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.

A Nonlinear Optimal Control Approach for Industrial Production Under an Oligopoly Model

Abstract: A nonlinear optimal ( H -infinity) control method is proposed for industrial production under an oligopoly model. First, the dynamics of the oligopoly undergoes approximate linearization around a temporary operating point (equilibrium), which is recomputed at each time step of the control method. The equilibrium comprises the present value of the production system's state vector and the last value of the control inputs vector that was exerted on it. The linearization procedure makes use of the first-order Taylor series expansion and of the computation of the Jacobian matrices of the state-space description of the system. For the approximately linearized model of the system, an H -infinity (optimal) feedback controller is designed. For the computation of the controller's feedback gain, an algebraic Riccati equation is solved at each time step of the control method. The global asymptotic stability properties of the control scheme are analyzed with the use of the Lyapunov method.

Post‐crisis South Asia: monetary management and macro‐prudential regulation

Abstract: Purpose – The global crisis, originating in the US financial sector, affected the Asian region primarily through three channels – declining trade volumes, exchange rate pressure and asset deflation. The purpose of this paper is to focus on how the crisis impacted the four major economies of South Asia, viz. Bangladesh, India, Pakistan and Sri Lanka and how, by a combination of swift actions on the monetary, fiscal and exchange rate fronts, the worst consequences of the crisis were averted.Design/methodology/approach – The regulatory and supervisory systems in these four economies are then benchmarked against certain desirable norms, which have emerged out of post‐crisis international deliberations.Findings – It is felt that the South Asian regulatory systems perform fairly well vis‐a‐vis these norms.Practical implications – The paper also touches upon the major highlights of the crisis impact, policy responses and post‐crisis recovery in the Southeast Asian region.Originality/value – The several similarit...

Hunger, ethics and the right to food.

Abstract: The management of hunger has to look into the issues of availability, accessibility and adequacy of food supply. From an ethical perspective, this paper argues in favour of the right to food. But, for this to become viable, the state has to come up with an appropriate and effective bill on food and nutrition security, address the issue of inadequate provisioning of storage space by state agencies leading to rotting of food grains--a criminal waste when people are dying of hunger; and rely on local level institutions involving the community, that complement the administrative structure to identify the poor and reduce exclusion and inclusion errors.

Reading the tea leaves on financial inclusion: The Case of rural labour households

Abstract: Understanding the extent of financial inclusion of rural labour households is important since in the intercensal period 2001-11, the proportion of agricultural labourers in the workforce increased by 3.5 percentage points. This paper examines progress in financial inclusion using information on indebtedness of rural labour households collected by NSSO as part survey of employment and unemployment conducted in 2004-05 and 2009-10. It is estimated that 22.3 million out of the nearly 66 million rural labour households report being in debt in 2009-10. The share of formal institutions in outstanding debt of rural labour households increased from 29 percent to 37 percent while the share of money lender decreased from 44 percent to 33 percent during this period. There has been a near doubling of loans sourced from cooperative societies and a 77 percent increase in loans sourced from banks. In contrast, outstanding debt on account of borrowing from money lender increased by a meagre 1.7 percent. One does not have a ready explanation for the miniscule growth in outstanding loans from money lenders. What is promising is that the reliance on institutional sources among rural labour households without cultivable land increased from 20.6 percent to 26 percent. The aggregate picture however masks large variations across the states of India and one does not observe any structural change in geographical distribution of flow of credit and share of outstanding advances to the landless.

On willingness to pay for Covid-19 vaccines: a case study from India.

Abstract: In this paper, using survey data from 1251 respondents from peri-urban parts in the Bhopal district of India, we estimated the willingness-to-pay (WTP) for hypothetical Covid-19 vaccines. We use open-ended questions along with the discrete choice contingent valuation method for two vaccines, one with full efficacy and the other with 70% efficacy. While no major evidence of vaccine hesitancy was observed, we found a WTP of about Rs. 141 ($1.9) for the former type vaccine and about Rs. 116 ($1.6) for the latter. From the contingent valuation method, we found about 71.9% were not willing to spend Rs. 200 ($2.7) or more for the fully effective vaccine, while this figure goes up to 77.8% for the one with 70% efficacy. Estimations from linear and probit regressions suggest that economic indicators were the most important predictors of WTP. Usage of public transport, the number of days that the respondent stepped out for work, and the presence of comorbid individuals in the household were positively associated with the WTP, while pandemic-induced income reduction was negatively correlated. The findings lend support toward the requirement of highly subsidized vaccines, and hence back the recent policy announcement toward the supply of free vaccines to all states.