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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank Announces The Winner Of International Economic Development Research Annual (IEDRA) Award 2008
Dr. Ramaa Vasudevan, winner of Exim Bank International Economic Development Research Annual Award 2008 receives the citation from Dr. D. M. Nachane, Director, Indira Gandhi Institute of Development Research, Mumbai at the award function held in Mumbai
- Dr. Ramaa Vasudevan is the winner of Exim Bank of India's International Economic Development Research Annual (IEDRA) Award 2008 for her Doctoral dissertation titled "International Trade, Finance and Money: Essays in Uneven Development". The Exim Bank IEDRA Award 2008 was announced by Mr. T.C. Venkat Subramanian, Chairman and Managing Director, Exim Bank at an award function held on July 10, 2009 in Mumbai. The Award consisting of Indian Rupees One Hundred Thousand and a Citation were handed over by the Chief Guest, Dr. D.M. Nachane, Director, Indira Gandhi Institute of Development Research (IGIDR), Mumbai, who also released Exim Bank's Occasional Paper titled "International Trade, Finance and Uneven Development", which is based on the Award winning thesis.
- Mr. T.C. Venkat Subramanian, in his opening remarks highlighted that the Exim Bank IEDRA Award, instituted in 1989, is given for Doctoral dissertations in the area of international economics, trade & development and related financing by Indian nationals from Indian or foreign universities. The year 2008 was the twentieth year of the Award. Commenting on the Award winning thesis, Mr. Subramanian emphasized that the distributional consequences of international trade and finance on regional economic development, has always been of interest to economists and policymakers. He also noted that in the context of the present financial crisis, it has become imperative to revisit the fundamentals, which govern the international financial system.
Winning Thesis
- Dr. Ramaa Vasudevan has obtained her Doctorate from the New School for Social Research, New York, U.S.A in 2006 and at present is working as an Assistant Professor, in the Department of Economics, Colorado State University, U.S.A. In her thesis, Dr. Vasudevan has employed an analytical macro-model that highlights certain implications of financial intermediation and triangular adjustment patterns for the period after the collapse of the Bretton Woods system and argues that the ability of the dominant country (i.e. which issues the currency that serves as an international reserve and vehicle currency) to sustain a growing external deficit is its role in the triangular pattern of recycling surpluses from creditor countries to the emerging markets in the periphery.
- In this study, the international economy is represented as three interdependent blocs: the US with its trade deficit; 'trade account' countries in the periphery (Japan and China) which have a current account surplus that intervene to preserve their dollar exchange rate by buying up the US treasury bills; and debtor 'capital account countries' in the emerging markets in the periphery. An analysis of the financing of the US external deficit reveals a pattern of intermediation where the US incurs liabilities largely in the form of private bonds and official holdings of dollar reserves and accrues assets through foreign investment outflows of both equity and foreign direct investment. The study highlighted that the triangular pattern of recycling private capital flows provided an adjustment mechanism for the US deficit while precipitating financial fragility in the periphery and thus any agenda for the overhaul of the international monetary system needs to necessarily address the crucial core-periphery relationships that have underwritten and sustained the Post-Bretton Woods System. Another important implication that the study draws, of particular relevance to the debate around financial reform in India, is the need to insulate the financial sector from the shocks and structural vulnerabilities that arise from the pattern of integration with the international monetary system under an International Dollar Standard.
Exim Bank of India
- Exim Bank aims to promote India's international trade. The Bank offers to Indian companies a comprehensive range of finance, information and advisory services, supported by analysis and research, with a view to enhancing their international competitiveness. The International Economic Development Research Annual Award represents the Bank's ongoing efforts at promoting research and analysis in the area of international economics, trade & development and related financing.
For further information, please contact
Mr. David Sinate,
General Manager,
Research & Planning Group,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) : 2217 2829,
Fax::(022) 22182572.
E-mail:dsinate@eximbankindia.in
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