|
on Central and Western Asia |
| By: | Dayanand Arora; Francis Xavier Rathinam |
| Abstract: | The paper seeks to prove the point that the Indian OTC derivatives markets, unlike many other jurisdictions, are well regulated. Only contracts where one party to the contract is an RBI regulated entity are considered legally valid in India. A good reporting system and a post-trade clearing and settlement system, through a centralised counter party, has ensured good surveillance of the systemic risks in the Indian OTC market. [ICRIER WP No. 248]. |
| Keywords: | Indian, OTC market derivatives, India, post-trade, regulated, RBI, stability, development, Finanacial institutions, regulations, derivatives, over the counter, government policy, research and development, R&D, currency, balance sheet |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2479&r=cwa |
| By: | Subramanian Ravi; Sachdeva Charu; Morris Sebastian |
| Abstract: | This paper discusses the trends in India's outward FDI over the last decade and then attempts to identify the driving factors for the same. The aim is to provide policy makers with insights regarding levers which would help in encouraging FDI outflows and to stimulate further research in foreign investment from emerging economies. The analysis is based on 287 instances of foreign investment from India by top Indian companies across 17 sectors. The paper draws on the "eclectic" paradigm to study the impact of ownership, location and internalization variables on India's foreign investment. A sector wise analysis of mode of entry, intent of entry and geographic concentration has been performed. At an aggregate level, it has been found that acquisitions have been the predominant mode of entry for Indian firms investing abroad and seeking new markets the primary intent of investment. A regression model was also developed to understand the impact and relative importance of owndership variables such as distribution system, need for resources, factor of production, post sales service requirement, presence of IP and brand on foreign investment from India. It was found that high distribution expenses and need for resources had a very positive influence on foreign investment. The paper also discusses the key policy changes that impacted outward FDI from India in the last decade and relationship of outward FDI with other macroeconomic indicators such as GDP and Fischer Open Differential. |
| Date: | 2010–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2010-03-01&r=cwa |
| By: | Sunil Mani |
| Abstract: | India is one among the few developing countries that have sought to establish an aerospace industry. The industry has two components, namely aeronautical and astronautic. The sectoral system of innovation of this industry which is actually located as a cluster in the south Indian city of Bangalore are mapped out. The paper identifies the three building blocks of the cluster: lead actors, knowledge or technology domain, and the demand. Changes in each of these blocks over time are discussed. [WP 428]. |
| Keywords: | south India, technology, knowledge, astronautic, developing countries, sectoral system of innovation, aerospace industry, civilian, aeronautical, astronautic, offset policy, city, Bangalore, demand, |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ess:wpaper:id:2478&r=cwa |
| By: | Sriram M S |
| Abstract: | The paper looks at the growth and commercialization of microfinance in India. It starts out be looking at how the commercial microfinance has evolved internationally by discussing two specific examples and then moves on to examine the specifics cases of four large microfinance institutions in India. The basic argument of the paper is that most of the early microfinance in India happened through donor and philanthropic funds. These funds came in to not-for-profit organizations. However as the activities scaled up, it was imperative to move to a commercial format. The paper examines the growth imperatives and the transformation processes. The paper then proceeds to look at the implications of the transformation process and its effect on the personal enrichment of the promoters of MFI as well as the governance implications. Basically it questions the moral and ethical fabric on which some to the large microfinance institutions are built. It ends by answering a set of questions that may emanate out of this discussion. |
| Date: | 2010–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2010-03-04&r=cwa |
| By: | Raghav Gaiha; Raghbendra Jha; Vani S. Kulkarni |
| Abstract: | Based on data collected from a representative national sample, India Human Development Survey 2005, this paper investigates the links between obesity among children and among adults with a number of socio economic characteristics as well as household and location specific variables. Both child and adult obesity are far from negligible, which is a matter of concern, given the links between obesity and some diseases. There are strong links between socio-economic indicators and risk of obesity. In particular, affluence has a robust link to obesity. Among children, taller children in more affluent households are more prone to obesity. Some demographic characteristics matter too, for example, both child and adult obesity rise with age but at a diminishing rate. Location also influences chances of obesity. Relative food price effects matter too through calorie, protein, fat and other nutrient intakes. A number of policy conclusions are also advanced. |
| Keywords: | obesity, affluence, socio-economic characteristics, gender, India |
| JEL: | C25 D12 D31 E10 |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:pas:asarcc:2010-10&r=cwa |
| By: | Gandhi Vasant P |
| Abstract: | Information on brand-variety performance is critical for small farmers in India since every year they need to make crucial decisions on which brand-variety seeds to plant. The livelihoods from their small farms and returns on all the inputs used depend critically on this decision. Yet no systematic information is available to them on this, and year after year the farmers are forced to decide based on guesses, hearsay and opinions which are frequently imperfect or even biased. Even companies and governments need to know about the actual performance of brand-varieties in different areas so as to be able to recommend correctly. Markedly, on the other hand, official crop-cutting surveys for estimation and assessment of actual yields are a regular feature of all states, and they also record some information regarding the inputs used including the brand-variety. However, the information is never examined from this point of view. Cotton is a major cash crop in India but has substantial problems particularly from extensive pest damage and poor yields. Brand-variety performance varies substantially and poor decisions frequently lead to crop failures and farmer suicides. A study was done on the performance of cotton varieties through a survey across four major Indian states and 694 farmers, covering pest resistance, inputs, yields, quality, price, value of output, cost of cultivation, and profits. This brought out the features and variations, and on this foundation, a brand-variety performance information system is proposed which would draw upon information from the regular crop-cutting surveys, collate it, analyze it, and make findings available to the farmers. This would help provide correct information and advice to farmers over diverse agro-ecological settings. Through this, the farmers would be able to make better informed brand-variety decisions, which would help reduce crop failures and risks and improve farm performance and incomes. |
| Date: | 2009–09–30 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2009-09-03&r=cwa |
| By: | Dholakia Ravindra H; Agarwalla Astha; Bazaz Amir Bashir; Agarwal Prasoon |
| Abstract: | The paper is based on the 8 Input . Output (I-O) tables for the Indian economy available over a period of 36 years from 1968-69 to 2003-04. The technical progress (TP) in the context of the I-O tables is based on the concept of a production function defining the relationship between gross output and material inputs as well as value added at the disaggregated sectoral level. The paper attempts to answer the following questions: (i) Was the TP substantial and continuous throughout the period?; (ii) Was the rate of TP during the inward looking and outward looking growth strategy phases of the economy the same?; and (iii) Was the rate of TP at the disaggregated sectoral level almost constant over time? In order to measure the rate of TP, the available eight national I-O tables in India are first made compatible for the number, scope and definitions of sectors as well as for prices by converting them at constant 1993-94 prices. Chenery-Watanabe coefficient is used for measuring the rate of TP for different sectors across the 8 I-O tables. |
| Date: | 2009–11–10 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2009-11-02&r=cwa |
| By: | Sharma Vijay Paul; Thaker Hrima |
| Abstract: | Agricultural subsidies that encourage production and productivity have been widely criticized because of the cost of subsidies and they are perceived to be far from uniformly distributed. There is a general view in academic, policy and political circles that agricultural subsidies are concentrated geographically, they are concentrated on relatively few crops and few producers and in many cases do not reach the targeted group(s). One of the most contentious issues surrounding input subsidies in general and fertilizer in particular in India is how much of what is paid out actually finds its way into the pocket of the farmer, and how much is siphoned away by the input companies. There has also been a debate about the issue of real beneficiaries of fertilizer subsidy like small vs. large farmers, well-developed vs. less developed regions, etc. Therefore, there is need to understand the fertilizer subsidy distribution pattern to assess whether the subsidy benefits the target group(s), an argument often made while giving any farm subsidy. This paper examines trends in fertilizer subsidy and the issue of distribution of fertilizer subsidies between farmers and fertilizer industry, across regions/states, crops and different farm sizes. The study shows that fertilizer subsidy has increased significantly in the post-reforms period from Rs. 4389 crore in 1990-91 to Rs. 75849 crore in 2008-09. As a percentage of GDP, this represents an increase from 0.85 per cent in 1990-91 to 1.52 per cent in 2008-09. The paper shows that general perception that about one-third of fertilizer subsidy goes to fertilizer industry is misleading because the underlying assumptions (i) that India’s entry into world market as an importer does not affect world prices, and (ii) world fertilizer markets are perfectly competitive, do not hold true. The world fertilizer trade-flows and markets are more concentrated and volatile and imports by India have significant impact on world prices. Moreover, with shift from the earlier cost-plus based approach to import parity pricing (IPP), the Indian fertilizer industry would be exposed to the world competition and efficient units would survive. Therefore, the proposed policy of direct transfer of fertilizer subsidy to farmers is misconceived and inappropriate and its adverse effects outweigh the perceived benefits of it. The study shows that fertilizer subsidy is more concentrated in few states, namely, Uttar Pradesh, Andhra Pradesh, Maharashtra, Madhya Pradesh, and Punjab. Inter-state disparity in fertilizer subsidy distribution is still high though it has declined over the years. Rice is the most heavily subsidized crop followed by wheat, sugarcane and cotton. These four crops account for about two-third of total fertilizer subsidy. The study highlights the existence of fair degree of equity in distribution of fertilizer subsidy among farm sizes. The small and marginal farmers have a larger share in fertilizer subsidy in comparison to their share in cultivated area. A reduction in fertilizer subsidy is, therefore, likely to have adverse impact on farm production and income of small and marginal farmers as they do not benefit from higher output prices but do benefit from lower input prices. This paper justifies the fertilizer subsidies and questions the rationale for direct transfer of subsidy to farmers. |
| Date: | 2009–07–27 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2009-07-01&r=cwa |
| By: | INSEL, Aysu; SUNGUR CAKMAK, Nesrin |
| Abstract: | This paper examines the link between migration and trade, focusing on Turkey as a “sending” country and the selected trading partners, Austria, Belgium, Denmark, Finland, France, Germany, Holland, Italy, Norway, Spain, Sweden, Switzerland and the UK, as the “receiving” countries in Europe. The research question is: “Do Turkish emigrants have positive impacts on the exports and imports of Turkey through preference and/or network channels.” The investigation methodology involves the fixed effect panel data analysis, and the estimation technique is the Least Squares under the assumption of the presence of cross section heteroskedasticity and the robust standard errors. This paper includes the 1980-2007 period, as well as two sub-periods, 1980-1995 and 1996-2007, in order to test the impact of the 1995 December Customs Union agreement between Turkey and EU countries. The trade function has been determined by the stock of Turkish population, per capita real income, real exchange rate, and the lagged dependent variable. It has been found that Turkish emigrants have significantly positive effect on trade mainly after the Custom Union Agreement, through the preference and network channels. |
| Keywords: | Migration; Trade; Panel data; Dynamic models; Turkey |
| JEL: | F22 C23 F14 |
| Date: | 2010–04–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:22100&r=cwa |
| By: | Rakesh Basant; Partha Mukhopadhyay |
| Abstract: | We provide a brief but comprehensive overview of linkages between higher education and the high tech sector and study the major linkages in India. We find that the links outside of the labor market are weak. This is attributed to a regulatory structure that separates research from the university and discourages good faculty from joining, which erodes the quality of the intellectual capital necessary to generate new knowledge. In the labor market, we find a robust link between higher education and high-tech industry, but despite a strong private sector supply response to the growth of the high-tech industry, the quality leaves much to be desired. Poor university governance may be limiting both labor market and non-labor market linkages. Industry efforts to improve the quality of graduates are promising but over reliance on industry risks compromising workforce flexibility. Addressing the governance failures in higher education is necessary to strengthen the links between higher education and high tech industry. |
| Date: | 2009–05–01 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2009-05-01&r=cwa |
| By: | Kumar Brajesh; Singh Priyanka; Pandey Ajay |
| 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: | 2009–12–23 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2009-12-04&r=cwa |
| By: | Charyulu Kumara D.; Biswas Subho |
| Abstract: | Organic farming systems have attracted increasing attention over the last one decade because they are perceived to offer some solutions to the problems currently besetting the agricultural sector. Organic farming has the potential to provide benefits in terms of environmental protection, conservation of non-renewable resources and improved food quality. India is bestowed with lot of potential to produce all varieties of organic products due to its diverse agro-climatic regions. In several parts of the country, the inherited tradition of organic farming is an added advantage. This holds promise for the organic producers to tap the market which is growing steadily in the domestic market related to the export market. In India, the land under certification is around 2.8 million ha. But, there is considerable latent interest among farmers in conversion to organic farming. However, some farmers are reluctant to convert because of the perceived high costs and risks involved in organic farming. Despite the attention which has been paid to organic farming over the last few years, very little accessible information actually exists on the costs and returns of organic farming in India. The empirical evidences of efficiency analysis of organic and conventional farming systems are scarce or even absent. So, the present paper focuses mainly on the issues like economics and efficiency of organic farming vis-Ã -vis conventional farming in India. Four states namely Gujarat, Maharashtra, Punjab and U.P were purposively selected for the present study. Similarly, four major crops i.e., cotton, sugarcane, paddy and wheat were chosen for comparison. A model based non-parametric Data Envelopment Analysis (DEA) was used for analyzing the efficiency of the farming systems. The crop economics results showed a mixed response. Overall, it is concluded that the unit cost of production is lower in organic farming in case of cotton and sugarcane crops where as the same is lower in conventional farming for paddy and wheat crops. The DEA efficiency analysis conducted on different crops indicated that the efficiency levels are lower in organic farming when compared to conventional farming, relative to their production frontiers. The results conclude that there is ample scope for increasing the efficiency under organic farms. |
| Date: | 2010–04–20 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2010-04-03&r=cwa |
| By: | Basant Rakesh; Sen Gitanjali |
| Abstract: | This paper explores how socio-economic, especially socio-religious affiliations, and demographic characteristics of individuals influence participation in higher education (HE). It argues that appropriate measures of ‘deficits’ in participation should inform the nature and scope of affirmative action. The analytical and policy relevance of distinguishing between stock and flow measures, the differences in eligibility for HE across groups are emphasized. After controlling for relevant factors, the ‘hierarchy of participation in higher education’ that emerges from detailed analysis suggests that deficits for some marginalized groups are not high enough to justify reservation for these groups on the basis of low participation. |
| Date: | 2009–11–03 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2009-11-01&r=cwa |
| By: | Rekha Jain; Raghuram G |
| Abstract: | Despite the tremendous growth of mobile services in most developing countries, these have largely remained limited to urban areas. This has further aggravated the existing urban and rural divide. Policy makers and regulators perceive the need for an effective regulatory and policy environment to reduce the gap, as there are several market challenges in this endeavor, including low commercial viability. However, most such interventions have had little success. This paper outlines India.s experience of increasing rural teledensity, including its recent policy initiative to increase penetration through creation of a Universal Service Obligation Fund (USOF) that supported a variety of innovative initiatives. USOF.s most ambitious program to date had been the design and deployment of mobile services in rural areas. This paper analyses the outcomes of various programs, especially those of the mobile service provision component of USOF. Despite the innovative design of the USOF program, it had little impact on increasing rural teledensity. On the other hand, positive policy steps that reduced the costs for service provision (revenue shares, duties, ADC) and competition facilitated greater rural penetration. This raises the issue of role of government vis-Ã -vis private sector in increasing rural teledensities. The lack of accountability arising from the relationship between the government owned incumbent and the USOF administrator and proper evaluation of USOF, the non-ring fencing of the fund and poor quality project management contributed to the low impact. Non-involvement of private operators at an early stage, inability to suitably enforce any penalties for violation of contracts, and non-existent review and feedback mechanism have not allowed USOF to leverage the benefits of an early start. In Peru, strict penalties in non implementation of contracts led to more timely schedules (Cannock, 2001). Since USOF is a highly visible program, it is important to generate high impact outcomes. On the strategic front, USOF needs to be managed by an independent body that is made responsible for outcomes. Third party assessments and greater enforceability of contracts are necessary operational elements of thisdesign. Without this operational framework, the strategic elements of design will not provide the value that was envisaged. This paper also provides a framework for assessment of USOF and relates it to the experience in other countries. USOF must be treated as one among many instruments for increasing rural teledensities and efforts should be made to facilitate policy outcomes on a variety of dimensions. |
| Date: | 2009–06–03 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2009-06-03&r=cwa |
| By: | Morris Sebastian; Pandey Ajay |
| Abstract: | Land in India is problematic largely because of archaic and perverse provisions in the practice and the law. The new Land Acquisition Amendment Bill does go some way to correct the anti-democratic and imperial provisions of the old 1894 Act. Other regulatory restraints stand in the way of fair compensation to sellers whether the deal is a sale or an acquisition using eminent domain. Urban planning being based on the “Ricardian Model†and on top of asymmetrically applied regulatory constraints further depresses the benefit to land owners. As a result very little land is obtainable without dispute and high risk for infrastructure development. In this paper we provide an analytical critique of the law and restrictions as also of the framework of urban planning and provide a justification for why major change is required in the approach to land markets, land acquisition and urban planning. We also provide the key elements of a reformed approach that can create a win-win framework for development. We also present our suggestions on how the proposed Amendment to the Land Acquisition Act can be changed to make the Act functional and remove the residual perversities therein. |
| Date: | 2010–03–27 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2010-03-02&r=cwa |
| By: | Rao Indu |
| Abstract: | The Indian diamond industry thrives in the atmosphere of secrecy and informality that envelops the diamond trade and has for long been labeled as an unorganized sector of the economy. However, it resembles a close-knit community composed of thousands of small, medium and large sized CPD ( cut and polished diamonds) units and has grown to become one of the highest foreign exchange earners for the country. The industry exports cut and polished diamonds worth US $ 14 billion annually and enjoys a 95 % market share of the global exports of cut and polished diamond pieces. An in-depth study of the industry reveals that the so called unorganized sector is in fact highly organized and has great potential to offer useful insights to the field of management in terms of new forms of organizing, networking, business processing and for doing international business. This paper presents summary of findings from research conducted in the Indian diamond industry over a period of last four years. Part I includes insights about the remarkable rise, growth and the unique working of the industry. Part II makes use of a case study of a 40 years old large- sized CPD unit to help gain further understanding of the Indian diamond industry. Part III is about the impact of the 2008 global turmoil and of the industry’s revival after a severe recession. The analysis of findings and implications for future research have been discussed. |
| Date: | 2009–09–25 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2009-09-01&r=cwa |
| By: | Raghuram G; Digar Rishita; Jain Chandni |
| Abstract: | In 2007-08, Indian Railways (IR) carried 6.5 billion passengers (highest in the world as a single system, and second highest in the world as a country after Japan at 9.0 billion passengers), serviced 770 billion passenger kms (second highest in the world, close to China at 773 billion passenger kms) and passenger earnings were Rs 19,783 crores. Of this, 43% of the passengers, 84% of the passenger kms and 92% earnings were from the non suburban sector. The actual passenger kms for 2007-08 was higher than the capacity of the IR. Such overuse can be reduced by increasing the coaching stock, or by improving the utilization of coaches. The former method proves to be an expensive one for IR. Hence, this calls for an improvement in the coaching stock utilization. In this paper, we assess the utilization of coaches on the parameters % of runtime, kms/day, and average speed of rakes servicing express/mails and passenger trains in the South Central Railway (SCR), taking into consideration the rake linking involved. This is done by analyzing every rake link used in the SCR as given in their rake link booklet. |
| Date: | 2009–07–29 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2009-07-03&r=cwa |
| By: | Charyulu Kumara D.; Biswas Subho |
| Abstract: | India had developed a vast and rich traditional agricultural knowledge since ancient times and presently finding solutions to problems created by over use of agrochemicals. Todays’ modern farming is not sustainable in consonance with economics, ecology, equity, energy and socio-cultural dimensions. The entire agricultural community is trying to find out an alternative sustainable farming system, which is ecologically sound, economically and socially acceptable. Sustainable agriculture is unifying concept, which considers ecological, environmental, philosophical, ethical and social impacts, balanced with cost effectiveness.The answer to the problem probably lies in returning to our own roots. Traditional agricultural practices, which are, based on natural and organic methods of farming offer several effective, feasible and cost effective solutions to most of the basic problems being faced in conventional farming system. With having such a due importance of organic farming in India, the government has initiated the programs like National Programme for Organic Production (NPOP) in 2000 and National Project on Organic Farming (NPOF) in 2004. Availability of quality organic inputs is critical for success of organic farming in the country. Setting up of organic input units are being financed as credit-linked and back-ended subsidy through NABARD and NCDC under NPOF Capital investment subsidy scheme. Three types of organic input production units namely; fruit/vegetable waste units, bio-fertilizer unit and vermi-hatchery units are being subsidized @ 25 per cent of their total project costs respectively. Around 455 vermi-hatchery units, 31 bio-fertilizer units and 10 fruit and vegetable waste units were sanctioned across different states by NABARD till May, 2009. But, NCDC has so far sanctioned only two bio-fertilizer units in Maharashtra state. This paper made a humble attempt to know the present status of these units, capacity utilization and their efficiency. A sample of 40 vermi-hatchery units were selected for the present study from four states namely; Gujarat, Maharashtra, Punjab and U.P respectively based on their weights in total population. A model based non-parametric Data Envelopment Analysis (DEA) was used for analyzing the efficiency of organic input units. Multiple regression models are also used to estimate the drivers for efficiency in vermi-hatchery units. The average installed capacity of the sample unit was 150 TPA. But, the mean production was around 76.2 TPA. The average capacity utilization rate was only 50.8 per cent which indicates nearly half of its full potential. Across different states, this value was the highest in Maharashtra (124.6%) followed by U.P (70.0%), Punjab (22.0%) and Gujarat (16.1%). The main reasons for low capacity utilization were lack of demand, poor production skills and insufficient infrastructure. The estimated mean technical, allocative and economic efficiencies of sample vermi-hatchery units under DEA-CRS model were 63.7, 50.95 and 32.95 per cent respectively. The results clearly indicate the low technical, allocative and economic efficiency of sample units. Correspondingly, the mean values for DEA-VRS model were 83.39, 59.42 and 50.24 per cent. These values conclude that organic inputs are suffering from both allocative inefficiency as well as scale inefficiency. Factors like size of the unit, contribution of family labor have shown positive relation with technical as well as scale-efficiencies. Participation in the training programs was also enhancing technical efficiency. The age of the unit and subsidies discouraged the scale-efficiency. |
| Date: | 2010–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2010-04-01&r=cwa |
| By: | Girja Sharan; Madhavan T |
| 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. ETHE was placed in a trench 20 m long, 6 m wide and 3 m deep and back-filled with excavated soil. The greenhouse, a single span saw-tooth (20 X 6 X 3.5 m) structure was erected directly above. ETHE provided 40 air changes per hour. There are three continuous (closable) vents - two laterals along base of long sides, one near top of taller wall. A retractable cover with 60 % shading was provided on top over the cladding. There are 39 overhead foggers placed overhead. The facility was installed in late 2001, at Kothara (j 23° 14 N, l 68° 45 E) and investigations carried out to determine (a) the extent to which new facility improves yields, extends cropping season, conserves water compared to open- field in the area, and (b) the extent to which environmental control is achieved. By using control measures in sequence and in conjunction, it was possible to crop the greenhouse over a span of ten months (July to April), long enough to raise two crops. Hybrid tomato has been raised three times, with mean single crop yield of 62 t / ha, and crop water use 245 mm. Additional 50 mm water was used in supplementary cooling. Yield was nearly two times that of open-fields and water used (for irrigation and cooling) less than half. Natural ventilation along with top shading was effective till the end of February, limiting greenhouse temperature to 34°C. Subsequently, ETHE and foggers were operated. With adult tomato crop inside (4 plants / m2), operating the ETHE (vents closed, top shaded) for six hours with evaporative supplement from foggers restricted greenhouse temperature to 37 . 38°C. Water used by foggers, 100-108 liters over the day was one third to one fifth of what fan and pad would need to service a facility of this size. ETHE used 20-24 kWh over a day, about 25% more than estimated for fan and pad system. It was found economical to crop till the end of April or fist week of May and keep the house closed till the end of June. In heating mode - ETHE was able to heat the greenhouse easily from 9°C to 22-23°C in half hour in the cold winter nights and keep it at that till morning. The new facility appears promising for improving yields, making better use of water and extending the growing season in this hot semi-arid region. Work is ongoing, to find ways to reduce installation cost of the ETHE and to develop a more easily scalable design than the present one. |
| Date: | 2009–11–13 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2009-11-04&r=cwa |
| By: | Agarwalla Sobhesh Kumar; Pandey Ajay |
| Abstract: | We analyze the permanent (information effect) and temporary (liquidity effect) impact of block trades transacted in the National Stock Exchange of India. Block trades are identified using multiple criteria based on trade value and trade volume. Overall, the permanent price impact is more for block purchases than for block sales indicating that block purchases are more informative than block sales, which may be motivated by liquidity need. Unlike in other markets, we observe that the temporary impact is greater than the permanent impact in case of block purchase. We classify the block trades as All-or-None (AON) and Not-AON trades depending on the number of transactions through which a block order is executed. As expected, the price impact is higher for Not-AON trades as compared to AON trades (which can be assumed to be pre-negotiated trades). Further, arrival of multiple block trades increases market confidence on the information. The permanent price impact is higher for days where there are more than one block trade of similar nature than for days with only one block trade. To analyze the speed of market response to the information associated with block trades, we have used the ‘transaction time event approach’, as used by Holthausen et al. (1990). We find that the prices start increasing (front running) 8 minutes before block purchases but not in case of block sales i.e. some information about the impending block purchase is factored in by the market when the block trade is for purchases. Further, in the case of block sales, prices revert quickly leaving very small permanent price impact. |
| Date: | 2010–04–12 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2010-04-02&r=cwa |
| By: | Parekh Sandeep |
| 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. This paper argues that the complexity in the trigger points for disclosure and tender offer introduced over the years lacks a philosophy, and most of the amendments can not only be deleted but a very simple structure can be introduced making compliance of the regulations straight forward and easy to understand by management of listed companies. Certain other areas which need amendments have also been discussed. Chief amongst these are the provisions relating to consolidation of holdings, conditional tender offers, hostility to hostile acquisitions, definitional oddities, payment of control premium in the guise of non compete fees, treatment of differential voting rights, treatment of Global Depository Receipts and disclosure enhancements. This paper does not try to portray a particular combination of numbers as the best possible set of trigger points and compulsory acquisition numbers but advocates that whatever numbers are adopted should not be changed for several decades. Arguments that state that the changing economic condition requires constant changes with these numbers, it is argued is wrong. |
| Date: | 2009–11–23 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2009-11-06&r=cwa |
| By: | Mark Hayden; Paul J.J. Veenendaal; Žiga Žarnić |
| Abstract: | This paper provides a model-based analysis of the potential macro-economic impacts of different options for international financing of climate change mitigation in developing countries. The model used is the multi-region and multi-sector climate change version of the WorldScan model. Following the outcome of the UNFCCC conference in Copenhagen, it makes no specific assumptions about the future international climate regime. The analysis shows that the environmental prospects systematically improve in a transition from the Clean Development Mechanism projects towards a global carbon market, while the opposite is foreseen for the economic costs. The more of a carbon market we have when moving from the project-based CDM to sectoral crediting mechanisms and internationally linked cap-and-trade, the more finance the carbon market will channel to developing countries. |
| Keywords: | european union eu annex I non-annex I climate conference in Copenhagen climate change mitigation clean development mechanism emission trading system the US brazil china india own participation of developing countries sectoral crediting mechanisms hayden Veenendaal Zarnic |
| JEL: | D58 Q40 Q50 Q51 |
| Date: | 2010–03 |
| URL: | http://d.repec.org/n?u=RePEc:euf:ecopap:0406&r=cwa |
| By: | Abideen, Zain Ul; Salaria, Rashid M. |
| Abstract: | The purpose of study is to deliberate upon the impacts of television advertising on children & to identify those critical impacts which lead to behavioral and eating disorder in children. Impacts of TV advertising were identified as unnecessary purchasing, low nutritional food and materialism. A questionnaire using five point likert scale was administered to 425 parents of children aged between 9-14 years, and studying in schools. Samples were drawn through convenience sampling approach from four cities of Pakistan namely Islamabad, Rawalpindi, Bahawalpur & Multan. Data were analyzed by using SPSS software. Pearson correlation was used to measure the relationships of the variables on one-to-one basis indicating the most correlated variable was Unnecessary Purchasing which had Pearson correlation value of 0.312 and significance value of 0.000. It was followed by a Materialism which had Pearson correlation value of 0.260 and significance value of 0.000. Then comes Low Nutritional Food being Pearson correlation value of 0.258 and significance value of 0.000. Testing of hypothesis found that television advertising increases the consumption of food that is unhealthy, having low nutritional values and high in Sugar, Fat and Salt (SFS) in children with F=30.146 & P=0.000. Subsequently, it was found that Television advertising leads to increase in unnecessary purchasing in children with F= 45.747 & P=0.000 and materialism in children with F=30.545 & P=0.000. So, it is summed up that TV advertising is affecting children by increasing their food consumption pattern, preference for low-nutrient, high in sugar, fat & salt (SFS) foods and beverages, change in attitude that is aggressive and violent in nature and inclination towards unnecessary purchasing. |
| Keywords: | TV Advertising; Low Nutritional Food; Violence; Unnecessary Purchasing; Materialism |
| JEL: | M31 |
| Date: | 2009–12–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:22321&r=cwa |
| By: | Thomas Richter (GIGA German Institute of Global and Area Studies) |
| Abstract: | This paper argues that trade and capital account reforms within autocracies underlie the primacy of foreign currency procurement. A longitudinal comparison of four countries (Morocco, Tunisia, Egypt and Jordan) in the Middle East and North Africa region shows a historical sequencing of reforms. In the 1960s and 1970s, the foreign exchange scarcity was managed primarily by rising restrictions, accumulation of debt and a number of unilateral country-specific strategies, including broader economic openings (infitah) and isolated capital account liberalizations. However, IMF-friendly reforms (orthodox trade liberalization) only became a political option in the context of the extreme fiscal scarcity of the 1980s and 1990s, after the failure of these earlier policies and the drying up of alternative unconditional finance. Additionally, the time differences regarding when orthodox reforms are implemented within autocracies mainly relate to global and regional cycles of different external windfall gains. These findings complement recent debates about the rush to free trade in at least two regards. First, they point to distinct causal mechanisms depending on the type of political regime (for example, autocracy versus democracy), explaining the beginning of trade and capital account liberalizations among developing countries. Second, they reveal the conditional historical influence of neoliberal ideas among structurally similar autocracies. |
| Keywords: | Autocracy, trade and capital account liberalization, Morocco, Tunisia, Egypt,Jordan |
| JEL: | F23 L14 O14 |
| Date: | 2010–04 |
| URL: | http://d.repec.org/n?u=RePEc:gig:wpaper:131&r=cwa |
| By: | Kerry Papps (Nuffield College) |
| Abstract: | sing worker-level panel data for Turkey, this paper analyses the separate employment effects of increases in the social security taxes paid by employers and increases in the minimum wage between 2002 and 2005. Variation over time and among low-wage workers in the ratio of total labour costs to the gross wage gives rise to a natural experiment. Regression estimates indicate that a given increase in social security taxes has a larger negative effect on the probability of a worker remaining employed in the next quarter than an equal-sized increase in the minimum wage. Those who retain their jobs in the next quarter also experience a larger reduction in working hours when social security taxes increase than when the minimum wage rises. This is consistent with a situation in which workers increase effort in response to an increase in wages. Men, rural-dwellers and those under 30 are found to have the strongest overall disemployment effects in response to increases in labour costs. |
| Date: | 2010–05 |
| URL: | http://d.repec.org/n?u=RePEc:koc:wpaper:1017&r=cwa |
| By: | Morris Sebastian; Varma Jayanth R; Barua Samir K |
| Abstract: | Reform of the oil sector is long overdue. The problems in the sector emanate from the structure of central taxes and the system of subsidisation through prices. Solutions to the problems necessarily have to address both tax and subsidy simultaneously. The social losses include, misuse / wasteful use of scarce petroleum resources, diversion, adulteration, other avoidable negative externalities, improper substitution between products, tax arbitrage, distortion of consumer preferences and input choices of industries, and international cross hauling of petroleum. Nearly all these costs, and problems arise not because of subsidisation per se but due to the use of varying retail prices that are used to subsidise. Prices for the same product vary for different consumers besides. They also vary across products. These tax /subsidy variations are the root cause of nearly all problems in the sector. Autonomous price variations (i.e. those resulting from the actions of firms (under a regime of non-distortionary subsidies) would be small and not subject to ‘arbitrage’ i.e. to the realisation of rents through diversion and adulteration. Tax reform – viz casting all taxes in the form of value added taxes has not taken place in the sector despite the passage of nearly 15 years since such reform was put in place in nearly all other sectors of manufacturing. Complete deregulation of the sector allowing oil producers, oil refiners, marketing companies, and integrated operators to price their products as they deem fit. Recast central indirect taxes (excise whether specific or ad valorem) into a value added tax, as for any other product., i.e., allowing input credit for all registered intermediate users of petroleum products is overdue. Central government revenues can be protected by working out a revenue neutral value added tax rate. This we have estimated approximately to be 110-120% of value added uniformly to all segments in the industry. Such a tax regime would also be neutral to the degree of vertical integration and remove the biases in the use of products. The Public Distribution System (PDS) is not necessary and ought to be dismantled. Kerosene would then be sold in the open market for all consumers. Kerosene could also be sold by retail outlets, kirana shops, other retail outlets, and by current PDS retailers on par with kirana shops/ ROs. Ditto for LPG. Subsidies are administered through endowments defined upfront, which allows the subsidised consumer to access his/her endowments, trade the same, convert the same into cash all without the causing any distortion. Only pipelines are subject to regulation by the Petroleum and Natural Gas Regulator. The second best proposals involve the changes/recommendations as before but additionally creates a “Crude Price Stabilisation Fund†(CSF) that allows crude prices (both sharp rises and sudden falls) to be moderated, so that pass thru is influenced by the managers of the CSF. It is important that the CSF is set up as in independent body and insulated from the government and is governed by strict and automatic rules that make rapid price adjustment (to the market prices) necessary when the fund position is low, so that the probability of the fund going bankrupt is kept at nearly zero. A fund between $ 25 to 40 billion is envisaged. A fund of $40 billion (Rs. 200,000 crore) envisaged as a credit line would work in most situations. The fund would operate with strict limits on the quantum of the credit line used to pay out stabilization subsidies during the boom phase of the price cycle as also on the accumulated reserves built up from stabilization taxes during the bust phase of the price cycle. To ensure that such crude stabilisation measures do not affect the competitiveness of the industry exports of product (and crude) are taxed when crude is subsidised, and subsidised when crude is taxed. Appropriate conversion factors would apply. The conversion factor should be based on a refinery loss of between 10 and 7% say 8.5%. |
| Date: | 2010–03–28 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2010-03-03&r=cwa |
| By: | Luis Miotti (University Paris 13); El Mouhoub Mouhoud (University Paris Dauphine); Joel Oudinet (University Paris 13) |
| Abstract: | In this paper, we analyze the determinants and the final use of remittances of migrants settled in France sending remittances to the southern Mediterranean and Sub-Saharan African countries. Research using microdata is very scarce in this region; we rely on a specially designed survey (2MO) we conducted in 2007-2008 of 1,000 people who remit to the three Maghreb countries, to Turkey and to the countries of Sub-Saharan Africa. We also use a second survey conducted by the French Ministry of Social Affairs and Health (DREES) which includes a sample of 3,500 people from the regions we are interested in. DREES microdata set enables us to understand who is more likely to remit (extensive margin). 2MO microdata allows an analysis of remittance behavior amongst those who remit (intensive margin) including sum and reported final use of remittances (housing, investment, current expenditures). Using these two microdatasets, we examine the likelihood to remit across the different waves of immigrants, the motivations to remit and the intended final use of remittances to highlight behavior differences between the different waves of immigration on the one hand, and on the other hand, the importance of looking beyond classical variables to better understand remittance behavior and its changing nature. Our first result shows that, after controlling for all the variables linked to income, education, age or nationality, subjective variables such as attachment to the home country, history and the institutional context of emigration play a determinant role in explaining remittance behavior. Our second result shows that migrants, who are in France for a long time and who have low education levels, also send remittances in order to invest in their home country. The degree of the migrant’s attachment to his home country thus appears as a discriminating subjective variable. By contrast, the migrants from Sub-Saharan Africa send money for current In this paper, we analyze the determinants and the final use of remittances of migrants settled in France sending remittances to the southern Mediterranean and Sub-Saharan African countries. Research using microdata is very scarce in this region; we rely on a specially designed survey (2MO) we conducted in 2007-2008 of 1,000 people who remit to the three Maghreb countries, to Turkey and to the countries of Sub-Saharan Africa. We also use a second survey conducted by the French Ministry of Social Affairs and Health (DREES) which includes a sample of 3,500 people from the regions we are interested in. DREES microdata set enables us to understand who is more likely to remit (extensive margin). 2MO microdata allows an analysis of remittance behavior amongst those who remit (intensive margin) including sum and reported final use of remittances (housing, investment, current expenditures). Using these two microdatasets, we examine the likelihood to remit across the different waves of immigrants, the motivations to remit and the intended final use of remittances to highlight behavior differences between the different waves of immigration on the one hand, and on the other hand, the importance of looking beyond classical variables to better understand remittance behavior and its changing nature. Our first result shows that, after controlling for all the variables linked to income, education, age or nationality, subjective variables such as attachment to the home country, history and the institutional context of emigration play a determinant role in explaining remittance behavior. Our second result shows that migrants, who are in France for a long time and who have low education levels, also send remittances in order to invest in their home country. The degree of the migrant’s attachment to his home country thus appears as a discriminating subjective variable. By contrast, the migrants from Sub-Saharan Africa send money for current expenditures rather than for investment. The obligation feeling seems to be the important motivation for remit. |
| Date: | 2010–04–30 |
| URL: | http://d.repec.org/n?u=RePEc:csl:devewp:288&r=cwa |
| By: | Sharma Bharati; Roy Sweta; Mavalankar Dileep; Ranjan Pallavi; Trivedi Poonam |
| Abstract: | The role of District Public Health Nurses (DPHN) and District Public Health Nurse Officers (DPHNOs) as supervisors of the Public Health nursing and midwifery staff in a district was investigated. Thirteen DPHNs and DPHNOs from six districts selected from six geographic zones of Gujarat were observed for one week using the time motion method. Their activities and time spent were noted and the DPHNs/DPHNOs and their supervisors were interviewed. The role of the DPHNs has reduced over the years because they have not been assigned new roles with change in programmes and policies. Most of the DPHNs have training for clinical work in hospitals. Their 10 month training to qualify for PHN is inadequate to develop knowledge and skills in public health. There is a gap between their training and posting due to delays in government procedures of promotion. The DPHN/DPHNOs spend majority of their time in the office (49%) where they have a limited role. Their supervisory role for nurses and midwives has lost its importance. They spend about 1/3rd of their time in field supervision mostly visiting centres accessible by public transport as they do not have an allotted government vehicle. As they do not submit any field report, there is no follow-up action from their visit. Nevertheless they seem to have an important role in solving problems of field workers as they are mediators between the district and peripheral facilities. To conclude the DPHNs are under utilized which affects the quality of maternal and child health services in the district. |
| Date: | 2010–02–17 |
| URL: | http://d.repec.org/n?u=RePEc:iim:iimawp:wp2010-02-04&r=cwa |
| By: | Michael Mousseau (Koc University) |
| Abstract: | Survey respondents in fourteen countries representing 62% of the world’s Muslim population indicate that approval of Islamist terror is not associated with religiosity, lack of education, poverty, or income dissatisfaction. Instead, it is associated with urban poverty. These results are consistent with the thesis that Islamist terrorists obtain support and recruits from the urban poor, who pursue their economic interests off the market in politics in collective groups. These groups compete over state rents, so a gain for one group is a loss for another, making terrorism of members of out-groups rational. The rise of militant Islam can be attributed to high rates of urbanization in many Muslim countries in recent decades, which fosters violence as rising groups seek to dislodge prior groups entrenched in power. Rising group leaders also compete over new urban followers, so they promote fears of out-groups and package in-group identities in ways that ring true for the urban poor. Because many of the urban poor are migrants from the countryside, popular packages are those which identify with traditional rural values and distinguish enemies as those associated with urban modernity and the secular groups already in power. Imams have an incentive to preach want audiences want to hear, so a mutated in-group version of Islam—Islamism—struck a chord in several large cities around the globe at the same time. With globalization of the media, in many developing countries the West is widely (albeit wrongly) perceived as an inimical out-group associated with urban modernity. The best political strategy to limit support and recruits for Islamist terrorist groups is to enhance the economic opportunities available for the urban poor, and to provide them the needed services, such as access to health care and education, that many currently obtain from Islamist groups. |
| Date: | 2010–04 |
| URL: | http://d.repec.org/n?u=RePEc:koc:wpaper:1015&r=cwa |