The DT issue of August 1998 had documented how the markets were not wrong in 1997; indeed, about how the stock markets of Korea and Thailand had signaled well in advance (in 1995 and 1996) that all was not right in East Asia.

The Indian budget for the fiscal year 1999-2000 (April to March) will be presented on Feb. 27 by the Finance Minister, Mr. Yashwant Sinha. Unlike the West, budget documents in developing countries, and especially in India, are a major policy exercise...

In this issue, various approaches to the determination of short-term (overnight money) and long-term (10 year bond yields) interest rates are examined...