india s post green revolution agricultural performance what is driving growth following a period of poor performance in the 1990s india s agricultural growth rate has reaccelerated in the 2000s some believe the reacceleration has been a product of intensified investment which in turn has spurred yield growth others suggest it is because india s newly wealthy citizens have demanded greater product diversification to examine these hypotheses we use growth accounting techniques in conjunction with more complete agricultural production data than in past studies to construct state regional and national output input and total factor productivity quantity indexes which can be decomposed into their underlying sources sectoral performance evaluation suggests that since 1980 output growth has diffused away from the northern grain belt and toward high value agriculture in traditionally less productive regions productivity growth rather than resource use has accounted for these geographical and intensity shifts the growth burst has not as the literature has primarily argued been uniquely explainable by yield growth or product diversification but by a variety of factors including area expansion for example the contributions of irrigation technologies permitting double cropping have until now been largely ignored

tourism and environmental taxes with special reference to the balearic ecotax abstract during the last few decades tourism has undergone rapid growth however it seems clear that this growth is not exempt from certain costs economists attention is increasingly directed at the economic social cultural and environmental repercussions of tourism regarded as externalities focusing on the aforementioned repercussions the aim of this study is to confirm both the existence of external environmental costs and the need to internalise them with the aid of appropriate economic instruments in this respect an outline is given of the recent proposal by the government of the autonomous community of the balearic islands to introduce a tourist tax on visitors presented to public opinion in the form of an environmental tax and a critical review is made of the proposal in the light of a number of criteria regarded as relevant in the description design and implementation of these taxes

governing india s land under conditions of market orientation and globalization land is being transferred from agriculture and common property uses to corporate farming private industry and the service sector how are intra and international land transactions governed using the case of india this paper emphasizes the sub national scale fieldwork in gujarat west bengal and tamil nadu reveals states to be competing with each other to attract private investment yet given institutional and political variation their land provision ranges from attempted market friendly policy change to narrower state business alliances it is time for scholarship and resultant policy recommendations to look beyond the national and global scales

has india s economic growth become more pro poor in the wake of economic reforms the extent to which india s poor have benefited from the country s economic growth has long been debated a new series of consumption based poverty measures spanning 50 years including a 15 year period after economic reforms began in earnest in the early 1990s is used to examine that issue growth has tended to reduce poverty including in the post reform period there is no robust evidence of more or less poverty responsiveness to growth since the reforms began although there are signs of rising inequality the impact of growth is higher when using poverty measures that reflects distribution below the poverty line and when using growth rates calculated from household surveys rather than national accounts the urban rural pattern of growth matters for the pace of poverty reduction however in marked contrast to the period before the reforms urban economic growth in the period after the reforms has brought significant gains to the rural poor as well as the urban poor

the evolution of institutions in india and its relationship with economic growth this paper examines the evolution in a few public institutions over time in india it presents three types of evidence on institutional outcomes such as losses in power generation backlogs in disposal of court cases on perceptions based measures of governance some going back to the 1960s and finally on customs administration and whether it has been more effective at detecting evasion over time all the evidence suggests that institutional quality has not improved over time it then addresses the two way relationship between growth and institutions in terms of two apparent paradoxes the first is why growth has turned around so dramatically in india despite the relatively limited nature of reforms especially compared with other countries the second paradox is why despite nearly 30 years of rapid growth institutions have not improved the paper offers some explanations that might help explain these paradoxes

global order and the new economic policy in india the post colonial formation of the small scale sector using a class focused marxist approach we elucidate the adopted position of indian small scale sector as a devalued other within the adopted development paradigm that accords primacy to capital and west in the background of this understanding of small scale sector we demonstrate how the new economic policy in the era of globalization could be theorized as a tool to obtain the post colonial hegemony of capital over the small scale sector copyright the author 2008 published by oxford university press on behalf of the cambridge political economy society all rights reserved oxford university press

india trade policy review the review of india s trade policy by the wto the third of its kind is in three parts the report by the wto secretariat a statement by the government of india and minutes of the discussion of the report by the trade policy review board the review provides detailed information not only on india s trade and foreign investment policies but also an analytical review of india s export and economic performance the review notes that india has made considerable progress with the liberalisation of its trade and investment regime but it has a long way to go if it were to achieve a growth rate of eight to nine per cent the stated objective of the policy makers this paper drawing upon the material in the report analyses india s growth prospects and endorses the broad conclusions of the report

the big push industrialization and international trade the role of exports abstract this paper analyzes the late industrializations of south korea and taiwan and how they can be produced by an export promotion policy the paper adopts an open economy version of the well known big push model thus it recovers neoclassical accounts of industrialization through exports complementing previous literature which tends to show the existence of the big push but is scarce on trade mechanisms to produce it the model fits well with some stylized facts of the industrializations in east and southeast asia i also apply it to a comparison of the education policies of east asia and latin america

international search behavior of business group affiliated firms scope of institutional changes and intragroup heterogeneity this paper investigates whether and when affiliation to business groups enables or constrains firms international search behavior during institutional transitions we theorize that given the unique structure and complex form of business group organizations the search behavior of affiliated firms is influenced by the degree of misalignment in outlook at the group and affiliate levels of management we identify the scope of institutional changes business group attributes and affiliate characteristics as sources of such misalignment the results from panel data on 298 firms from the indian pharmaceutical industry for the 1992 2007 period show that the constraining effects of business group affiliation are observed only when institutional changes are specific to the affiliates industry and not when broad institutional changes affect the business group as a whole moreover we observe heterogeneity in the search behavior of group affiliated firms first the degree of misalignment is greater in the case of affiliates belonging to older business groups and those that are more distant in terms of age and industry since the group s founding second by contrast and suggesting an alignment in outlook we find that affiliated firms that occupy a prominent position within a group or industry are able to bargain for and receive attention and support from the business group to undertake international search our findings have implications for research on the role of business groups in a changing institutional context and for the strategic adaptation of firms embedded in complex organizational and institutional settings

oil depletion what does this mean for scottish tourism over the next 10 years scottish tourism is expected to grow by 50 one of the keys to that growth is transport which is a sector that is dependent upon oil this paper considers oil and the global economy and its relationship to scottish tourism consideration is given to the key variables such as oil forecasts security of supply cost of production world demand alternative forms of energy including renewables and nuclear power the combination of these facts means that high oil prices are here to stay two scenarios are constructed called energy inflation and paying for climate change these were developed using a triangulation of methods including the use of systems thinking models to construct the scenarios to computable general equilibrium modelling to analyse the impact of oil and energy price rises on scottish tourism the energy inflation scenario presumes mass belief in the plenitude of available oil reserves and the failure to respond quickly enough to alter demand this triggers a sudden and prolonged period of economic shocks political instability and environmental disasters the paying for climate change scenario assumes rising energy prices combined with conservation measures such as carbon taxes both scenarios raise a number of policy issues for the future including oil and fossil fuels being the main sources of energy as there is no real alternative renewables and nuclear power will continue to grow and countries will try to reduce further their reliance on oil rising oil prices are also noted as a positive feature driving innovation and new technologies which will become more economic as oil prices rise for scottish tourism the impact of rising oil prices could mean a bumpy ride with carbon taxes more wind farms and the possible end of the low cost carrier

post fordism and flexibility the travel industry polyglot abstract theorists argue that leisure and travel related activities have become increasingly commodified reflecting the broader evolution of a postmodern culture of consumption this paper argues that these developments have produced a travel industry complex characterized by a polyglot of varying production processes each placing a premium on flexible forms of accumulation focusing on certain key sectors of the travel industry the paper examines how partly because of new information technologies each element of the travel industry polyglot appears to have been affected by flexible based production strategies such as the externalization of ancillary services the development of interfirm strategic alliances and sophisticated product differentiation through brand segmentation the paper ends with a call for in depth empirical investigations to help develop a superior understanding of how flexible production techniques affect the various components comprising the travel industry

pharmaceuticals and the developing world pharmaceuticals have greatly improved health in developing countries but many people in developing countries do not obtain even inexpensive pharmaceuticals and little pharmaceutical r d is oriented toward products needed by developing countries such as a malaria vaccine access to existing products could be improved by facilitating differential pricing for example by subsidizing donation programs and reforming health care delivery r d incentives could be improved if rich countries or international organization committed to purchase needed products when they are developed and make them available to the poor

the diverging patterns of profitability investment and growth of china and india during 1980 2003 summary this paper documents the diverging patterns of capital accumulation profit rates investment rates capital productivity and technological progress of china and india between 1980 and 2003 the two asian economies have followed very different growth patterns and today they face different challenges india s is how to accelerate growth while china s policy makers debate between the need to maintain a high growth rate to generate employment and the imperative to reduce it to cool the economy india must address impediments to investment china must deal with the question of whether investment can continue being the main source of growth

is tourism firm competitiveness driven by different internal or external specific factors new empirical evidence from spain abstract the quest to understand the multilevel antecedents of competitiveness has led to a separation of approaches on one side of the question are the environment theories that analyze the structural characteristics of the general and competitive environment on the other side are the resource based view and its extensions that highlight firm specific resources and capabilities as the main basis of firms competitiveness however in recent years the nature of competition and shifting economic conditions have given rise to new theoretical approaches that complement the assumptions underlying both environmental and firm theories specifically this study contributes by examining the regional environment effect the district effect and the strategic group effect through a study of 364 spanish tourism firms this research explores the relative importance of distinct external forces such as the general environment or country effect the regional effect the competitive environment or industry effect the district effect and internal factors such as the firm s tangible resources capabilities and strategy selection the results demonstrate that firms capabilities are more important than environment effects and tangible resources

on the sustainability of external debt is debt relief enough elaborating on pasinetti 1998 the geometry of debt sustainability gds represents an analytical tool for the analysis of the long term sustainability of foreign debt the paper focuses on debt sustainability in low income countries which face several major challenges simultaneously achieving economic growth consolidating human development goals and meeting regular debt service payments the gds reveals how the structural aspect of debt sustainability as indicated by trends in the non interest current account is closely interlinked with sustainability from a financial point of view as indicated by the relationship between the growth and the interest rate the gds shows why both debt cancellation and additional aid are necessary to give indebted low income economies a chance to improve their long term economic viability

the enigma of india india s high growth over the last fifteen years has inspired several recent books and papers to examine the growth s source and sustainability the two volume study by arvind virmani being a case in point this paper evaluates these recent works it is argued that the cause of the take off does not fit into any easy ideological category as suggested by virmani the current high growth has been achieved in several steps with distinct factors of propulsion behind each step there is reason to expect the growth to be sustainable although destabilizing political tensions will arise from the increasing inequality the paper also evaluates how india s growth relates to the global economy

on the dynamics of profit led and wage led growth this paper examines how variable output and profit share jointly determine investment and saving while the difference between investment and saving drives the changes in output and profit share analysis of the resulting pair of differential equations yields novel implications for the multiplier process in this more general framework a number of separate strands of the keynesian inspired literature can be understood in particular the model incorporates both forced saving and profit squeeze to analyse the stability of the dynamical system and brings out the complex relation between in and out of equilibrium profit led and wage led regimes

co2 emissions from household consumption in india between 1993 94 and 2006 07 a decomposition analysis abstract co 2 emission from anthropogenic activities is one of the major causes of global warming india being an agriculture dependent country global warming would mean monsoon instability and consequent food scarcity natural disasters and economic concerns however with proper policy interventions co 2 emissions can be controlled input output analysis has been used to estimate direct and indirect co 2 emissions by households for 1993 94 1998 99 2003 04 and 2006 07 complete decomposition analysis of the changes in co 2 emissions between 1993 94 and 2006 07 has been done to identify the causes into pollution energy intensity structure activity and population effects according to broad household consumption categories results indicate that activity structure and population effects are the main causes of increase in co 2 emission from household fuel consumption to identify the causes at the sectoral level a second decomposition has been done for changes between 2003 04 and 2006 07 to identify the causes in the next stage finally alternative energy policy options have been examined for each consumption category to reduce emissions combined strategies of technology upgradation fuel switching and market management in order to reduce co 2 emissions for sectors like batteries other non electrical machinery construction and electronic equipments including television for which all the effects are positive need to be adopted

an institutional assessment of three local government level tourism destinations at different stages of the transformation process transformation theory attempts to understand the long run process of structural shifts that occur in an industry and economy as a result of institutional change while transformation theory is being advanced and tools have emerged to measure institutions these innovations are yet to be applied to consider institutional change across the development spectrum this is critical for developing institutional theory to underpin the tourism transformation process consequently this paper aims to 1 assess the institutions of the tourism industry in three regions at different stages of transformation and 2 compare tourism to other industries within the regions the results indicate that as the tourism industry matures it becomes smarter more adaptable and takes its own trajectory by departing from the institutional norms of non tourism organizations in the region the tourism management implications are that learning research capabilities adaptability and collaborative marketing plans should be fostered in the early stages of transformation

rent sharing and workers bargaining power an empirical cross country cross industry panel analysis this paper studies how rents are shared between capital and labour using industry level panel data for 19 oecd countries over the 1988 2007 period the first step is an explanation of the rent creation process we provide evidence of a significant impact of regulation on value added prices at the industry level relative to the value added price for the overall economy rent in the second step we dissect the value added sharing process running ols and iv estimations our results confirm the blanchard giavazzi 2003 prediction the impact of rents on the capital share depends on workers bargaining power this article is protected by copyright all rights reserved

unions and wage inequality in mexico this paper offers empirical evidence on the impact of trade unions on wage inequality in mexico the results indicate that unions were a strongly equalizing force affecting the dispersion of wages in 1984 but were only half as effective at reducing wage inequality in 1996 not only did the unionized percentage of the labor force fall considerably over the period unions also lost some of their ability to reduce wage dispersion among the workers they continued to represent had unions maintained in 1996 the same structural power they possessed in 1984 the rise in wage inequality in the formal sector of the labor market between those years would have been reduced by roughly 11

explaining differences in the domestic savings ratio across countries a panel data study this article seeks to analyse the major determinants of differences in the domestic savings ratio between countries using panel data for 62 countries over the period 1967 95 a basic distinction is made between the determinants of the capacity to save and the willingness to save the capacity to save depends primarily on the level of per capita income but non linearly and the growth of income the life cycle hypothesis and the empirics strongly support these hypotheses the willingness to save is assumed to depend on financial variables such as the rate of interest the level of financial deepening and inflation we find no support for a positive interest rate effect but strong support for the level of financial deepening measured by the ratio of quasi liquid liabilities to gdp inflation exerts a mild positive effect on saving but soon turns negative total saving may also depend on tax effort but a surprisingly strong negative relation is found between the ratio of tax revenue to gdp and the domestic savings ratio

an alternative explanation of india s growth transition a demand side hypothesis this paper formalises the balance of payments constrained bpc growth model in a two regime framework to re examine india s growth transition in 1980 from a demand side perspective as an alternative to the supply oriented approaches of previous studies the results provide strong evidence of a demand led growth transition although the government led expenditure strategy of the 1980s fulfilled the role of moving the indian economy out of its slow growing demand regime 1952 79 into a faster growing one it could not sustain demand growth at the natural rate due to a balance of payments constraint consistent with the prediction of the bpc growth model faster export growth in the post 1990 liberalisation period sustained demand growth at its maximum rate by allowing expenditure including government spending to grow at a fast rate the analysis further suggests that india s export surge in the post 1990 liberalisation period has a significant demand side explanation rather than an exclusively supply side interpretation

from contents to processes versus a dynamic destination management model ddmm abstract in the tourism market it is destinations that compete not individual firms ritchie j r b crouch g i 2000 the competitive destination a sustainable perspective tourism management 21 si 1 7 growing competition both national and international is making this more and more apparent in fact every destination defined here as tourist district has to position its products in such a way that gives them character and personality the traditional fragmented structure of the european market has spurred the development of metamanagement organizations called destination management organizations dmos today dmos are called on to play a critical role to help local firms build sustainable competitive advantage and to create competitive advantage for the entire district through positioning choices this paper proposes a dynamic model of destination management ddmm which identifies typical metamanagement processes a dmo can use to shape district strategy the usefulness of this work can be seen not only in the need to formulate a good strategy which is often described in terms of positioning or criticality strategy content but also a method or a path that enables firms to build that positioning or acquire that criticality strategy process in fact kaplan and norton 2001 the strategy focused organization how balanced scorecard companies thrive in the new business environment hbs press note that the ability to implement a strategy is more important than the quality of the strategy itself the model proposed here consistent with the empirical evidence gathered in multiple longitudinal case studies underscores the criticality of two different types of metamanagement processes i a series of operative activies here defined as primary processes which can shape the resources of the district and serve to create supply and communicate local product systems and ii a series of support processes which can provide the glue between various players public and private profit and non profit entrepreneurs and community that operate within the district if these processes are effectively managed they have a significant impact on the competitive advantage of the firms operating in the tourist district

getting reforms done in inhospitable institutional environments untying a gordian knot in india s power distribution sector when grand institutional reforms based on idealized models are stalled by the poor institutional environments and difficult politics which often surround large infrastructure systems in developing countries partial reforms whose design and implementation take into account the different interests of the key stakeholders can provide valuable and immediate benefits while moving these systems from low towards higher level equilibria strategically negotiated experimentally partial and purposefully hybrid these reforms are based on careful stakeholder analysis and strategic coalition building that avoid rigid positions based on idealized models our findings are based on a study of power sector reforms in india where we performed a micro level and in depth analysis of a partial and innovative experiment which has allowed private sector participation in electricity distribution within a hostile institutional environment

economic reforms in india since 1991 has gradualism worked opinions on the causes of india s growth deceleration vary world economic growth was slower in the second half of the 1990s and that would have had some dampening effect but india s dependence on the world economy is not large enough for this to account for the slowdown critics of liberalization have blamed the slowdown on the effect of trade policy reforms on domestic industry however the opposite view is that the slowdown is due not to the effects of reforms but rather to the failure to implement the reforms effectively this in turn is often attributed to india s gradualist approach to reform which has meant a frustratingly slow pace of implementation however even a gradualist pace should be able to achieve significant policy changes over ten years this paper examines india s experience with gradualist reforms from this perspective

incentives to create jobs regional subsidies national trade policy and foreign direct investment a national authority wishes to attract foreign direct investment fdi to create local jobs we analyse the optimal national trade policy when local authorities might offer subsidies to convince a multi national enterprise mne to invest in their jurisdiction with centralised decision making or with allocation of investment to particular localities the central authority s optimal policy is to use a high tariff to avoid payment of any subsidy to the mne despite this some socially undesirable but locally desirable fdi cannot be avoided if local authorities compete to offer subsidies to attract local investment then the central government s optimal policy is to try to discourage fdi by choosing a low tariff despite this some socially undesirable and even locally undesirable fdi prevails we conduct our analysis both assuming an upper bound on tariffs as would be consistent with trade liberalisation and allowing tariffs to vary freely the effect of increasing trade liberalisation depends heavily on the system of granting local subsidies if the system is centralised trade liberalisation decreases the range of parameters for which fdi occurs if the system is decentralised and competitive it increases this range

in defence of degrowth abstract this article defends the proposal of sustainable degrowth a starting premise is that resource and co2 limits render further growth of the economy unsustainable if degrowth is inevitable the question is how it can become socially sustainable i e a prosperous and stable rather than a catastrophic descent pricing mechanisms alone are unlikely to secure smooth adaptation a full ensemble of environmental and redistributive policies is required including among others policies for a basic income reduction of working hours environmental and consumption taxes and controls on advertising policies like these that threaten to harm the economy are less and less likely to be implemented within existing market economies whose basic institutions financial property political and redistributive depend on and mandate continuous economic growth an intertwined cultural and political change is needed that will embrace degrowth as a positive social development and reform those institutions that make growth an imperative sustainable degrowth is therefore not just a structuring concept it is a radical political project that offers a new story and a rallying slogan for a social coalition built around the aspiration to construct a society that lives better with less

output and labor productivity in organized manufacturing a panel cointegration analysis for india abstract one of the policy puzzles faced in india during the last two and half decades has been the weak association between output and labor markets particularly in the manufacturing sector in this research we investigate the long run relationship between output labor productivity and real wages in the case of organized manufacturing we adjust the measure of labor productivity incorporating bottlenecks such as lack of infrastructure access to external finance and labor regulations which all may influence labor market outcomes using panel data from seventeen manufacturing industries we establish long run dynamics for the output labor productivity real wages series over a period of nearly three decades we employ recently developed panel unit root and cointegration tests for cross sectional dependence to incorporate heterogeneity across industries long run elasticities are generally found to be low for labor productivity compared to real wages due to the changes in manufacturing output there are variations across industries within the manufacturing sector for the effects of the labor market on manufacturing output in some industries lower wages are associated with higher output and the reason for the positive relationship in other industries could be due to workers bargaining power

technical and structural change and the fall in the manufacturing output capital ratio in mexico 1990 2015 the article studies the fall in the manufacturing output capital oc ratio in mexico in the post trade liberalisation period 1990 2015 from a classical perspective a pattern of falling oc ratio rising labour productivity and greater capital intensity can be interpreted as a case of marx biased technical change a within between industry decomposition shows however that in mexico the fall in the average oc ratio reflects not only within industry technical change but also structural change in the form of a change in the composition of the capital stock towards industries with low or declining oc ratios econometric estimations moreover show that within industry technical change was not related to the initial level or change in domestic labour costs as in the dominant interpretation of the sources of marx biased technical change but was driven instead by mexico s industrial integration with the usa within industry technical change and convergence to us oc ratios dominated in an early phase but were replaced by structural change and divergence in a later phase following the china shock of the early 2000s irrespective of the source of change in the average oc ratio though both within industry technical change in the early phase and structural change in the late one tended to reduce the average profit rate in the mexican manufacturing sector

the endogeneity of the natural rate of growth the aim of this paper is to estimate the sensitivity of the natural rate of growth to the actual rate of growth for 15 oecd countries over the period 1961 95 on the hypothesis that the natural rate of growth is not exogenously given to do this we estimate the natural rate of growth and then how it changes when the actual growth rate is different from the natural rate as a side test of the endogeneity hypothesis we also test for the direction of causality between national output and factor inputs for the same set of countries our results support the idea that the natural rate of growth is not independent of the actual rate of growth and bring to the fore the importance of focusing on demand as well as supply for an understanding of long run growthrate differences between countries

macroeconomic effects of regulation and deregulation in goods and labor markets product and labor market deregulation reduce and redistribute rents leading economic players to adjust to this new distribution it typically comes with distribution and dynamic effects to study these effects we build a macroeconomic model on two central assumptions monopolistic competition in the goods market which determines the size of rents and bargaining in the labor market which determines the distribution of rents product market regulation determines entry costs and the degree of competition labor market regulation determines the bargaining power of workers we show the effects of deregulation we then use our results to discuss the political economy of deregulation and recent macroeconomic evolutions in europe

trade barriers multinational involvement and intra industry trade panel data evidence from india the article analyses the effects of trade barriers and multinationals on the intensity of intra industry trade iit in a panel of indian manufacturing industries from 1988 to 1999 we find that the intensity of iit increases with the reduction of trade barriers this is expected as greater competition from imports leads individual plants in the domestic industry to specialize in the manufacturing of unique varieties the analysis suggests that horizontal market seeking multinational activities in the domestic industries exert a negative influence on iit this is consistent with the view that horizontal multinationals displace exports to the host country at the same time our results indicate that iit will be stimulated to the extent that the entry of multinationals induces intra industry specialization we also analyse the role of product differentiation and plant level scale economies in determining iit

economic consequences of deregulation evidence from the removal of voting cap in indian banks abstract we examine the effect of the 2005 banking regulation amendment bill and the 2011 banking laws amendment bill proposals for removal of the 10 percent voting rights cap in indian banks the 2011 banking laws bill was first introduced in 2005 but lapsed with the dissolution of the 14th lok sabha the bill was passed in december 2012 and raised the voting cap in private sector banks from 10 to 26 percent we present evidence that the removal of the voting cap enhances the value of votes of bank stocks by reducing the wedge between cash flow and control rights thus increasing monitoring and the probability of takeover post deregulation analysis reveals that the passage of the bill was followed by increasing blockholders number and percentage of shares held in larger and government banks furthermore a stronger negative relationship between banks profitability and size as well as share of non performing loans is observed this study makes an important contribution to the growing literature on the valuation impact and efficiency gains of liberalization of ownership restrictions in emerging markets as well as the rich literature on corporate governance and control relating to the value of voting privilege in companies with disparate voting rights

the changing pattern of foreign trade specialization in indian manufacturing this paper examines the pattern of international trade specialization in indian manufacturing since the mid 1980s by using data on trade flows low technology sectors still dominate the categories for which india exhibits the largest degree of trade specialization by contrast high technology sectors are prevalent among the categories for which india is import dependent significantly india has experienced an improvement in the degree of specialization in some of the most dynamic sectors of world trade

drivers for energy consumption a comparative analysis of china and india abstract china and india accounted for two thirds of the world s rise in energy use between 2000 and 2012 this paper aimed to calculate the p population a affluence t technology effects of energy use in china and india the world s two most populous and largest developing countries to this end a combination of the ipat method and the logarithmic mean divisia index technique and annual time series data on population energy consumption and gross domestic product during 1970 2012 are used in china a 12 53 fold growth of energy use emissions from 1970 to 2012 is driven by a combination of rapid growth in individual income and slow growth in population with offset by technological advancement since 1980 the accelerating rise in energy use since 2000 is a result of accelerating growth rates in individual income and a reversal of earlier declining in energy intensity technological advancement unlike china the long term rise in energy use exceeded the long term rise in individual income in india in addition a strong trend of decline in energy intensity has not yet occurred in india thus a 7 39 folds growth of indian energy use for 1970 2012 was a result of relatively rapid increase in population and relatively slow increase in income without effective offset by technological advancement it suggests that market oriented economic and energy reforms need to send the correct price signal to promote energy efficient technologies thus improving energy efficiency which is the key to a sustainable energy future in china and india

the catalyst model of development lessons from bangladesh s success with garment exports abstract this paper identifies on a preliminary basis the major elements that have contributed to bangladesh s resounding success with garment exports the lessons to be learned from bangladesh s success with garment exports as they apply to the search for a workable development strategy in low income developing countries with very unfavorable initial conditions are profound enough to warrant further in depth research designed to generalize the preliminary findings the paper sketches a catalyst model of development based on the experience of bangladesh s success with garment exports the model can be considered as a foreword to as well as a hypothesis for this future research first the catalyst model of development is a model for initiating development in an outward oriented direction based on the pioneering efforts of foreign and local catalysts second the catalyst model of development is a model for transmitting throughout the entire economy the development initiated by catalysts third the catalyst model of development is a model for sequencing realistic policy reforms starting from equal footing export incentives i e equal footing with foreign competitors parallel to the increasing industrial competence gained through world market competition initiated and transmitted throughout the economy by the catalysts

efficiency dynamics in indian banking a conditional directional distance approach abstract the paper contributes to the contemporary research on bank efficiency in india we analyze the efficiency dynamics of the indian banking industry from 2004 to 2012 based on the recent methodological developments of the conditional and unconditional directional distances introduced by daraio and simar 2014 we apply a conditional directional distance estimator in order to analyze the dynamic effects of industry s performance levels the results indicate that foreign banks perform better compared to national and domestic private banks there is also evidence of technological change at the period before the global financial crisis however during and after the global financial crisis these gains diminished the evidence suggests that national banks fail to sustain their high performance levels gained after the industry s restructuring period finally the findings support the view that ownership structure affects banks technical efficiency levels

differences in income elasticities and trends in real exchange rates abstract one might expect that differences in income elasticities in trade and or differences in growth rates among countries would give rise to strong secular trends in real exchange rates for example fast growing countries might need steady depreciation to get the world to accept their growing exports in fact however income elasticities are systematically related to growth rates by the 45 degree rule under which fast growing countries appear to face high income elasticities of demand for their exports while having low income elasticities of import demand the net effect of this relationship between elasticities and growth rates is that secular trends in real exchange rates are much smaller than one might otherwise have expected relative ppp holds fairly well this paper documents the existence of a 45 degree rule and suggests an explanation in terms of increasing returns and product differentiation

the decline of the labor income share in mexico 1990 2015 abstract the paper studies the decline of the labor income share lis in mexico during the period 1990 2015 the decline is mostly explained by reductions within the economy s major sectors including manufacturing tradables and non tradables rather than by a recomposition of value added towards sectors with low labor shares in contrast to agriculture where lis fell due to a shift of labor force from self employment to wage employment in other major areas of the economy the fall in lis is explained by reductions within the wage employment sector econometric estimations indicate that parallel declines in the wage share and relative productivity of non tradables and in the us manufacturing labor share all played a large role in the reduction of the manufacturing wage share in mexico more generally the analysis suggests that the lagging productivity of the economy s informal non tradable sector itself a reflection of the country s low aggregate rate of economic growth is a crucial factor in the fall of lis in the formal sectors the paper concludes by discussing possible explanations for the paradox of the slow rate of economic growth in mexico despite the rise in the profit share

the role of economic theory in modelling the long run this argues for a closer link between the modelling of the long run relations in applied economics and the intertemporal equilibrium notion from economic theory this abstract was borrowed from another version of this item

coordination failures and government policy a model with applications to east asia and eastern europe abstract poor countries must specialize in standardized labor intensive commodities middle income countries may have a richer menu of options if their labor force is reasonably well educated and skilled the multiplicity of equilibria is due to a coordination problem inherent in activities that require specialized inputs if no intermediate inputs are presently produced there may be little incentive for any single firm to do so on its own the economy may get stuck in a low wage low tech equilibrium an investment subsidy or a minimum wage policy can enhance welfare by moving the economy to a superior equilibrium

infrastructure provision and macroeconomic performance this paper studies the differences between private and government provision of infrastructure capital utilization decisions and their differential role in determining market prices for capital goods under the two regimes of infrastructure provision serve as a critical transmission mechanism for fiscal policy a subsidy to private providers of infrastructure is preferable to direct government provision irrespective of how the subsidy or expenditure is financed the case for private provision is much stronger in economies characterized by high levels of congestion the choice between private and government provision also has a crucial effect on the design of optimal fiscal policy 2011 elsevier b v all rights reserved

intellectual capital and firm performance evidence from indian banking sector in the aftermath of the 2008 financial crisis the entire indian banking industry was paralysed and their performance was shattered by the unfolding of enormous cases of non performing assets npa

determinants of labour s income share in the era of financialisation numerous studies have analysed the decline in the labour share of income but only few have linked it to the increase in financialisation the process of financialisation can roughly be described as an increasing importance of the financial sector that had an impact on the distribution between wages and profits on the one hand and retained earnings and financial income in the form of dividends and interests on the other hand this article seeks to explore the relationship between financialisation and labour s share of income using a time series cross sectional dataset of 13 countries over the time period from 1986 until 2007 the results suggest that there is indeed a relationship between increasing dividend and interest payments of non financial corporations and the decline of the share of wages in national income other factors that can account for the decline relate to globalisation and a decrease in the bargaining power of labour

diagnostic checking of unobserved components time series models diagnostic checking of the specification of time series models is normally carried out using the innovations that is the one step ahead prediction errors in an unobserved components model other sets of residuals are available these auxiliary residuals are estimators of the disturbances associated with the unobserved components they can often yield information that is less apparent from the innovations but they suffer from the disadvantage that they are serially correlated even in a correctly specified model with known parameters this article shows how the properties of the auxiliary residuals may be obtained how they are related to each other and to the innovations and how they can be used to construct test statistics applications are presented showing how residuals can be used to detect and distinguish between outliers and structural change

economic liberalization and indian economic growth what s the evidence india s growth and poverty performance over the last three decades has been a subject of great curiosity unlike the east asian countries india s growth spurt is not associated with exceptionally high domestic savings or foreign capital inflows or manufacturing exports so what triggered the change in the growth trajectory did the market liberalization policies of the 1990s help how have the initial conditions shaped the process and how has the indian model impinged on india s central problem of mass poverty this paper surveys the literature and offers its own assessment of the drivers of change jel i32 o13 o14 o15 o21 o47

a clear path towards sustainable mass tourism rejoinder to the paper organic incremental and induced paths to sustainable mass tourism convergence by david b weaver abstract the paper forms a rejoinder to the paper by david weaver organic incremental and induced paths to sustainable mass tourism convergence it fully agrees with david weaver that a sustainable development of tourism should focus on sustainable mass tourism development and not as is currently the case so much on niche products labelled sustainable however it critiques weaver s operationalization of sustainability his assumption that sustainable mass tourism smt will be the emergent norm due to external factors and his destination development theory showing different paths that however all end in smt finally it is shown that the path development idea might be at odds with systems thinking

beneath the miracle labor subordination in the new asian industrialism this important study examines the dynamics of the remarkable economic transformation of south korea singapore taiwan and hong kong which has been based in large measure on the production of manufactured goods for export the competitive edge of these countries has in turn been rooted in the mobilization of a low cost disciplined and productive workforce this study seeks therefore to explain how east asian governments and employers have attempted to manage this workforce it also explores the extent to which workers are able to challenge management decisions and insert working class agendas into public policy beneath the miracle moves beyond current explanations for the weakness of east asian labor movements which emphasize confucianist culture material welfare gains and political repression it shows that the organizational capacity of workers has been more fundamentally undercut first by the nature of emergent east asian employment systems and second by the sequencing of developmental change with political controls preceding rapid industrialization and preempting political and union organization of the growing industrial workforce deyo undertakes an incisive cross national comparison of employment systems and explores anomalous situations such as that in hong kong where labor is politically weak even under minimal state controls and that in south korea where labor is in a stronger position despite far stricter regulation beneath the miracle offers a fresh and compelling comparative analysis of asian labor movements which could lead to a reassessment of many other developmental issues in east asia in his probing examination deyo provides an important and exciting contribution to the literature in this field

foreign direct investment inflows and the industrialization of african countries summary this paper examines the relationship between inward foreign direct investment fdi and the industrialization process in africa it uses panel data from 49 countries over the period of 1980 2009 the results indicate that fdi did not have a significant impact on the industrialization of these countries while other variables such as the size of the market the financial sector and international trade were important this study concludes that the role of fdi in the transformation agenda which is currently being discussed in africa should be carefully analyzed to maximize the impact of these capital inflows

growth degrowth and climate change a scenario analysis article i nfo article history the paper proceeds with a discussion of the interplay of scale and intensity in determining greenhouse gas emissions this is followed by the presentation of several macroeconomic scenarios using lowgrow a simulation model of the canadian economy the scenarios considered are business as usual which is a projection into the future of past trends selective growth in which differential growth rates are applied to parts of the economy according to their direct and indirect greenhouse gas emissions and degrowth where the average gdp capita of canadians is reduced towards a level more consistent with a world economy the size of which respects global environmental limits the paper ends with a comparison of the scenarios 2011 published by elsevier b v

currency crises and the labour share this paper analyses the impact of currency crises on the labour share and identifies two main types of channel within and across sector effects first crises erode the bargaining power of workers so that within sectors crises lower the labour share nevertheless structural changes occurring during currency crises may change the aggregate level of the labour share if sectors differ in their capital intensities we perform estimations on manufacturing sectoral panel data for 20 countries we conclude that currency crises lower the aggregate manufacturing labour share by around 2 percentage points and that this decline reflects mostly changes within manufacturing subsectors

economic growth the harrod foreign trade multiplier and the hicks super multiplier as we saw in chapter 2 the post keynesian view of economic growth denies that the postwar economic performance of the majority of the advanced countries has been seriously constrained by the growth of factor supplies even during the long boom of 1950 73 when the growth of output of the advanced countries in aggregate was double that of the historic norm labour shortages were never a limiting factor there was either sufficient disguised unemployment in the non manufacturing sectors or enough immigration to satisfy the demand for labour kindleberger 1967 the rate of capital accumulation is never a long run constraint on economic growth as investment is as much a result of the expansion of output as its cause kaldor 1970 the evidence in support of these conditions has been summarised in chapter 2

crowding out or crowding in public and private investment in india abstract this paper contributes to the debate on the relationship between public and private investment in india along the following dimensions first acknowledging major structural changes that the indian economy has undergone in the past three decades we study whether public investment in recent years has become more or less complementary to private investment in comparison to the period before 1980 second we construct a novel data set of quarterly aggregate public and private investment in india over the period 1996 2015 using investment project data from the capex cmie database third embedding a theory driven long run relationship on the model we estimate a range of structural vector error correction models svecms to re examine the public and private investment relationship in india identification is achieved by decomposing shocks into those with transitory and permanent effects our results suggest that while public investment crowds out private investment in india over the period 1950 2012 the opposite is true when we restrict the sample to post 1980 or conduct a quarterly analysis since 1996 this change can likely be attributed to the policy reforms which started during the early 1980s and gained momentum after the 1991 crisis

the personal and the factor distributions of income in a cross section of countries abstract the shares of capital and labour in national income vary substantially both over time and across countries this paper shows that the factor distribution of income is an essential determinant of the personal distribution of income we use cross country and panel data for a group of developed and developing countries to show that a larger labour share is associated with a lower gini coefficient of personal incomes this effect is not only statistically significant but also economically important an increase in the labour share in mexico to that observed in the us would reduce the gini coefficient of the former by between two and five points

organic incremental and induced paths to sustainable mass tourism convergence this paper positions sustainable mass tourism smt as the desired and impending outcome for most destinations natural resource scarcity development of green technology climate change awareness the global financial crisis institutionalised environmentalism and internet technology all facilitate the emergence of sustainability as a societal norm that is combining with the longer established norm of growth desirability smt convergence is occurring along three distinctive paths in an evolutionary manner that reflects environmental pragmatism the market driven organic path describes the conventional tourism area life cycle model of butler whilst the regulation driven incremental path entails deliberate alternative tourism dat in which carrying capacities are gradually increased to accommodate higher visitation levels the hybrid induced path describes planned mega resorts conceived as growth poles each model is invested with its own specific planning and management implications

a broad context model of destination development scenarios intensity and regulation are employed as variables to formulate a broad context model of tourism destination development this model consists of four inclusive tourism development states i e circumstantial alternative tourism or cat deliberate alternative tourism or dat unsustainable mass tourism or umt and sustainable mass tourism or smt and eight possible scenarios of transition from one state to another it is argued that the butler sequence is just one possible scenario within this framework and that most places are cat destinations that are unlikely to progress beyond this status quo the model is applied to the gold coast of australia to suggest that an integrated dat smt product should be the outcome of destination management strategy to replace the current unintegrated cat umt structure

poverty and growth in india over six decades we study the evolution of consumption poverty measures for post independence india including 20 years since extensive economic reforms began in 1991 progress against poverty was negligible until the mid 1970s after which a downward trend in poverty measures emerged the pace of poverty reduction accelerated in the post reform period despite rising inequality amidst faster growth a key finding is that the relationship to the pattern of growth changed greatly suggesting stronger intersectoral linkages with urban consumption growth benefiting both the rural and urban poor in contrast to the pre reform period growth in primary secondary and tertiary sector outputs yielded similar impacts on poverty

fatal fluctuations cyclicality in infant mortality in india this paper investigates the impact of aggregate income shocks on infant mortality in india and investigates likely mechanisms a recent oecd dominated literature reports the provocative finding that mortality at most ages is pro cyclical similar analyses for poorer countries are scarce and both income risk and mortality risk are greater in poor countries this paper uses data and methods designed to avoid some of the specification problems in previous studies and it explores mechanisms and extensions that have not been previously considered it uses individual data on infant mortality for about 150 000 children born in 1970 1997 merged by cohort and state of birth with a state panel containing information on aggregate income identification rests upon comparing the effects of annual deviations in income from trend on the mortality risks of children born at different times to the same mother conditional upon a number of state time varying covariates including rainshocks and state social expenditure rural infant mortality is counter cyclical the elasticity being about 0 33 this is despite the finding that relatively high risk women avert birth or suffer fetal loss in recessions it seems in part related to recessions stimulating distress labor amongst mothers in contrast to the case in richer countries where they discourage labor market participation health care seeking declines in recessions and this appears to be related to the opportunity cost of maternal time disaggregation reveals that the average results are driven by rural households in which the mother is uneducated or had her first birth in teenage and that it is only girls that are at risk boys are protected from income shocks exposure to poor conditions in the fetal and neonatal period appears to have a larger effect on infant mortality than similar exposure in the postneonatal period

good times bad times postwar labor s share of national income in capitalist democracies this article returns to a classic question of political economy the zero sum conflict between capital and labor over the division of the national income pie a detailed description of labor s shar