Scholar, ISEC, Bangalore): The Microfinance Promise in Financial Inclusion and Welfare of the Poor: Evidence from India

Golaka C Nath and T. Lingareddy (CCIL, Mumbai): Commodity Derivatives Contributing for Rise or Fall in Risk

Harish Bisht, Ajay Chauhan and K.N. Badhani (Kumaun University, Nainital): Derivative Trading and Structural Changes in Volatility

Kapil Gupta and Balwinder Singh Saini (Guru Nanak Dev University, Amritsar): Estimating the Optimal Hedge Ratio in the Indian Equity Futures Market

Anil Kumar (Research Scholar, Mangalore University): Development of Credit Derivative Markets: Implications on Monetary Policy and Financial Stability of Developing Economies like India

Pami Dua ( Delhi School of Economics) and Upasna Gaur: Inflation- Unemployment Trade-off in Asia. 



Narayan Sethi ( Research Scholar, University of Hyderabad) : Economic Reforms, Capital Flows and Macro Economic Impact on India.


10.30 A.M.– 10.45 A.M.: Tea Break


10.45 A.M.– 12.15 P.M.: Parallel Sessions 5


Conference Hall

Seminar Room 1

Seminar Room 2

5(a): Volatility and Risk


Chair: Dr. R. Krishnan



Chair: Dr. A. Ganesh Kumar

5(c):Macro 5: Reserves and Money

Chair: Dr. D. Anjanayelu

Sanjib Bordoloi and Shiv Shankar (Assistant Adviser, RBI) and Shiv Shankar: Estimating Volatility in the Indian Stock Market: Some Explorations

P. Sakthivel (Ph.D. Scholar, University of Hyderabad): The Effect of Futures Trading on the Underlying Volatility:  Evidence from the Indian Stock Market




Francis Rathinam ( Ph.D. Scholar, University of Hamburg): StockMarket and Shareholder Protection: Are They Important for Economic Growth. 

Jayan Jose Thomas (Institute of South Asian Studies, Singapore): Financial Sector Reforms and Manufacturing Growth in India: A Preliminary Analysis


Nirmal Roy V P (PhD Scholar, MIDS, Chennai): Foreign Portfolio Capital Flows into India, An Exploration into its Openness and Basic Motives

Sanjay Shegal and Chandan Kumar (Ph.D. Scholar, IBS, Palam Vihar, Gurgaon): International Reserve-holding in India: self- insurance for future?


K.P. Prabheesh (Ph.D. Scholar, IIT, Madras) D. Malathy and R. Madhumati: Precautionary versus Mercantilist Approach to Demand for International Reserves: An Empirical Investigation in Indian Context


Inder Sekhar Yadav (Ph.D. Scholar, University of Hyderabad): Co-integration, Causality, Money and Income in India


12.15 P.M.– 1.45 P.M.: Parallel Sessions 6


Conference Hall

Seminar Room 1

6(a): Macro 6: Capital Account Convertibility

Chair: Dr. A.V. Rajwade

6(b): Financial Inclusion

Chair: Dr.  Manoj  Panda

Massimiliano La Marca (UNCTAD) and Heiner Flassbeck:  Global Imbalances and Destabilizing Speculation



Ashok Desai (Consultant Editor, Business World, New Delhi): Degrees of Inconvertibility


K.B. Rangappa (Kuvempu University, Post Graduate Centre, Karnataka), Renuka Bai and A.L. Sandesh: SHG-Bank Linkage Programme and Financial Inclusion: Rural Household Study in Davangere district of Karnataka

 D.C. Pathak and S.K. Pant (Govind Ballabh Pant Social Science Institute, Jhusi, Allahabad): Micro Finance Matters…? Impact Evaluation of SGSY: A Case Study of Jaunpur District

Mandira Sarma (ICRIER, Delhi): Index of Financial Inclusion


1.45 P.M.– 3.00 P.M.: Lunch


3.00 P.M.– 4.30 P.M.: Panel Discussion on “Financial innovation and derivatives: laying off or increasing risks?”


Chair:  Dr. R. B. Burman, Executive Director, RBI


Depth and effectiveness of Indian markets in alleviating risk”
                        -Dr. Ashok Nag, Sr. Vice President & Chief Consulting Officer

                          Riskraft Consulting Ltd.

Developments in CCIL and their impact on risk in Forex Markets
                        - Dr. Golak Nath, Vice President and Chief Economic Adviser,

                           The Clearing Corporation of  India Ltd.

“Asset price bubbles and policy”

                          Professor Errol D’Souza, IIM Ahmedabad

Regulators’ perspective on risk and financial innovation

                          Salim Gangadharan, Chief General Manager,Foreign Exchange Department , RBI



4.30 P.M.– 5.00: P.M.Tea Break


5.00 P.M.: Valedictory Function


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

Valedictory Address: “Development Strategy, the State and Agriculture Since Independence" by T.N. Srinivasan, Yale University

Vote of Thanks: Dr. Manoj Panda, Professor, IGIDR