Department of Economics and Finance
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Item Information arrivals, stock price variability and market efficiency in Indian stock market(ISAE, 1984) Giri, Arun KumarNB-Figures in brackets indicate percentages across the categories. cultivators owning land within the deep tubewell command area belonged only to the marginal and small size-group of farmers. The presence of the medium and large size-group of farmers was not observed. The medium and large category of farmers although existed a few years back, have now been reduced to marginal and small farmers. Out of 150 owner farmers, 77 per cent belonged to the marginal category cultivating 53.29 acres, constituting 59 per cent of the total area of 90.83 acres under the deep tubewell. The small farmers constituted only 23 per cent and cultivated 41 per cent of the land. The average size of owned land of the marginal and the small farmers within the deep tubewell command area was 046 acre and 1.10 acre respectively.Item Horticultural Prospect and Potential in India(Indian Society of Agricultural Economics, 2008-07) Giri, Arun KumarThe paper tries to assess the regional potential of triggering agricultural development through horticultural crops with the help of secondary data as available in the publications of the Centre for Monitoring Indian Economy (CMIE). The analysis of the secondary data uphold the following aspects: in vegetable production, West Bengal and Orissa are the leading states and in case of fruit production, Maharashtra and Andhra Pradesh are ahead of others. Six to twelve per cent of gross cropped area and 8 to 9 per cent of gross cropped area respectively in West Bengal and Orissa are allocated to vegetable cultivation. In Maharashtra and Andhra Pradesh the area allocated to fruit production was 2 to 3 per cent with an increment to 5-6 per cent during 2004-05. Again, land area released from foodgrain is utilised for crops other than fruits and vegetables in Maharashtra and Andhra PradeshItem Nitrogen Mineralization in Soil Amended with Crop Residue: An Incubation Experiment Under Flooding Conditions(Hindawi Publishing Corporation, 2009) Giri, Arun KumarIncubation studies were carried out to investigate the release of nitrogen in soils. The domestic sewage and soil were analyzed for their physical, chemical characteristics in view of evaluating their suitability for irrigation to agricultural lands in a laboratory experiment. The effluents were added to a soil and incubated at 30±1 0C microbial population, NH4+-N and NO3--N concentration were determined for 0,15,30,60 and 90 days. The purpose of this study was to determine nitrogen mineralization of domestic sludge in soils comparing leached and non leached incubation proceduresItem Economic development and environmental quality: an econometric study in India(Emerald, 2009-02) Giri, Arun Kumar; Mohapatra, GeetilaxmiThe purpose of this paper is to explore the emissions of SO2, NO2 and SPM in India during 1991‐2003. The Environmental Kuznets' Curve (EKC) is applied to explore the relationship between economic development measured in terms of State Domestic Product (SDP) per capita and different air quality parameters for industrial and residential locations respectively. Several developmental factors contribute to change in emissions of these air quality parameters. These factors generally include the scale effect, composition effect and the pollution abatement effect.Item Does the Indian Economy Support Wagner’s Law? An Econometric Analysis(Eurasian Journal of Business and Economics, 2010) Arora, RahulThe present study endeavors to examine the validity of Wagner’s Law in India over the period 1950/51 to 2007/08. Six versions of Wagner’s hypothesis given by different economists have been estimated which support the existence of long-run relationship between economic growth and growth of public expenditure. Two structural breaks have also been given to test the impact of structural changes in Indian economy on the growth of public expenditure. It has been found that the first structural break given for mild-liberalization period causes insignificant changes in the growth elasticity of public expenditure. However, the observed change in the elasticity due to the second phase of intensive liberalization is statistically significant. Nevertheless, the Wagner’s law is still supported during the intensive phase of liberalization given a significant fall in the elasticity. Empirical evidences regarding the short-run dynamics refute the existence of any relationship between the economic growth and the size of the government expenditureItem oes Change in S & T Explain Dynamics in Human Capital? An enquiry into Emerging Trends in Nursing Labour Market(IASSI, 2010-01) Krishna, M.We examine why it is important to consider seemingly autonomous but more embedded socio-political-economic aspects in assessing the impact of changes in Science and Technology (S&T) on human capital. In capturing the linkage between S&T and human capital, as we show, the dynamics in labour market is enmeshed in the complex web of socio-political-economic systems. Perhaps, this mode of reasoning has varying effects depending on the nature of economic activity. While the effect of entanglement of socio-political-economic aspects on S&T-human capital linkage may have less dynamism for primary economic activities, this effect is quite apparent for secondary and tertiary activities, quite reflected in consequences such as migration of labour. Interestingly, we investigate this dynamics taking nursing labour market as a case, viewing its significance in the emerging health care systems. A significant change in S&T of health care is that it has become more diagnostic than heuristic based system, mainly driven by advancements in the bio-medical technology. This change has altered the scope of health care occupations, covering occupations such as physicians, nurses, and para-medical professionals. Of these, nursing as an occupation reports one of the highest rates of women participation. After 2000, the migration of nursing professionals from some of the least developed/developing countries to developed countries has shown a steady increase. This surge in migration may have its roots in changes in S&T of health care systems. However, this link remains incomplete if we exclude a host of factors, primarily state’s role in health care, changes in health care education, new institutions in human capital formation, wage dynamics, and an increasingly socially embedded labour market. In this paper, we examine these themes –perspectives and substantive issues- , using the literature and secondary and primary data.Item Characterization of Fly Ash Generated from Parichha Thermal Power Station in Jhansi, India(Hindawi Publishing Corporation, 2010-08) Giri, Arun KumarAsh samples were collected from a dumping site (fly ash) and an electronic precipitator (ESP) of a 640MW thermal power station for characterization. Analysis of ash sample showed that the major matrix elements in fly ash were Si and Al together with significant percentage of K, Fe, Ca, and Mg. Some of the biologically toxic elements Ni, Cr, Pb, B, and Mo, were also present in substantial amounts. The saturation moisture percentages of both ashes were higher, but bulk density lower, than the normal cultivated soils.Item Perspective of Service Attributes: An empirical study about money lending in rural India(2011) Kumar, Arya; Bhat, Anil Kumar; Vaish, Arun KumarMicrofinance has emerged as an important mechanism to reach out financial services, mainly micro credit to the poor. Though there are several players in this domain still the sector is predominantly occupied by public sector banks. Presently most of the directed lending to the poor is being disbursed through group lending method. Since 1969, expansion in bank branches and adoption of technology has improved the delivery mechanism of credit products by the banks; there still exists a wide gap between demand and supply of financial products. Priority sector lending still faces challenge of sustainable recovery performance. Under priority sector lending, field functionaries often cite poor recovery and high cost associated with recovery for their underperformance. At the same time indigenous money lenders have continued their presence in the market. In order to facilitate the process of appraisal, sanction & disbursal of credit by formal financial institutions it is imperative to understand the factors which attract the borrowers to indigenous money lenders. What makes money lender thrive? Is it convenience in getting the loan or any other product or process attribute? Why repayment to indigenous money lenders better? All these questions & more need to be answered so as to enable policy makers & bankers to develop products with the same attributes. In the present paper an attempt has been made to understand the perception of different stake- holders about the repayment performance of indigenous money lenders in India. The different categories of stakeholders have been used in the study are viz. functionaries from Block Development Offices, Public & Private Sector Banks, Cooperative banks, Regional Rural Banks, Microfinance Institutions, and NABARD & Indian Administrative Services. They are either involved in the policy framing, or in implementation of microfinance schemes. Analysis found that product specific attributes play viz. ease of getting loan, promptness in getting loan, availability of repeated loans play most important role in repayment than any other factor. The results provide an insight how these attributes will lead to lesser frequent involuntary recovery measures.Item Economic Development and Environmental Degradation: A Study of Indian Situations(Lambert, 2011) Mohapatra, Geetilaxmi; Giri, Arun KumarItem Do Countries form Convergence Clubs in the World?(IPE, 2011) Arora, RahulItem Does Social Network Matter in Knowledge Output?(Sage, 2011-05) Krishna, M.This paper examines two important aspects of knowledge output: the degree of concentration in knowledge output and the nature of social network, taking the Economic and Political Weekly (EPW), a known scholarly periodical in the social sciences, as a case. We analyse the author data, looking at the frequency distribution of authors against the number of papers published and the social network of authors during the period 1996–2005. While the degree of concentration is assessed using a power law, namely Lotka’s law, the co-author data is transformed to a symmetric sociogram. The study covers 1,803 authors who published research articles in the EPW, including contributions by social scientists, policy professionals and scientists. It appears the progress in Indian social science has an apparent link with the history of EPW, accounting for a significant part of intellectual output and scholarly discourses in Indian social science. Taking cues from scholarly lineages, which investigate knowledge as a social phenomenon including the sociology of science, economics of knowledge and social network theory, we examine an important question: What is the degree of concentration prevailing in the EPW, during 1996–2005? Does the social network of authors, captured from the data, provide explanations for the degree of concentration? Our analysis shows that a high degree of the concentration of the authors and a relatively organised social network of authors coexist, indicating that the concentration in knowledge output, perhaps, is inherently linked to the structure.Item Financial Development and Economic Growth: Evidence from Indian Economy(IJARS, 2012) Giri, Arun Kumar; Mohapatra, GeetilaxmiThis paper examines the relationship between financial development and economic growth in India from 1970-71 to 2008-09. Using a multi-variable VAR model, the competing hypothesis of supply-leading versus demand-following hypothesis is tested empirically. The results from Johansen and Juselius co integration test supports for the existence of long run equilibrium relationship exist among variables of financial development and economic growth for Indian economy. Further, the results from Granger causality tests based on vector error-correction models (VECM) suggests unidirectional causality running from financial development to economic growth. This result supports the supply leading hypothesis for Indian economy during the sample period. This finding highlights the importance of financial development in India’s recent growth.Item Stakeholders' Perspective of Service Attributes: An Empirical Study about Money Lending in Rural India,(Indian Journal, 2012-01) Vaish, Arun Kumar; Kumar, Arya; Bhat, Anil KumarMicrofinance has emerged as an important mechanism to reach out financial services, mainly micro credit to the poor. Though there are several players in this domain still the sector is predominantly occupied by public sector banks. Presently most of the directed lending to the poor is being disbursed through group lending method. Since 1969, expansion in bank branches and adoption of technology has improved the delivery mechanism of credit products by the banks; there still exists a wide gap between demand and supply of financial products. Priority sector lending still faces challenge of sustainable recovery performance. Under priority sector lending, field functionaries often cite poor recovery and high cost associated with recovery for their underperformance. At the same time indigenous money lenders have continued their presence in the market. In order to facilitate the process of appraisal, sanction & disbursal of credit by formal financial institutions it is imperative to understand the factors which attract the borrowers to indigenous money lenders. What makes money lender thrive? Is it convenience in getting the loan or any other product or process attribute? Why repayment to indigenous money lenders better? All these questions & more need to be answered so as to enable policy makers & bankers to develop products with the same attributes. In the present paper an attempt has been made to understand the perception of different stake- holders about the repayment performance of indigenous money lenders in India. The different categories of stakeholders have been used in the study are viz. functionaries from Block Development Offices, Public & Private Sector Banks, Cooperative banks, Regional Rural Banks, Microfinance Institutions, and NABARD & Indian Administrative Services. They are either involved in the policy framing, or in implementation of microfinance schemes. Analysis found that product specific attributes play viz. ease of getting loan, promptness in getting loan, availability of repeated loans play most important role in repayment than any other factor. The results provide an insight how these attributes will lead to lesser frequent involuntary recovery measures.Item Labour Market in Urban Agglomerations: A Case from an Indian Global City(Sage, 2012-11) Krishna, M.The article explores salient features of the link between labour market and urban agglomeration, using National Sample Survey unit level data and field data. To capture the role of labour market in urban agglomeration, the authors present a case study of Peenya Industrial Estate of Bangalore, India considered to be the largest industrial estate in South Asia. An interesting pattern that emerges is that the odds in favour of participating in the formal work are much higher for persons with technical education in global cities in India. The nature of the labour market for highly skilled occupations is distinct from the labour market for low-skilled occupations, showing different flexibility conditions. While firms tend to use simple ways for lower occupations, strategies like referrals are applied to source persons for higher occupations. Obtaining job information through informal sources like social contact does not turn out to be the significant determinant of odds in favour of on-the-job-search. As shown by the results, on-the-job search is rather driven by basic demographic variables like age, showing a discernibly inverse relation. Moreover, this inference is limited to the group of workers.Item What Explains Wage in India?(Indian Journal of Industrial Relations, 2013) Krishna, M.This paper explores the major determinants of wages in India, drawing cues from National Sample Survey 66th round unit level data. To assess the major factors that impact wages, the authors take into account, in addition to the conventional independent variables that cover household, personal, and labour market characteristics, the general well-being of population, which, in practice, is encapsulated by a composite measure called Human Development Index (HDI). The analysis is limited to those who receive wages on a regular basis and who fall in the age group of 15-59. The empirical results show that wages in India are bound up with not only economic factors, but also identities such as sex and caste.Item Measuring core inflation in india: an empirical evaluation of alternative methods(International Journal of Social Sciences, 2014) Giri, Arun KumarIn view of formulating credible monetary policy to attain the price stability objective, the difficult part for the central banks is to distinguish, within ongoing inflation evolutions, between short term volatility and the underlying pressure of inflation. While it has now become a standard practice for most central banks around the world to monitor core inflation, little progress has so far been made in the Indian context. This paper takes a pioneering look in measuring core inflation in India focusing on the popular exclusion and trimmed mean approaches. The performance criteria adopted in this analysis show that the measure of core inflation developed in the paper has strong money-induced characteristics and therefore, can credibly be used as a short or medium term guide of monetary policy in India. This paper aims to introduce the concept of core inflation and to calculate alternative measures of core inflation for India. We have used two approaches: (1) Exclusion based approach (2) Trimmed mean method, to identify the measures of core inflation. We have obtained five alternative measures of core inflation using exclusion approach these are: WPI excluding food articles, WPI excluding food articles and non food articles, WPI excluding food articles and fuel (minerals oils), WPI excluding fuel (minerals oils) and manufactured products (Beverages, Tobacco and Tobacco Products, Non-Metallic Mineral Products, Basic Metals Alloys and Metals Products), WPI excluding Minerals, Basic Metals Alloys and Metals Products, Minerals Oils, Non-Metallic Mineral Products, Beverages, Tobacco and Tobacco Products., two measures TRIM15_15 and TRIM20_20 using trimmed mean For this we have evaluated these measures of core inflation in India based on new series of WPI (1993–94 =100). These measures were tested for volatility and unbiasedness and co- integration with headline inflation. The co-integration test statistics confirm long run relationship between the core inflation measures and headline inflation. The study found that the exclusion based measures are more appropriate for inflation targeting purposes and the measures based on the trimming may be better for identifying the underlying trends and also in providing a robust forecast of future inflation rates in India.Item Job Search Methods in the Labour Market An Empirical Analysis(IRIS Knowledge Foundation, 2014) Krishna, M.How do people go about finding jobs? A widely acknowledged presumption is that that ‘job-search process’ plays a critical role in the determination of labour market outcomes. This essay underlines the critical importance of understanding the process by which people find jobs. It examines the search behaviour of workers in the labour market, with special reference to the workers employed at an industrial area in Bangalore, KarnatakaItem Do fdi and public investment crowd in or crowd out private domestic investment in India(Project Muse, 2014) Bal, Debi PrasadThis paper examines the dynamic relationship between Private Domestic Investment (PDI), Foreign Direct Investment (FDI) and Public Investment (PU) in India for the period 1978-79 to 2009-10. Zivot and Andrews test has been used to know the structural break points in the data series. The empirical results derived from structural VAR model indicate that FDI has crowding in effects on PDI, whereas, PU neither Ôcrowd outÕ nor Ôcrowd inÕ PDI. Further, we found the evidence that shocks in PU and PDI have positively improved the FDI inflows in IndiaItem The effects of public debt on capital formation in India: evidence from structural VAR analysis(Inder Science, 2014-07) Bal, Debi PrasadThis paper provides the empirical evidence of the effects of public debt on interest rate, output and gross fixed capital formation in India during the period between the fourth quarter of 1998 and fourth quarter of 2012. Using the structural VAR model with variance decompositions and impulse response functions, the result shows that public debt has a positive impact on gross fixed capital formation as well as output. The findings of the study described in this paper broadly support the views of Keynesian economists.Item Public debt and economic growth in India: A reassessment(Elsevier, 2014-08) Bal, Debi PrasadThis paper examines the effect of public debt on economic growth in India between 1980 and 2011. Using the autoregressive distributed lag ARDL model, the paper traces a long-run equilibrium relationship between public debt and economic growth. The error correction model (ECM) results show that central government debt, total factor productivity (TFP) growth, and debt-services are affecting the economic growth in the short-run, and that the results are consistent with our a priori expectation. It is recommended that the government should follow the objective of inter-generational equity in fiscal management over the long term in order to stabilize debt-GDP ratio, particularly, after the global financial crisis.