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Government electrifies 20% more villages

The government has electrified 20 per cent of the villages that were without power at the start of this financial year, according to an analysis by The Hindu of the data provided by the Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY). As of January two,2016 the DDUGJY had electrified...
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GAIL to buy 5% stake in consortium building TAPI pipeline

State-owned GAIL India Ltd will take 5% stake in the international consortium building the $8.7 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline. The four nations building the pipeline had in August agreed to co-own the project and a joint venture company with participation of each country is to be set...
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Institutions for Climate Change

The deal is done. Contrary to the expectations of the skeptics, negotiators in Paris agreed on a final text to climate change accord. It is, I think, an historic agreement if for no other reason that it brings all members of the international community into the climate change...
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Who Will Pay?

As might have been expected before the talks began, reports on the eve of the expected conclusion of the Paris climate change negotiations suggest that the talks have become bogged down over who will pay the costs of adaptation. (See The New York Times, here.) Advanced countries want...
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Modigliani-Miller for Climate Change Financing

In recent years, attention has focused on alternative instruments to finance projects to combat climate change. Advocates of these so-called “Green Bonds” sometimes argue that the bonds result in the financing of more “green” projects and are thus a critical weapon in the battle against climate change. While...
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Are we safer?

The Brookings Institution hosted a conference last week on the regulatory response to the global financial system with that provocative title. The conference featured former Fed Chairman, Ben Bernanke, and other prominent speakers, including professor Gary Gorton of Yale University and Fed Governor, Dan Tarullo. See the conference...
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Preventing Sovereign Debt Restructuring

At a recent private conference on sovereign debt restructuring, an old friend argued that, in addition to talking about what to do once a country has crossed a tipping point and needs to restructure its debt, efforts should also be made at prevention. It is, of course, a...
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Fallen Shibboleths and Victorian Virtues

I was a discussant at a CIGI-Institute for Policy Dialogue conference on sovereign debt restructuring at Columbia University in September hosted by Joe Stiglitz and Domenico Lombardi. In my remarks on one of papers, I identified a key challenge in the global economy: insufficient global aggregate demand that...
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