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This paper presents a comprehensive conceptual framework for the rationale, success factors and development outcomes of Special Economic Zones (SEZs), and analyses their performance in selected Asian countries within that framework. It draws on the tenets of the literature on 'dynamics of institutional changes' to introduce basic assumptions and generates a series of propositions as building blocks of the framework. It argues that SEZs are a safety valve that can address inefficiencies within a given institutional context. If used strategically, the SEZ policy can be an exceedingly versatile tool to achieve a variety of goals. The drivers of success and economic outcomes of SEZs depend on the strategic approach adopted by policy makers towards SEZs. There is no single recipe of their success or development outcomes. Finally, institutions evolve in the process of development. So must strategic approaches towards SEZs. New genres of SEZs need to emerge and the existing ones must upgrade to address new institutional challenges, and achieve new goals. It argues that is the SEZ policy and not SEZs per se that need to be the focal point of the SEZ debate.

Dan Ariely, The Irrational Bundle: Predictably Irrational, The Upside of Irrationality, and The Honest Truth about Dishonesty, Kindle edition. UK: Harper Collins, 2013, 960 pp., ₹1,121.39

Commercial Banking System occupies a unique position in the Indian financial system. The practice of banking in our society is not something that can be refined to a set of given rules and formulas applicable to a static economy but an art to be pursued in a dynamic economy with a public, yet profitable, service as the end result. The overall environment today is much more challenging and much more difficult than the yesteryears. It is rather difficult to determine the relative priority that exists in the mind of a commercial banker between the concepts of liquidity and profitability, as the bank can't operate for a long duration without either of them. Modern commercial banking is an exacting business where the rewards are modest; the penalties for bad banking are enormous. Profitability is of concern to any going business enterprise, the lack of which would result in wide criticism to the banker by the shareholders while lack of liquidity, which is peculiar to the banking system, in its most extreme form could affect the entire community and might have even more wide repercussions. Thus, it is assumed in this study that the problem of liquidity holds priority over profitability by the banker and that the concept of liquidity should not be overlooked in determining over-all loan or investment policy.