Prof. L. M. Bhole

Laxman Madhao Bhole is Professor in the Department of Humanities and Social Sciences, IIT Bombay. After graduating from Poona University in 1965, he obtained his M.A. in Economics from Bombay University in 1967. He obtained Ph.D. from Bombay University in 1971 and joined Sydenham College, Bombay, where he taught for two years. He joined IIT Bombay in1973 and was the Head of the Department of Humanities and Social Sciences during 1989-92. He was awarded Maharashtra Government Open Merit Scholarship, Ford Foundation Scholarship, and UGC Fellowship for pursuing his studies at various levels. He visited the Institute for Studies in Economic Development, Naples, Italy for six months on an Italian Government scholarship. Prof. Bhole has been teaching Economics for more than 35 years.

A prolific writer, Prof. Bhole has many books, and over 125 research articles published in books and reputed journals, to his credit. His books are: (1) Investment, Interest, and Monetary Policy in India (1974); (2) Impacts of Monetary Policy (1985) (3) Financing of the Private Corporate Sector: Trends, Issues, and Policies (2000); (4) Essays on Gandhian Socio-Economic Thought (2000); (5) Financial Institutions And Markets: Structure, Growth, And Innovations (Fourth Ed.) (2004); (6) Collected Papers on Money, Interest, and Monetary Policy (2007); (7) Collected Papers on Credit and Finance (2007), (8) Collected Papers on Gandhian Thought (2007); (9) Unemployment, Inequality, Entrepreneurship, and other Collected Papers (2007).

Collected Papers on Money, Interest, and Monetary Policy - Vol. 1 356 Pages, 17 x 24 cm, Tables & Figures ISBN 978-3-938054-17-8 - Softcover - EURO 55,80 ISBN 978-3-938054-26-0 - Hardcover - EURO n/a

About the book

Overview

The Collected Papers on Money, Interest and Monetary Policy contains twenty-two research papers on themes such as definition, measurement, and determination of money supply, demand for money or liquidity preference, determinants of short-term and long-term interest rates, administered interest rates system, structure of interest rates, impact of interest rates on investment, inflation, and business cycles, and various aspects of monetary and interest rates policy. These themes have been discussed primarily in the Indian context, but the international context also has been referred to wherever possible. ...

Excerpt (Introduction, p. 1):

Money is one of the important macro economic variables. Correct understanding of the role of money in economic activity hinges on defining and measuring money correctly. There has been a growing tendency both in India and abroad to conduct monetary analysis and policy in terms of empirically defined broad money and multiple measures of money. Recently, the Committee to Review the Working of the Money System also has held that M₃ is the appropriate definition of money and that the money multiplier framework is dependable for money supply analysis and control. This would give a further wrong direction to the evolution of monetary theory and monetary policy as well as their information base in India .

This paper seeks to undertake a fresh and comprehensive discussion of major issues relating the concept, measure and determination of money supply with a view to restraining the tendency mentioned above. Section I presents the context or background of this study. Section II examines which of the existing approaches to defining money is correct. Section III discusses the special economic characteristics of money, while Section IV presents a new measure of money supply for India in the light of these characteristics. Section V examines whether and how far the money multiplier theory is empirically supported in India .

Contents

1. Definition, Measurement, and Determination of Money Supply

2. An Empirical Definition of Money: Some Factor Analytic Evidence for India

3. An Empirical Study of Liquidity Preference of Corporate Sector in India, 1951-1974

4. On the Stability of Corporate Liquidity Preference in India, 1950-51 to 1973-74

5. Administered Interest Rates in India

6. Interest Rate and Corporate Investment in India

7. Determinants of Interest Rates in a Deregulated Open Economy

8. Determinants of Long-Term Interest Rates in India During 1970s to 1990s

9. Domestic and External Factors in Short-Term Interest Rates Determination in India

10. The Structure of Interest Rates in Theory and Practice

11. Some Issues Concerning Interest Rates Theory and Policy

12. An Interest Rate Policy for Stable Economic Growth

13. A Critique of New Interest Rates

14. Recent Changes in Interest Rates Policy in India

15. An Appraisal of Recent Interest Rates Policy in India

16. Industrial Recession in India: Is Interest Rate the Cause?

17. Anti-Inflationary Policy in India

18. The Role of Interest Rate in Exchange Rate Management in India

19. Responsiveness of Investment and Other Expenditures to Changes in Techniques of Monetary Control in India, 1950-51 to 1977-78

20. Some Aspects of the Past Evolution and Future Prospects of Monetary Policy in India

21. International Aspects of Monetary Policy in India

22. Recent Changes in the Theory and Policy of Cash Reserves Ratio and Statutory Liquidity Ratio: A Critical Appraisal

Audience

Doctoral and post-doctoral students, researchers in economics and finance, and policy makers.

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Excerpt - Chapter 1

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