My son recently borrowed the Lost World by Arthur Conan Doyle from his school library and I was pleasantly surprised to find a remark on the depreciation of the rupee on the very first page of the book. Surely it must have been an event of some importance!
"For an hour or more that evening I listened to his monotonous chirrup about bad money driving out good, the token value of silver, the depreciation of the rupee, and the true standards of exchange."
Showing posts with label rupee. Show all posts
Showing posts with label rupee. Show all posts
Tuesday, January 24, 2012
Sunday, November 28, 2010
Macroeconomic and Environment History
You can find my latest paper publsihed in Global Environment at this link.
http://www.globalenvironment.it/sivramkrishna.pdf
Here is the abstract of my paper:
Macroeconomic and Environmental History: The Impact of Currency Depreciation on forests in British India, 1873-1893
The impact of the macroeconomic context, particularly monetary disturbances, on the environment has been hitherto ignored in the study of Indian environmental history. Th e links between macroeconomics and the environment, however, have been extensively studied and debated in recent times in connection with the structural adjustment programmes (SAPs) that many developing countries have been induced to adopt. A closer examination of India’s monetary history reveals that there exist many similarities between the effects of SAPs and those of monetary disturbances in the last quarter of the nineteenth century due to the depreciation of the rupee. Th is paper traces out how an exogenously induced change in the macroeconomic environment may have led to policies that prompted increased deforestation. Moreover, in the private sector too the depreciation of rupee may have led to higher levels of investment and exports of environmentally sensitive products, further accentuating the adverse impact on forests. Although not conclusive in quantitative terms, this study nonetheless attempts to show that colonial policies cannot be studied from a purely ideological, political, or real-economic point of view; the macroeconomy, particularly monetary variables that were sometimes beyond control of governments, may also have induced changes in deforestation rates.
http://www.globalenvironment.it/sivramkrishna.pdf
Here is the abstract of my paper:
Macroeconomic and Environmental History: The Impact of Currency Depreciation on forests in British India, 1873-1893
The impact of the macroeconomic context, particularly monetary disturbances, on the environment has been hitherto ignored in the study of Indian environmental history. Th e links between macroeconomics and the environment, however, have been extensively studied and debated in recent times in connection with the structural adjustment programmes (SAPs) that many developing countries have been induced to adopt. A closer examination of India’s monetary history reveals that there exist many similarities between the effects of SAPs and those of monetary disturbances in the last quarter of the nineteenth century due to the depreciation of the rupee. Th is paper traces out how an exogenously induced change in the macroeconomic environment may have led to policies that prompted increased deforestation. Moreover, in the private sector too the depreciation of rupee may have led to higher levels of investment and exports of environmentally sensitive products, further accentuating the adverse impact on forests. Although not conclusive in quantitative terms, this study nonetheless attempts to show that colonial policies cannot be studied from a purely ideological, political, or real-economic point of view; the macroeconomy, particularly monetary variables that were sometimes beyond control of governments, may also have induced changes in deforestation rates.
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