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on Central and Western Asia |
| By: | Uppal, Yogesh |
| Abstract: | This paper estimates the effect of a candidate’s incumbency status on his or her chances of winning using a large dataset on state legislative elections in India during 1975-2003. I use an innovative research design, called Regression Discontinuity Design (RDD), that provides unbiased estimate of the effect due to incumbency by comparing the candidates in closely fought elections, and find that incumbency has a significant negative effect on the fortunes of incumbent candidates in India and the incumbency effect has decreased further in the last decade. Also, the variation in the incumbency effects across Indian states depends on the differences in levels of public good provision such as the health facilities, rates of employment and poverty, and state per capita income. |
| Keywords: | Anti-incumbency; Indian elections; regression discontinuity design (RDD) |
| JEL: | H41 D72 |
| Date: | 2007–12–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8515&r=cwa |
| By: | Roman Studer (Nuffield College, Oxford) |
| Abstract: | By analysing a newly compiled data base of grain prices, this article finds that prior to the nineteenth century the grain trade in India was essentially local, while more distant markets remained fragmented. It was only in the second half of the nineteenth century that market integration accelerated, so that by the end of the century a national grain market had emerged. The paper also contributes to the comparative great divergence debate, in that it rejects, for India, the claim of the California School of ‘Asia’ having reached a similar stage of economic development as Europe before the late eighteenth or early nineteenth century. In a larger context, this contribution can thus be seen as part of the larger counterrevolution against the iconoclasm of the California School. |
| Date: | 2008–05–02 |
| URL: | http://d.repec.org/n?u=RePEc:nuf:esohwp:_068&r=cwa |
| By: | Hiroko Oura |
| Abstract: | This paper examines the efficiency of the different segments of India's financial system using firm-level data on corporate financing patterns. Firms are increasingly relying on external funds to finance their investment in most recent years. Empirical analyses indicate that (1) the financial system in India is not channeling funds into industries with higher external finance dependence; (2) the debt financing system does not allocate funds according to firms' external finance dependence, while equity financing system does; and (3) firms in an industry that are more dependent on external finance grow more slowly. |
| Date: | 2008–03–28 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:08/79&r=cwa |
| By: | Rao, B. Bhaskara; Tamazian, Artur; Singh, Rup; Vadlamannati, Krishna Chaitanya |
| Abstract: | This paper uses a new specification and approach to estimate the effects of financial developments on the steady state rate of growth of output in India, Malaysia, Korea, Thailand and the Philippines for the period 1970 to 2006. These growth effects, though small, are found to be significant except for the Philippines. The trend rate of growth of total factor productivity (TFP), which is due to the omitted but trended variables, is the highest for Malaysia and moderate for India and Thailand. However, TFP is insignificant or negative in the Philippines and Korea. |
| Keywords: | Growth Rates. Financial developments; Solow Model; Country Specific Steady State |
| JEL: | N01 O10 O43 O16 O33 |
| Date: | 2008–05–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8605&r=cwa |
| By: | Shahbaz, Muhammad; Ahmad, Khalil; Amin, Muhammad; Sabihuddin, Muhammad |
| Abstract: | This paper explores the impact of capital account openness on inflationary pressures in a small developing economy like Pakistan not only in longer periods of time but also in short span of time. To obtain reliable interpretations, we utilized three advanced techniques (ARDL, FMOLS & DOLS) to check the robustness for long run rapport and ECM for short run dynamics. Our findings suggest that capital account openness is regressive in long span of time. Monotonic (Non-linear) friendship between said variables also proves our hypotheses because shape of Non-Linear relation is U-shaped. Rational expectations push the inflationary pressures upward and same words for import-inflation nexus. Exports seem to decline inflation in Pakistan but exchange rate raises it. Money supply and Central Bank Independence also contribute in inflation rise while rise in GNP per capita lowers inflation in Pakistan; this study opens new direction for policy making authorities in Pakistan. |
| Keywords: | Capital Account Openness; Inflation |
| JEL: | B22 |
| Date: | 2007–12–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8550&r=cwa |
| By: | Hakan Berument (Bilkent University); Nukhet Dogan (Gazi University); Aysit Tansel (Middle East Technical University) |
| Abstract: | This paper investigates how macroeconomic policy shocks in Turkey affect the total unemployment and provides evidence on the differential responses of the unemployment by sectors of economic activity. Our paper extends the previous work in two respects. First, we consider not only the response of total unemployment but also the response of unemployment by sectors of economic activity. Second, we consider not only the effect of monetary policy shocks, but also the effects of several other macroeconomic shocks. The quarterly data used which covers the period 1988:01 to 2004:04 from Turkey. A VAR model with a recursive order is employed to estimate the effects of shocks in real GDP, price, exchange rate, interbank interest rate, money supply and own sectoral unemployment on unemployment by sectors of economic activity. The results indicate that the positive income shock is followed by a decrease in unemployment in all economic activity groups during the initial periods except the unemployment in the Electricity sector and the Community Services sector. A positive money shock decreases unemployment in sectors of Mining, Manufacturing, Construction, Wholesale-Retail Trade, Transportation and, Finance-Insurance. Opposite results are obtained with the interbank interest rate shocks. Even if, they are not statistically significant, a positive interbank interest rate shock increases the unemployment in all economic activities at the initial levels but derives down the unemployment in the Agriculture and the Community Services sectors at the initial level. Moreover, a positive price shock increases unemployment in all economic sectors in the long run except the Mining and the Community Services. Thus, unemployment in different sectors of economic activity responds differently to various macroeconomic policy shocks. |
| Keywords: | Macroeconomic Policy Shocks, Unemployment by Economic Activity |
| JEL: | E60 E24 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:tek:wpaper:2008/7&r=cwa |
| By: | Tansel, Aysit (Middle East Technical University); Bircan, Fatma (Middle East Technical University) |
| Abstract: | This paper first describes the educational system in Turkey an the two national examinations for advancing upper levels of schooling which give raise to the demand for private tutoring called “dersane” in Turkish. Second, the evolution of the Private tutoring Centers (PTC) are described and compared with the high schools in the country. Third, geographical distribution of the PTC, general high schools and the proportion of high school age population are compared over the provinces to give an idea about special equity issues. Other topics addressed include gender and PTC students, disruption of mainstream education, determinants of the demand for services of the PTCs, cost of PTCs and evidence on the effectiveness of PTCs. |
| Keywords: | private tutoring, education, demand for education |
| JEL: | I20 I21 I22 |
| Date: | 2008–04 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp3471&r=cwa |
| By: | Alrubaie, falah.K.Ali |
| Abstract: | The main problem facing the Iraqi economy waylay in excessive dependence on one product is crude oil, which is dominated on major contribution in GDP, exports and public revenue and this product prone to structural changes, technological changes and fluctuations on oil prices in international markets, in addition to the fluctuations in Iraq's relations with the international community and with his neighborhood specially during the period (1980-2003) and concomitant wars and international harsh sanctions imposed lasted (1991-2003) following its invasion of Kuwait in 1991, the result of all these developments diversification efforts suffered a serious setback setting the Iraqi economy in a rattrap. This study focuses on study the period (1975 - 1990) in order to determine the size achievement in the diversification production field, because that period has special attention by concerned in the affairs of planning and economic policy in Iraq, as a historic opportunity to diversify the productive structure of the Iraqi economy and transformation the agricultural- extract structure to industrial - extract the industrial structure, the diversification efforts during that period based on increase the rates of investment in petrochemical industries, oil refining industry and other industries that depend on oil, natural gas, which Iraq enjoyed States a clear competitive advantage. However, the wars and deteriorate political conditions had prevented the achievement of these goals, and the Iraqi economy has remained suffered from negative effects on the continued overdependence on oil revenues, This study focuses on analysis the trends Production diversification in the Iraqi economy by measuring levels of production diversification in the manufacturing sector in branches, activities and patterns, small and large scale, import substitution and encourage exports activities , to diagnose the reality of production diversification. Finally the study recommend to re-study the comparative advantages of domestic resources and financial, human and technical , to re-evaluate the policies of industrialization by focuses on the industries that have ability to raise value-added manufacturing and diversify manufacturing production , in order to strengthen the role of export industries and the industries which contribute to reducing dependence on the oil sector ,and which achieve a higher value-added ,and offer more job opportunities, and more productivity, to raise growth rates in the long term, and diversification the structure of Production in Iraqi economy |
| Keywords: | اتجاهات التنويع الإنتاجي في قطاع الصناعة التحويلية وأثرها على الاقتصاد العراقي |
| JEL: | L60 |
| Date: | 2004–09–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8563&r=cwa |
| By: | Zar Rokh, Ehsan; Radmanesh, Mansour |
| Abstract: | The most primeval crimes in all countries are crimes against property such as: Burglary, Larceny, Arson, Embezzlement, False pretenses, Extortion, forgery, fraud, robbery, and etc these crimes engender when ownership existed. Lord can do any possession in his/her property .If anyone trespasses to another one ownership prevailing law punishment him/her. Also we define these crimes in Islamic criminal law; because Islamic rules are strange and prober must study very hard to understand the principle of Islamic rules because most of them don't have reasonable source hence our definitions are so epitome because reader must study jurisprudence. |
| JEL: | K14 |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8600&r=cwa |
| By: | Achy, Lahcen |
| Abstract: | The purpose of this paper is to present the major developments recorded in telecommunication sector in Morocco and assess the impact of regulating the telecommunication sector in Morocco along the European Union lines. The basic assumption underlying this work is the following. Further liberalization of various market segments of the telecommunication sector would benefit communications intensive industries that provide key “backbone services” to the economy, such as transport, distribution and finance. It would also improve competitiveness of exporting industries by reducing their costs and facilitating their integration to transnational production networks. The quality and price of telecommunication services directly affect business costs, but also affects the capacity of firms to network and compete in foreign and domestic markets. Finally, development of telecommunication services sector would create more investment opportunities for the domestic private sector, and help attract more FDI and portfolio investment. |
| Keywords: | Telecommunication services; liberalization; Morocco |
| JEL: | F15 L96 C67 |
| Date: | 2005 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8675&r=cwa |
| By: | TOPRAK, Metin |
| Abstract: | Bugünün serbest piyasa ortamında cari açık sorunu, 1980 öncesi kontrollü dış ekonomi politikaları dönemine nazaran, üstesinden daha kolay gelinebilecek bir sorundur. Bundan 54 yıl önce, temelinde ülkelerin ödemeler dengesi sorunlarıyla uğraşmak için kurulan IMF’nin, bugün benzer bir karar vermek gerekseydi, muhtemelen kurulmasına gerek kalmayacaktı. Cari açık, ülkelerin tasarruf-yatırım dengesi ve kamu bütçe dengesi ile de yakından ilişkilidir. Bugün için dünyada yaygın bir cari açık sorununundan bahsetmek oldukça güç. Bireysel bazda ülkelerin cari açıkları ve fazlaları sözkonusudur. Ne var ki, ABD’nin 750 milyar dolar civarındaki cari açığı kadar önemli diğer bir husus, cari fazla veren ülkelerin ellerindeki döviz rezervidir. Çin, Japonya, Rusya, G.Kore, Hindistan ve Brezilya gibi ülkelerin ellerindeki devasa döviz rezervleri, dünya ödemeler sistemi ve referans parası için istikrarsızlık kaynağı olabilecek bir husustur. Dünya finans ve üretim piyasalarının temel yöneticisi ve yönlendiricisi olan ABD ekonomisindeki dalgalanmalar, daha düşük düzeylerde de olsa bütün dünyayı paralel yönde etkileyecektir. Türkiye’de kamu bütçe açığı ve özel kesim tasarruf açığının giderilmesinde dış borçlar ve yatırım ve portföy akımlarının büyük bir katkısı sözkonusudur. Türkiye’nin dış kaynakla iç tasarruf açığını karşılamaya devam edebilmesi için AB üyeliği, Batı dünyasıyla dostane ilişkiler ile başta Körfez sermayesi olmak üzere doğal kaynak zengini ülkelerden doğrudan yatırım girişleri hayati önemdedir. Türkiye’nin bölgesinde demokrasi ve piyasa ekonomisi üssü olmasının önünde iç çatışma ve dirençlerin dışında kayda değer bir dışsal engel bulunmamaktadır. Cari açığın Türkiye için yakın tehdit olmaya başlayacağı zaman, dışa kapalı, yabancı düşmanlığının yükseldiği, piyasa ekonomisi ve demokrasinin kesintiye uğradığı, özgürlüklerin kısıtlandığı zamandır. Bugün itibariyle, Türkiye mevcut siyasal ve dışa açık ekonomi politikası yürüyüşünü koruduğu takdirde, kısa vadede bir cari açık kriziyle karşılaşması beklenmemektedir. |
| Keywords: | cari açık; türkiye; döviz rezervi; dış ticaret açığı |
| JEL: | F4 F0 F50 E01 |
| Date: | 2008–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8568&r=cwa |
| By: | Zar Rokh, Ehsan; Radmanesh, Mansour |
| Abstract: | In this article I want talk about crimes against person's crimes witch cause objection of people's body and punishment by government in all societies. Now I trying to have a comparative research of most important crimes in this category in some countries and especially in Islamic criminal law based on Iran Islamic criminal law. Crimes describe in this article are: assault _ battery _ robbery _ kidnapping _ rape _ mayhem _ manslaughter – murder I must say must describe about Islamic criminal law will statement in separate articles. |
| JEL: | K14 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8601&r=cwa |
| By: | Hasan, Zubair |
| Abstract: | Over the past few decades Islamic finance has been the fastest growing segment of the global system. The fast growing market has necessitated corresponding expansion of education and training facilities to increase appropriately the supply of skilled manpower. This called for a stock taking of the adequacy and suitability of the existing educational and training facilities in several directions. IRTI has launched a project to accomplish this work. The present working paper looks at the range, sufficiency and quality of education in Islamic finance at the graduate level. It uses Malaysia as an illustrative case because the country is in the forefront of this development and has made several innovations and pioneering efforts in the field. This work finds that the graduate level finance education is not currently in a very satisfactory state. This is partly reflected in the increasing departure of financing expedients from the major goals of the Islamic system. The difference between the legality of transactions and their permissibility is usually ignored giving rise to perilous divisions at the juridical level. Validation of mixed banking opened the doors for convergence with the mainstream presumably to the disadvantage of Islamic finance long run, in education also. Some other points of significance that emanate from the foregoing discussion are in brief as under. 1. The unidirectional convergence of Islamic finance with the mainstream in practice is directing its educational approach and structure as well. In both cases it has some immediate advantages but has also potential to promote divisive and deviant tendencies in the area of Islamic finance. There already is some evidence on the point and has to be guarded against. 2. There is much diversity in the academic programmes and course structures in the area of Islamic finance within and between public institutions. Some degree of standardization with flexibility margins is desirable, feasible as well. Establishment of layered mutual consultation bodies and sharing of information may help. 3. Creation of research environment, foundational infrastructures based on positive filtering approach, sharing of knowledge and experience, cooperative teaching and ample funding may help build the critical mass to speed up research and build skills in the area of education. 4. Since the total number of students seeking doctoral degrees is not very large, their admission may be restricted to selected institutions where faculty and facilities could be strengthened to promote excellence. This will also allow pooling of teachers coupled with stricter screening of the students. The final product could thus be improved at reduced cost. 5. Academic administration must in general synchronize with academic hierarchy. Contribution to knowledge, research and supervision ought to be recognize and appropriately rewarded strictly on merit. 6. There should be arrangement for preparing reading material integrating mainstream positions and Islamic requirements. Classificatory approach that has mostly been followed so far has to go. Teachers should invariably be associated, rather lead such projects. The effort would produce Shari’ah literate economists. Advisory boards are today exclusively loaded with Shari’ah scholars who are often poor economists. Having both fuqha and economists on the boards would improve compliance. . This could have helped to avoid the controversy and confusion as is found today in the case of Sukuk markets. |
| Keywords: | Education; Islamic finance; Convergence consequences; Supervision; Curricula structures; Course designs; Private sector role; Critical mass; Western dominance |
| JEL: | A23 F30 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8615&r=cwa |
| By: | Achy, Lahcen; Rigar, Sidi Mohamed |
| Abstract: | The purpose of this paper is to investigate empirically the determinants of financial structure in the Moroccan manufacturing firms. The paper contributes to the empirical literature on capital structure in developing countries. It relies on the data collected by the Firm Analysis and Competitiveness Survey (FACS) carried out in 2000 by the Ministry of trade and industry, and the World Bank. Our findings suggest that firms have relatively high debt ratios composed mainly of short maturity debt. However, their capital structure seems to match the nature of their assets in which tangible assets are underrepresented. Our empirical analysis uses four different measures of leverage and shows that the four main determinants of financial structure in the Moroccan manufacturing firms are the share of tangible assets in total assets, firm's age, its size, and the structure of its ownership. However, the nature of the relationship between these variables and leverage depends on the specific measure used and tends to differ with previous findings in the empirical literature. |
| Keywords: | Financial structure; non listed firms; Morocco; firm level data |
| JEL: | O16 G32 G30 |
| Date: | 2005–12–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8671&r=cwa |