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on Central and Western Asia |
| By: | Selva Demiralp (Koç University) |
| Abstract: | Bu çalışma Türkiye’deki parasal aktarım mekanizmasında para’nın rolünü incelemektedir. Çalışmamız Carpenter ve Demiralp (2007)’in yapmış olduğu araştırmayı bütünleyici niteliktedir. Carpenter ve Demiralp (2007) gelişmiş finansal piyasalarda banka kredilerinin zorunlu karşılığa tabi olmayan “kontrollü pasifler” (“managed liabilities”) ile finanse edildiğini ileri sürmektedirler. Bu şartlar altında banka borç verme kanalı (“bank lending channel”) ve basit parasal çarpan modeli işlevlerini yitirirler. Carpenter ve Demiralp (2007)’in analizindeki temel dayanak bankaların fon sağlama konusunda mevduat dışı kaynaklara sahip olmalarıdır. Böyle bir alternatif olmadığı zaman ise banka borç verme kanalının varsayımları tekrar işler hale gelir. Dolayısı ile finansal yapıları az gelişmiş olan ülkelerde bu kanalın işlevsel olmasını bekleriz. Bu çalışmada bankalar borç verme kanalı ve basit parasal çarpan modelinin az gelişmiş bir piyasa örneği olan Türkiye için işleyip işlemediğini ampirik olarak inceledik. Abstract: Analiz sonuçlarımız Carpenter ve Demiralp’te öngörüldüğü şekilde parasal çarpan ve borç verme kanalının Türkiye’de işlemekte olduğunu teyid etmektedir. |
| Abstract: | This study analyzes the role of money in the monetary transmission mechanism in Turkey. Our work complements the analysis done by Carpenter and Demiralp (2007). Carpenter and Demiralp (2007) argue that in well-developed financial markets, bank loans are funded by “managed liabilities” which are not subject to reserve requirements. Under these conditions, a “bank lending channel” of the monetary transmission mechanism and a simple money multiplier model are not functional. The essential idea that underlies Carpenter and Demiralp’s analysis is the existence of non-deposit sources of funding for depository institutions. In the absence of these alternatives, however, the assumptions of the bank lending channel are valid assumptions and we expect this channel to be operative in countries which do not posses developed financial markets. In that respect, it is plausible to expect the bank lending channel to be operative in Turkey, which is a good example of a less developed financial market. In this study, we investigate empirically whether a bank lending channel and a multiplier framework are indeed functional in Turkey. Our analysis confirms Carpenter and Demiralp (2007)’s predictions that the simple multiplier framework is operative in Turkey. |
| Keywords: | Parasal çarpan, parasal aktarım mekanizması, borç verme kanalı |
| JEL: | E51 E52 |
| Date: | 2007–12 |
| URL: | http://d.repec.org/n?u=RePEc:koc:wpaper:0712&r=cwa |
| By: | Thomas Richter (GIGA German Institute of Global and Area Studies); Christian Steiner (Centre for Research on the Arab World (CERAW)) |
| Abstract: | This article challenges claims that liberalising state regulated markets in developing countries may induce lasting economic development. The analysis of the rise of tourism in Egypt during the last three decades suggests that the effects of liberalisation and structural adjustment are constrained by the neo-patrimonial character of the Egyptian political system. Since the decline of oil rent revenues during the 1980s tourism development was the optimal strategy to compensate for the resulting fiscal losses. Increasing tourism revenues have helped in coping with macroeconomic imbalances and in avoiding more costly adjustment of traditional economic sectors. Additionally, they provided the private elite with opportunities to generate large profits. Therefore, sectoral transformations due to economic liberalisation in neo-patrimonial Rentier states should be described as a process, which has led to the diversification of external rent revenues, rather than to a general downsizing of the Rentier character of the economy. |
| Keywords: | Egypt, rentier state, economic liberalisation, economic development, tourism |
| JEL: | H27 L83 O11 P26 |
| Date: | 2007–11 |
| URL: | http://d.repec.org/n?u=RePEc:gig:wpaper:61&r=cwa |
| By: | Soiliou Namoro; Rania Rousdhy |
| Abstract: | . . . |
| JEL: | J13 J16 |
| Date: | 2007–11 |
| URL: | http://d.repec.org/n?u=RePEc:pit:wpaper:331&r=cwa |
| By: | Ibrahim L. Awad (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic) |
| Abstract: | This paper assesses whether the legal independence granted to the Central Bank of Egypt (CBE) under the latest legislation is factual. I followed Fry’s methodology, which assumes that the level of independence of the central bank is determined by fiscal attributes. In an attempt to develop Fry’s method, I used a simple criterion to assess the central bank’s independence, namely, that the central bank is actually independent if it can fulfill its money supply target. Applying this criterion to the CBE and some other CBs in the developed countries and emerging market economies, we find that: (i) the legal independence granted to the CBE under the latest legislation is not factual; although the final objective of monetary policy is to achieve price stability, the CBE failed to fulfill its money supply target and achieve price stability, because it was responsive to political pressure and did not react to fulfill its money supply target; (ii) such political pressure on the CBE is due to fiscal attributes, as measured by domestic credit to the government; (iii) CBs whose independence is factual, according to our criterion, showed a negative relationship between the legal indices, as measured by the GMT index, and the fiscal attributes measured by DCGY. However, the relationship was anomalous when measured by the rate of inflation. |
| Keywords: | monetary policy, central bank independence, fiscal dominance political pressure |
| JEL: | E51 E59 H75 C23 |
| Date: | 2007–12 |
| URL: | http://d.repec.org/n?u=RePEc:fau:wpaper:wp2007_30&r=cwa |
| By: | Wheeler, David; Khaliquzzaman, M.; Huq, Mainul; Dasgupta, Susmita |
| Abstract: | The World Health Organization ' s 2004 Global and Regional Burden of Disease Report estimates that acute respiratory infections from indoor air pollution (pollution from burning wood, animal dung, and other bio-fuels) kill a million children annually in developing countries, inflicting a particularly heavy toll on poor families in South Asia and Africa. This paper reports on an experiment that studied the use of construction materials, space configurations, cooking locations, and household ventilation practices (use of doors and windows) as potentially-important determinants of indoor air pollution. Results from controlled experiments in Bangladesh are analyzed to test whether changes in these determinants can have significant effects on indoor air pollution. Analysis of the data shows, for example, that pollution from the cooking area diffuses into living spaces rapidly and completely. Furthermore, it is important to factor in the interaction between outdoor and indoor air pollution. Among fuels, seasonal conditions seem to affect the relative severity of pollution from wood, dung, and other biomass fuels. However, there is no ambiguity about their collective impact. All are far dirtier than clean fuels. The analysis concludes that if cooking with clean fuels is not possible, then building the kitchen with porous construction material and providing proper ventilation in cooking areas will yield a better indoor health environment. |
| Keywords: | Renewable Energy,Energy Production and Transportation,Air Quality & Clean Air,Pollution Management & Control,Sanitation and Sewerage |
| Date: | 2007–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4422&r=cwa |
| By: | Chakraborty, Lekha S. (National Institute of Public Finance and Policy) |
| Keywords: | Gender ; Fiscal decentralisation |
| Date: | 2007–05 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:46&r=cwa |
| By: | Singh, Lakhwinder |
| Abstract: | Public sector R&D in India has recorded a negative growth since 1991. Although there has been an increase in private sector investment in R and D, this cannot completely arrest the impact of the withdrawal of public investment and will result in a weaking of India's competitive strength in a rapidly globalising market. |
| Keywords: | Public policy; R&D expenditure; Industry; techno-globalisation; India. |
| JEL: | O33 O3 |
| Date: | 2007–12–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6222&r=cwa |
| By: | Kamat, Manoj; Tupe, Sanjay; Kamat, Manasvi |
| Abstract: | This paper reviews the trends in Indian Agriculture before and after the introduction of the economic reforms, and the advent of WTO regime. We employ the Cobb Douglas Production Function using the OLS specification to investigate the determinants of agricultural gross domestic product for the period 1970-71 to 2002-03, during pre and post-economic reforms to document the impact of policy change (post-1992) and India’s membership of the WTO (post-1995). Our empirical findings reveal that Indian agriculture sector has witnessed Decreasing Returns to Scale after the introduction of economic reforms, indicating that the input availability is under strain during the same period. |
| Keywords: | Agriculture Gross Domestic Product; WTO; Economic Reforms; Trends; Determinants; Returns to Scale; Cobb Douglas Production Function; India. |
| JEL: | Q1 A1 B4 |
| Date: | 2007–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6150&r=cwa |
| By: | Kamat, Manasvi; Kamat, Manoj |
| Abstract: | The outcomes of WTO negotiations under the Doha round, Hong Kong development round and the changing European Union regulations are likely to place new hurdles on the marine exports emerging from developing economies like India. In the light of the above, we attempt to discuss the impact of WTO-GATS on the Indian Marine Trade and Service industry, analyze the challenges faced by the developing countries, and suggest way-outs to respond them. Many other WTO-GATS related aspects have repercussions on the marine exports from the developing countries in Asia and India in particular; namely the outcomes from the Dispute Settlement Mechanism (DSM), the relation between trade rules and Multilateral Environmental Agreements (MEAs), Technical Assistance and Capacity Building (TA & CB) and the provisions for Special and Differential Treatment (SDT). The impact of GATS and the implications on Indian marine trade & services are specifically assessed in context of Tariff barriers, Non-tariff measures, Subsidies and Eco-labeling. Relevant policy implications follow the issues discussed. |
| Keywords: | WTO; GATS; India; Marine Industry; Fisheries; Trade and Non-trade Barriers; NAMA; Implications; Policy Suggestions |
| JEL: | P5 F2 F1 L7 |
| Date: | 2007–06–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6151&r=cwa |
| By: | Kamat, Manoj; Kamat, Manasvi |
| Abstract: | Using contemporary models this paper explores the time-series properties of financial infrastructure and economic growth indicators to investigate the nexus between developments in financial intermediation with the economic growth for India over the 1971-2004 periods. Both over short-run and the long-run perspective the paper seeks to answer; whether the financial infrastructure variables are complementary or a substitute for economic performance? and in what way economic growth is affected by the financial infrastructural development indicators? We find evidence in favor of a short run “financial infrastructure led economic growth”. Finance is found to be a leading sector only in the short-term link in Granger causality tests with stationary variables. The study provides robust empirical evidence in favor of supply leading hypothesis for the Indian economy. |
| Keywords: | Finance; Infrastructure; Development; Economic Growth; Lag-lead; Granger Causality; Cointegration; VAR; VECM; India |
| JEL: | G2 C5 E50 O4 |
| Date: | 2007–11–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6154&r=cwa |
| By: | Mayur, Manas; Kumar, Manoj; Mahakud, Jitendra |
| Abstract: | The study investigates the change in performance of Indian public firms post to their Initial Public Offerings (IPOs) and its relationship with the changes in the insiders’ ownership around the time firms do their IPOs. A three step methodology is followed. First, the pre-IPO performance of a sample of Indian publicly listed firms is compared with their post-IPO performance. Second, a univariate analysis is carried out wherein the median of post-IPO performance of sampled firms having low level of insiders’ ownership in the post-IPO period is compared with the median of post-IPO performance of sampled firms having high level of insiders’ ownership in the post-IPO period. Finally, multivariate analysis is done in form of a panel data regression model to assess the effect of changes in the insiders’ ownership around the time firms do their IPOs on the post-IPO performance of the firms. It is found that: (a) performance of entire sample of publicly listed Indian firms deteriorates significantly post to their IPOs; and (b) firms having low levels of insiders’ ownership in the post-IPO period experienced the greatest decrease in their post-IPO performance. It is concluded that the changes in the level of insiders’ ownership are inversely proportional to changes in performance of firms around the time firms do their IPOs. |
| Keywords: | Initial public offerings; emerging market; India; post IPO performance |
| JEL: | G1 G3 |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6192&r=cwa |
| By: | Vickery, James; Townsend, Robert; Gine, Xavier |
| Abstract: | Using 40 years of historical rainfall data, this paper estimates a distribution for payouts on rainfall insurance policies offered to farmers in the State of Andhra Pradesh, India, in 2006. The authors find that the contracts primarily protect households against extreme tail events; half the expected value of indemnities paid by the insurance are generated by only 2 percent of rainfall realizations. Contract payouts are significantly correlated cross-sectionally, and also inversely associated with real GDP growth. The paper discusses the implications of these findings for the potential benefits of insurance to households, the risks facing a financial institution underwriting rainfall insurance contracts, and pricing. |
| Keywords: | Debt Markets,Deposit Insurance,Labor Policies,,Emerging Markets |
| Date: | 2007–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4426&r=cwa |
| By: | Patnaik, Ila (National Institute of Public Finance and Policy) |
| Keywords: | Currency |
| Date: | 2007–07 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:49&r=cwa |
| By: | Kumar, Sudesh; Singh, Janet |
| Abstract: | Maternal and child health care especially safe motherhood services are an important factor in the primary health care and are the responsibility of the government and ministry of health. Consolidating and strengthening health network and quality of primary health care is one of the priority issues of the state and the health department for providing good health care and protection to the population. Since, long government health facilities, in spite of being the main source of health care services for majority of people, especially for those having low income; has very poor condition. Therefore, it’s important to improve the quality of services in the government facility, which can be achieved by stressing on the context of care provided. Situational analyses or facility audit are tools which use various approaches to identify the gaps in the structure and Process of the facility, in order to determine the best intervention to improve the performance. This study proposes an ‘Action Plan’ to assess the current quality of care in Govt health facilities in Ranchi, Jharkhand concerning Maternal and newborn care. By using Qualitative and quantitative study Methods like Site assessment, exit interview and focused group discussion. The method aims to identify together with major gaps; the entire minor gaps in the health system responsible for maternal and newborn mortality and morbidity that could be solved at the local level without the involvement of additional resources. The results obtained could be used to frame interventions to strengthen Maternal and newborn care system of Jharkhand. |
| Keywords: | Jharkhand Health Policy Development Economics Adivasi Tribal Ranchi Santali Munda Oraon |
| JEL: | J13 Z1 I31 I18 O2 Z13 I1 |
| Date: | 2007–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6187&r=cwa |
| By: | Zakharenko, Roman |
| Abstract: | US-educated Indian engineers played a major role in the establishment of the “Silicon Valley of Asia” in Bangalore. The experience of India and other countries shows that returning well-educated emigrants, despite their small numbers, can make a difference. This paper builds a model of “local” knowledge spillovers, in which migration of a small number of highly skilled individuals greatly affects country-level human capital accumulation. All economic activity occurs in pairs of individuals randomly matched to each other. Each pair produces the consumption good; the skills of the two partners are complementary. At the same time, the less skilled partner increases human capital by learning from the more skilled colleague. With poor institutions at home, highly skilled individuals leave the country seeking better opportunities abroad. On the contrary, improved institutions foster return migration of emigrants who have acquired more knowledge while abroad. These return migrants greatly amplify the positive effect of better institutions. |
| JEL: | F22 C78 O15 J61 |
| Date: | 2007–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6262&r=cwa |
| By: | Chakraborty, Lekha S. (National Institute of Public Finance and Policy) |
| Abstract: | Theory of allocation of time revealed that historically market-time has never consistently been greater than the non-market time and therefore the allocation and efficiency of latter may be equally important, if not more, to economic growth than that of former. The time budget data challenged the existing theories on allocation of time where nonmarket time aggregates leisure and work at home. The time budget findings revealed that unpaid work at home and leisure are not affected in the same way by changes in socio-economic variables. Tricotomising the allocation of time into work in market, unpaid work at home and leisure has important policy implications; in integrating the care economy into economic modeling and in turn in macropolicy making. This is particularly important in the context of developing countries, where public infrastructure deficit induces locking of time in unpaid work spurting a trade off with the time otherwise spent in the market economy activities or eroding leisure. Against this backdrop, this paper examined the link between public infrastructure investment and time allocation across gender in the context of selected states in India. The direction of regression coefficients suggests that public infrastructure investment affects market work, non-market work and leisure time in different ways with evident gender differentials. The time allocation in SNA activity of women is found significant and inversely related to the public infrastructure related to water supply. But there is no evidence that the release of time locked up in unpaid SNA work through better infrastructure can have substitution effect towards market work. This gets reinforced by the significant positive link between infrastructure and time allocation in Non-SNA activity, which manifests forced leisure. This in turn implies that though infrastructure investment lessens the time stress in unpaid SNA activity; complementary employment policies are required along with infrastructure investment to ensure substitution effect of unpaid work with market work, which in turn can have impact on household poverty. In particular, the analysis of time budget statistics enables the identification of the complementary fiscal services required for better gender sensitive human development. The overall conclusion of the paper is that fiscal policies designed to redress income poverty can be partial if it does not take in to account aspects of time poverty. |
| Keywords: | Public infrastructure ; Investment |
| Date: | 2007–05 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:47&r=cwa |
| By: | Ahuja Vinod; Sen Arindam |
| Abstract: | In recent years there has been growing recognition among the development community of the role of small scale commercial poultry production in accelerating the pace of poverty reduction and reaching out to the poorest of the poor. There is also growing evidence to demonstrate the role of small scale poultry in enhancing the food and nutrition security of the poorest households and in the promotion of gender equality. At the same time, the market and production context of poultry production has been changing rapidly over the last two decades. Rapid economic growth and urbanization in developing countries has resulted in fast expansion of industrial large scale, vertically integrated, poultry production units, specially in Asia. Opportunities have also expanded for small scale poultry enterprises due to improved market access infrastructure and a preference structure that might still favour free range birds and eggs. As a result, there has been increased market orientation even among small scale poultry enterprises. These changes have brought large and small production systems in overlapping competitive space which has created both challenges and opportunities. These changes have raised concerns about the sustainability of small scale poultry production systems due to (i) intensified competition from large scale producers who can exercise significant control over the poultry value chain (including concentrated holding of genetic stock of industrial poultry by a few multinational corporations), and (ii) the public perception that small units of production may be dangerous reservoirs of diseases, specially in the wake of recent outbreaks of HPAI. In the light of that background, this paper attempts to summarize the nature of small scale poultry production across nations and brings together some evidence on the viability of small scale poultry production in the wake of expanding large scale production systems with substantial economies of scale, well organized and integrated supply chains and the ability to respond to various types of risks. The paper argues that the main challenge for small-scale/rural poultry is organizational, not technical. Based on a review of available evidence, the paper concludes that it is important to continue to promote village poultry to contribute towards household nutrition security and livelihood support but concerted efforts must be made to find organizational solutions to minimize public health risks and provide appropriate extension support on issues like disease prevention, predation, improving hatchability, etc. Unfortunately most government extension programs in the developing countries are not oriented towards addressing the needs of poor households. While some private sector organizations (such as Kegg Farm in India) have invested significantly towards developing fast growing and more productive birds without requiring significant additional inputs, and have also made sufficient investment for developing the distribution network for birds, extension and public health support systems continue to be the weak point, making them vulnerable to exogenous shocks. This requires a well orchestrated public policy response in support of small scale poultry production. |
| Date: | 2007–12–06 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:2007-12-02&r=cwa |