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Institution

Indira Gandhi Institute of Development Research

FacilityMumbai, Maharashtra, India
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.


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TL;DR: In this paper, the role of external debt financing in shaping the credit cycle and output fluctuations in nine major emerging economies was examined, and the authors found that sharp fluctuations in EDF flows are significantly associated with credit surge and stop episodes in emerging market economies (EMEs).
Abstract: We examine the role of external debt financing (EDF) in shaping the credit cycle and output fluctuations in nine major emerging economies. We show that sharp fluctuations in EDF flows are significantly associated with credit surge and stop episodes in emerging market economies (EMEs). However the association is asymmetric in nature - a stop episode in EDF flows is more likely to bring about a credit stop episode compared to an EDF surge episode. We extend our framework to analyze the joint spillover of EDF flows and credit cycles on business cycle fluctuations in these EMEs. We find that EDF lows and credit together have a strong association with output growth. After dividing the sample into EDF surge and stop phases, we find evidence of asymmetric spillover of credit on output growth. Credit decline during EDF stop episode leads to a larger decline in GDP growth relative to the impact of an increase in credit growth during EDF surges. Our analysis points to the vulnerability of credit cycles of EMEs to the sharp movement in EDF flows which in turn is largely synchronized with external financing conditions. The strong negative spillover of EDF stop phases on the business cycle is a cause of concern for policymakers in EMEs who seek to insulate their economies from such external shocks.

3 citations

Journal ArticleDOI
TL;DR: The authors analyzes the effectiveness of intervention and signals on future intervention on the foreign exchange market of an emerging market (EM) facing large capital flows, and shows that speculative demand curve is downward sloping under greater uncertainty about fundamentals.
Abstract: The paper analyzes the effectiveness of intervention and of signals on future intervention on the foreign exchange market of an emerging market (EM) facing large capital flows. A model of strategic interaction between speculators and the Central Bank shows the speculative demand curve to be downward sloping under greater uncertainty about fundamentals, which is common in EMs. Tests with Indian data confirm a stable speculative demand curve. The domestic currency appreciates when net dealer demand is positive. Intervention influences exchange rate levels and volatility. Anticipated intervention decreases dealer turnover, so expectations are stabilizing and signals on future intervention effective.

3 citations

Journal ArticleDOI
TL;DR: In this article, the economic handicaps and extent of deprivation of the Scheduled Caste households in rural India were examined and the evidence presented call for efforts to augment both the physical and human capital endowment of the SC households in order to promote their opportunities, empowerment and security.
Abstract: This paper examines the economic handicaps and extent of deprivation of the Scheduled Caste households in rural India. It compares them with the Scheduled Tribe households and other social groups in terms of their economic profile in 1993-94. It examines the extent of poverty and inequality among the Scheduled Castes by different landholding classes and household types both at a point in time and over time between 1987-88 and 1993-94. The evidence presented call for efforts to augment both the physical and human capital endowment of the Scheduled Caste households in order to promote their opportunities, empowerment and security.

3 citations

Journal ArticleDOI
TL;DR: In this article, the authors analyse the possible response from Asian developing countries (ADC) to the proposal for the formation of an international legal entity called World Environmental Organistion (WEO) designed to facilitate the internalisation of global environmental externalities.
Abstract: We analyse the possible response from Asian developing countries (ADC) to the proposal for the formation of an international legal entity called World Environmental Organistion (WEO) designed to facilitate the internalisation of global environmental externalities. We argue that the WEO must recognise the fundamental indivisibility of the economic growthenvironment agenda in these countries. If suitable side payments in the shape of tariff concessions, relaxation of non-tariff barriers and transfers of technology and cash are made and the WEO is seen to be relevant to the environmental problems of ADC, they may well participate in such a venture.

3 citations

Journal ArticleDOI
TL;DR: In this article, the authors identify a vertical and then a horizontal supply curve on Indian time series inflation and industrial output growth data in a two equation Structural Vector Autoregression (SVAR).
Abstract: Identifications of a vertical and then a horizontal supply curve are successively imposed on Indian time series inflation and industrial output growth data in a two equation Structural Vector Autoregression (SVAR). The results provide an indirect test of the identifications. A high elasticity of long-run supply cannot be ruled out, because supply shocks have a large impact on inflation and demand has a large and persistent effect on output levels. But supply is subject to large shocks. Estimated structural shocks capture historical recessions and turning points well. Pro-cyclical policy induced demand shocks aggravated negative supply shocks or failed to take full advantage of positive supply side developments.

3 citations


Authors

Showing all 320 results

NameH-indexPapersCitations
Seema Sharma129156585446
S.G. Deshmukh5618311566
Rangan Banerjee482898882
Kankar Bhattacharya462178205
Ramakrishnan Ramanathan431306938
Satya R. Chakravarty341445322
Kunal Sen332513820
Raghbendra Jha313353396
Jyoti K. Parikh311103518
Sajal Ghosh30727161
Tirthankar Roy251802618
B. Sudhakara Reddy24751892
Vinish Kathuria23961991
P. Balachandra22652514
Kaivan Munshi22625402
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Performance
Metrics
No. of papers from the Institution in previous years
YearPapers
202310
20225
202143
202027
201945
201844