Foreign Trade in the economy of India has a strategic place in the process of economic development. It is pointed that India started with emphasis on import substitution and in latter years combined import substitution with export promotion. Relatively greater emphasis has been given to the use of physical interventionist policies. The institutional framework which has grown with the physical interventionist approach is now a major constraint on the process of adopting fiscal measures in place of physical measures. This book reviews established policy pattern towards foreign trade and attempts to evaluate the complexities of India's Foreign Trade.

Econometric analysis is concerned with statistical inference in economics, with the methods of estimating and testing relationship among economic variables. The main objective is to give empirical content to economic theory. Most of economic study is concerned with relationships among variables. The models of econometric analysis will have following basic components; a specification of the process by which certain observed independent variables are generated a specification of the process by which unobserved, disturbances are generated, and a specification of the relationship connecting these to observed dependent variables. It should be clear that the quantification of economic theory is not a mechanical task. In particular, it is not simply a matter of fitting curves to data, of measurement without theory. The aim of this book is that rational methods of measuring economic relationship must be grounded in a specification of the probabilistic mechanisms that link economic observations to economic theory.

Out of many problems which the less developed countries face, two can be singled out as potentially the most serious source of tension and disruption in the international economy. The first is the massive foreign debts which they have contracted and the acute service problems which these cause. The other is the shortage of foreign funds on concessional terms for development purposes. Both are obviously related since the more debts they accumulate, the higher debt service payments and the less resources there are for development purposes. This is turn reduces the rate of growth and provides less domestic savings for investment and debt servicing purposes.

The phenomenon of less developed country debt would have been through an importable international issue. Even the most acute observers of the global economy did not contemplate the emergence of the less developed countries as large-scale borrowers in international capital market. The immediate concern, especially within the framework of a especially within the framework of a stagflationary world economy, was whether the high indebtedness of less developed countries was dangerous to the solvency and stability of the lending banks and thereby the international financial system. This collection of articles presents a variety of views and perspectives on the topic of less developed country debt.

The subject of monetary economics is traditionally an applied area of economics, finance is a closely related study, and certain aspects of these areas become inseparable as one views monetary operations in the broader setting of the financial markets. Economics itself has classically been defined as the study of the allocation of scarce resources among competing alternative uses and the satisfaction of wants. However, in the light of the occasional inadequate demand in the midst of adequate supplies of goods and services economics is concerned at times with the national economic goals of employment, production and purchasing power-all in the context of a relatively free economy. In the former instance, money enters as a medium of exchange.: in the latter, the so-called monetary and financial mechanism our system of money banks and financial markets is relied upon to effect generally an indirect type of control over economic behaviour. Money is so basic in the latter instance, in fact, that such as an economy is sometimes called a "monetary economy". In order, then to better understand the economy predict its level of performance and effect appropriate regulations a body of monetary banking and financial theory is needed as well as systematic observations. This book consequently, reviews the role of theory and in relation to the role of theory.