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No. 323

APRIL 2001


ISSN 0019-5170



Determination of Impurity Level and Emission Standard under Various Market Structure


The hazardous substance contained in chemical products will be released into the environment as pollutants in various form after consumer's consumption, which usually involves with chemical reaction. We construct a model by taking fuel as an example to determine the impurity (e.g. sulfur content) level and emission (e.g. SOX) standard as environmental regulation under various market structure. The impact of the restriction on impurity level in fuel on production level, emission standard and welfare is examined.

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 Optimization of Traditional Agro-Forestry System in Mid Hills of Himachal Pradesh


Agro-forestry has been practiced by the hill farmers since time immemorial in one form or the other. Present study is an attempt of understanding and analyzing the complex functioning of hill agro-forestry systems with a goal of suggesting optimal plans under different situations. Linear programming approach was used as an analytical technique and seven plans have been suggested for different situations of farm business.

Annuity values of forestry trees planted on field bunds and pasture lands were calculated in order to incorporate individual tree in the linear programming model. Besides trees, agricultural crops and animals were also included in the model. Taking into consideration vast potential floriculture and apiculture in the area, both were included in the model as additional profitable activities.

Two different linear programming models were prepared for small and large farmers. The study reveals that if modern technology and factors of production are supplied in desirable quantities then the returns over variable cost have potential of getting increased by more than three times on small farms and more than two and halftimes on large farms.

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   Economic and Social Benefits from Biogas Technology: A Study of Una District (H.P.)


Himachal Pradesh has emerged as a pioneer hill state in the development of biogas technology as more than 38,656 biogas plants have so far been installed in the state. Attractive incentives have also been provided in the form of lofty subsidy for the installation of biogas plants. It is imperative that the programme which is launched in a big way should be evaluated. So, an economic analysis of the biogas technology is also essential to acquaint the authorities about the progress and economic benefits that accrue to the beneficiaries through adoption of biogas technology. Una district of Himachal Pradesh boarding plains of Punjab was purposively selected for the study. Sample design used for selection of biogas plant owners was multistage stratified random sampling. Ten per cent sample was drawn randomly from each size of functional biogas plants and primary data were collected from these biogas plant owners. In order to work out the incremental benefit, only additional cost incurred due to biogas plants were accounted for the use of dung through biogas plants determines the incremental benefits from this technology. To examine the economic viability of biogas plants in Himachal Pradesh, budgeting techniques such as Net Present Value (NPV), Benefit Cost ratio (B/C ratio), Pay Back Period (PBP) and Internal Rate of Return (IRR) were worked out for different sized biogas plants separately.

The findings of the study have clearly brought out that both the model used in the analysis gave almost same additional returns. The per capita fixed cost decreased with the increase in the size of biogas plants. Total variable cost increased with the increase in the size of biogas plants.

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Demand Following and Supply Leading Relationships: An Empirical Analysis for India


The study investigates the effects of activities of financial institutions (FIs). In particular, an econometric study has been undertaken to examine the 'supply-leading' and 'demand-following' characteristics of FI activities. The investigation is conducted by employing time series data using macro variables over the period 1960-61 to 1997-98. Our analysis shows the existence of a strong supply-leading (SL) relationship from real disbursements to real investments. The SL relation is further confirmed through the Sims causality tests. The demand-following (OF) relationship from real investments to real disbursements finds weak confirmation via the Sims causality test. Evidence therefore supports the presence of a strong SL link in the Indian context.

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  Investigating the Relative Effectiveness of Monetary and Fiscal Policy for India: A Multivariate Co-integration and Error-Correction Approach


This paper tests the relevance of monetary and fiscal policy of India and evaluates the impact of the recent policy of economic liberalization on their relative effectiveness. Unlike previous studies, this paper draws on co integration analysis and employs a vector error- correction modeling approach. Impulse response functions and variance decompositions are analyzed to determine the dynamic properties of the relationships. Results seem to indicate the dominance of fiscal policy in India. The monetary policy effectiveness is further undermined by monetary accommodation of some evidence of a small change in the relative monetary-fiscal policy effectiveness, the results from recursive regression and Chow-tests failed to show any clear break in the historical pattern of relative effectiveness in the post 1991 period.

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  Output Gap's, Inflation and Money in Some South Asian Countries During 1950-98


A number of empirical studies for developed countries (especially for the OECD countries) have demonstrated the validity of the so- called gap model in explaining inflation and have provided estimates of the magnitude of the impact of output gaps on inflation. A recent study has found substantial evidence to suggest that the gap model is equally applicable .to East Asia and that the output gap is a significant determinant of the change in inflation in most of the Asian countries investigated. The purpose of the current article has been to test whether the gap model works in the case of some South Asian countries, i.e. India, Pakistan, and Sri Lanka, where economic fundamentals have been somewhat different from those that existed in East Asia. The results reported in the current study for India,. Pakistan and Sri Lanka lend only limited support to the view that the output gaps have a significant effect on inflation in the three South Asian countries. On the other hand, there seems to be more support for the view that money changes and terms of trade variations have had a comparatively greater influence in determining inflation in the South Asian countries.

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Empirical Evidence of the J-Curve Hypothesis


Devaluation of a currency is expected to have a J. Curve effect meaning that balance of trade initially deteriorates and eventually improves. Numerous studies have tested this effect for several countries with some amount of success in its validity. This paper tries to use the data of seven countries to test the evidence of J-curve hypothesis. It is found that with the exception of China all six countries show J-curve phenomenon after their currency devaluation. In case of Japan, the currency has appreciated significantly hence the inverted J- Curve is witnessed.

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Marketing of Petroleum Products and the National Economy of Nigeria


This research work was undertaken to investigate the marketing of petroleum products in Nigeria. The data for the research were obtained through questionnaire administered on the staff of the Ministry of Petroleum Research, Nigerian National Petroleum Corporation (NNPC) and Pipeline and Products Marketing Company (PPMC). The data were tabulated and analysed.

The research revealed some determinants of price stability in Nigeria. It shows that adequate economic importance of the marketing of petroleum products is not felt by the masses. The research also reveals that there are adequate monitoring and controlling of revenue by the Ministry of Petroleum Resources and NNPC. There is a strong agreement shown by the research that pipeline is effective in the distribution of petroleum products in the country.

It was therefore recommended that prices should made stable, fund monitoring be fortified, new marketing strategies should be introduced. The petroleum products should be used in exchange for new technologies and strict measures be taken against any person(s) involved in bunkering, smuggling and adulteration of petroleum products.

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