Archive for May 9th, 2017

Compassionate capitalism in the Middle Ages: Profit and philanthropy in medieval Cambridge

May 9, 2017

Catherine Casson, Mark Casson, John Lee and Katie Phillips have a post:

 Interesting..
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ECB member admits to lobbying for abolishing cash…

May 9, 2017

It does not get clearer than this. Yves Mersh who just a few days ago argued why cash still matters in Europe. makes another speech.

He makes a case for how various players are lobbying for abolition of cash:

(more…)

Is Indian central bank still counting notes?

May 9, 2017

It has been more than 4 months since India’s demonetisation drive got over. We have had 2 monetary policy meetings in Feb and April along with Union Budget where analysts anticipated policymakers to release data on demonetised notes. In particular the question that how many old notes came back to the system is vital to knowing what went during demonetisation.

But there is still no data on the currency notes. With shocking silence on RBI front all this while, the government keeps giving us some random data here and there. But there is nothing concrete from the authority whose word finally matters in the debate. The central bank even released a paper assessing demonetisation but it did not have any such data. Moreover, it had stuff which most of us knew from multiple articles written by other experts.

It was also surprising to note how RBI earlier called the exercise Withdrawal of Specified Bank notes. From Feb-2017 meeting onwards, RBI started calling it  demonetisation specifically. It was thought that RBI has changed its classification as it believed some % of notes had indeed not returned to the system. Thus it was demonetisation and not just currency withdrawal.

But 3 months have gone by since the Feb-2017 meeting and we still don’t have any figure whatsoever.

Like all economics action, the demonetisation drive also divided the experts into two camps: for and against.

(more…)


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