Emerging Money Market in India/edited by Alak Ghosh. Delhi, Deep & Deep., 2001, 212 p., figs., ISBN 81-7629-267-2.

Contents: Foreword. Preface. Introduction. I. General Observations: 1. Emerging money market in India/M.G. Bhide. 2. Functioning of money market in a market economy with reference to India/Dev Raj. 3. Evolution of money markets in India/Deepak Mohanty and Argya Kusum Mitra. II. Money and Capital Market Interactions: 4. Stock market adjustments to policy changes/T.V.S. Rammohan Rao. 5. Capital market in India—the role of Commercial Banks/A.J. Chakraborty. 6. Long-run behaviour of Indian Money Market: a spectral analysis of call money rate/Sanjib Chandra Basu and Subodh Chandra Garai. III. Rural Money Markets: 7. Implications of structural reforms on rural money market/V.B. Jugale. 8. Nature and extent of interlinkage of agrarian credit markets: a case of Punjab/Gian Kaur and Anita Gill. IV. Indian Money Market Under Economic Reforms: 9. Emerging money market in India under economic reforms: the need for integration with foreign exchange market/V.N. Attri and Neera Verma. 10. Money market instruments: the case of certificate of deposit/Vijay Laxmi Chari. V. Transformation of Indian Money Market and Further Reforms: 11. Recent changes in money market—some suggestions for further reforms/Tuli Roy and V. Upadhyay. 12. Emerging money market in India: Agenda for further reforms/B.K. Bhoi. 13. Transformation of Indian money market—which way?/Amalesh Banerjee and Pratul Chatterjee. Index.

From the Introduction: "India has witnessed in the past two decades substantial changes in the money and capital markets. The money market scenario, which has emerged since 1980s, has witnessed new instruments and new directions have been chalked out. It is to be noted here that, strictly speaking, the money market deals with short term flow of funds whereas the capital market, embracing the stock market, deals with medium and long-term capital flows. But these two markets can not be placed in water tight compartments and there is often a spillover from one market to the other. This explains why the papers included in this volume not only deal with money market problems but also with issues arising out of the growth and working of the Indian capital market. However, it is pertinent to note that the main thrust of the papers, presented in this volume, is on the issues connected with the emerging role of the Indian money market in a market-economy setting."

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