|
on Central and Western Asia |
| By: | Mazumdar, Surajit |
| Abstract: | This paper briefly presents an analytical description of the twin processes of growth of output and change in its composition in the Indian economy since independence, by looking at the time-paths of the two dimensions simultaneously. It suggests that three turning points located respectively in the mid-1960s, 1980, and the mid-1990s separate the entire period after independence into four sequential phases of growth and structural change. This periodization of India’s post-independence economic history points towards the need to go beyond relating the dynamics of the Indian economy to exclusively the degree to which the prevalent economic policy regime was interventionist or liberal in different periods |
| Keywords: | Growth; Structural Change; India |
| JEL: | O53 O10 |
| Date: | 2010–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20401&r=cwa |
| By: | Ann Issac; Nirmalya Syam |
| Abstract: | The study attempts to examine why there is staff shortage of health care professionals especially the nurses in India and the impact of such migration on services like emergency preparedness, quality of care, patient safety and access to needed health care services especially for vulnerable populations. |
| Keywords: | nurses, migration, professional migration, Mode 4 services, India, humanpower, manpower,Sociology, migration studies, health professionals, nursing education, medical education, health personnel, health manpower, health care, hospitals, nursing care |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2403&r=cwa |
| By: | Paul Rawkins |
| Abstract: | India’s general government deficits and public debt have remained high despite faster economic growth in recent years and periodic attempts to instil greater fiscal discipline. Modest fiscal tightening at the centre has been offset by significant fiscal slippages at the states level, leaving the general government deficit largely unchanged as a percentage of GDP. |
| Keywords: | fiscal, India, government, deficits, GDP, public debt |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2405&r=cwa |
| By: | Balaji Pandey |
| Abstract: | This paper aims to examine the policy debates on women's education and highlight some of the basic issues affecting the progress of women's education since the introduction of planned development in the country. [CWDS]. |
| Keywords: | women's, disability, Indian, opportiinity, girls, science, technology, cultivation, moral values, health, employment, post-independence, boys, girl's, education, development, policy debates, |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2413&r=cwa |
| By: | Arvind Virmani; Danish A. Hashim |
| Abstract: | The manufacturing sector in India is crucial for two main reasons: It has significant potential to provide modern employment to a growing labour force, especially that of less skilled type and second by its own healthy growth, stimulate and provide a foundation for, organic growth in other sectors of the economy. On both these counts, however, the manufacturing sector has so far not performed to its potential. In an attempt to identify the factors responsible for this phenomenon, the present study examines in detail the main determinants of factor employment, their shares, and output growth. The framework used is a CES production function estimated using ASI time-series data for the organised manufacturing industry spanning a period from 1973/74 to 2001/02. The study also dwells on the subject of sustainability of high growth in output on the back of raising capital labour ratio. [Working Paper No.3 /2009-DEA]. |
| Keywords: | industry, sustainability, labour-surplus, CES, production function, manufcturing sector, India, development policy, Asian countries, total factor productivity (TFP), output growth, employment, India, labour force, economy, capital labour ratio, |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2415&r=cwa |
| By: | Binay Kumar Ray; B. Sudhakara Reddy |
| Abstract: | Physical energy intensity indicators for Indian manufacturing sector is developed and analyzed. Energy consumption in five industrial sub-sectors, namely, iron and steel, aluminium, textiles, paper and cement is examined for the period 1990─2005. |
| Keywords: | physical energy, Indian, manufacturing, sector, energy, consumption, textiles, industrial |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2397&r=cwa |
| By: | Damien Krichewsky |
| Abstract: | A detailed analysis of the stakes and dynamics at play in the public, civil and self-regulation of companies in India is offered. With the rapid growth and modernization of the country as the backdrop, this paper points towards a reconfiguration of relationships and the balance of power among market players, the state and civil society organizations. |
| Keywords: | trade-unionism, traditional, CSR, environmental regulation of companies, stakes, dynamics, public, civil, selfregulation, India, growth, modernization, market, state, civil society, organizations, inequalities, Corporate Social Responsibility |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2394&r=cwa |
| By: | Indranee Dutta; Shailly Bawari |
| Abstract: | Despite its rich natural resources and high concentration of business and economic activities among the Northeastern states, Assam has not been able to achieve the desired health outcomes. There is a clear need for more resources and investment in public health to attain better health objectives. |
| Keywords: | Assam, health, child health, natural resources, economic, AIDS, India |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2414&r=cwa |
| By: | Mukherjee, Sacchidananda; Chakraborty, Debashis |
| Abstract: | Economic growth does not necessarily ensure environmental sustainability for a country. The relationship between the two is far more complicated for developing countries like India, given the dependence of a large section of the population on natural resources. Under this backdrop, the current study attempts to analyze the relationships among Environmental Quality (EQ), Human Development (HD) and Economic Growth (EG) for 14 major Indian States during post liberalisation period (1991-2004). Further, for understanding the changes in EQ with the advancement of economic liberalisation, the analysis is carried out by dividing the sample period into two: Period A (1990–1996) and Period B (1997–2004). For both the sub-periods, 63 environmental indicators have been clustered under eight broad environmental groups and an overall index of EQ has been constructed using the HDI methodology. The EQ ranks of the States exhibit variation over time, implying that environment has both spatial and temporal dimensions. Ranking of the States across different environmental criteria (groups) show that different States possess different strengths and weaknesses in managing various aspects of EQ. The HDI rankings of the States for the two periods are constructed by the HDI technique following the National Human Development Report 2001 methodology. We attempt to test for the Environmental Kuznets Curve hypothesis through multivariate OLS regression models, which indicate presence of non-linear relationship between several individual environmental groups and per capita net state domestic product. The relationship between EQ and economic growth however does not become clear from the current study. The regression results involving individual environmental groups and HDI score indicate a slanting N-shaped relationship. The paper concludes that individual States should adopt environmental management practices based on their local (at the most disaggregated level) environmental information. Moreover, since environmental sustainability and human well-being are complementary to each other, individual States should attempt to translate the economic growth to human well-being. |
| Keywords: | Environmental Quality Index (EQI); Human Development Index (HDI); Economic Liberalisation; Economic Growth; India. |
| JEL: | Q50 E21 K32 Q23 C43 I20 I0 O10 O15 Q24 O13 Q01 Q25 O40 I32 Q56 Q0 Q53 I10 |
| Date: | 2009–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:17207&r=cwa |
| By: | Gordhan K. Saini (Indira Gandhi Institute of Development Research) |
| Abstract: | This paper reports findings from the survey of India's textiles and clothing exporters. The survey method has been used to identify and assess the impact of Non-Tariff Measures (NTMs) and the Cost of Compliance (COC) expenditure by the exporters. A structured questionnaire has been used to gather data from a sample of 135 exporters across eight export centers of India i.e. Bangalore, Chennai, Coimbatore, Ludhiana, Mumbai, New Delhi, Panipat and Tirupur. Results reveal that the EU and USA are most restrictive region/country covering nearly three-fourth of total NTM incidences. The technical regulations, product & production process standards and conformity assessment for technical barriers are the most frequently used NTMs among the aggregated five categories. The average COC as percentage of turnover is inversely related to the firm size, which is 0.63 for large firms and 1.32 for small firms. However, about 58 of the firms spend less than 0.5 of their turnover on COC which is much lower than overall average of 1.12 and only 26 firms spend more than 1 of their turnover in complying with NTM standards. The COC is not exorbitant and justifiable given its long term benefits. Some of the common issues about NTMs are buyer nomination of the suppliers and testing & certification agencies, stringent social compliance measures, and discriminatory treatment on the basis of standards, import duty and other benefits. Unexpectedly, the NTMs are not only seen as marketing and promotional tool but also they promote efficiency and competitiveness within the industry. Further, financial crisis has reduced the export orders/volumes and the impact is more severe on high end fashion garments where product and market diversification is unlikely due to ever changing customer preferences |
| Keywords: | Non-Tariff Barriers, Non-Tariff Measures, Cost of Compliance |
| JEL: | F10 F13 F14 |
| Date: | 2009–12 |
| URL: | http://d.repec.org/n?u=RePEc:ind:igiwpp:2009-008&r=cwa |
| By: | G Burange; Shruti Yamini |
| Abstract: | The competitiveness among the firms in Indian automobile industry has been assessed by understanding the factors that determine its competitive advantage. The efforts have been made to construct a competitiveness index for a sample of fourteen firms for the year 2005-06, which represents around 85 per cent of each segment of the industry namely passenger vehicles, commercial vehicles, three-wheelers and two-wheelers. |
| Keywords: | Indian, automobile, industry, competitive advantage, competitiveness index, passenger vehicles, commercial, liberalization, Financial, Non Financial |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2407&r=cwa |
| By: | David Armstrong; Christian Davenport |
| Abstract: | To date, the tools used to assessthe status of untouchability have been divided by discipline—human rights, legal and social science. Although significant contributions toward understanding untouchability have been made in each of these areas, it is difficult to comprehend the scope and pervasiveness of the problem without combining the tools of all three. Over a four year period researchers have compiled quantitative, comprehensive and reliable data exposing the current state of untouchability (caste-based discrimination) against Dalitsi (“untouchablesâ€) in Gujarat, India. This report presents data on untouchability practices in the villages of Gujarat |
| Keywords: | untouchability, caste-based discrimination, caste practices, Sociology |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2410&r=cwa |
| By: | Ulf von Lilienfeld-Toal (Department of Finance, Stockholm School of Economics); Dilip Mookherjee (Department of Economics, Boston University); Sujata Visaria (Department of Economics, Boston University) |
| Abstract: | It is generally presumed that strengthening the enforcement of lender rights expands the set of incentive compatible loan contracts, resulting in increased access to credit for all types of borrowers. This is based on an implicit assumption of inlnitely elastic supply of loans. With inelastic supply, strengthening enforcement can result in greater exclusion of poor borrowers from credit markets and a reallocation of credit from poor to wealthy borrowers. Using a dataset of capital project loans given by a large Indian bank to lrms of varying asset sizes, we lnd evidence of such adverse distributional impacts of a reform to strengthen lender rights implemented across Indian states in the 1990s. |
| Date: | 2009–01 |
| URL: | http://d.repec.org/n?u=RePEc:ind:isipdp:09-03&r=cwa |
| By: | Raghav Gaiha; Shylashri Shankar; Raghbendra Jha |
| Abstract: | Several tests of targeting accuracy of the National Rural Employment Guarantee Scheme (NREG) focusing on shares of participants by poverty status, their duration of participation, and earnings from it are used. The analysis is based on primary household data collected from three India states, Rajasthan, Andhra Pradesh and Maharashtra. In all three states, the poor depended more on the NREG than the non-poor, with the share of NREGS earnings in household income of the poor being the highest in Andhra Pradesh. Useful insights into the design and implementation of this scheme that impede the participation of the poor and render it more attractive for the (relatively) affluent are obtained from a probit analysis. A major flaw is the hike in the NREG wage relative to agricultural wage, as it undermines selfselection of the poor-especially in villages with a high degree of land inequality. In fact, two different mechanisms seem to be operating-one tends to exclude the poorest (the negative effect of the land Gini), and the other tends to promote the inclusion of the (relatively) affluent (the positive effect of the interaction of the land Gini and the ratio of NREG wage to agricultural wage). That awareness of the scheme matters is corroborated. However, the poor do not necessarily benefit as much as the non-poor at the entry point. But, with more information, corruption reduces at the implementation stage and this has the potential of serving the interests of the poor better. |
| Keywords: | Employment Guarantee, Poverty, NREG wage, Land Inequality, Awareness, India |
| JEL: | H53 I38 O12 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:pas:asarcc:2010-03&r=cwa |
| By: | Vegard Iversen (School of Development Studies, University of East Anglia, Norwich); Kunal Sen (IDPM, University of Manchester); Arjan Verschoor (School of Development Studies, University of East Anglia, Norwich); Amaresh Dubey (CSRD, Jawaharlal Nehru University, New Delhi`) |
| Abstract: | Economists have focused on job search and supply-side explanations for network effects in labour transactions. This paper develops and tests an alternative explanation for the high prevalence of network-based labour market entry in developing countries. In our theoretical framework, employers use employee networks as screening and incentive mechanisms to improve the quality of recruitment. Our framework suggests a negative relationship between network use and the skill intensity of jobs, a positive association between economic activity and network use and a negative relationship between network use and pro-labour legislation. Furthermore, social identity effects are expected to intensify compared to information-sharing and other network mechanisms. Using data from an all-India Employment Survey we implement a novel empirical strategy to test these relationships and find support for our demand-side explanation. |
| Date: | 2009–01 |
| URL: | http://d.repec.org/n?u=RePEc:ind:isipdp:09-01&r=cwa |
| By: | K S Kavi Kumar |
| Abstract: | Climate change impact studies on agriculture can be broadly divided into those that employ agro-economic approaches and those that employ the Ricardian approach. This study uses the Ricardian approach to examine the impact of climate change on Indian agriculture. Using panel data over a twenty year period and on 271 districts, we estimate the impact of climate change on farm level net revenue. |
| Keywords: | Environmental valuation; Spatial panel data, analysis; Adaptation, climate change, agriculture, agro-economic, ricardian approach, revenue, Indian, |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2408&r=cwa |
| By: | G. Raghuram; Chandni Jain; Rishita Digar |
| Abstract: | The utilization of coaches on the parameters per cent of runtime, kilometers per day, and average speed of rakes servicing express per mails and passenger trains in the South Central Railway (SCR), taking into consideration the rake linking involved are assessed. This is done by analyzing every rake link used in the SCR as given in their rake link booklet. |
| Keywords: | trains, Indian railways, rake cycle, transportation, passengers, coaches |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2406&r=cwa |
| By: | Ercan Uygur (Ankara University) |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:tek:wpaper:2010/3&r=cwa |
| By: | Ila Patnaik; Ajay Shah |
| Abstract: | Capital account openness and exchange rate flexibility in 11 Asian countries are examined. Asia has made slow progress on de jure capital account openness, but has made much more progress on de facto capital account openness. While there is a slow pace of increase in exchange rate flexibility, most Asian countries continue to have largely inflexible exchange rates. This combination { of moving forward with de facto capital account integration without bringing in exchange rate flexibility { has lead to procyclicality of monetary policy when capital flows are procyclical. The paper emphasizes the case for a consistent monetary policy framework. [NIPFP WP No. 2010-64]. |
| Keywords: | Korea, capital, account, monetary policy, Asian countries, Asia, China, defacto, exchange rate flexibility, de jure, India, industrial countries, Chinn-Ito measure, |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2402&r=cwa |
| By: | Ashima Goyal (Indira Gandhi Institute of Development Research) |
| Abstract: | In the context of the formation of G-20, the paper points out the absence of reform in the global financial architecture (GFA) after the East Asian crisis, and assesses factors that can improve the chances of real reform this time. A factual assessment of various causes advanced for the global crisis, puts the main responsibility on lax regulation. Liquidity created by current account imbalances was tiny compared to endogenous amplification of liquidity in the financial sector. Emerging markets needed reserves as self-insurance in the face of volatile cross border flows. Even so global imbalances increase risk. The paper summarizes the Chimerica debate and the blocks that have stalled progress in resolving the issue. It argues that symmetric and balanced reform, at individual country and international level, is required to remove the blocks. Deeper governance reforms will make it feasible. Potential contributions of the G-20 are outlined. It is argued that India is a useful example of flexible but managed exchange rates that allowed market deepening and export growth. |
| Keywords: | Global Financial architecture, Crisis, G-20, Imbalances, Over-saving |
| JEL: | F02 F32 F33 |
| Date: | 2009–06 |
| URL: | http://d.repec.org/n?u=RePEc:ind:igiwpp:2009-004&r=cwa |
| By: | Steven Stoft |
| Abstract: | The Kyoto Protocol’s approach of assigning emission targets, or “caps,” promises certainty that it cannot deliver, because it exacerbates problems with international cooperation and commitment. Global carbon pricing addresses these problems and, with less risk and more reward, can generate and sustain stronger policies. This paper proposes a system, “flexible global carbon pricing,” designed to replace the Kyoto Protocol. It provides backward-compatibility with the Kyoto Protocol by allowing un-modified cap and trade as one form of national carbon pricing. Instead of many national “caps,” the proposal sets a global target price for carbon and specifies a pair of incentives. A Pricing Incentive rewards nations that set their carbon price higher than the global target and penalizes nations that underachieve. These rewards and penalties sum to zero by design. The strength of the Pricing Incentive is adjusted automatically so that the global average carbon price converges to the global target price. A Clean Development Incentive (CDI), free from the gaming problems that plague the U.N.’s Clean Development Mechanism, encourages full participation by low-emission countries. An example, based on a $20 price target, causes transfers from the United States of only seven cents per capita per day. Nevertheless, India’s CDI receipts cover its compliance costs. The example shows that low costs can be guaranteed. |
| Keywords: | Kyoto protocol,cap and trade,flexible global carbon pricing,international cooperation |
| Date: | 2009–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:rsc:rsceui:2009/35&r=cwa |
| By: | Shylashri Shankar; Raghav Gaiha; Raghbendra Jha |
| Abstract: | The impact of information on corruption and effective implementation is Janus faced. In this paper we use household level data to address the issue of corruption in the NREG program in three states: Rajasthan, Andhra Pradesh and Maharashtra. We discover that at the entry level, information about the NREG has the effect of increasing the entry of non-poor while the acutely poor, who possessed neither TVs nor cell-phones, nor attended public meetings nor were connected to social networks did not know and therefore did not participate in the program. At implementation level, information enabled those who possessed it to avoid being shortchanged by the administration. The non-poor benefited more from the NREG in all three states, and the ethnographic evidence from Andhra Pradesh and Maharashtra shows that the non-poor even misused the program. So, information has generated corruption on the part of some informed beneficiaries. Conversely, in areas where poorer and illiterate participants are in greater numbers, they are likely to experience more corruption from government officials during the implementation because they possess less information on the benefits accruing to a participant in the NREG. The picture from Rajasthan shows that, while the entry level capture by the non-poor is relatively low, compared to the other two states, the corruption at the level of implementation is higher. Here, lack of information on the part of the beneficiary reduces the monitoring potential and effective implementation and enables corruption. Social networking (and the access to information) increases the likelihood of participation by the affluent but decreases the likelihood of participation by non-affluent and the poor. This implies that the non-affluent are not able to act even if they have information. We need to explore this result further. The results from the three states back the rationale for the importance of a right to information and suggests that the government should invest more in advocacy campaigns about their programs, particularly in the poorest areas. At the same time, it is important to carry out periodic information drives among the beneficiaries to ensure that they are aware of the components of the scheme. However, while these measures may not stop the non-poor from benefiting at the expense of the poor, they might introduce better monitoring of the programs by the poor. |
| Keywords: | National Rural Employment Guarantee Program, Corruption, Information |
| JEL: | C51 D02 D63 D82 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:pas:asarcc:2010-02&r=cwa |
| By: | Ashima Goyal (Indira Gandhi Institute of Development Research) |
| Abstract: | The paper examines the impact of recent inflation and financial shocks on the vulnerable, and explores policy design to reduce both future shocks and vulnerability to shocks. Inflation affects the typical savings cum pension portfolio and the specific consumption basket of the old, as prices of services rise compared to manufactured goods. Money illusion and habit, which tend to increase with age, aggravate the psychological trauma associated with inflation. The decline of traditional sources of social security marginalizes those without savings, in the context of sustained rural urban and international migration. Trends determining inflation-domestic and global, institutional change, and greater openness explain why inflation has been moderate in India, compared to other emerging markets. Since the polity is averse to high inflation, and commodity price shocks are moderating, high inflation will not persist. But the shocks demonstrate the importance of food price inflation for aggregate inflation in populous South Asia. Therefore improvements in agricultural productivity, with supportive buffer stock, fiscal and monetary policy are critical to lower the level of chronic inflation. Regulatory changes to reduce excessive risktaking in financial markets and the aggravation of inflation from speculation are examined. Finally, other policy measures to improve security for the old and keep them an active, vital part of the community are drawn together. |
| Keywords: | Aged, Inflation, Oil shocks, Financial crisis, Social security |
| JEL: | E31 G18 H55 |
| Date: | 2009–03 |
| URL: | http://d.repec.org/n?u=RePEc:ind:igiwpp:2009-003&r=cwa |
| By: | Srijit Mishra (Indira Gandhi Institute of Development Research) |
| Abstract: | The relatively lower reduction of poverty in Orissa, 0.2 percentage points per annum from 48.6 in 1993-94 to 46.4 in 2004-05, has been a matter of concern. The current exercise attempts to analyse whether part of the explanation lies in the state of affairs in agriculture. An analysis for 2004-05 shows that incidence of poverty is 47 for rural and 44 for urban Orissa. The vulnerable sub-groups are southern (73 rural, 55 urban) and northern (59 rural, 43 urban) across National Sample Survey (NSS) regions, the scheduled tribes (76 rural, 65 urban) and scheduled castes (50 rural, 75 urban) across social groups, the agricultural labourers (65) and other labourers (52) in rural areas and casual labourers (56) in urban areas across household type, and marginal and small farmers (51) across size-class of land possessed in rural areas. What is even worrying is a much greater incidence of calorie poor (79 rural and 49 urban). This reflects a gap in the poverty line and the calorie that it is supposed to represent and a seeming nutritional crisis even among the groups that resorts to hard labour that includes among others marginal and small farmers and landless households - the hands that grow food. The agrarian scenario is in dire straits. Per capita per day returns from cultivation, based on the situation assessment survey of 2002-03, is less than four rupees, a pittance. What is more, in 1990s, agricultural value addition and growth in production has been negative across all crop groups and paddy production, the main crop, shows a decline in all districts. It is this poor showing in agriculture that does partly explain the slow reductions of poverty in the 1990s in Orissa. The call of the hour is people-centric planning that revives the livelihood bases of the farmers and agricultural labourers. |
| Keywords: | Calorie poor, Incidence of poor, Agricultural growth |
| JEL: | I32 O13 O15 Q10 |
| Date: | 2009–09 |
| URL: | http://d.repec.org/n?u=RePEc:ind:igiwpp:2009-006&r=cwa |
| By: | Naqvi, Nadeem |
| Abstract: | In his Inquiry into the Nature and Causes of the Wealth of Nations Adam Smith (1776) considered the phenomenon of division of labor so enormously significant for the creation of a nation’s wealth that he devoted the first three chapters of his book to an investigation of this process. This is an ongoing process of greater and greater specialization, and there have been episodes of faster pace, and some slower pace, but the process has never stopped so far in human history. However, this process, carried far enough, can eventually results in episodes, sometimes painfully prolonged, in which there emerges a divergence between the distribution of quantities supplied of horizontally-differentiated distinct types of human capital embodied in different persons and distribution of quantities demanded of persons with distinct skills by employers, private or public, or otherwise. This sustained divergence of supply and demand distributions of distinct skill categories may be called Embodied Human Capital Unemployment. This is a phenomenon not seen before in social history, simply because specialization of persons in very narrowly partitioned skill types that are, effectively, non-transferable across different persons, had never occurred before in our history. That is why it is a new phenomenon, and it is time we understood what it is. Moreover, it has an abiding character, a stationary state nature, and (1) thus should emerge as an equilibrium phenomenon in a fully specified general equilibrium model of a market economy, and (2) should be of concern to us, since it is going to be around for a while as we all live our lives. I illustrate the relevance of this new concept of unemployment to the U.S economy in the first decade of the 21st Century. This helps achieve a deeper understanding of the current global economic crisis, and inter alia to identification of potentially effective, and potentially ineffective, public policies. Additional implications are (b) the emergence of a new social formation that may be called World Market Capitalism, which has a vastly different economic foundation of relations of production and income distribution compared to the pre-21st Century economic system that then existed in the world, and (c) the transition from a uni-polar world, with the U.S.A. as the single center of power, after the fall of the Soviet Union in 1989, to a multi-polar world order at the end of the first decade of the 21st Century, with implications for strategic interaction and coalition formation. (403 words) |
| Keywords: | Marxian; Keynesian; human capital; unemployment; economic; financial; political; crisis; globalization; capitalism; international capital mobility; division of labor; Adam Smith; USA; China; India; Japan |
| JEL: | F16 N10 F54 P16 J62 E30 E24 N30 F01 F21 D50 O24 J01 E44 E10 E60 P50 F11 F02 F41 I28 |
| Date: | 2010–02–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20533&r=cwa |
| By: | Foreman-Peck, James (Cardiff Business School); Zhou, Peng (Cardiff Business School) |
| Abstract: | Becoming an entrepreneur requires both motivation and opportunity. Motivation may be determined by collective experience or 'culture', as well as by personality. Whether a culture is conducive or harmful to entrepreneurship can only be established if the influence of institutions that determine opportunity is controlled. The twentieth century United States provides a natural experiment to measure the strength and persistence of entrepreneurial cultures. Assuming immigrants bear the cultures of their birth place, comparison of revealed entrepreneurial propensities of US immigrant groups in 1910 and 2000 will reflect these backgrounds. According to this test North-western Europe, where modern economic growth is widely held to have originated, did not host unusually strong entrepreneurial cultures, rather the reverse in the case for England. The most precocious and durable entrepreneurial cultures were exhibited by those originating from Greece, Turkey and Italy, together with Jews. Max Weber's identification of nineteenth century Catholic culture as inimical to economic development is not born out in the twentieth century by the sustained entrepreneurship of Cubans and Italians. A major cultural change over the century, that by the end had initiated widespread female entrepreneurship, also ensured that this trait systematically responded less strongly to the origin background than did male entrepreneurship. |
| Keywords: | Entrepreneurship; Culture; Migration |
| JEL: | D01 J15 J23 J61 |
| Date: | 2009–12 |
| URL: | http://d.repec.org/n?u=RePEc:cdf:wpaper:2009/32&r=cwa |
| By: | Alsayyed, Nidal |
| Abstract: | Despite the Economic closeness of overall concept, Sukukization (Islamic Securitization) is not equal to “Securitization” as it is known in its conventional sense. Securitization, generally relates to the converting of loans of various sorts into marketable securities by packaging the loans into pools and then selling shares of ownership in the pool itself. Sukukization, on the hand; refers to, Islamic Sukuk Investment (as defined by AAOIFI) are certificates of equal value representing undivided shares in ownership of tangible assets, usufruct and services. The development of innovative Economic financial solutions in the Muslim world has been dormant for centuries. It is only recently, since the early 1970s that significant work that has been done in the field of Islamic Capital Market. In order to take benefit from Western financial structures, care must be taken to make sure that the concepts are acceptable by Shari’ah. The West has had significant success in linking the End-Investor (Excess Capital) with the most optimal user of this Excess Capital; be it the Stock Market, Debt Market or the Securitization structures, they all serve the purpose of linking Capital with its most optimal (on a risk-adjusted basis) user. It must be kept in mind, that even though the West has had more success than the Muslim world in implementation of a financial system, it has been plagued with constant cycles of boom and bust. The most recent financial markets crisis has again opened the discussion for the need of structural changes to the current financial models/instruments in place. Most commentators have stressed for the need of more regulation whereas the stress should be on making changes to the structural features of the financial instruments. An in-depth discussion of the financial system is beyond the scope of this article and for now the focus will only be on the Islamic Securitization structures (Sukukization) for the housing capital market and the relevant Economic factors. |
| Keywords: | Islamic Economics; Sukukization; Macroeconomics; Shari’ah Standards; AAOIFI; Islamic Economics; Securitization; SPV |
| JEL: | Z12 C12 A10 E60 |
| Date: | 2010–01–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:20489&r=cwa |