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.

Morbidity profiles of Kerala and all-India: An Economic perspective

Abstract: This study examines the economic profiles of morbidity by disease in Kerala and all-India by estimating Engel elasticities for diseases and classifying them as between those associated with affluence and deprivation. Morbidity rates, in general, are more for the rich than for the poor. There could be factors other than income, which influence the morbidity rates as revealed by horizontal pseudo-Lorenz curves for distribution of reported total morbidity across households. That morbidity rates are higher for the rich than for the poor households does not hold uniformly valid at the level of individual diseases. This is borne out by pseudo-Lorenz curves for disease specific morbidity. Pseudo-Lorenz curves lay above/below the line of equal Distribution depending upon the nature of diseases. The sub-set of undiagnosed diseases is a poor man's disease in both rural and urban all-India but only in urban Kerala. To avoid Type II errors in targeting medical facilities, it would be useful to identify those diseases, which afflict the rich proportionately more, that is, diseases with Engel elasticities more than one. Such diseases are virtually insignificant in Kerala. They account for 1.23 and 1.75 per cent of reported morbidity cases in rural and urban Kerala respectively. As regards all-India, they have significant presence. Their respective shares in total rural and urban morbidity cases are 7.83 and 6.83 percent. Generally coronary heart diseases, diabetes and hypertension are considered as life style diseases. Among them, only diabetes mellitus has elasticity greater than one for rural and urban all-India; heart disease and hypertension too have elasticities greater than one only for rural all-India. As regards Kerala, none of them are luxury diseases. This could also be interpreted to represent a process whereby the diseases of affluence and deprivation converge in Kerala. In other words, this may represent a shift a in the epidemiology of diseases in Kerala.

Liquidity Considerations in Estimating Implied Volatility

Abstract: Option markets have significant variation in liquidity across different option series. Illiquidity reduces the informativeness of the price. Price information for illiquid options is more noisy, and thus the implied volatilities (IVs) based on these prices are more noisy. In this study, we propose weighting schemes to estimate IV, which reduce the importance attached to illiquid options. The two indexes using liquidity weights are SVIX, which is a spread-adjusted volatility index, and TVVIX, which is a traded volume weighted VIX. We find SVIX outperforms TVVIX, the conventional schemes such as the traditional VXO, or vega weights, and volatility elasticity weights. © 2012 Wiley Periodicals, Inc. Jrl Fut Mark 32:714-742, 2012

Financial uncertainty and interest rate movements: is Asian bond market volatility different?

Abstract: The COVID-19 pandemic has given rise to a spike in financial market volatility. In this paper, we attempt to assess the effects of financial & news-driven uncertainty shocks in growing Asian economies, using country-specific bond volatility shocks as a measure of local interest rate uncertainty. Also, we contrast the effects of local uncertainty with global stock market uncertainty. Using bond market data from nine Asian markets, we uncover a transmission mechanism of uncertainty shocks via the bond market. The mechanism works as a crowding-out effect due to government-led excessive market borrowing with supply-side consequences for the private sector, as opposed to economic policy or global stock market uncertainty which works more like a demand shock as in the literature. We conclude that countries with growing fiscal deficits that entail a larger government bond market or higher current account deficits, tend to experience an increase in the cost of borrowing due to this bond market volatility or interest rate uncertainty shocks.

Internal migration for education and employment among youth in India

Abstract: This paper sheds light on the issue of internal migration for education and employment among the youth. i.e those aged 15-32 years. The paper is a first step towards addressing the issue of whether states should be concerned about internal brain drain since some states act as feeders and other states gain at their expense. States with better job opportunities such as Delhi, Maharashtra, Gujarat, Karnataka are gainers whereas traditionally backward states of Bihar, Uttar Pradesh, Orissa, Rajasthan are losing human capital. In the south, Kerala and Andhra Pradesh are possibly losing out workers to Karnataka and Maharashtra. [IGIDR WP-2014-004].

The determinants of earnings among low‐income workers in Bombay: An analysis of panel data

Abstract: This article estimates the determinants of earnings among workers in low income settlements of Bombay. It uses panel data on workers in two homeless (pavement‐dwelling) communities and two slum communities. The estimated earnings functions, adjusted for community‐ and time‐specific fixed effects, show a good fit. Age and education are significant in all the regressions; however, some of the job‐related variables appear to be more important than the standard human capital variables in determining earnings. In conclusion, while a complex set of factors seem to determine earnings of workers in low‐income communities, institutional factors play an important role.