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on Central and Western Asia |
| By: | Dhas, Albert Christopher; Helen, Mary Jacqueline |
| Abstract: | The unorganised workers account for about 93 per cent of the total workforce and there is a steady growth in it over years in India. It is argued that India had a long tradition of informal social security and social assistance system directed particularly towards the more vulnerable sections of the society but underwent steady and inevitable erosion. The social security initiatives of the Centre, State and NGO’s implemented during the past indicated that the needs are much more than the supports provided and the efforts must be targeted and vast enough to cover the growing unorganised workers. It is argued that the major security needs of the unorganised workers are food security, nutritional security, health security, housing security, employment security, income security, life and accident security, and old age security. In sum, the study calls for a Comprehensive, Universal and Integrated Social Security System for the unorganised workers in India. |
| Keywords: | India;Unorganised Workers;Social Security;Informal Sector;Food security;Nutritional security;Health security;Housing security;Employment security;Income security;Life and Accident security;Old age security |
| JEL: | E24 E26 A14 |
| Date: | 2008–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:9247&r=cwa |
| By: | Sudha, venu Menon |
| Abstract: | With the presence of MNCs and Big corporate players of the country, Gujarat holds a strategic position in the Indian power industry. It has been ranked 2nd in the Power Sector rating Report (2005) of CRISIL-ICRA submitted to the Ministry Of Power, India. Gujarat has installed capacity of 9288 MW with the projected peak demand of 10605 MW. The expected addition of 536 MW by the end of 2007 will still result into the deficit of almost 2652 MW in the installed capacity by the year end. This depicts the growth prospects in the power sector of the state. The article gives an overview of the major public and private players in energy sector, performance and prospects of energy sector including oil& natural gas and renewable energy sources. The projections of the per capita energy consumption suggest a tremendous growth, which will be nearly impossible to deal with the current power generation capacity. The massive expansion is needed to cater the growing power needs in order to sustain a growth in not only secondary but also in the primary and tertiary sectors of the economy. The article also highlights the achievements of Jyotigram Yojana, the flagship programme of Gujarat Government to provide uninterrupted supply of electricity to rural areas |
| Keywords: | Gujarat;India; energy |
| JEL: | A10 |
| Date: | 2008–02–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:9502&r=cwa |
| By: | Ramprasad Sengupta (Jawaharlal Nehru University/ Visiting Professor, Research Institute for Economics and Business Administration, Kobe University) |
| Abstract: | India has been experiencing sustained high economic growth in the recentyears. However, there exists substantial amount of unacceptable poverty among the people in the country. The expressions of symptoms of such poverty include among others inadequate educational and health attainment of the people and lack of access to basic amenities like modern clean energy, safe water and sanitation which are crucial determinants of capability development. There exists in fact significant amount of energy poverty among the people, particularly in the rural India which has more than 70% share of its population, in the form of use of traditional inefficient biomass as the primary fuel with injurious health effect and the lack of connectivity of the households with electricity. The eleventh five year plan of India which has recently been initiated has taken the approach of inclusive faster growth for the development of the Indian economy. This paper analyses the implications of this high inclusive growth in respect of the twin challenges of environmental sustainability of the energy use required by such growth and the removal of energy poverty, which have to be addressed in India's energy planning. The paper defines the concept of sustainable development and points out its resource accounting implications in respect of energy related resource use. It focuses in this context on the instrumental role of the efficiency of energy use and energy supply, fuel composition and technology in determining the strength of the linkage between the GDP growth and the growth of energy use and that between the energy use and the pollution intensity of energy. The paper also defines, on the other hand, the notion of energy poverty and discusses the problem of equity and energy development in a dual society like that of India. It then reviews the past trend and pattern of energy use and the future projections of energy requirement and supply with special reference to the twin issues of equity and environmental sustainability. In this context it makes a decomposition analysis of the past energy use and CO2 emissions in India for examining its environmental sustainability and if economic reforms of India could make any impact on it. It makes further a brief review of the methodologies of projections and policy planning for the future energy sector development in India as existing in the recent literature. Finally, the paper discusses certain selected issues of energy security and macroeconomic viability of such energy development in the background of the sustained steep rise of oil prices and high cost of carbon free new technologies. It concludes by highlighting certain policy issues relating to pricing, technology and institution for the attainability of inclusive growth and particularly for meeting the gaps in such attainment that would possibly remain as per the existing alternative projections for the future. However, this paper does not pay any special attention to the climate change related global policy issues that would affect India and gives priority to the national level issues relating to energy equity and energy related environmental sustainability of Indian development. |
| Date: | 2007–12 |
| URL: | http://d.repec.org/n?u=RePEc:kob:dpaper:213&r=cwa |
| By: | André Nassif |
| Abstract: | Efforts towards economic development in Brazil and India share some common aspects. From the beginning of the 1950s to the end of the 1980s, both countries adopted import substitution policies including high tariffs and non-tariff barriers. Since the beginning of the 1990s, liberalizing economic reforms have been implemented by the respective Governments. If we compare the reach of the Brazilian reform to that of India, one could easily conclude that the former was more extensive and profound than the latter; and in conventional indicators of innovative effort such as research and development expenditures, education coverage, average years of education and literacy rate, Brazil’s results are a little bit better than those of India. However, since the beginning of the 1980s, India has been showing better general economic performance than Brazil. This paper argues and gives some empirical evidence to show that India’s performance is explained by its institutional capacity for coordinating conventional macroeconomic policies with other policies related to its National Innovation System. |
| Date: | 2007 |
| URL: | http://d.repec.org/n?u=RePEc:unc:dispap:184&r=cwa |
| By: | James B. Ang |
| Abstract: | Although theory emphasizes the role of financial market frictions in explaining income inequality, there is little empirical research exploring how financial development and financial sector reforms influence the evolution of income inequality. This paper examines how finance impacts on income inequality in India using annual time series data for over half a century. The results indicate that while financial development helps reduce income inequality, financial liberalization seems to have exacerbated income inequality in India. Our results are robust to the use of different measures for financial development and financial liberalization. |
| JEL: | G28 O16 O53 |
| Date: | 2008–06 |
| URL: | http://d.repec.org/n?u=RePEc:acb:camaaa:2008-18&r=cwa |
| By: | Shawn A. Cole (Harvard Business School, Finance Unit) |
| Abstract: | This paper integrates theories of political budget cycles with theories of tactical electoral redistribution to test for political capture in a novel way. Studying banks in India, I find that government-owned bank lending tracks the electoral cycle, with agricultural credit increasing by 5-10 percentage points in an election year. There is significant cross-sectional targeting, with large increases in districts in which the election is particularly close. This targeting does not occur in non-election years, or in private bank lending. I show capture is costly: elections affect loan repayment, and election year credit booms do not measurably affect agricultural output. |
| Date: | 2008–07 |
| URL: | http://d.repec.org/n?u=RePEc:hbs:wpaper:09-001&r=cwa |
| By: | Jacinto F. Fabiosa (Center for Agricultural and Rural Development (CARD); Food and Agricultural Policy Research Institute (FAPRI)) |
| Abstract: | This study characterizes the household food-away-from-home (FAFH) expenditure pattern in Egypt. Specifically, a standard Tobit model was estimated to quantify the responsiveness of Egyptian household FAFH expenditures to changes in their income and selected household demographic characteristics. We found that the proportion of households with a positive FAFH expenditure is small, at 36% to 38% of the total number of households. These households spent 5% to 8% of their total expenditure on FAFH. Households that are located in urban areas, with more family members, and whose household head is young and male had generally higher levels of FAFH expenditure. The estimated conditional income elasticity is only 0.02, and the unconditional income elasticity is 0.52, suggesting that most of the growth in this sector will be driven by new households participating for the first time in FAFH expenditures. These elasticity estimates are relatively low when compared to those of other countries. However, preliminary estimates from more recent data seem to suggest a higher income elasticity, which is consistent with the expansion of the sector of hotels, restaurants, and other institutions in Egypt. |
| Keywords: | conditional and unconditional elasticity, demand, Egypt, food away from home, HRI (hotels, restaurants, and other institutions). |
| Date: | 2008–07 |
| URL: | http://d.repec.org/n?u=RePEc:ias:fpaper:08-wp474&r=cwa |
| By: | Nevine Mokhtar Eid (Faculty of Management Technology, The German University in Cairo) |
| Abstract: | The paper investigates the hypothesis that financial development is the leading channel through which the foreign direct investment (FDI) positive spillovers accelerate growth rate. A simultaneous equations model (SEM) was specified using quarterly data within period (1993-2005). The estimated model evidenced a unidirectional causality from economic growth towards FDI. However, the reverse equations traced the indirect impact of the FDI on economic growth through its dualistic influence on both the financial sector as well as domestic investment. Therefore, further financial liberalization is highly recommended if and only if the planned institutional and regulatory reforms are politically supported. Then, financial derivatives were proposed as a part of the liberalization scenario from one side and as a tool towards managing risks in the Egyptian financial market from the other side. |
| Keywords: | Financial development, foreign direct investment, financial integration, financial instruments |
| JEL: | G32 E22 F36 |
| Date: | 2008–07 |
| URL: | http://d.repec.org/n?u=RePEc:guc:wpaper:12&r=cwa |
| By: | Fatih Ozatay |
| Date: | 2008–07 |
| URL: | http://d.repec.org/n?u=RePEc:tob:wpaper:0805&r=cwa |
| By: | Asena Caner; Cagla Okten |
| Date: | 2008–07 |
| URL: | http://d.repec.org/n?u=RePEc:tob:wpaper:0803&r=cwa |
| By: | Zafar, Sabahat; Butt, Muhammad Sabihuddin |
| Abstract: | Pakistan’s leading challenge today is to lessen its debt burden in order to pursue a path that leads towards sustainable and impartial growth for poverty diminution. The consequences of trade liberalization are of growing concern, mainly in the emerging economies with severe brim over effects on their debt situation. The major objective of this paper is to discuss the current external debt problem in Pakistan and analyze how its external debt is interrelated with trade liberalization policies and measures .Using data from the last three decades, this paper investigated whether there exist a momentous relationship between external debt and the trade liberalization variables or not. In this case study ARDL bounds testing approach is employed to investigate the long run relationships and Error Correction Method (ECM) for short run dynamics. After finding the order of integration through implementing the Augmented Dickey Fuller (ADF) and Phillips-Perron unit root tests, our finding suggested a significant long run positive association between external debt and trade liberalization is existed in case of Pakistan |
| Keywords: | External Debt; Trade Liberalization; ARDL Bounds Testing; Error Correction Method |
| JEL: | C32 F0 F43 H63 |
| Date: | 2008–06–23 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:9548&r=cwa |
| By: | Hoque, Serajul |
| Abstract: | This paper examines the economic effects of removing tariffs in Bangladesh using a computable general equilibrium (CGE) modelling approach. The results of the simulations indicate that in the short-run a funded tariff cut with fixed real national savings would increase employment slightly and hence would expand GDP. There would be a small economy-wide welfare gain as measured by real consumption. The sectoral results showed that export-oriented industries would experience an expansion in output and employment. There also would be positive effects on the suppliers to these industries. Lightly-protected industries, which rely heavily on imported intermediate inputs, are projected to show robust expansion as they would benefit from a cost reduction. However, highly-protected, import-competing industries would suffer a contraction in output and employment as they would face increased competition from imports due to the removal of tariffs. The simulation results also indicate that there would have some noticeable effects on the distribution of real consumption between different household groups. Overall, urban households would experience an expansion in real consumption and rural households would suffer a contraction as a consequence of the funded tariff cut with fixed real national savings. |
| Keywords: | CGE model; trade liberalisation; income distribution; Bangladesh |
| JEL: | F13 C68 O15 |
| Date: | 2008–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:9577&r=cwa |
| By: | Dhas, Albert Christopher; Helen, Mary Jacqueline |
| Abstract: | This paper aimed at examining the health status in Tamil Nadu and to highlight the major issues on it. The health scenario of Tamil Nadu was examined, based on certain selected health indicators and the extent of health infrastructure available in the state and its utilisation were also discussed The study observed that there is a reduction in the vital statistics such as birth rate, death rate and infant mortality rate and an increase in the life expectancy at birth in Tamil Nadu during the last three decades. These trends indicated the developments in the health status of the people and the steady progress in the health indicators. The study argued that though the demographic indicators and vital statistics indicate very high of Tamil Nadu in terms of health performance, there are several areas in which improvements are possible. To conclude, Tamil Nadu seems to have performed better compared to All India average in demographic and several health indicators. However, Tamil Nadu is capable of much higher levels of achievements with its knowledge base, administrative and institutional strength and its growth potentials. |
| Keywords: | Health Status; Health Infrastructure; Health Issues; Health Scenario; Birth Rate; Death Rate; Infant Mortality; Life Expectancy; Infant Mortality; Mortality Rate;Tamil Nadu |
| JEL: | H51 H75 R5 |
| Date: | 2008–07–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:9518&r=cwa |
| By: | Shawn A. Cole (Harvard Business School, Finance Unit) |
| Abstract: | In 1980, India nationalized its large private banks. This induced different bank ownership patterns across different towns, allowing credible identification of the effects of bank ownership on financial development, lending rates, and the quality of intermediation, as well as employment and investment. Credit markets with nationalized banks experienced faster credit growth during a period of financial repression. Nationalization led to lower interest rates and lower quality intermediation, and may have slowed employment gains in trade and services. Development lending goals were met, but these had no impact on the real economy. |
| JEL: | G21 O16 |
| Date: | 2007–11 |
| URL: | http://d.repec.org/n?u=RePEc:hbs:wpaper:09-002&r=cwa |
| By: | Lorca-Susino, Maria |
| Abstract: | The price of oil has surged five-fold since 2003. A variety of factors are used to explain this: turbulence in the Middle East and rising demand in emerging economies such as India and China are the most common ones. In fact, the latest World Economic Outlook (WEO) from the International Monetary Fund (IMF) has declared that the Chinese and Indian economies “account for more than 90 per cent of the rise in consumption of oil products and metals, and 80 per cent of the rise in consumption of grains since 2002.” On Thursday, June 26, 2008, the price of oil broke the all time high of $140 per barrel. The Organization of Petroleum Exporting Countries (Opec) predicted that this summer the price of oil will range between $150-170 per barrel. This extraordinarily high price has a detrimental impact on an already fragile world economy, forcing governments to work desperately to find alternatives to help reduce the high energy bill for their economies and people. According to some experts, one of the most efficient alternatives is bio-ethanol obtained from corn and sugar cane. However, the production of bio-ethanol raises two concerns: One is a trade-off between arable land to grow food or to grow the source for bio-ethanol. The second has to do with the ecological damage associate with growing sugar-cane. However, Brazil proves these two concerns wrong. Brazil has the most successful bio-ethanol program in the world and has obtained its energy independence at no high environmental or food production cost. Brazil’s success story is closely followed by the EU, US, UK, and even China. Furthermore, there are other energy alternatives such as nuclear energy, which in France covers 75% of the national electricity demand. Additionally, there are others sources of energy like the sun, the wind, and the sea that provide free (beyond the generating equipment) and abundant energy, but which require government investment in terms of start-up subsidies to develop them. Unfortunately, despite the exorbitant current price of oil and the inspiring example of Brazil, governments continue to look for new petroleum resources, rather than new energy alternatives. For example, Cuba recently announced that is has new oil reserves twenty miles north of Havana, and European companies have been the first ones to bid for exploration rights. Lately, Florida Governor Crist has announced that he might change its policy regarding oil exploration off the Florida Cost. This demonstrates that governments still are not fully aware of the great risk globally as a result of the dependency on oil. It seems that a situation similar to that causing “The Great Smog of 1952” in London would have to occur for governments to take the search for new energy sources seriously. |
| Keywords: | Oil; Price of crude; |
| JEL: | A1 E6 |
| Date: | 2008–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:9557&r=cwa |
| By: | Pitluck, Aaron Z. |
| Abstract: | This paper addresses the puzzle of why the inclusion of non-financial social justice or religious criteria by professional fund managers has been so popular in Malaysia and yet has had to date relatively little influence in the United States stock market. Drawing from over 125 ethnographic interviews with financial workers in Malaysia, this paper argues that moral investment behavior in stock markets is shaped primarily by ‘market structure’ rather than by ‘mandates.’ In both countries mandates are a weak form of social control of fund manager’s behavior. This is because mandates are not principal-agent contracts but are primarily marketing exercises and cultural tools. Social investing in the United States is weak because it relies solely on mandates to communicate clients’ ethical desires to their fund managers. Islamic and Ethical finance in Malaysia is strong because Islamic social movements have reformed the Malaysian stock market’s structure. Specifically, a uniform interpretation of Islamic investing was institutionalized with the creation of a nearly-unique quasi-governmental body. As a consequence, Islamic principles systematically influence the behavior of corporations listed in Malaysia, at present narrowly, but with the potential for wider influence in future. The paper closes with implications for social investment in the United States. |
| Keywords: | Investor Behavior; Ethics; Malaysia; United States; Islamic Finance; Socially Responsible Investment |
| JEL: | G11 O53 Z10 G20 A13 A14 P52 |
| Date: | 2008–03–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:9477&r=cwa |
| By: | Ugo Panizza |
| Abstract: | Analysis of public debt in developing countries has traditionally focused on external debt. However, in recent years, several developing countries adopted aggressive policies aimed at retiring public external debt and substituting it with domestically issued debt. This paper discusses alternative definitions of external and domestic debt and then introduces a new dataset on domestic and external public debt. It uses this dataset to describe recent trends in the composition of public debt in developing countries and discusses the reasons for these trends. The paper also identifies possible challenges and opportunities arising from the new debt management strategy adopted by several emerging and developing countries and points out that there are conceptual and practical issues with the traditional external/domestic debt dichotomy. In doing so, the paper discusses possible trade-off between domestic and external borrowing and points out that while the switch towards more domestic borrowing can play a positive role in reducing the risks of sovereign finance, policymakers should not be too complacent. |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:unc:dispap:188&r=cwa |
| By: | Mottaleb, Khondoker Abdul |
| Abstract: | Abstract: By bridging the gap between domestic savings and investment and bringing the latest technology and management know-how from developed countries, foreign direct investment (FDI) can play important role in achieving rapid economic growth in the developing countries. The fact is that FDI mostly flows towards the developed countries and only a small portion of FDI flows to a limited number of developing countries. Thus, most of the developing nations almost fail to attract a handsome amount of FDI. Using panel data from 60 low-income and lower-middle income countries, this paper firstly identifies the influential factors that determine FDI inflow in the developing countries and secondly empirically demonstrates the relationship between economic growth and FDI. It is found that countries with larger GDP and high GDP growth rate and maintain business friendly environment with abundant modern infrastructural facilities, such as internet can successfully attract FDI and FDI on the other hand, significantly affect economic growth of a country. |
| Keywords: | foreign direct investment; determinants; developing countries; economic growth |
| JEL: | O10 |
| Date: | 2007–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:9457&r=cwa |