Papers by Biswajit Banerjee
Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics, 2014
This paper examines caste-religion inequalities in occupational attainment in Delhi in 1975-1976 ... more This paper examines caste-religion inequalities in occupational attainment in Delhi in 1975-1976 to determine if Other Backward Classes (OBCs) were disadvantaged vis-A -vis Hindu upper castes on the eve of the establishment of the Second Backward Classes Commission (the so-called Mandal Commission). The paper finds no evidence of bias against OBCs in labour market outcomes at a time when this group did not benefit from reservation policies. Also, after controlling for education and employment-related characteristics, Muslims were not at a disadvantage in entering professional occupations.
Migration, Urbanization, and Development: New Directions and Issues, 1998
IMF Staff Country Reports, 1995
Monetary policy has become increasingly accommodative in response to the global financial crisis,... more Monetary policy has become increasingly accommodative in response to the global financial crisis, relying on unconventional policies, such as large-scale government bond purchases and negative interest rates in some countries. Yet there is broad agreement that there are limits to the scope of monetary policy actions and their effectiveness. Sustainable growth and price stability will require a coherent, integrated policy strategy that also includes contributions from fiscal and structural policies – as well as appropriate policies to contain financial risks.
Ekonomický časopis
This paper examines the evolution of the Slovak motor vehicles sector during 2005-2015, drawing o... more This paper examines the evolution of the Slovak motor vehicles sector during 2005-2015, drawing on the latest update (December 2018) of OECD's Inter-Country Input-Output (ICIO) model database. The review takes a global value chain (GVC) approach and looks at the linkages from the gross production and value-added perspectives. The overall contribution of the motor vehicles sector to Slovakia's gross production and domestic value added increased twofold during the reference period. There was an ongoing change in the structure of the GVC linkages. The reliance on domestically-sourced inputs increased over the years. The (indirect) value added created in the production of domesticallysourced inputs gradually approached the level of the (direct) value added generated within the motor vehicles sector. Subsequent to the global financial crisis, the share of intermediate goods in exports, the forward linkage of the GVC, and the upstreamness of the production process were all on a rising trend. The sourcing pattern of imports of intermediate inputs and the market for exports steadily shifted away from the euro area towards non-EU countries. It is estimated that a hypothetical 10 percent negative shock to global final demand for motor vehicles would lower Slovak GDP growth by 1 percentage point.
Journal Of Developing Areas, 1983
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, a... more JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact
A central banker's view on the future of European banking 2 Claudio Borio: Persistently ultra-low... more A central banker's view on the future of European banking 2 Claudio Borio: Persistently ultra-low interest rates: causes and consequences 6 Niels Storm Stenbaek and Steen Hauskou Bertelsen: Low interest rates challenge the business model of Danish banks 15
European Journal of Comparative Economics, 2016
Using a nonparametric regression approach, this paper examines the role of firm size and firm age... more Using a nonparametric regression approach, this paper examines the role of firm size and firm age in net employment growth and the differential response of firms to the business cycle. An inverse univariate relationship between firm size and net employment growth disappears after controlling for firm age. With age control, the relationship between net employment growth and firm size is positive but diminishes with firm size. Young firms exhibit higher job creation and destruction rates and higher net employment growth rates than mature firms. Small and young firms are more sensitive with regard to net employment growth to the cyclical downturn than large and old firms.
This paper examines the factors that influence the five most common measures of GVC participation... more This paper examines the factors that influence the five most common measures of GVC participation for the sample of countries included in the World Input Output Database (WIOD). For this sample, backward linkage is stronger than forward linkage and is the main channel for integration into GVCs. Also, a stronger backward linkage is associated with a relatively more downstream position in GVCs. Country size and openness to inward FDI are important determinants of GVC indicators. Of all the industry groupings, the influence on all the GVC indicators is strongest for high-tech manufacturing. In both manufacturing and services, the higher is the share of the high-tech categories the greater is the backward linkage and GVC participation rate, and the GVC position is relatively more downstream. The real exchange rate is positively associated with the share of domestic value added in gross exports (VAX ratio), which is a manifestation of the exchange rate elasticity of value-added exports b...
This paper investigates the structure of Slovenian export activity in the world of increasingly f... more This paper investigates the structure of Slovenian export activity in the world of increasingly fragmented production processes that span across several country borders. In particular, we revisit the conventional notion of Slovenian export activity through the perspective of trade in value added. Moreover, by decomposing Slovenian gross exports into various value added components, we examine how participation and relative positioning of the Slovenian economy in global value chains evolved through time. In addition, we analyze which production factors are most affected by increasing globalization forces influencing trade and production. Our results show that Slovenian participation in global value chains increased mostly on the back of backward engagement, indicating room for further improvements in competitiveness and gains to be created in international trade. This is confirmed by a detailed value added decomposition of gross exports and factor content of trade, which points towards relative downstream positioning of the Slovenian economy, especially when compared to countries of similar characteristics and of arguably comparable development paths.
SSRN Electronic Journal
This paper assesses how globalisation has shaped the economic environment in which the ECB operat... more This paper assesses how globalisation has shaped the economic environment in which the ECB operates and discusses whether this warrants adjustments to the monetary policy strategy. The paper first looks at how trade and financial integration have evolved since the last strategy review in 2003. It then examines the effects of these developments on global productivity growth, the natural interest rate (r*), inflation trends and monetary transmission. While trade globalisation initially boosted productivity growth, this effect may be waning as trade integration slows and market contestability promotes a winner-takes-all environment. The impact of globalisation on r* has been ambiguous: downward pressures, fuelled by global demand for safe assets and an increase in the propensity to save against a background of rising inequality, are counteracted by upward pressures, from the boost to global productivity associated with greater trade integration. Headline inflation rates have become more synchronised globally, largely because commodity prices are increasingly determined by global factors. Meanwhile, core inflation rates show a lower degree of commonality. Globalisation has made a rather modest contribution to the synchronised fall in trend inflation across countries and contributed only moderately to the reduction in the responsiveness of inflation to changes in activity. Regarding monetary transmission, globalisation has made the role of the exchange rate more complex by introducing new mechanisms through which it affects financial conditions, real activity and price dynamics. Against the background of this discussion, the paper then examines the implications for the ECB’s monetary policy strategy. In doing so, it asks two questions. How is the ECB’s economic and monetary analysis affected by globalisation? And how does globalisation influence the choice of the ECB’s monetary policy objective and instruments? ...
Eastern European Economics
The views expressed are those of the authors and do not necessarily reflect the views of the Bank... more The views expressed are those of the authors and do not necessarily reflect the views of the Bank of Slovenia.
Comparative Economic Studies
Based on intra-day high-frequency data, this paper investigates the effect of sterilized interven... more Based on intra-day high-frequency data, this paper investigates the effect of sterilized interventions on the Slovak koruna/euro exchange rate for different time windows during a period that coincides with Slovakia's preparation for EU accession and euro adoption. Results confirm a significant relationship between intervention and exchange rate change. The maximum effect of intervention is reflected in the exchange rate change within a couple of hours and the effect over longer time windows weakens only gradually. The initial impact of sales interventions is stronger than that of purchase interventions.
Oxford Economic Papers
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, a... more JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected].
Comparative Economic Studies
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Papers by Biswajit Banerjee