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  • Item
    An empirical definition of money: some factor analytic evidence for India.
    ( 1982-01-01) Kamaiah, B. ; Bhole, L. M.
    Most of the studies on the demand for money in India have not paid due attention to the definition of monetary aggregates to be used therein. It has been the practice in the literature to define money a priori as an aggregate of a set of liquid assets. Researchers have neglected the empirical problems associated with the choice and combination of liquid assets to represent money stock. This paper aims to examine the appropriate money stock to be used as a dependent variable in the context of money demand function in India.-from Authors
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    Land market activity: A framework
    ( 2002-10-01) Vijay, R.
    This paper sets out to define a methodology for identifying markets as active or inactive. This is an important problem especially in the case of the land market, where there are two sub-markets and the average level of activity in the sale and purchase market can be low. While the number of transactions in the two villages taken up for analysis does not by itself permit a classification into active or inactive markets, the methodology presented in this paper provides a basis to distinguish between the nature of activity in these two markets. The activity of a market is defined in terms of the turnover in the market in the presence of alternative uses for land. The alternate uses to resources like land is an indication of the nature of the economy. In a static economy, there are no new uses to resources. So both the demand for land and the supply of land are driven by external shocks, i.e., there would be very little ground for sustained activity in the land market, implying the land market to be inactive. An expanding economy, on the other hand, would generate alternate uses for some or all of the resources. If the uses generated changes the returns to land or to other factors of production, the relative prices for cultivation of land would have changed, requiring some reallocation of the resources. This would generate some seller of land some buyers, introducing transactions in the land market. Rapidly expanding economy would therefore witness an active land market: high turnover so as to accomodate emerging alternative uses for the resources. Here it is crucial that the opportunities emerging in the expanding economy affect the agents in the economy asymmetrically, so as to ensure the existence of both suppliers of land and demanders of land.
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    Wavelet Analysis of the Bombay Stock Exchange Index
    ( 2004-01-01) Biswal, Pratap Chandra ; Kamaiah, B. ; Panigrahi, Prasanta Kumar
    The fluctuations in the rate of returns of the Bombay stock exchange are analyzed through wavelet transform. The fluctuations, in various time scales, naturally separated by the wavelets, are subjected to statistical analysis. The localization and multiresolution properties of the wavelets enable one to identify collective behaviour in the stock market and the extent of their influence at various time scales. The Gaussian nature of the rate of returns at certain scales and the periodic nature of the same, at other scales, are clearly brought out by this analysis. The utility of this approach for modeling purpose is also elucidated.
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    Stock Market and Foreign Exchange Market in India: Are they Related?
    ( 2004-01-01) Mishra, Alok Kumar
    This article attempts to examine whether stock market and foreign exchange markets are related to each other or not. The study uses Granger's Causality test and Vector Auto Regression technique on monthly stock return, exchange rate, interest rate and demand for money for the period April 1992 to March 2002. The major findings of the study are (a) there exists a unidirectional causality between the exchange rate and interest rate and between the exchange rate return and demand for money; (b) there is no Granger's causality between the exchange rate return and stock return. Through Vector Auto Regression modelling, the study confirms that though stock return, exchange rate return, the demand for money and interest rate are related to each other but any consistent relationship doesn’t exist between them. The forecast error variance decomposition further evidences that (a) the exchange rate return affects the demand for money, (b) the interest rate causes exchange rate return change (c) the exchange rate return affects the stock return, (d) the demand for money affects stock return, (e) the interest rate affects the stock return, and (f) the demand for money affects the interest rate. Our results have implications for investors, policy makers and researchers. © 2004, Sage Publications. All rights reserved.
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    Household resources and factor market adjustment: A village economy investigation
    ( 2005-01-01) Vijay, R. ; Sreenivasulu, Y.
    An agricultural household encounters a choice problem of entering casual labour market or the lease market, and the basis of this choice and whether this choice has any influence on the labour market formation needs to be explained. The authors make an attempt to identify whether the supply side could generate a constraint on the labour market formation, and in the process explain the existence of multiple forms of labour exchanges found in the villages of developing economies such as India.
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    Mining and environmental problems in the Ib valley coalfield of Orissa, India
    ( 2005-12-22) Mishra, P. Paramita
    The exploitation of mineral resources through surface and underground mining has in the past caused a wide range of environmental problems such as health degradation, air, water and noise pollution, decline in agricultural production, deforestation, displacement and other socio-economic impacts. However, over the past number of years, stakeholders in the industry have been striving to avoid and mitigate the potential detrimental effects of mining on fragile ecosystems and local communities. Governments are increasingly formulating and adopting policies to ensure the sustainable development of their country's mining industry and mining companies are striving to be better environmental citizens. Environmental groups have become increasingly involved in mining disputes. However, a lot has to be achieved to ensure mining in carried out in a sustainable way. This paper concentrates on the environmental effects of coal mining in the Ib valley coalfield of Orissa, India. Background to the increasing awareness of the environmental issues associated with mining is provided in the first section of this paper. The second section discusses the general problems associated with mining, with particular reference to the Ib valley coalfield. In addition, measures undertaken by the companies operating the Ib valley coalfield to deal with environmental problems are presented. © The Geological Society of London 2005.
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    Asymmetric beta in bull and bear market conditions: Evidences from India
    ( 2006-01-01) Bhaduri, Saumitra N. ; Durai, S. Raja Sethu
    The significant role played by beta in various aspects of financial decision-making has forced people from small investors to investment bankers to rethink on beta in the era of globalization with ever changing market conditions. Standing on the edge of a free capital mobile world with technological innovations happening in no time, it is imperative to understand the stability of beta in accordance to these changes and also it would augments an efficient investment decisions with additional information on the beta. This study examined the stability of beta for India from a developing country perspective with a series of possible competing definitions of market conditions and alternative model specification. The results strongly validate Fabozzi and Francis (1977) claim of stable beta for individual stocks in all market conditions.
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    Empirical relationship between the dividend and investment decision: Do emerging market firms behave differently?
    ( 2006-05-01) Bhaduri, Saumitra N. ; Durai, S. Raja Sethu
    This study provides an emerging economy perspective towards the Miller and Modigliani (1961) separation principle. Applying a panel Granger causality test proposed by Hurlin and Venet (2004) to the dividend and investment data of 265 Indian manufacturing firms for 1992-2004, the M-M hypothesis is rejected and evidence found in favour of the joint determination of financing and investment decisions.
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    Evidence from a new currency equivalent monetary aggregate for India
    ( 2007-01-01) Acharya, Debashis ; Gopalaswamy, Arun Kumar
    This paper empirically examines the properties of a new weighted monetary aggregate, Currency equivalent monetary aggregate (CEMA) for India using the components of a broad monetary aggregate NM3 recommended by the working group on Money Supply, Analytics and Methodology of Compilation, Reserve Bank of India (RBI, 1998). The empirical properties of this aggregate via a money demand function are compared with its simple sum counterpart NM3. The results suggest the superiority of the CEMA over NM3.
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    Benchmarking the Performance of Public Hospitals in Tamil Nadu: An Application of Data Envelopment Analysis
    ( 2007-01-01) Dash, Umakant ; Vaishnavi, S. D. ; Muraleedharan, V. R. ; Acharya, Debashish
    Data envelopment analysis (DEA) was used to investigate the efficiency of a set of district hospitals in the state of Tamil Nadu. These facilities naturally provide primary and secondary care, but are also expected to function as health centres, addressing mostly preventive medicine, hygiene and other public health issues. This study aimed to obtain insight on their technical efficiency in light of their particular role. We have considered all the 29 district hospitals in the state. Variables chosen to characterise production were numbers of assistant surgeons, civil surgeons, staff nurses and beds as inputs; and in-patient and outpatient visits, surgeries both major and minor, and deliveries performed as outputs. The DEA model was input-oriented, allowed for variable returns to scale, and units were ranked according to a benchmarking approach. Results indicate that eight of the 29 hospitals (27 per cent) are efficient, the DEA score being 1.0, while the remaining 21 hospitals (72 per cent) are relatively inefficient, needing to benchmark their performance with that of their peer group. © 2007, Sage Publications India Pvt. Ltd. All rights reserved.
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    Core inflation for India
    ( 2007-04-01) Durai, S. Raja Sethu ; Ramachandran, M.
    In this study, a variety of core inflation measures are constructed using exclusion method, limited influence method, and a common trends model. We examine certain desirable properties of estimated core inflation and present evidence against the use of those measures obtained from exclusion and limited influence methods as an indicator of future inflationary trend. Nevertheless, the core inflation measure obtained from a common trends model is found to be unbiased to headline inflation, less volatile, highly correlated with growth rate of M3 money, cointegrated with headline inflation, and a powerful attractor of headline inflation. In sum, the evidence suggests that overemphasizing exclusion-based core inflation measures for its simplicity might be misleading whereas model-based core inflation measure is found to be a useful predictor of future inflationary trend. © 2007 Elsevier Inc. All rights reserved.
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    The Formation of Capabilities
    ( 2007-07-01) Omkarnath, G.
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    Antinomies of political society implications of uncivil development
    ( 2007-12-01) Gudavarthy, Ajay ; Vijay, G.
    This paper is an attempt to delve on the consequences of the antinomies of flattened notions of subaltern politics. On the basis of a field study in a pollution affected village in Andhra Pradesh, it demonstrates how sustained demands for the closure of polluting industries based on collective mobilisation and action are met by repression by an uncivil state in nexus with the mafia and economic elites. This in turn pushes collectives to break up and be replaced by interest-based demands either at the level of smaller groups (formed around available social stratifications) or even the individual. This makes it increasingly difficult over a period of time to sustain collective political action that could demand and gain long-term structural changes.
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    Stock price reaction to merger announcements: An empirical note on Indian markets
    ( 2008-01-01) Gopalaswamy, Arun Kumar ; Acharya, Debashis ; Malik, Jaideep
    This research work empirically investigates the differences in stock price reaction of target and acquiring companies due to merger announcements. The role of insider information before merger announcements is also empirically tested and explained to be the cause for observed pre-announcement price run-ups. The investigation has been carried out using traditional event study methodology. Various event windows have been considered and compared to find out the period where the price run-up initiates. The post-merger price variations have also been studied. This analysis is suggestive of an upward trend in cumulative abnormal returns for companies in the pre-announcement period which in turn is indicative of insider information or anticipation. In addition, the evidence also suggests that around the announcement period the returns for the acquiring companies are higher than those for the target companies. In the post amalgamation period there is a downward trend in the cumulative returns implying a negative result of the merger. © Arun Kumar Gopalaswamy, Debashis Acharya, Jaideep Malik, 2008.
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    An empirical study of the mid-day meal programme in Khurda, Orissa
    ( 2008-06-21) Si, Anima Rani ; Sharma, Naresh Kumar
    The mid-day meal programme was initiated as a means of achieving universal primary education of satisfactory quality for all schoolchildren below the age of 14 by increasing enrolment, improving attendance and retention, and simultaneously improving nutritional status. This paper attempts to investigate some of these aspects based on primar y data collec ted from Khurda district of Orissa. Data was collected from schools as well as from a sample of households of schoolchildren. The investigation includes a study of the organisational structure of the programme and also examines the cooked meals and dry ration variants.
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    Impact of mining on agricultural productivity: A case study of the Indian State of Orissa
    ( 2008-12-01) Mishra, Prajna Paramita ; Pujari, Ayan Kumar
    This article attempts to analyze agricultural productivity in a coal mining region of Orissa. Our analysis focuses on paddy production, as this is the main produce in the study region. Fisher and Tornqvist indices are used to analyze the study. A number of t-tests are performed to examine whether the Total Factor Productivity (TFP) pattern in mining villages is different from that in the control villages. Our analysis provides evidence that there is loss in agricultural productivity due to mining activities. Apart from this, we observe a shift in livelihood from agriculture to mining related work. This social change is an indicator of rural development in the mining area, in spite of a reduction in agricultural productivity. © 2008 Sage Publications.
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    Higher education
    ( 2008-12-01) Laxminarayana, K.
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    Financial development and economic growth in Indian states: An examination
    ( 2009-02-01) Acharya, Debashis ; Amanulla, S. ; Joy, Sara
    This paper aims to investigate the relationship between financial development and economic growth (FE) in the Indian states. In pursuit of this objective, the tests of Panel Cointegration and Fully Modified Ordinary Least Squares (FMOLS) are conducted by using three panel data sets viz., (i) data on BIMAARU states, (consisting of five states); (ii) data on nine other Indian States and (iii) data on full sample of fourteen states (BIMAARU states as well as nine other Indian states). The data used in this study consists of the annual data on Net State Domestic Product and Total Commercial Bank Credit Outstanding in various sectors during period 1981-2002, collected from various publications of Reserve Bank of India and Central Statistical Organisation. The panel cointegration results confirm a long-run relationship between financial development and growth across Indian states. © EuroJournals Publishing, Inc. 2009.
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    Networth exposure to interest rate risk: An empirical analysis of Indian commercial banks
    ( 2009-03-01) Saha, Asish ; Subramanian, V. ; Basu, Sanjay ; Mishra, Alok Kumar
    In the Basel II era, management of interest rate risk in the banking book has become significant. In the first study of its kind, we develop a simulation based driver-driven approach to estimate the impact of interest rate volatility on the networth of Indian banks during the period 2002-2004. We derive the interest rates that drive changes in deposit and prime lending rates (PLR). Then we perform Monte Carlo simulation and multiple regressions, on these driver rates, to obtain simulated shocks to deposit rates and PLR. We use these simulated shocks to get the 99% worst EVE loss for the sample banks. These losses are much larger than what the existing literature suggests. This is because, apart from repricing risk, we are the first to find evidence of significant basis risk. Our results have important policy implications both for banks and regulators. © 2007 Elsevier B.V. All rights reserved.
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    Special economic zones: Socio-economic implications
    ( 2009-05-16) Sharma, Naresh Kumar
    This report of a conference held at the Indian Institute of Advanced Study on special economic zones raises doubts about their desirability on different counts. It is centred around three themes: (1) SEZs and economic development; (2) SEZs and distributive implications; and (3) SEZs and the legal issues.