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The Impact Of Participatory Notes On The Indian Rupee Exchange Rate, Rohan Kothari Jan 2013

The Impact Of Participatory Notes On The Indian Rupee Exchange Rate, Rohan Kothari

CMC Senior Theses

Since 1992, India has grown as a global player in the finance world. In spite of its success, India has not been able to rid itself of potentially harmful practices. One such practice is the issuing of Participatory Notes (PN) to foreign investors, so that they can anonymously purchase securities or derivatives listed on the Indian Stock Exchanges. This instrument came into public view when it accounted for approximately 50% of all foreign portfolio assets in India. Since then, the laws regarding PNs have evolved to become a more transparent version of the old rules. Although PN levels are not ...


The Great Indian Growth Puzzle: What Caused A Spike In 2003?, Aditya Bindal Jan 2011

The Great Indian Growth Puzzle: What Caused A Spike In 2003?, Aditya Bindal

CMC Senior Theses

This paper will employ unit root tests for finding structural breaks endogenously among India’s key macroeconomic aggregate series, as well as their components and subcomponents. The same analysis will be repeated, wherever data are available, for states. The results from these unit root tests will then be used in regression models for national and state level data to understand the causes behind structural breaks. We find that breakpoints cluster around 1982 and 2003 for most series at the national and state level. The services component appears to be a promising candidate for explaining the 2003 structural break in some ...