Archive for May 29th, 2008

ICRIER report on retail

May 29, 2008

The much-discussed (awaited) report is here. It is a very long report (250 pages) and would require a lot of reading to do.

Which government says this?

May 29, 2008

I had pointed sometime back that politicians/policymakers make similar statements/actions and geography doesn’t really matter. Whenever there is some crisis the response is very similar. But there are many commentators/experts in India who believe ours are the only ones. Read this for instance (thanks to Eurointelligence for pointing the same):

—- government blames high profit margins for rising consumer prices

—- is to counteract rising consumer prices by reinforcing stricter transparency requirements for retailers and their suppliers, reports —-. The reform package is a ten measures catalogue. Companies with high or deemed “excessive” profits will be listed in public. It will also oblige multinationals to reveal their wholesale and retail prices in other countries. There had been reports that companies move products from country to country with bogus sales between subsidiaries and sell those more expensively in —-.

To see who said it, see this.  

IMF’s next Chief Economist – Oliver Blanchard

May 29, 2008

Eurointelligence pointed that next IMF’s Chief Economist is going to be Oliver Blanchard, economist at MIT.  Eurointelligence points to this based on Reuter’s article:

The International Monetary Fund’s (IMF) next chief economist has said he is upbeat about the global economy, partly because of emergency measures taken by the U.S. Federal Reserve which have prevented the credit crunch causing excessive damage.

Olivier Blanchard, who will become chief economist of the IMF on Sept 1, said the Fed’s aggressive interest rate cuts and massive injections of liquidity since the autumn mean the threat to the U.S. from the credit crunch ‘is not enormous’.

On a global scale, Blanchard said authorities ‘understand fairly well’ the problems presented by the credit crunch, which include the bursting of the U.S. property bubble, the crisis in financial markets and soaring commodity prices.

This level of understanding makes him ‘relatively optimistic’ on the outlook for the global economy, Blanchard said.

The future IMF economist described the U.S. property crash as ‘one of the most standard crises you could have’, and played down the impact of the spike in crude oil prices, saying the world is not facing a repeat of the 1970s oil crisis.

He is pretty optimistic indeed!!

Assorted Links

May 29, 2008

1. WSJ Blog looks at Mishkin’s resignation

2. Mankiw points to Amartya Sen’s article on food prices. Chris Blattman comments on the article

3. TTR points China’s turn to lecture the West

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