|
on Central and Western Asia |
| By: | ARABINDA MISHRA |
| Abstract: | In many parts of rural India the use of wood for fuel is the cause of significant environmental and health problems. Efforts to help people switch to cleaner fuels have not been effective and fuelwood use remains high in the countryside. To help find a solution to this challenge, the study in the districts of Orissa has looked at the factors that influence fuelwood use amongst village people. |
| Keywords: | India, Orissa, rural, health problems, environmental, fuelwood, village people, forest degradation, indian, kerosene, family labour, government’s, household, districts, LPG |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2345&r=cwa |
| By: | Vishvanath V. Desai |
| Abstract: | This paper aims to highlight the critical importance of cost recovery in attracting and sustaining private investment for power development. Based on a brief review of Indian experience, it suggests that in the absence of requisite cost recovery, reform of sector policies and institutions alone, is unlikely to mobilise private investment for power development. The paper also suggests that far more focused attention and efforts than in the past need to be given to achieving adequate cost recovery as well as to implications of failure in achieving it. [ADBI DP No. 20]. |
| Keywords: | private investment, India, development, sector, cost recovery, policies, institutions, India, Electricity Laws, power sector, finances, SEBs |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2351&r=cwa |
| By: | Panda, Manoj; Ganesh-Kumar, A. |
| Keywords: | food security, Nutrition, Computable general equilibrium (CGE), Globalization, Markets, trade, |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:ifprid:930&r=cwa |
| By: | NR, Bhanumurthy; Kumawat, Lokendra |
| Abstract: | Though a large number of structural macroeconometric models have been estimated for India, the fact that all these are based on annual data limit their usefulness for short-term policy analysis, particularly in volatile periods of the type seen during last few quarters. Therefore the present paper builds up a short-term macroeconometric model for India using quarterly data. The model has reasonably good in-sample performance. One important feature of the model is use of quadratic relation between government expenditure and credit to private sector, which shows presence of both crowding in and crowding out effects, the latter dominating the former when expenditure is high enough. Some simulations are also carried out to analyse the impact of recent external shocks such as rise in global food and fuel prices and the global financial meltdown, on the Indian economy. The results show that the current slowdown in India’s growth predates the global price shock and the global financial crisis, and is more of a regular cyclical downturn. The global developments only further deepen the slowdown and prolong the recovery. |
| Keywords: | Structural model; External Shocks; India |
| JEL: | C51 C53 C52 E19 |
| Date: | 2009–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19776&r=cwa |
| By: | Chaudhuri, Sanjukta |
| Abstract: | In examining child work and education in rural India, I find that Parental education and hours of non household child work demonstrate a U shaped relationship. I contend this is due to weak labor markets for skilled workers in rural India that creates a “high education trap.” This results in poverty and perpetuation of child work in households with highly educated parents. School attendance is feasible even for child workers, but is conditional on continuity of enrollment. At 30 hours of non household work per week, school enrollment in the previous year ensures that the probability of attendance in the current year is 93 percent. |
| Keywords: | Child work; Child labor; Child education; Rural India; Poverty; Gender discrimination. |
| JEL: | D13 O53 J21 I32 |
| Date: | 2009–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19687&r=cwa |
| By: | Ghosh, Saibal |
| Abstract: | The paper utilizes data on high-tech Indian firms for 1996-2007 to explain the association between leverage and productivity. Accordingly, firm-level productivity measures are regressed on a set of control variables, which includes leverage among the regressors. The findings suggest that low leveraged firms tend to be more productive, on average. Robustness tests support the results. |
| Keywords: | productivity; financial structure; leverage; India |
| JEL: | D24 |
| Date: | 2009–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19467&r=cwa |
| By: | Borooah, Vani / K |
| Abstract: | Using data from the University of Maryland’s Global Terrorism Database II, this paper first provides information on the nature of terrorist incidents in India in the period 1998-2004: the Indian states that were worst affected by terrorist incidents and fatalities; the terrorist groups responsible for such incidents and their modus operandi. Next, the paper focuses on the issue of fatalities from terrorist incidents. It inquires into the extent to which the number of fatalities following an incident was influenced by the type of attack (bombings, armed assault, etc.) and the extent to which it was influenced by the type of terrorist group. By examining the number of fatalities resulting from terrorist attacks in India, the paper disentangles the influence on this number of attack type and attack group. Lastly, the paper applies Atkinson’s concept of equality-adjusted income to terrorism to arrive at the concept of equality-adjusted deaths from terrorist incidents: in order to avoid spectacular incidents resulting in the loss of a large number of lives—as in New York on September 11, 2001 and in Mumbai 26–29 November 2008—‘‘society’’ might be prepared to tolerate ‘‘low-grade’’ terrorism which resulted in a larger number of deaths in total but avoided a large number of deaths from a single iconic incident. |
| Keywords: | attack type; India; terrorism; terrorist groups |
| JEL: | K42 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19423&r=cwa |
| By: | Guidi, Francesco |
| Abstract: | This paper aims to explore links between the Indian stock market and three developed Asian markets (i.e. Hong Kong, Japan and Singapore). The index prices are non-stationary so we used cointegration methodologies in order to explore interdependencies. Johansen methodologies reject the hypothesis of long-run relationships among all stock markets, while the Gregory-Hansen test rejects the hypothesis of no cointegration with structural breaks. Our results suggest that in the long-term the benefits for investing in India are limited. We further estimated the time-varying conditional correlation relationships among these markets We find that correlations rise dramatically during periods of crisis, while they return to their initial levels after those periods. |
| Keywords: | Stock markets; cointegration; time-varying correlations. |
| JEL: | C32 G15 |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19853&r=cwa |
| By: | Borooah, Vani / K |
| Abstract: | Although methods of analysis based on Bayes’ theorem have had rich applications in Law and in Medicine they have not been much used in Economics. We use Bayes’ theorem to construct two concepts of the “risk” associated with belonging to a particular group in terms of a favourable labour market outcome; this, in the Indian context, is taken as being in “regular employment”. The first concept, the Employment Risk Ratio, measures the odds of a person being in regular employment to being in non-regular employment, given that he belongs to a particular group. The second, the Group Risk Ratio, measures the odds of a person being in regular employment, given that he belongs to one group against belonging to another group. We then apply these concepts of risk to data for four subgroups in India: forward-caste Hindus; Hindus from the Other Backward Classes; Dalits (collectively the Scheduled Castes and Scheduled Tribes); and Muslims. We show that, on both measures of risk, forward caste Hindus do best in the Indian labour market. This is partly due to their superior labour market attributes and partly due to their better access to good jobs. When inter-group differences in attributes are neutralised, the favourable labour market performance of forward caste Hindus is considerably reduced. We conclude that it is the lack of attributes necessary for, rather than lack of access to, regular employment that holds back India’s deprived groups. |
| Keywords: | Labour Market; Risk Ratio; India; Caste; Religion |
| JEL: | J15 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19742&r=cwa |
| By: | Girja Sharan;T. Madhavan |
| Abstract: | A program was initiated in 1998 to develop technology to improve water and land productivity in Kutch, a vast semi-arid and hot region in north-west India. Greenhouse cultivation was identified as basic approach. A new experimental facility was designed consisting of a greenhouse coupled to ETHE in closed.loop with added provisions for shading, natural ventilation and supplementary evaporative cooling via the foggers. |
| Date: | 2009–11–18 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:2009-11-04&r=cwa |
| By: | Borooah, Vani / K |
| Abstract: | This study uses unit-record data on over 50,000 rural children, from the sixteen major states of India, to analyse the determinants of the risks of severe stunting and of being severely underweight. The importance of this study derives from the fact that the prevalence of under-nourishment in India is, even relative to other poor countries, shockingly high. The study focuses on the role of maternal literacy in reducing the risk of child malnourishment. It concludes that when the mother is literate, real benefits flow to children in terms of reduced risk; the same benefits, however, do not flow when the father, but not the mother, is literate. Literate mothers make more effective use of health-care institutions, like anganwadis and hospitals. Consequently, the benefits to children from expanding the supply of such institutions are greater when these institutions interact with mothers who are literate. |
| Keywords: | Malnutrition; Maternal Literacy; Bivariate Probit Model |
| JEL: | J16 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19833&r=cwa |
| By: | Saibal, Ghosh |
| Abstract: | The article examines the determinants of banks’ charter value and its disciplining effect on bank risk-taking since the mid-1990s. The analysis indicates that deposit and loan market concentration exert a significant effect on charter value, suggestive of a strong link between competition and charter value. Among the traditional banking activities, bank size and efficiency are found to be important determinants of charter value. The disciplining effect of charter value is robust across several measures on bank risk. |
| Keywords: | banking; charter value; risk-taking; capital buffer; prudential regulation; India |
| JEL: | G21 |
| Date: | 2009–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19543&r=cwa |
| By: | Md Shoaib Ahmed, Shoaib |
| Abstract: | This is an empirically study to investigate the exchange rate volatility and it impacts on bilateral exports growth: evidence from Bangladesh. The countries are considered to determine based on the bilateral relationship between Bangladesh and the other countries under a range of regional economic blocks such as North America, Western Europe, Eastern Europe, SAARC, ASEAN, and Asia-Pacific regions. To establish the empirical relationship between exchange rate volatility and impact on exports growth, cointegration and error correction techniques are used by considering the data from 2003 to 2008. From the investigation, the result shows that the exchange rate volatility has a negative and major effect both in short run and long run with important trading partners, which are Western European and North American countries. Similar pattern was also experienced in case of few countries such as Singapore, Japan, Malaysia and China where the volume of trade with Bangladesh is comparatively consistent and less volatile. The relationship between exchange rate volatility and growth of export for India and Pakistan is observed only in long run perspective. However, there is no empirical relationship being observed of exchange rate volatility and it impacts on export growth between Bangladesh and Iran and other s Gulf countries. |
| Keywords: | Cointegration, Exchange Rate, Volatility, Export growth, Regional integration and Gulf. |
| JEL: | C22 D51 C01 |
| Date: | 2009–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19567&r=cwa |
| By: | Sreedharan, Ranjan |
| Abstract: | Despite its recent economic successes, India still has a vast underclass where children either do not go to school or, if they did, they are forced to drop out early. In this brief paper, I outline a new model to attract private sector investment into the education of India’s poorest and most vulnerable children who, on present evidence, are unlikely to make their way out of the poverty trap anytime soon. The idea is radical but at its core the plan is simple and may be summed up thus: “The private sector will be invited to set up schools and educational institutions for our poorest and most disadvantaged children in return for an incentive never tried out before. As and when these children grow up and start earning their livelihood, the income tax paid by them to the central government over their life-time would be passed on to the entity that nurtured and educated them.” The financial viability of the model for Indian conditions was considered by Sankar Krishnan, a management consultant who was formerly a global partner with McKinsey and Company. His conclusions form an integral part of this paper. |
| Keywords: | education; education of the poor; private investment in educating the poor; radical plan for private investment in education of the poor |
| JEL: | H52 I22 |
| Date: | 2009–01–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19029&r=cwa |
| By: | Erdogdu, Erkan |
| Abstract: | Turkey is one of the countries with significant potential in geothermal energy. It is estimated that if Turkey utilizes all of her geothermal potential, she can meet 14% of her total energy need (heat and electricity) from geothermal sources. Therefore, today geothermal energy is an attractive option in Turkey to replace fossil fuels. Besides, increase in negative effects of fossil fuels on the environment has forced many countries, including Turkey, to use renewable energy sources. Also, Turkey is an energy importing country; more than two-thirds of her energy requirement is supplied by imports. In this context, geothermal energy appears to be one of the most efficient and effective solutions for sustainable energy development and environmental pollution prevention in Turkey. Since geothermal energy will be used more and more in the future, its current potential, usage, and assessment in Turkey is the focus of the present study. The paper not only presents a review of the potential and utilization of the geothermal energy in Turkey but also provides some guidelines for policy makers. |
| Keywords: | Geothermal energy; Renewable sources; Turkey |
| JEL: | Q42 O13 Q4 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19092&r=cwa |
| By: | Erdogdu, Erkan |
| Abstract: | Increase in negative effects of fossil fuels on the environment has forced many countries, including Turkey, to use renewable energy sources. Today, clean, domestic and renewable energy is commonly accepted as the key for future life, not only for Turkey but also for the world. As wind energy is an alternative clean energy source compared to the fossil fuels that pollute the atmosphere, systems that convert wind energy to electricity have developed rapidly. Turkey is an energy importing country, more than half of the energy requirement has been supplied by imports. Turkey's domestic fossil fuel resources are extremely limited. In addition, Turkey's geographical location has several advantages for extensive use of wind power. In this context, renewable energy resources appear to be one of the most efficient and effective solutions for sustainable energy development and environmental pollution prevention in Turkey. Since wind energy will be used more and more in the future, its current potential, usage, and assessment in Turkey is the focus of the present study. The paper not only presents a review of the potential and utilization of the wind power in Turkey but also provides some guidelines for policy makers. |
| Keywords: | Wind power; Renewable energy; Turkey |
| JEL: | Q42 O13 Q4 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19096&r=cwa |
| By: | Landes, Maurice R.; Burfisher, Mary E. |
| Abstract: | Agriculture is the largest source of employment in India, and food accounts for about half of consumer expenditures. Moving agricultural products from the farm to consumers more efficiently could result in large gains to producers, consumers, and Indiaâs overall economy. This analysis uses a computable general equilibrium model with agricultural commodity detail and households disaggregated by rural, urban, and income class to study the potential impacts of reforms that achieve efficiency gains in agricultural marketing and reduce agricultural input subsidies and import tariffs. More efficient agricultural marketing generates economywide gains in output and wages, raises agricultural producer prices, reduces consumer food prices, and increases private consumption, particularly by low-income households. These gains could help to offset some of the medium-term adjustment costs for some commodity markets and households associated with reducing agricultural subsidies and tariffs. |
| Keywords: | India, agriculture, policy reform, marketing efficiency, tariffs, subsidies, households, computable general equilibrium model., Agricultural and Food Policy, Agricultural Finance, Crop Production/Industries, International Relations/Trade, Marketing, |
| Date: | 2009–12 |
| URL: | http://d.repec.org/n?u=RePEc:ags:uersrr:55959&r=cwa |
| By: | Alper Duman (Department of Economics, Izmir University of Economics); Arne Heise (Department of Socioeconomics, Hamburg University; Department of Economics, Izmir University of Economics) |
| Abstract: | The world is experiencing its worst recession in 80 years. What started as US sub-prime financial turmoil has developed into the first global recession since the infamous ‘Great Depression’ of the early 1930s. However gloomy the perspectives for the very short term are, there will be a recovery eventually. South Africa, Brazil and Turkey (SABT) are among those countries that may be expected as emerging market economies (EME) not only to continue to converge towards per-capita income levels of highly developed nations but also to be the best candidates – next to China and India – of serving as the locomotives of world GDP- and trade growth after the depression. Of course, whether SABT are not merely potentially in a position to create a brighter future for their people and the world economy but can transform such potentials into reality, depends on economic governance pursued by governments and collective actors in these countries. Therefore, it appears interesting to inquire into the macroeconomic governance structures of SABT in order to assess their capabilities for enhancing growth and employment and to converge to the OECD average in the medium to long run. |
| Keywords: | Market constellations, policy regimes, institutions, Post Keynesianism, comparative economic systems |
| JEL: | O11 O17 P51 P52 |
| Date: | 2009–12 |
| URL: | http://d.repec.org/n?u=RePEc:izm:wpaper:0909&r=cwa |
| By: | Sasidharan, Anand |
| Abstract: | This paper finds evidence that the Indian stock market has become weak-form efficient, off-late. We proceed by, first, locating structural breaks in the index using Bai-Perron's method for endogenous multiple structural changes. Four structural breaks are identified for the period 1991 to 2008 for the S&P CNX Nifty series -- December 1994, July 1999, June 2003 and January 2006. For this period the behaviour of returns approximates a Stable Paretian distribution. This would mean that the market risk will be beyond that can be predicted by measures build on the assumption of normality of returns. The property of infinite population variance of a stable paretian distribution makes variance based estimators redundant. Therefore, using non-parametric methods the paper tests the efficiency of the market across the periods of structural breaks. It is found that the markets have become weak-form efficient only since the second half of 2003, corresponding to the period of the third structural break. |
| Keywords: | Efficient Markets Hypothesis; Indian Stock Market; Structural Break; Bai-Perron; Paretian Distribution; Runs test; |
| JEL: | G14 C16 C14 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19501&r=cwa |
| By: | Sasidharan, Anand |
| Abstract: | This paper finds evidence that the Indian stock market has become weak-form efficient, off-late. We proceed by, first, locating structural breaks in the index using Bai-Perron's method for endogenous multiple structural changes. Four structural breaks are identified for the period 1991 to 2008 for the S&P CNX Nifty series -- December 1994, July 1999, June 2003 and January 2006. For this period the behaviour of returns approximates a Stable Paretian distribution. This would mean that the market risk will be beyond that can be predicted by measures build on the assumption of normality of returns. The property of infinite population variance of a stable paretian distribution makes variance based estimators redundant. Therefore, using non-parametric methods the paper tests the efficiency of the market across the periods of structural breaks. It is found that the markets have become weak-form efficient only since the second half of 2003, corresponding to the period of the third structural break. |
| Keywords: | Efficient Markets Hypothesis; Indian Stock Market; Structural Break; Bai-Perron; Paretian Distribution; Runs test; |
| JEL: | G14 C16 C14 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19433&r=cwa |
| By: | Abhik Ghosh; Kausik Gangopadhyay; B. Basu |
| Abstract: | This work presents an empirical study of the evolution of the consumer expenditure distribution in India during 1982-2007. We have used the National Sample Survey Organization data and analysed the expenditure distribution for the urban and rural sectors. It is found that this distribution is a mixture of two distributions, more particularly, it follows a lognormal in the lower tail and a Pareto distribution in the higher end. The Pareto tail consists of a remarkable 30-40% of the population in the upper end and the lower end is suitably modeled by the lognormal one. The goodness-of-fit tests endorse the proposed distribution. Moreover, the Pareto tail is widening over time for the rural sector. The Gini coefficient, a prominent measure for inequality, for the expenditure distribution is found to be stable for the entire time span. |
| Date: | 2009–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:0912.5420&r=cwa |
| By: | Erdogdu, Erkan |
| Abstract: | In Turkey, natural gas consumption started at 0.5 bcm (billion cubic meters) in 1987 and reached approximately 35 bcm in 2007. Turkish natural gas usage is projected to further increase remarkably in coming years. In 2001, a reform process was started to create and strengthen a competitive natural gas market. However, the reform has not worked out as expected so far. The present article discusses the application of auctions in Turkish natural gas distribution zones. After presenting a short summary of current literature, natural gas utilization and recent developments in Turkish natural gas market, we draw attention to our main focus, namely city natural gas tenders. Having described the tenders, we present problems associated with them. In the end, we touch upon some regulatory issues and provide some suggestions for improvement. |
| Keywords: | Natural gas distribution; Auction; Turkey |
| JEL: | O13 Q4 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19088&r=cwa |
| By: | Siddiqui, Danish Ahmed; Ahmed, Qazi Masood |
| Abstract: | This paper investigates relationship between institutional quality and economic performance in Pakistan using the Johansen-Juselius cointegration technique and the Granger causality test. The study results indicate that Institutions and growth are cointegrated and thus exhibit a reliable long run relationship. The Granger causality test findings indicate that the causality between Institutions and growth is uni-directional. However, there is no short run causality from Institutions to growth and vice versa. Therefore, as a policy implication that institutional quality may cause to the sustainable increase in country’s income in the long run, and success of any policy could be influenced by the soundness of institutions. |
| Keywords: | institutions; social capital; growth; cointegration; index;granger; error correction; Johansen; pakistan |
| JEL: | Z1 O43 P48 Z13 |
| Date: | 2009–12–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19745&r=cwa |
| By: | Siddiqui, Danish Ahmed; Ahmed, Qazi Masood |
| Abstract: | This paper presents an index of institutionalized social technologies for Pakistan, covering its two main dimensions namely Risk reducing technologies and Anti Rent seeking technologies and in turn covers several social, institutional, political and economic aspects. It is also analyzed empirically whether the overall index as well as sub-indexes constructed to measure the single dimensions affects economic growth. The results show that over all, institutions promote growth in long run for Pakistan. . Therefore for a policy implication, success of any policy could be influenced by the soundness of institutions. |
| Keywords: | institutions; social technologies; pakistan; index; GMM; social capital; growth; narmalization; weighting; aggregation; rent seeking; risk; |
| JEL: | C43 Z1 O43 Z13 P48 D72 |
| Date: | 2009–12–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19744&r=cwa |
| By: | Erdogdu, Erkan |
| Abstract: | On average, energy demand of Turkey is mounting by 8% annually, one of the highest rates in the world. Among primary energy sources, natural gas is the fastest growing one in Turkey. Gas consumption started at 0.5 bcm (billion cubic meters) in 1987 and reached approximately 35 bcm in 2007. Turkish natural gas usage is projected to further increase remarkably in coming years. The present paper focuses the characteristics of this demand and estimates short and long-run price and income elasticities of sectoral natural gas demand in Turkey. The future growth in this demand is also forecasted using an ARIMA modelling and the results are compared with official projections. The paper reveals that natural gas demand elasticities are quite low, meaning that consumers do not respond possible abusive price increases by decreasing their demand or substituting natural gas with other energy sources. Since consumers are prone to monopoly abuse by incumbent, there is a need for market regulation in Turkish natural gas market. Based on forecasts obtained, it is clear that the current official projections do not over/under-estimate natural gas demand although past official projections highly overestimated it. |
| Keywords: | Turkish natural gas demand; Elasticity; ARIMA modelling |
| JEL: | O13 Q4 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19091&r=cwa |
| By: | Erdogdu, Erkan |
| Abstract: | Turkish electricity market law (EML) came into force in 2001 aiming at establishing a financially strong, stable, transparent and competitive electricity market based on bilateral contracts. Also, a balancing and settlement system (BSS) was put into practice in November 2004 to create a market where uncontracted generation can be traded, and actual implementation of the BSS started on August, 1st 2006 following a 21-month virtual implementation period. However, BSS has always been criticized from its beginning as transferring excessive profits to private generation companies. The present paper analyzes the implementation of BSS and argues that current BSS not only undermines the healthy development of the electricity market in Turkey but also prevents power investments due to uncertainties it created. It concludes that since the inconsistency between the objectives of EML and results of BSS in practice is obvious, Turkish policy makers need to modify current electricity market policy in line with suggestions presented in the paper. |
| Keywords: | Balancing and settlement; Turkey; Electricity wholesale market |
| JEL: | O13 Q4 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19090&r=cwa |
| By: | Shaikh, Salman |
| Abstract: | The paper discuses sources of income permitted and prohibited in the faith of Islam. Under ethical constraints i.e. the allowed framework in which an individual or group of individuals can undertake economic pursuits, the Islamic teachings relating to the right conduct in economic pursuits are provided. Then, when the person in his/her economic pursuits becomes an earning individual, the Islamic teachings to an earning individual are provided in the light of Quran and Hadith. The paper also compares secular and Islamic ethics briefly. The paper also analyzes conformity of economic practices with Islamic principles and identifies specific ethical issues and deviations in specific sectors of economy at the sector and industry level. |
| Keywords: | Islamic Ethics; Islamic Morality; Secular Ethics; Moral Relativism; Ethical Relativism. |
| JEL: | Z12 A13 A14 |
| Date: | 2009–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19696&r=cwa |
| By: | Erdogdu, Erkan |
| Abstract: | The long-term increase in Earth's temperature is known as the global warming or the greenhouse effect. Taking into account the fact that the ice age only involved a global temperature variation of around 4 °C, it is clear climate change is arguably one of the greatest environmental threats the world is facing today. The impacts of disruptive change leading to catastrophic events such as storms, droughts, sea level rise and floods are already being felt across the world. In this context, the signing of the Kyoto Protocol in 1997 has been argued to be a historic step in reversing the inexorable increase in the emission of the greenhouse gases. The primary achievement of the Protocol has been so-called commitment of countries referred in the Annex I of the Protocol to reduce their emission of GHGs some 5% below their country specific 1990 level. On February 5, 2009, Turkish Parliament ratified an agreement to sign the Kyoto Protocol after intense pressure from both the European Union and international environmental organizations; however, so far it has not taken any step to bring about real reductions in emissions. In short, Turkey simply signed but ignored the Protocol. Present paper investigates Turkish position vis-à-vis Kyoto Protocol and critically questions Turkish policies in that area. |
| Keywords: | Kyoto Protocol; Global warming; Turkey |
| JEL: | O13 Q4 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19089&r=cwa |
| By: | Sandeep Parekh |
| Abstract: | The takeover of substantial number of shares, voting rights or control in a listed Indian company attracts the provision of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997. The regulations have been amended nearly 20 times since inception, though the amendments have mainly concentrated on areas which needed no amendment. At the same time a vast number of obvious problems have not been rectified in the regulations. The large number of amendments have also created requirement of a compulsory tender offer of such unnecessary complexity as to make it virtually unintelligible to even a well qualified professional. |
| Date: | 2009–12–02 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:2009-11-06&r=cwa |
| By: | Brajesh Kumar;Priyanka Singh;Ajay Pandey |
| Abstract: | This study investigates the nature of relationship between price and trading volume for 50 Indian stocks. Firstly the contemporaneous and asymmetric relation between price and volume are examined. Then we examine the dynamic relation between returns and volume using VAR, Granger causality, variance decomposition (VD) and impulse response function (IRF). Mixture of Distributions Hypothesis (MDH), which tests the GARCH vs. Volume effect, is also studied between the conditional volatility and volume. The results show that there is positive and asymmetric relation between volume and price changes. Further the results of VAR and Granger causality show that there is a bi-directional relation between volume and returns. However, the results of VD imply weak dynamic relation between returns and volume which becomes more evident from the plots of IRF. On MDH, our results are mixed, neither entirely rejecting the MDH nor giving it an unconditional support. |
| Date: | 2009–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:2009-12-04&r=cwa |
| By: | Shaikh, Salman |
| Abstract: | This unique study discusses the theory of taxation in Islam and the role of Zakat in an Islamic economy. Zakat is a compulsory payment i.e. a tax in this sense paid to the government on one’s income and wealth. The Zakat rates are studied for their viability and effectiveness to fulfill fiscal needs of the government. Based on the evidence from many countries, it is argued that Zakat rates are substantial enough to generate the needed public finance given the large tax base and free the government from using seignorage and deficit financing. Its compulsory nature both as per law of the land and as per religion would ensure minimum tax evasion and its progressive and direct nature would effectively redistribute income. The effect of Zakat on the overall macroeconomy, the financial system, monetary system, property market, stock market, inflation, foreign debt, balance of payments, FDI and the on the development oriented variables like inequality and poverty are also discussed to give a holistic view of the effects of the proposed system. |
| Keywords: | Interest free economy; Public finance; Taxation; Inequality; Income redistribution; Islamic Economic System; fiscal policy; deficit financing. |
| JEL: | E62 H2 H3 |
| Date: | 2009–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19695&r=cwa |
| By: | Levent, Korap |
| Abstract: | In this paper, we aim to test the empirical validity of the QTM relationship for the Turkish economy. Using some contemporaneous time series estimation techniques, our estimation results reveal that stationarity characteristics of the velocities of currency in circulation and the broad money aggregate in the economy cannot be rejected through a quantity theoretical co-integrating long-term variable space. We find that there exists an about one-to-one proportionality between money and prices and money and real income, and that the exogeneity of money cannot be rejected for the currency in circulation in the economy. But, the exception here comes from the broad monetary aggregate used in the QTM equation such that money seems to be endogenous as for the long-term variable space. |
| Keywords: | Money ; Prices ; Income ; Quantity Theory of Money ; Co-integration ; Long-span Data ; Turkish Data ; |
| JEL: | C32 E51 E52 E61 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19557&r=cwa |
| By: | Arjun Bhattacharya |
| Abstract: | Rain Water Harvesting, is an age-old system of collection of rainwater for future use. But systematic collection and recharging of ground water, is a recent development and is gaining importance as one of the most feasible and easy to implement remedy to restore the hydrological imbalance and prevent a crisis. The focus is on the National Capital Territory (NCT) of Delhi, which is currently facing acute water shortage and drastic drop in the groundwater table over the last few decades. [CCS WP No. 0076]. |
| Keywords: | rain water harvesting, ground water, water shortage, hydrological, development, energy, supply, environment, delhi |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2349&r=cwa |
| By: | Shaikh, Salman |
| Abstract: | This paper discusses the ethical void in Capitalism which does not look prominent in welfare societies and states. But, its effects become more eminent in tough economic conditions and more so in developed regions where economic relationships by themselves will not result in win-win situation for all parties concerned in a Capitalist economy. Unbridled pursuit of self interest, moral relativism, inventive-led economic choices and apathy to communal responsibilities would lead to a society where economic interests become the sole basis of maintaining and sustaining relationships. This inner void of identity and purpose at individual level and social void in the form of a stratified society bound together only for economic interests can be better filled with incorporating religion. Humans are much more than utility driven species, they are capable of using both instrumental and critical reasons to differentiate right from wrong and need reinforcement to adopt virtues influenced by an inner urge other than material interests as in Capitalism. This inner urge can be rekindled by looking beyond utility maximization to re-acknowledge the fundamental identity that humans are moral being than just an instrument for material advancement. |
| Keywords: | Interest free economy; Interest free finance; Capitalism; Business Ethics; Islamic Ethics; Morality; Idealism; Moral Relativism. |
| JEL: | Z12 A13 A14 |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19699&r=cwa |
| By: | Shaikh, Salman |
| Abstract: | This paper suggests an alternate approach to corporate finance in an interest free economy by looking beyond practiced Islamic finance and suggesting alternatives for corporate finance in sourcing funds i.e. i) Ijara with embedded options, ii) limited liability partnership, iii) equity modes like Musharakah and Mudarabah iv) income bonds and v) convertible income bonds. It also suggests alternatives for corporate finance in using funds i.e. i) Islamic income funds, ii) Islamic REITs, iii) Treasury Bonds, iv) income bonds v) convertible income bonds, vi) foreign currency reserves, vii) making strategic expansion, and viii) equity investments in other companies. It also suggests methods of valuation by suggesting an alternate means of pricing capital in interest free economy and use of appropriate discount rate i.e. Nominal GDP growth rate in public finance and corporate finance in CAPM, dividend discount model, project valuation, calculating NPV, valuing income bonds and stocks. It also discusses how the problems of scarcity of capital will be solved and alternatives for insurance in an interest free economy. |
| Keywords: | Islamic corporate finance; pricing of capital; Islamic public finance; scarcity of capital; Interest free economy; Interest free finance; Zakat; Usury; Time value of money; CAPM; Project evaluation; NPV; FCF |
| JEL: | E44 G00 G30 |
| Date: | 2009–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:19459&r=cwa |