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The Asian Financial Crisis during the late 1990 s revealed the fault lines of foreign currency loans of corporates. It starkly demonstrated that a combination of semi-pegged exchange rates and unregulated foreign currency borrowing could expose corporates and, subsequently, the entire economy to heightened vulnerability. To mitigate these risks, implementing certain capital account restrictions emerged as a potential remedy. Against this backdrop, this paper investigates the changing contours of vulnerability arising from the rising foreign currency leverage of 818 non-financial corporates in India during 2004–2022. In particular, this paper examines the impact of exchange rate shocks and changes in certain key macroeconomic policy variables on the financial vulnerabilities of these firms. Our findings unequivocally indicate that during exchange rate depreciation, unhedged exposures significantly amplified the vulnerability of Indian firms. While our study centres on India, the overarching conclusions and insights derived from our analysis possess broader ramifications for emerging economies grappling with capital account restrictions. The policy implications of our research underscore the need to proactively strengthen the macroprudential toolkit to address the risks associated with foreign currency borrowing and ensure more robust risk management practices to prevent the buildup of systemic vulnerabilities. [ABSTRACT FROM AUTHOR]

India's Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) is the largest public-works based rural livelihood programme in the world. One of the important policy objectives of the Scheme is to curb rural out-migration by guaranteeing demand-driven employment opportunities for 100 days in a year in rural areas. This paper uses a large sample survey-based nationally representative data set and different probability models to investigate how MGNREGS influences individuals' seasonal rural out-migration decisions. The results reveal that contrary to the policy objective, participation , the extent of participation and earnings from the Scheme increases an individual's propensity to out-migrate. However, the Scheme serves broader and equally critical socio-economic goals of empowerment through income security and positive network effects. MGNREGS, on the one hand, significantly drives the decisions of aspirational migration of rural individuals, particularly females and the relatively advantaged. On the other, it curbs distress migration of the relatively disadvantaged by providing them with basic livelihood opportunities within the rural areas. Based on the findings, the paper draws several policy implications and discusses key policy imperatives towards expanding the scale and scope of the public-works Scheme. [ABSTRACT FROM AUTHOR]

We examine the impact of fiscal decentralization reforms on two central components of public service delivery outcomes, viz., health and education using feasible generalized least squares on a balanced panel of 18 non-special category states of India for the period 2002–2020. Given India's complex decentralization framework, intertwined with dynamic political and socioeconomic dimensions and weak institutional processes, our analysis is critical to examining the efficacy of decentralization as a policy instrument to augment the provision of public services. The novelty of our study stems not only from its longitudinal and multidimensional approach towards analyzing the effectiveness of decentralization reforms but also from its unique construction of an 'institutional quality' index that is critical for ensuring accountability in the decentralization process. Our findings underscore the positive impact of fiscal decentralization as a reformative intervention on public service delivery outcomes, highlighting the role of Indian polity and socioeconomic channels of accountability in shaping those outcomes. The study emphasizes the imperative to augment institutional quality, safeguard press freedom, enhance local government capacity, and delineate distinct functions within key policy domains for successful decentralization reforms. [ABSTRACT FROM AUTHOR]

Singapore represents an instructive case study in responding to rapid ageing, growing inequalities, and significant relative poverty. Unlike other high-income Asian countries, it has relied on single-tier mandatory savings to finance retirement, housing, and to a lesser extent, healthcare. To address the low fertility rates, it has permitted the share of the non-citizen population to triple between 1990 and 2005 to nearly 30 per cent. This is subtly altering Singapore's socio-political dynamics, while assisting in sustaining growth and competitiveness. The paper argues that Singapore has the fiscal, institutional, and organizational capacities for a modern multi-tier social security system. Singapore is, however, determined to continue with current inadequate and inequitable arrangements, requiring individuals and their families to bear disproportionate risks in financing retirement, healthcare, and short-term income support. This reflects conscious policy choices arising from a Darwinist vision of society, and the need for socio-political control. [ABSTRACT FROM AUTHOR]

Extracto Singapur es un interesante caso de estudio en cuanto a la respuesta a un rápido envejecimiento, a las crecientes desigualdades y a una importante pobreza relativa. Por oposición a otros países asiáticos de altos ingresos, Singapur se basó en un régimen de ahorros obligatorio de un solo pilar para financiar la jubilación, la vivienda, y en menor medida, los cuidados de salud. Para responder a las bajas tasas de fertilidad, se ha permitido que la parte representada por la población extranjera se triplique entre 1990 y 2005, hasta alcanzar casi un 30 por ciento. Esto está alterando sutilmente la dinámica sociopolítica de Singapur, ayudando al mismo tiempo a mantener el crecimiento y la competitividad. En este documento sostenemos que Singapur tiene las capacidades fiscales, institucionales y de organización necesarias para tener un régimen de seguridad social moderno compuesto por múltiples pilares. Singapur está, sin embargo, determinado a continuar con el régimen actual, inadecuado e injusto, y que exige que los individuos y sus familias corran con parte exagerada del riesgo en la financiación de la jubilación, de los cuidados de salud y del mantenimiento del ingreso a corto plazo. Esto es el reflejo de decisiones políticas deliberadas producto de una visión Darwinista de la sociedad, así como de la necesidad de mantener un control sociopolítico. [ABSTRACT FROM AUTHOR]

This paper assesses Singapore's healthcare financing arrangements in terms of their efficiency, fairness, and adequacy. Singapore represents an interesting case study because it is perhaps the only high-income, rapidly ageing country to rely on mandatory savings to finance healthcare, thus eschewing extensive risk-pooling arrangements, generally regarded as efficient and equitable. The paper argues that parametric reforms, i.e. relatively minor changes in the parameters of current schemes which preserve the existing philosophy and system design, will not be sufficient to meet healthcare financing objectives. Systemic reforms, which will bring Singapore into the mainstream of health financing arrangements found in the OECD countries, are urgently needed. Their design and timing should be based on good quality, timely and relevant data, and an environment conducive to vigorous debate. [ABSTRACT FROM AUTHOR]