Research Productive

Show result

Search Query :
Area :
Search Query :
3548 items in total found

Working Papers | 1993

On the Existence and Efficiency of a Voting Equilibrium for a Public Good Economy

Lahiri Somdeb

The main purpose of this paper is to formalise the concept of a compromise function. Subsequently, given a compromise function, we define a voting equilibrium and prove the existence of such an equilibrium. Finally, we close our analysis by showing that under some assumptions a voting equilibrium is Pareto optimal.

Read More

Working Papers | 1993

When AAA Means B: The State of Credit Rating in India

Ragunathan V and Jayanth R. Varma

As in many other countries, India five year old credit rating industry has grown rapidly amidst persistent doubts about the quality of the rating service. This paper evaluates the ratings given by India leading credit rating agency, CRISIL. We find that CRISIL ratings are not only too liberal by international standards but also internally inconsistent. We argue that to improve the quality of credit rating in India, there must be more competition; credit rating must be opened up to the private sector; and raters must provide unsolicited ratings.

Read More

Working Papers | 1993

Structural Features of Indias Financial System: 1980-92

Rastogi A B and Ghose Amitabha

The objective of this paper is to provide a concise description of the Indian Financial System from macro-economic perspective. The study analyses the evolution and interrelations of the financial system using the flow of funds framework and other tools of financial planning. The Financial intermediation by the banking sector waned a little as other financial companies gained importance in the economy. However, new assets, deposits and credits outstripped the growth rate of the economy.

Read More

Working Papers | 1993

Income and Price Elasticities in India Trade

Gupta G S and Keshava H

The paper estimates the export and import function for India both at the aggregate (rest of the world) as well as the important individual country levels, using annual time series data for the period 1960-61 through 1990-91. It finds that the income elasticities of trade are significant and that this elasticity is significantly higher for imports than exports, implying the possibility of the worsening trade balance with the growth in economies. The trade is generally price inelastic but this elasticity is generally higher for exports than imports. The sum (absolute) of the two price elasticities generally exceeds unity and thus satisfies the Marshall-Lerner condition for the effectiveness of devaluation in regulating the trade imbalance. The impact of the 1966 devaluation is found significant more with regard to imports than exports, and the post 1980 liberalization policy has produced desirable impact on India globalization. Based on the estimated trade elasticities and the last five years average growth rates in the trade determinants, the growth rates in India's real exports and imports have been projected at 4.1% and 5.4% respectively, and accordingly a worsening of the trade imbalance has been foreseen in the coming years.

Read More

Working Papers | 1993

The Guest for A Universal Morality: Habermas and Sri Aurobindo

Giri Ananta

Morals in the sociological and anthropological discourse have been looked at as a construction of culture and as an appendage of social norms. In the conventional sense, moral development culture. But such a notion of morality and moral development ignores the question of the Being and the universal issues of justice, well-being and freedom. In this context, psychologist Lawrence Kohlberg speaks of the post-conventional stage of moral development when the individual differentiates “his on her self from the rules and expectations of others and defines his or her values in terms of self-chosen ethical principles.” Such a post-themselves from the “historical coloration of particular form of life" and transcend the “unjust” givens of their native cultures. Such a moral awareness also prepares the ground for a genuine universality. The present paper looks into the issue of universal morality in the context of contemporary structural and discursive transformation, which is marked by globalisation. The paper discusses the work of German philosopher Jurgen Habermas and Indian spiritual prophet Sri Aurobindo and critically looks at different paths for the quest for universal morality in out contemporary world, which is marked by a hegemonic ascendancy of power and money as currencies of life, and a pervasive demoralisation of discourse.

Read More

Working Papers | 1993

Universities and the Horizons of the Future

Giri Ananta

Ours is a time of fundamental changes. Changes in our economy and politics, revolutionary manifestation of new technologies and the whole host of contemporary forces are shattering our taken-for-granted assumptions about self and society. In this contemporary context of epochal change and challenge reflection is also taking place on the nature of universities. Serious commentators in this field such as former Harvard president Derek Bok tells us that universities have to pay more attention to the way they can inculcate moral values in those who belong to it and the way they can be a source of creative transformation in and pleads for more commitment to creativity from all those who care about knowledge and society in our contemporary times.

Read More

Working Papers | 1993

Modelling of Industrial Sector in Macroeconometric Models of Indian Economy

Rastogi A B

Modelling of the Industrial Sectors has been ad-hoc in macro models. The proportion of industrial sector out in nation output has steadily increased but modellers have ignored the link between industrial sector output and employment. There are various reasons for that. The scenario of industrial sector is changing rapidly and far-reaching changes are taking place in the economy. It has become imperative for the modellers to model industrial sector with its links with employment generation in the economy and policy variables which affect the industrial sector production. As service sector is gaining importance in the economy, it would be ideal to explore links between service sector and industrial sector output and services sector's potential to generate employment in the economy.

Read More

Working Papers | 1993

On a Theorem due to Sobel

Lahiri Somdeb

In this paper we prove that any bargaining solution to group decision problems which satisfies individual rationality, strong symmetry, efficiency and strong improvement sensitivity also satisfies mid-point domination.

Read More

Working Papers | 1993

Structural Determinants of Openness of Economies: The Conceptual Basis and Cross-Sectional Evidence

Sebastian Morris

This study argues that structural factors – principally population per capita income and population density – can explain a significant proportion of the variation in openness defined as (exports + imports)/gross national production. It also provides a conceptual and theoretical basis for the form of the function that explains openness. Spatial theories of order in the location of economic activities – the ideas of Christaller and Losch – which have found much support in studies of geographers, and other empirical findings of spatial order viz., the famous rank size rule of cities' populations, and the equally famous 'gravity-model' of spatial interaction, can all be used fruitfully to understand openness. They explain why openness is inversely related to population sizes, and more generally the functional form of the structural dependence. Biometricians in the early part of this century had used allometric growth models to understand the form and growth of organisms, across not too distant species. Use of the allometric model to the problem of trade openness only calls for recognising the economy as having a structure and therefore as being more than a collection of producers and consumers; and simple assumptions about the economy's principal characteristics. Given this structural determination of openness we are able to explain the long standing puzzle of Tarshis that smaller countries, but not smaller regions within a nation, would tend to show greater economic stability. Out study would also call for re-examination of many of the studies linking growth to trade openness, especially those conducted in a cross-sectional framework: We would contend that the measure of the openness that is induced by policy (and other non-structural factors) would have to be proxied not by revealed openness as such, but by the same adjusted for the structural component.

Read More

Working Papers | 1993

Bases of Work Motivation in Development Societies: A Framework for Performance Management

Misra Sasi B and Kanungo R N

In this essay authors endeavored to analyse and understand variables that adversely affect level of motivation and performance of people within work organizations in developing societies. The authors analyse and identify the endogenous and the exogenous variables affecting worker motivation. With respect to exogenous variables, it is apparent that employees, owing to enduring influences of past socialization, bring with them habits, norms, and expectations that guide their behaviours at work place. It is this cultural baggage they carry that is stubbornly resistant to change. This has to be accepted as given while attempting to improve employee motivation and performance. It is the set of endogenous organizational variables that need to be looked at more carefully for identifying action levers for improving worker motivation and performance. These action levers have to be designed in such a way that they become compatible with the socio-cultural norms of the employees. With particular reference to Indian organizations, we have formed these into the following imperatives. 1. The management ought to be guided by the dictum: “Labour is an investment” and develop an organizational culture that values and promotes human resource as an important asset. Top management must demonstrate a commitment to establish such a culture with proactive policies in human resource management areas such as recruitment, training, placement, job design, supervision etc. It is not enough to remain merely at the level of pious pronouncements, but to go further in demonstrating that pronouncements are translated into actions. Establishment of a culture that values human asset will go a long way in enhancing employee self-esteem and loyalty. 2. The management must undertake systematic manpower planning, evolve recruitment criteria and procedures based on behaviourally and/or skill anchored job analysis. 3. With respect to tasks, job definitions should be unambiguous and performance standards clear. Such job clarity would be welcome by the employees who belong to a culture high on uncertainty avoidance (Ho fstede, 1980). 4. Rewards, financial or otherwise, should be valued and must be perceived as based on performance. Perhaps there is no hitch in acknowledging this principle. But most organizations have far to go in implementing them. We have alluded to several management practices such as time-based compensation, inadequate performance appraisal etc. that hinder reward – performance contingency and equity in the Indian context. Such practices have to change if management wants organizational rewards to have motivational effects. What is needed is a systematic evaluation of both compensation and appraisal systems on the basis of two criteria culture congruence and motivational effectiveness. On the basis of such evaluation, the systems can then be redesigned to ensure that whatever rewards are offered by the organizations are needed and valued by employees, and perceived as equitable and are contingent on performance desired by the organizations. 5. Finally, appropriate supervisory support and guidance are necessary for the employees to be motivated to perform. Mendonca and Kanungo (1990) have proposed several concrete organizational interventions for effective performance management in developing countries. They also suggested that in the Indian context the manager must adopt a nurturant-task leadership style (Sinha 1980, 1990) which is congruent with the employees familial and cultural values.

Read More