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Working Papers | 1992

The Non-Manipulability of the Utilitarian Solution

Lahiri Somdeb

In this paper we model threat bargaining problems as fixed threat bargaining games (with the threat point at the origin) and show that the utilitarian solution to threat bargaining problems is not manipulable.

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Working Papers | 1992

Monotonicity of Solutions with Respect to the Claims Point

Lahiri Somdeb

In this paper we establish that a family of well-known normed compromise solutions for two-person claims problems respond appropriately to changes in the claims point. At the time of writing this paper, it was brought to my notice that Bossert (forthcoming) had independently obtained a similar result for a particular case of this family of solutions for claims problems with a larger number of agents. The extension of the general case to a larger number of agents is not however either immediate or obvious.

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Working Papers | 1992

Eco Institutional Perspective on Maintaining Diversity

Anil K. Gupta

The global dialogue on diversity particularly mediated by global institutions has been biased against the perspectives and philosophies evolved by the cultures in the developing countries. It is a different matter that seeds of change for sustainable development may exist with in these cultures. It is not that this neglect of local knowledge perspectives manifests only in Western writings or UN publications. The neglect is equally strong even in the formal publications of various governments in these countries. In this paper, I argue that biodiversity can not be maintained where it exists and enhanced where it is declining without appreciating the institutional context of the cultural, ecological and religious consciousness. The socio-economic factors explain only partially, why some communities maintain biodiversity and other do not. The earlier argument about close linkage between biodiversity and poverty is extended to suggest that economic poverty need not be co-terminus with institutional and cultural poverty. There may be lessons to be learnt from the communities which have maintained biodiversity by remaining 'poor'. However, it has to be strongly asserted that one can not expect biodiversity to be maintained by keeping people poor or out of the natural habitats as seems to be the strategy in many countries. The paper is organized in three parts. In part one, I discuss the phenomena of ecological diversity and its bearing on our learning, living and exchange systems. In part two, I provide examples of the interactions through which Eco Institutional Perspective can be advanced. Finally, in part three, I suggest some puzzles and dilemma which need to be further understood and analyzed. I would not suggest, resolved, a puzzle resolved is a faith broken. Perhaps diversity cannot be maintained by reason alone.

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Working Papers | 1992

Joint Ventures and Technology Trade

Bhatt M C

The fundamental task which all developing countries are facing is that of economic growth. To achieve this objective, developing countries have to generate huge resources both financial and managerial as well as technology and marketing skills both internally as well as externally. Because of the present shrinkage of availability of external resources through official development agencies, joint ventures particularly those bringing foreign investment play an important role. Joint ventures have been recognised by the United Nations, World Bank as well as the countries of the World as technical cooperation is the sine-qua-non of economic and industrial growth of any country. There is also recognition of the need for greater inter-dependence and collective self-reliance among developing countries themselves. The LIMA declaration of UNIDO envisages that 25% of the manufacturing production of the world should come from developing countries by 2000 A.D. A number of developing countries like India, Malaysia, Indonesia, some countries of Latin America and Africa are making increasing efforts in this direction. Joint ventures are the most significant means to achieve international economic cooperation and economic growth for both the home and host countries. Indian Government has formulated liberal policies for establishment of joint ventures in the country as well as for establishment of overseas ventures and technology transfer to other developing countries. The guidelines governing Indian participation in Joint ventures abroad which were formulated announced in 1970s have been constantly reviewed and have been progressively liberalised giving encouragement to establishment of such ventures. The concept of single-window clearance and streamlining of the of joint ventures abroad. Various studies conducted also reveal that there is very good return on such investments. The contribution which a joint venture makes in export of spares and components is also very significant. Recent statistical data also indicates that the Indian joint ventures abroad have been steadily improving their performance in the last few years. This paper tries to establish premises that South-South joint ventures have a sound economic base. As regards the transfer of technology, it is recognised at international levels that the transfer and development of technology is an important component of successful strategy on sustainable development. Technology should be considered as a "commodity" for export just as agricultural commodity which is exported from the country. The present concept of globalisation envisages international economic relations by way of joint ventures and technology trade.

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Working Papers | 1992

Industrialisation Strategy of Gujarat: Performance and an Agenda for Future

Chhokar J S, M. R. Dixit, and Sarkar Mitali

This paper outlines the salient features of the industrialisation strategy that Gujarat appears to have followed since its inception. The results which this strategy has produced are also discussed. The paper goes on to suggest changes required to be made in the strategy to maintain Gujarat's position as one of the leading industrial states in India in view of the changing business environment in the country.

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Working Papers | 1992

Indian Economic Forecast August 1992

Rastogi A B

On the eve of the present government's anniversary of assuring office, pessimism towards stabilisation and reforms were well entrenched in the media. With the help of hindsight one may opine that it was the loss of political grip and later certain irregularities in the money market which snowballed into a fraud and resulted in a pessimistic perception. Further meteorological forecast about monsoon precipitated the view that the economy is going to face stagflation. No one expects output to fall this year. The economy has grown in the first quarter of the fiscal year 1992-92, albeit slowly. Economic activity is expected to accelerate in the next few months. Inflation is under control and set to average just under 10% for the year 1992-93; the central government fiscal indiscipline is almost under control and there are good indications that the kharif and the rabi crops may turn out to be bumper crops. But that is not enough for rapid sustainable growth of the economy.

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Working Papers | 1992

Restructuring Public Systems through Administrative Innovations: Will Civil Service Respond.

Anil K. Gupta

When the role of the state is being redefined in the wake of recent economic crisis, a discussion on making public systems and enterprises more responsive to social concerns may be quite appropriate. But that was not the only reason for taking upon this initiative of bringing out a special issue of Administrator (Journal of LBS Academy, Mussoorie) on innovations by administrators. I think like any other subsystem of society, bureaucracy is also ridden with conflicts. While majority may be averse to any change for the better, some do care (just like in any other system). I have no doubt that in any major restructuring in society, the role of even such odd balls may be marginal. But some of them can enlarge their role. Whether they will or not depends upon how crucial and powerful they consider their marginal position to be. Not all those who attempt change are marginalised. Some get Padam Shree (State honour) for their 'distinguished' service. What are the factors which lead state to incorporate certain type of changes and reject others is not too difficult to speculate. I look into the factors which affect the transition of an idea into initiative, innovation and finally into institutionalization. Barriers to innovations have been looked at separately (Gupta, 1982) though briefly are reviewed here too. Not every innovation needs to be institutionalized in the structure of an organization. This is an insight which, perhaps, helps in taking us away from the common refrain in literature about perceived frustration of the researchers on the subject. The paper is organized into 3 parts. In part one, I look into the possible reasons for administrators to take initiatives. In part two, I present an overview of some of the change experiences covered by the authors in the special volume of Administrator, as well as some other experiences not covered. Finally, I summarize a few lessons for further exploration.

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Working Papers | 1992

Gorbachev Betas The Russian Coup and Market Blues

Samir K. Barua and Jayanth R. Varma

Extensive work has been done on response of stock markets to a variety of events, such as announcement of a firm's financial results, changes in a firm's variables. However, little work has been done on response of stock markets to political events. These events, characterized by their suddenness, are often too short lived to leave an impression on the real economy. Yet, their occurrence results in significant fluctuations in prices of securities. One such event which shook the world was the abortive coup in the Soviet Union in August 1991. In this paper we have analyzed the responses of stock markets in 24 countries to the coup, and found differences in the adjustments processes. We also analyzed the impact of fluctuations in exchange rates, and inferred that changes in exchange rates, generally ignored by studies on market efficiency, could be an important factor in explaining the price movements. The large fluctuations in prices due to political events could partially explain the excessive volatility, not justified by economic reasoning, typically observed in stock markets.

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Working Papers | 1992

Securities Scam Genesis, Mechanics and Impact

Samir K. Barua and Jayanth R. Varma

The term "securities scam" refers to a diversion of funds to the tune of over Rs. 3500 crores from the banking system to various stockbrokers in a series of transactions (primarily in Government securities) during the period April 1991 to May 1992. The scam has for several months become a permanent feature of the front pages of the newspapers. Despite the massive media coverage of the scam, most readers found it hard to understand it particularly when they were confronted with arcane terms and acronyms like ready forward, double ready forward, SGL, PDO, BR, PMS etc. Nevertheless an understanding of the scam is a prerequisite for any meaningful analysis of policy alternatives to improve the functioning of the financial system. This paper presents a plausible reconstruction of how the scam originated, how it was perpetrated, and what would be its aftermath. The paper is expository in nature and the authors make no claims to omniscience. The paper goes on to discuss the response of the government to the scam in terms of 1) discovering and punishing the guilty, 2) recovering the money, and 3) reforming the system. While agreeing with the importance of discovering and punishing the guilty, the paper argues that the attempt of the government to recover the money by such measures as the tainted shares law which cause severe and unjustified hardship to genuine and innocent investors is misguided. Turning to the arena of reforms of the financial system, the paper argues that the origins of the scam lie in overregulation of our markets. It recommends that normal transactions must be allowed to be done openly and transparently, and the role of brokers as market makers must be recognized. The second lesson from the scam is that artificial insulation of closely related markets from each other is counterproductive in the long run. Artificial barriers between the money market and the capital market, between the market for corporate securities and the market for government securities and between the formal money market and the informal one must be eliminated.

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Working Papers | 1992

Conceptual Framework for MIS for NABARD Operations in Relation to Monitoring and Evaluation Studies

Srivastava Uma Kant

The National Bank for Agricultural and Rural Development (NABARD) was established on 12th July 1982 by an Act of Parliament and it has been given the mandate to provide "credit for the promotion of agriculture, small scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas". This mandate covers a wide spectrum and brings in its fold an integration of credit activities with other economic activities like processing, marketing, and other post harvest technologies and technical services etc. NABARD is an Apex development bank primarily involved in providing different types of refinance to the eligible institutions and it also performs developmental and regulatory functions. Over the last 10 years of its existence, NABARD has emerged as crucial source of finance disbursed by the banks for agricultural and rural development. Till the end of March 1992, bank has provided a cumulative refinance of the order of Rs.16,394 crores covering about 96,219 schemes to support investments to the tune of Rs.25,000 crores. This amounts to 45% of the ground level credit disbursed by banks for agricultural and rural development. It operates through State Cooperative Banks, State Land Development Banks, Regional Rural Banks and Commercial Banks and provides refinance for short terms, medium term, as well as long term credit. The above mentioned activities require elaborate planning and control tasks to be performed at various levels in the organization. In order to support the planning and control tasks, district oriented monitoring studies as well as expost evaluation studies are undertaken. This note analyses the process of planning and control.

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