Sadly, India abstained.
In India, we’re quite gloomy about the place that has been given to organised labour. But these questions are not closed elsewhere in the world. See Robert Barro on the appropriate place of trade unions, and Matt Bai in the New York Times magazine on a politician taking on public sector trade unions.
Manoj Mitta has written, in the Times of India, about the new world of a Supreme Court headed by S. H. Kapadia.
Maybe the time will soon come to close down this blog.
An editorial on the questions that face U. K. Sinha as the new SEBI chief. And, Anirudh Laskar has an article in Mint about concerns about SEBI suffering a big upheaval.
Deepak Shenoy in Pragati on Paypal’s problems in India.
A new opening act by Ila Patnaik, in the Indian Express on 2 March 2011, on the announcements in the budget speech on capital controls.
S. S. Tarapore in the Hindu Business Line, on the FSLRC.
Joel Rebello in Mint on the internationalisation of India’s investment bankers.
Ashish Dhawan on his leaving the firm and what he will do next.
Good reporting in Mint by Sumeet Chatterjee about the potential for distress at Reliance Communications.
Ashish Khetan has a great story in Tehelka about the 2G scandal.
India is chipping away on removing visa restrictions.
Remya Nair and Surabhi Agarwal in Mint on post offices selling insurance products. Also see.
Why does China have a SOB-dominated financial system while India has a market-dominated financial system? Writing on Project
Syndicate, Mark Roe has a clue.
A great lecture by Stan Fischer at the RBI.
Why I write, by George Orwell.
Felicity Barringer looks back at Chernobyl.
The revolutions of the Arab world are endlessly fascinating. Read Volcano of Rage by Max Rodenbeck and The revolution is not yet over by Yasmine El Rashidi on the New York Review of Books blog. On Libya: Omar Ashour on Project Syndicate.
Yuriko Koike on Project Syndicate, on the evolution of production chains in Asia. The end of China’s cheap denim dream by Malcolm Moore in the Telegraph. Michael Pettis on the prospect of shorting a country that has $3 trillion in reserves.
Dubai on empty by A. A. Gill in Vanity Fair.
Football betting is a good place to measure the extent of wisdom of the crowd. In a paper titled Information and Efficiency: Goal Arrival in Soccer Betting, Karen Croxson and J. James Reade argue: In an efficient market, news is incorporated into prices rapidly and completely. Attempts to test for this in financial markets have been undermined by the possibility of information leakage unobserved by the econometrician…. sports betting markets offer a superior way forward: assets have terminal values and news can break remarkably cleanly, as when a goal is scored in soccer. We exploit this context to test for efficiency, applying a novel identification strategy to high-frequency data. On our evidence, prices update swiftly and fully.
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