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Analysis

Modi and the market

THE OMFIF MONTHLY BULLETIN – Press release

8 September 2016, London

September Bulletin Front Cover (294 X 380) (3)

India tops the bill of the first OMFIF Bulletin after the summer break, with articles by Meghnad Desai, Moorad Choudhry and Balamurali Radhakrishnan. Narendra Modi, the prime minister, has passed a milestone with agreement on the Goods and Services Tax amendment – a major achievement on India’s route towards a more market-orientated economy. The country is now out in front as the fastest growing of the five so-called Brics economies. And the Reserve Bank of India has a new governor, Urjit Patel, a low-key yet well regarded central banker who has to show his spurs in taking over from the mercurial Raghuram Rajan.

The September Bulletin marks the launch of a series of Focus reports on the impact of the UK decision to leave the European Union on financial centres in Europe. The first issue focuses on Luxembourg and how the Grand Duchy is attempting to capitalise on new expansion opportunities. Nicolas Mackel, in charge of Luxembourg financial promotion, says it can realise this aim by working with, not against the UK.

John Mourmouras of the Bank of Greece and John Kornblum, a former US ambassador, provide post-referendum commentaries. In another centrepiece report, David Marsh and Ben Robinson investigate the historical background to the last few years’ shift in central banks’ thinking on gold.

Darrell Delamaide investigates President Obama’s economic legacy, and delves into Federal Reserve Chair Janet Yellen’s latest utterings on the next hike in US interest rates. Jan Mischke of McKinsey Global Institute sets down his precepts for correcting shortfalls in public investment through adjusting public accounting standards. Mar Guðmundsson, governor of the Central Bank of Iceland, writes on the impact of global financial integration on monetary policy transmission in small open economies. David Marsh and Bhavin Patel describe the swirling debate on using nominal GDP as a guideline for central banks.

Other highlights of the September 2016 edition:

 • Andrew Hunt unravels the symbiosis between expansion of European credit and European central banks’ Target-2 balances.

David Tonge assesses the aftermath of Turkey’s failed military coup.

Marsha Vande Berg discusses how the World Bank’s new chief economist can galvanise thinking on growth-generating cities in the developing world.

Yao Wang outlines the scope for growth in responsible investment in China.

Ben Robinson analyses the impact of changing financial flows patterns on emerging economies.

John Nugée reviews Joseph Stiglitz’s downbeat assessment of European economic and monetary union.

William Keegan praises Stuart Mackintosh’s study of global finance.

The Bulletin is available to OMFIF members, and to non-members on a subscription basis. To subscribe please contact: membership@omfif.org