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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.


Papers
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Journal ArticleDOI
TL;DR: The last two decades have seen many emerging economies liberalizing their financial markets, and in particular, their equity markets as discussed by the authors. Encouraged by the liberal policies of the respective government.
Abstract: The last two decades have seen many emerging economies liberalizing their financial markets, and in particular, their equity markets. Encouraged by the liberal policies of the respective government...

1 citations

Journal ArticleDOI
TL;DR: In a recent special issue as mentioned in this paper, senior Indian policy economists, market participants, and researchers help to address the following questions: Is India's good performance due to luck or is it good management? How much did policy contribute and did it do as much as it could have? And are there any lessons from the Indian experience for the rest of the world?
Abstract: India is one of the few economies continuing to grow even as most economies contract in the aftermath of the financial crisis. Is India’s good performance due to luck or is it good management? How much did policy contribute and did it do as much as it could have? Are there any lessons from the Indian experience for the rest of the world? These are interesting and important questions that senior Indian policy economists, market participants, and researchers help to address in this special issue. Arvind Virmani presents the broad macroeconomic policy choices made. These set the stage on which the current crisis has played out. He suggests the selective opening out was based on a well-considered position that the country would be able to handle the resulting volatility. Rakesh Mohan argues the cost of opening out in a turbulent era proved to be low for India compared to other emerging markets, as it was accomplished without a crisis. He records the steady deepening of markets and policy institutions, together with restrictions on full capital account convertibility, and the intermediate approach to policy that have helped handle volatility. In his opinion, as India’s global integration rises, more market development will be required. Shyamala Gopinath presents a report card for a healthy financial sector. It has not created negative shocks for the real sector and looks well able to survive any adverse impact of a real sector slowdown. In some ways regulation was conservative, for example, in forbidding securitization, in others it was trend setting as in the use of countercyclical macro-prudential regulations that moderated a real estate boom. But both aspects saved the Indian financial sector from the global meltdown. There are, however, two views on removal of internal and external restrictions on the Indian financial sector. There are those who think reform has gone too fast – recent relaxations in foreign borrowing norms exposed firms to shocks from international credit markets, and from currency depreciation. Volatile equity flows have impacted markets, although more liberalization of risk-sharing equity compared to debt flows, was effective in reducing domestic risk. But there are those who think reform was too slow – choking financial development; many markets and instruments that could improve domestic financial intermediation and volatility hedging have been held back. Shunmugam and Hashim explain the design problems that aborted India’s attempt to start interest rate futures.

1 citations

Journal ArticleDOI
TL;DR: In this article, the authors introduce the technique of spectral envelope into the analysis of the decoupling problem among economies and show that the business cycles in emerging market economies are de-synchronized from cyclical movements in the advanced economies.
Abstract: In this paper we introduce the technique of spectral envelope into the analysis of the decoupling problem among economies. Decoupling refers to the phenomenon that the business cycles in emerging market economies are de-synchronized from cyclical movements in the advanced economies. The analysis shows that all the countries considered in the sample have a common cycle of approximately 42 months. The results point to a strong possibility of a common global cycle of a periodicity between 3 and 4 years.

1 citations

Posted Content
TL;DR: In this article, the impact of temporal aggregation on the GARCH process was studied. And it was shown that conditional heteroskedasticity disappears if the sampling time interval increases to infinity (Drost and Nijman, 1993).
Abstract: Beginning with the mean variance analysis of portfolio and asset returns, volatility has become central to much of modern finance theory. In recent times, empirical work involving high frequency financial time series data has focused on volatility of asset return. It has been observed that the asset returns exhibit changes, which are not independent over time. Rather, large changes tend to followed by large changes of either sign - small changes tend to be followed by small changes. That is, big shocks are clustered together. GARCH models are used to parameterize conditional heteroskedasticity. It is little known about the impact of temporal aggregation upon GARCH process that conditional heteroskedasticity disappears if the sampling time interval increases to infinity (Drost and Nijman (July 1993). Important applications for persistence variance in GARCH (1,1) model are represented by sum of the coefficients lagged squared disturbance and that of past variance coefficients b1.

1 citations

Journal ArticleDOI
TL;DR: In this paper, an illustrative example of the promotion of energy-efficient motors (EEM) in the high tension industry sector in Maharashtra State in India is presented, where 50% of the incremental cost difference of the EEM is borne by the Global Environmental Facility (GEF).
Abstract: The Framework on Climate Change Convention provides for incremental costs for those measures that help developing countries to reduce carbon dioxide emissions. The Global Environmental Facility (GEF) was set up to fund projects to provide incremental costs. Some argue that this means that fossil–fuel efficient technologies should not be included because they are economic on their own right and there is no 'incrementality' about them. This paper argues that even if they are 'economic', it is desirable to set up programmes for faster diffusion to achieve better results. An illustrative example of the promotion of energy–efficient motors (EEM) in the high tension industry sector in Maharashtra State in India is presented. In the cost–sharing programme case, 50% of the incremental cost difference of the EEM is borne by the GEF. A programme results in additional adoption of 203 000 motors and a net saving of 1.6 million tonnes of carbon, reducing the overall cost to $16 per tonne of carbon. The GEF would find it worthwhile to promote Type 1 projects that could lead to reduction of carbon dioxide emission.

1 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