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on Central and Western Asia |
| By: | Samir R Gandhi |
| Abstract: | Whether the WTO dispute settlement mechanism offers India an effective remedy against the misuse of NGO Standards or does India needs to adopt an alternate strategy to address such concerns is evaluated. The paper argues that an amendment to the text of the TBT Agreement is perhaps the most effective way regulating the growth of NGO Standards and for removing any ambiguity in or misinterpretation by the dispute settlement mechanism. In addition, India could push for a more ambitious work agenda at the CTE within the ongoing Doha Round negotiations. [ICRIER WP No. 181]. |
| Keywords: | ENVIRONMENTAL standards, non-profit, amendment, industry, manufacturers, privatization, NGO, green consumerism, negotiations, NGO, India, protection, Doha round, negotiations, WTO, Indian, voluntary, trade report, technological innovations, standardization, social issues, global commerce, |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2377&r=cwa |
| By: | Sen, A.; Jamasb, T. |
| Abstract: | As developing countries seek to improve their economic prospects, electricity reform has been widely viewed as a central part of this effort.While the focus of most research to date has been at economy or utility level; there has been much less research on regional outcomes. India presents a unique case, as its states share a common economic and political system, whilst having been given considerable flexibility in how they implement reform, thus allowing a comparative analysis of alternative approaches. This study contributes through an econometric analysis of the determinants and impact of electricity reform in India, giving special regard to its political economy and regional diversity. It assesses how electricity reform in India has affected key economic variables that determine sectoral efficiency, prices and investment flows. We use panel data for 19 states, spanning 1991-2007, using dynamic panel data estimators. Results show that individual reform measures have affected key economic variables differently; thus the nature of reform in individual states would determine these economic outcomes. Findings suggest that due to political economy factors influencing reform, outcomes have tended to be adverse in the initial stages, as previously hidden distortions become apparent. The performance of reforms, however, may improve as it progresses beyond a ‘baseline’ level. |
| Keywords: | Electricity, India, reform, deregulation, regional impacts |
| JEL: | O1 Q4 R1 L2 |
| Date: | 2010–01–22 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:1005&r=cwa |
| By: | Iyer, S.; Velu, C.; Mumit, A. |
| Abstract: | Marketing communication is a vital strategic tool for religious organizations to achieve competitive differentiation. The determinants of religious organizations’ use of direct and indirect communication channels offers valuable insights into their modus operandi. This paper uses novel primary survey data on 568 Hindu, Muslim, Christian, Sikh and Jain organizations spread over 7 major states in India that we collected over the period 2006-2008, to investigate the determinants of communication channel selection by religious organizations. The findings suggest that state-specific effects for Karnataka, Maharashtra, Uttar Pradesh and West Bengal; and religion-specific fixed effects for Muslims play a predominant and persistent role in communication channel selection decisions. Religious organizations adopt direct channels more extensively to communicate changes to non-religious service provision. In a competitive framework, religious organizations also use indirect channels more extensively in response to information received about competitors. Additionally, intensive market competition leads religious organizations to increase their use of direct channels in response to information received about competitors through direct channels. Collectively, the findings suggest that across all religions in India, marketing communication plays a very important role for religious organizations in order for them to differentiate themselves from other competitors. |
| Keywords: | Religious marketing, marketing communication, competition, religious organizations, India. |
| Date: | 2010–01–27 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:1008&r=cwa |
| By: | Gursoy, Guner |
| Abstract: | This paper examines major business environmental changes influencing a strategic shift of automobile manufacturing firms in Turkey. Within a conceptual model consisting of environmental forces, strategic shift, and mediating variables, including firm size, ownership pattern, and market entry mode, it empirically investigates how such market changes influenced the business strategies of automotive firms in Turkey. The findings indicate that the multinational automotive firms in Turkey have shifted their strategic focus from relying solely on the domestic market to balancing domestic and export markets because of environmental forces. The paper concludes with discussions and suggestions for further research on the subject. |
| Keywords: | market environment; strategic shift; FDI; foreign direct investment; export performance; multinational corporations. |
| JEL: | G32 G3 |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20233&r=cwa |
| By: | Brajesh Kumar |
| 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 the dynamic relation between returns and volume using VAR, Granger causality, variance decomposition (VD) and impulse response function (IRF) are examined. Mixture of Distributions Hypothesis (MDH), which tests the GARCH vs. Volume effect, is also studied between the conditional volatility and volume. [IIMA WP No. 2009-12-04]. |
| Keywords: | Indian stocks, Trading volume, Volatility, Mixture of distributions hypothesis, GARCH, Granger,Causality, VAR, Impulse response function, Variance decomposition |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2379&r=cwa |
| By: | Ashima Goyal |
| Abstract: | The record of different post reform governments in meeting their targets and improving both delivery and finances is assessed. A variety of indices are constructed, and consistency checks devised to measure relative performance. |
| Keywords: | expenditure, poor, sustainability, debt, budget, Indian, consistency, finances, reform, fiscal capacity, Expenditure, Deficits; Governments; Delivery, indices, |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2384&r=cwa |
| By: | Dani Rodrik (Harvard University) |
| Abstract: | The recent crisis has demonstrated that a financially open economy has many sources of vulnerability. Even when a country does its homework, it remains at the mercy of developments in external financial markets. So, one lesson is that policy needs to guard not just against domestic shocks, but also shocks that emanate from financial instability elsewhere. Complete financial openness is not the best policy. A second lesson is that Turkey’s prevailing growth strategy does not generate enough growth and employment. Therefore it would be a mistake for the country to return to the status quo ante and resuscitate a model that fails to make adequate use of domestic resources. Most importantly, Turkey has to learn to live with reduced reliance on external borrowing. The paper discusses the needed realignments in fiscal and exchange-rate policies. |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:tek:wpaper:2009/9&r=cwa |
| By: | Aysu Insel (Marmara University); Nedim Sualp (Marmara University) |
| Abstract: | This paper examines the roles and interrelationships among the main macroeconomic variables, namely the exchange rate, inflation rate, interest rate and real GDP in Turkey. It provides a descriptive data analysis in order to understand the behaviour of each variable and to explain the relationship between them. The data analysis has been performed considering the original and the decomposed variables over the five periods: 1987:01-2007:12; 1987:01-1994:03; 1994:04-2001:01; 2001:02-2007:12; and 2002:10-2007:12. Different lengths of the sample periods are selected for each variable covering the economic crises and different policy applications in order to compare the reasons and the consequences of different economic policy applications on these variables. It is concluded that the distribution of economic series is changing from one period to another. The contribution of this paper is to develop a base for econometric model construction for the Turkish economy all the way through their contemporaneous and causal relationship for different sub-sample periods. |
| Keywords: | Inflation rate, Exchange rate, Interest rate, Real GDP, Descriptive data analysis, Turkey |
| Date: | 2009 |
| URL: | http://d.repec.org/n?u=RePEc:tek:wpaper:2009/6&r=cwa |
| By: | Sununtar Setboonsarng |
| Abstract: | Using data from a survey of clients of a microfinance bank, Khushhali Bank, in 2005, the study revisited the survey data and found that despite the Bank’s strict poverty-targeting program used in client selection and despite the survey’s design to address the selectivity bias, the selectivity bias indeed still existed in the sampled households. Propensity Score-Matching Methods (PSM) are used to address the selectivity bias. [DP 104]. |
| Keywords: | hunger, economic activities, microfinance, MDGs, poverty, Pakistan, millennium development goals, banks, policies, selectivity bias, Borrowers, |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2380&r=cwa |
| By: | Sule Akkoyunlu (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Boriss Siliverstovs (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | This study addresses price convergence in two cities in Turkey (Istanbul and Ankara) using the annual data over the three quarters of the 20th century (1922–1998), characterized by prevailing high inflation rates for most of the period. In contrast to the rest of the literature addressing convergence in price levels with a typical result of extremely slow convergence rates at best, we argue that convergence is much easier detected in growth rates rather than levels of prices. We suggest using the bounds testing procedure of Pesaran et al. (2001) for this purpose. We find a clear-cut evidence on the existence of a common driving force behind inflation dynamics in Istanbul and Ankara—a finding that is intuitively appealing from the point of view of economic theory. |
| Keywords: | Price convergence, Bounds testing procedure, Turkey |
| JEL: | C22 C32 C52 E31 |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:10-248&r=cwa |
| By: | Alsayyed, Nidal |
| Abstract: | Some exciting Economical developments have taken place in the area of Islamic finance during the preceding two years. There has been a fast expansion in its market share, diversification of products picked up pace and the rapid globalization of the services ensures their future expansion. Commodity murabahah is one of the most commonly used financing contracts in Islamic banking. But of no less consequence may prove, the lurch one finds commodity murabahah in at the close of 2008 (Hasan 2009) . Commodity Murabaha is clearly the Islamic treasurer’s funding product of choice, as it is flexible enough to facilitate many structures for financing, hedging, and currency exchanging. It is time to apply the shari'ah objective of “sa’dd-aldharai” that closes the potential avenues for outwitting the shari’ah objectives and spirit . |
| Keywords: | Islamic Economics; commodity murabahah; Time share in price; Shari’ah objectives; Bai al Inah; Commodity Murabahah House (Suq Al-Sila); Commodity Murabahah Program (CMP) ; deferred contracts; GCC; IIMM ; Islamic Banking Scheme (IBS ); “sa’dd-aldharai” |
| JEL: | D23 Z10 A12 D42 |
| Date: | 2010–01–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20262&r=cwa |
| By: | Ahamad, Mazbahul Golam; Tanin, Fahian |
| Abstract: | Inward FDI to the middle-income countries has the evidence as a major stimulus to the economic growth; conventionally at export-oriented manufacturing sector. In point of fact, basic macro fundamentals like as growth of gross domestic capital formation, foreign reserve, infrastructure etc. accelerates the FDI inflows. This study reviews the long-run trend on the time scale of FDI to Bangladesh over the period 1975- 2006 and major factors determining foreign companies' decisions to invest, in associated with economic growth. Contents of the paper describe the theoretical development and extensive literature review to find out the appropriate variables to deter the foreign direct investment from time series data. On the basis of intricate link between foreign direct investment and growth, all explained determinants enhance the facilitation, turnover, and return in FDI concentrated sectors that promote long-term sustainable growth with specific shortcomings, directly or indirectly, in our labor-intensive economic activity. Reduced government’s ineffectiveness along with supporting policy framework makes Bangladesh as an attractive destination of FDI, that has a positive spillover and significant impacts affect over time through dynamic effects on economic growth. |
| Keywords: | FDI; Determinants; Economic Growth; Bangladesh. |
| JEL: | C32 E6 R11 |
| Date: | 2010–01–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20236&r=cwa |
| By: | Alsayyed, Nidal |
| Abstract: | The rulings of Mua‟malat in today‟s Islamic Economics, and Finance can be adapted through the process of Ijtihad. While the basic principles or doctrines of the Mua‟malat are given in Shari‟ah, the interpretation of these principles to suit circumstances in different times and places constitutes the Fiqh Mua‟malat. New rulings can be reached by understanding the effective cause (Illah) and rationale (hikmah) of the original ruling and the importance of Maslaha (benefit) under the changed circumstances (Usul Fiqh); which is normally evaluated by the Shari‟ah Board members of the concerned entity. Fatwa issuing via Ijtihad is used to derive laws from the basic principles of Shari‟ah to address the needs of people in different places and times. The important aspect of these new rules is that they may at times change depending on the context of application. Islamic Finance contemporary practices of Ijtihad through various bodies like Islamic Fiqh Academy, have resolved the practice of taqlid (limitation). The doctrine of maqasid al-Shari‟ah establishes Maslahah as an essential element of the ends of law, so that it becomes an important goal in framing new rules (Shari‟ah parameters and guidelines) through Ijtihad. Thus, both the principles set by Shari‟ah and use of Ijtihad to frame new rules has Maslahah or benefit of people as the underlying basis and goal. On the other hand; the standardization of Shari‟ah may become against the fundamental premise of Ijtihad which has existed for centuries and especially in today‟s finance. If rules become standards, and imposed by legal authorities, then Ijtihad cannot be applied towards a critical and dynamic industry like Islamic Finance today. This will eventually damage the very reason that we are able to apply Shari‟ah in all times and places, that is, Ijtihad is the main reason why Shari‟ah is dynamic and is able to be applied in different circumstances. In addition; to standardize Shari‟ah rulings may mean the precedence of one Islamic school of thought over the other, which cannot be universally acceptable. There is no doubt that the synchronization of these two views has to be done through mutual understanding and collaboration between Shari‟ah scholars and various Shari‟ah key board members, market leaders, and regulators. To be very clear and accurate, the question of whether Shari‟ah standards can be harmonized is a matter to be dealt with by Shari‟ah scholars and not market professionals or regulators. The simple reason for this is because Shari‟ah scholars are specialized in their field and whether a Fatwa can be standardized or not is a matter of religious reasoning and should be taken from Shari‟ah own instructions and judgments. |
| Keywords: | Fatwa ; fatawa ; Ijtihad ; Shari’ah Board; Islamic Economics Jurisprudence ; GCC ; Ijma; |
| JEL: | Z12 A23 Z00 F02 |
| Date: | 2009–06–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20204&r=cwa |
| By: | Frukh, Nousjheen; Herani, Gobind M.; Mohammad, Mahmud; Mohammad, Tariq |
| Abstract: | Research has been conducted in order to critically evaluate and examine the level of employees’ satisfaction as well as the factors of dissatisfaction among the employees of Karachi Electric supply Corporation (KESC). The purpose of this study is also to observe and analyze the factors which create job dissatisfaction especially among the hardworking managers, and to find out the reasons which make them realize that they don not have a clear career path along working with KESC. The primary data for this study was compiled through questionnaire filled in on a one-to-one basis by 60 respondents from a representative sample of employees of (KESC) in Karachi district in the last quarter of 2008. The results have shown that Working Environment, Total Compensation, Growth Opportunities and Training & Development are significant factor and these four are affecting Job Satisfaction and correlated with each others. The study was faced by certain limitations and those limitations included time constraints and resources constraints, which limited this research to only the Karachi Head office of the KESC organization. According to a number of literatures studied, lack of job satisfaction is a serious issue in various organizations and job dissatisfaction has become a major obstacle in employees’ productivity and company’s growth. There are numbers of factors which can create job dissatisfaction among employees but in this study the very critical factors are discussed upon which KESC management should really work on. |
| Keywords: | KESC; Factors; Employees’ Job Satisfaction; Productivity; Growth; Compensation |
| JEL: | J45 J44 J28 J88 J83 J33 J30 |
| Date: | 2009–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20218&r=cwa |