https://ir.iimcal.ac.in:8443/jspui/handle/123456789/5918 2026-08-08T07:38:11Z 2026-08-08T07:38:11Z Nath, Golaka C. https://ir.iimcal.ac.in:8443/jspui/handle/123456789/5942 2025-07-14T10:09:25Z 2013-01-01T00:00:00Z

Title: Market Borrowings by States Authors: Nath, Golaka C. Abstract: State Governments in India have to fund a major part of their development expenses through market borrowing at the ongoing interest rate. The States have been regularly borrowing from the market using Auction mechanism through Reserve bank of India. Though most of the States use standard 10-year bonds to raise funds, some States like Karnataka and Gujarat have started looking at raising resources through issuance of short term bonds. Now market borrowings constitute about 70% in the Gross fiscal deficit (2011-12). The increased borrowing levels are due to: (a) the market based auction mechanism ensuring competitive market determined cost of borrowing; (b) the increased borrowing requirements after 2008-09; (c) the shortfall in net collections of small savings during 2008-09 and 2009-10. Description: Biosketch: Dr. Golaka C Nath is a Senior Vice President at the Clearing Corporation of India Ltd. (CCIL). He has over 21 years of experience in the banking and financial sector, having previously worked with the National Stock Exchange of India Ltd. and Vijaya Bank. In the past, he has worked on a World Bank Project on “Developing Bond Market in South Asia”. He has also provided secretarial service to the High Powered Committee on “Corporate Bonds and Securitization” appointed by the Ministry of Finance, Government of India.

2013-01-01T00:00:00Z Ray, Partha https://ir.iimcal.ac.in:8443/jspui/handle/123456789/5937 2025-07-14T09:26:17Z 2013-01-01T00:00:00Z

Title: Bank Capital in India: Is it an Elephant in the Room? Authors: Ray, Partha Abstract: The International Monetary Fund (IMF) has recently published its Financial System Stability Assessment Update of India.1 While noting that the India commercial banking system is well capitalized and profitable, it examined the amount of equity capital domestic banks would need over the next 8 years ending March 2019 to “support economic growth and to meet Basel III minimum common equity capital requirement of 7.0 percent (minimum common equity of 4.5 percent with capital conservation buffer of 2.5 percent)”. Description: Biosketch: Partha Ray, Ph.D., is Professor, Economics, Indian Institute of Management Calcutta (IIM-C). Prior to joining IIM-C, Prof. Ray, a career central banker, was the adviser to Executive Director, International Monetary Fund, Washington D.C. during 2007-2011.

2013-01-01T00:00:00Z Banerjee, Ashok https://ir.iimcal.ac.in:8443/jspui/handle/123456789/5932 2025-07-14T07:10:24Z 2013-01-01T00:00:00Z

Title: Market Microstructure and Liquidity Authors: Banerjee, Ashok Abstract: A financial market is a place where traders assemble to trade financial instruments. Such trades take place between willing buyers and willing sellers. The market place may be a physical market or an electronic trading platform or even a telephone market. The trading rules and trading systems used by a market define its market structure. Every market has procedures for matching buyers to sellers for trades to happen. In quote-driven markets dealers participate in every trade. On the other hand, in order-driven markets, buyers and sellers trade with each other without the intermediation of dealers. Description: Biosketch: Ashok Banerjee, Ph.D., is Professor, Finance and Control, Indian Institute of Management Calcutta (IIM-C). He is also the faculty in-charge of the Financial Research and Trading Lab at IIM-C. His primary research interests are in areas of Financial Time Series, News Analytics and Mergers & Acquisitions.

2013-01-01T00:00:00Z Banerjee, Ashok Ray, Partha Nath, Golaka C. https://ir.iimcal.ac.in:8443/jspui/handle/123456789/5925 2025-07-14T05:49:08Z 2013-01-01T00:00:00Z

Title: Editorial Authors: Banerjee, Ashok; Ray, Partha; Nath, Golaka C. Abstract: We are approaching the budget session of the Parliament. People are keenly waiting for the economic survey report and any further policy announcements before budget. It is expected that order will prevail during the budget session and we can see passage of some major bills affecting banking and insurance sector. The recent discussion on whether corporate should be given banking license raises concerns on ‘conflict of interest’. While the Ministry of Finance, Government of India, is favourably disposed with this idea, the central bank (RBI) has not yet decided its mind. One should not bother too much for the capital market reactions as of now. It is believed that if the policy makers can take some bold decisions affecting the real sector (e.g., power, mining, telecom etc.), the capital market will respond. Description: Biosketch: Ashok Banerjee, Ph.D., is Professor, Finance and Control, Indian Institute of Management Calcutta (IIM-C). He is also the faculty in-charge of the Financial Research and Trading Lab at IIM-C. His primary research interests are in areas of Financial Time Series, News Analytics and Mergers & Acquisitions. | Partha Ray, Ph.D., is Professor, Economics, Indian Institute of Management Calcutta (IIM-C). Prior to joining IIM-C, Prof. Ray, a career central banker, was the adviser to Executive Director, International Monetary Fund, Washington D.C. during 2007-2011. | Dr. Golaka C Nath is a Senior Vice President at the Clearing Corporation of India Ltd. (CCIL). He has over 21 years of experience in the banking and financial sector, having previously worked with the National Stock Exchange of India Ltd. and Vijaya Bank. In the past, he has worked on a World Bank Project on “Developing Bond Market in South Asia”. He has also provided secretarial service to the High Powered Committee on “Corporate Bonds and Securitization” appointed by the Ministry of Finance, Government of India.

2013-01-01T00:00:00Z