Indira Gandhi Institute of Development Research

About: Indira Gandhi Institute of Development Research is a facility organization based out in Mumbai, Maharashtra, India. It is known for research contribution in the topics: Monetary policy & Inflation. The organization has 307 authors who have published 1021 publications receiving 18848 citations.

Volatility in Indian Stock Markets: A Conditional Variance Tale Re-told

Abstract: This article attempts to identify, from among the family of Generalised Autoregressive Conditional Heteroscedasticity (GARCH) models, the model that best describes the Indian stock market volatility by (a) building volatility models using the traditional GARCH models that accounts for asymmetry; (b) selecting a suitable model by nesting through Box-Cox transformation, a family of GARCH models. Our results confirm the stylised fact of the presence of leverage effects in the stock market. But contrary to popular belief, our results show that (a) it is the smaller shocks that affect the returns in the Indian stock market and dominate the news impact curve than the larger shocks; (b) nesting exercise has narrowed down to two entirely different sets of models that could describe equally well the returns data of the Indian stock market; but overall results indicate that a non-linear model that uses the conditional standard deviation with an exponent that accounts for smaller shocks may be preferable to explaini...

The Great Climate Debate - A Developing Country Perspective

Abstract: For over two decades, scientific and political communities have debated whether and how to act on climate change. The present paper revisits these debates and synthesizes the longstanding arguments. Firstly, it provides an overview of the development of international climate policy and discusses clashing positions represented by sceptics and supporters of action on climate change. Secondly, it discusses the market-based measures as a means to increase the win-win opportunities and to attract profit-minded investors to invest in climate change mitigation. Finally, the paper examines whether climate protection policies can yield benefits both for the environment and the economy. The paper suggests the possibility of building environmental and climate policies around development priorities that are vitally important for developing countries and stresses the need for using sustainable development as a framework for climate change policies.

Measuring and evaluating energy security and sustainability: A Case study of India

Abstract: The imperative for energy security is paramount for global, national and internal stability and development. Using an indicator based approach, the present study develops a framework for sustainable energy security of India. First, it presents the energy supply and demand situation in the country under different scenarios. Then it conceptualizes the notion of energy security and quantifies it for India with the help of different indicators for energy security available in the literature. Both the supply and demand side views and both micro and macro dimensions are considered in assessing how secured India as a country is with respect to our energy future. The dimensions that include energy security are: economic, environmental, social and institutional. This will help planners and policy makers to understand India's energy scene better and design policies to develop sustainable technologies and practices to ensure energy resources last long.

Firm investment, finance constraint and voluntary asset sales: the evidence from Indian manufacturing firms

Abstract: This paper examines the importance of finance constraints for firm investment expenditures by looking at the investment-asset sales sensitivity in financially healthy Indian manufacturing firms. Voluntary asset sales is a cleaner indicator of firms' liquidity than cash flows since it is unlikely to influence firms' growth opportunities unless they are financially constrained. We take care of the endogeneity and the implicit monotonicity problems, which are much debated in the literature, by using an endogenous regime switching regression model. We find that the investment-asset sales sensitivity is significantly greater for firms that are likely to be financially constraints.

Post‐2015 Development Agenda: Employment and Growth with Special Reference to India

Abstract: The Post‐2015 Development Agenda provides an opportunity to focus on employment. Productive employment is also crucial for the success of the MDGs. This article first discusses the impact of the MDG approach in India. It then examines the state of employment and growth in India, before considering how Indian policymakers are looking at employment and growth in the context of the Post‐2015 Development Agenda. Analysis of employment and growth in India shows that the elasticity of employment with respect to GDP has been declining since the early 1980s. Most new employment is generated in the form of informal work in both the organised and unorganised sectors. The Twelfth Five‐Year Plan objectives match global thinking on the Post‐2015 Development Agenda. A fresh perspective regarding employment and growth in India relates to shifting focus from quantity to quality and skill development. This is also important for taking advantage of the demographic dividend in India.