Courtesy: wikimedia
The Argentines blame the 'Washington Consensus' for the default in 2001, and the New York judiciary and vulture funds for the 'artificial default' in July this year. These are challenges not just for Argentina; they endanger the global debt restructuring system and contradict U.S. domestic laws
Courtesy: Synthesio.com
Many Arab Republics are mired in political discord after the departure of the old tyrannical regimes opened up spaces for new struggles. In Iraq, Yemen, Libya, and Sudan, attempts to address the turmoil through constitutional reform are facing challenges. Will a democratic federalism be attained when the battles are done?
Courtesy: Associated Press
The debates and delays over the Goods and Services Tax exemplify how fiscal federalism is evolving through threats to its original design and rearguard action by states. Rebalancing the centre-state relationship is not easy, but an enlightened fiscal federalism is indispensable to keeping the republic together
Courtesy: cowriesrice
China's investment in Africa holds both positive and negative lessons for India. India can learn from Beijing's success at courting African leaders, but should focus on investments that better develop local African communities.
Courtesy: durdaneta/Wikimedia
Latin America’s economic growth has slowed down in 2014. But the region’s fundamentals are relatively strong, and have the resilience to absorb external shocks and increase growth in the coming years. However, Argentina and Venezuela face continuing uncertainty and deterioration.
Courtesy: Ministry of Finance/GoI
If Budget 2014 is used as a reference point to examine how closely the Modi government kept to its election promises, it is evidently not easy to extirpate the old ways of doing business. This is clear, for example, in the punitive capital gains tax rate on debt mutual funds. Budget 2015 must correct the anomalies
Courtesy: Food Corporation of India
India's refusal to budge on food security has resulted in the World Trade Organization’s failure to reach the first multilateral trade agreement in the last two decades. Having taken a tough stand can India take the lead, among developing countries, in reframing the power equations of globalisation?
Courtesy: MEA/Government of India
Looking back at the 2008 financial crisis, when governments had to resort to bail-outs to keep economies afloat, the BRICS member countries have decided to set up a New Development Bank which will provide for a contingency fund. This initiative aims at building an alternate financial structure in terms of trade among the member states as well as creating a safety net
Courtesy: MEA/Government of India
The launch of the BRICS bank can now give the member countries confidence to experiment with other geoeconomic ambitions. Incubating a non-dollar financial architecture can be the next goal. There are existing models to build upon but India will need smart economic diplomacy to secure its interests
Courtesy: idevie.com
The New Development Bank was formalised at the just concluded meeting of the leaders of the BRICS nations in Fortaleza in Brazil this week. The location is to be Shanghai. The more appropriate and natural choice for locating the bank would have been Mumbai. There are several reasons why