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No. 326 |
JANUARY 2002 |
Vol LXXXII |
ISSN 0019-5170 |
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Contents
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Long-run Benefits from Equity Diversification in Two Chinese Share Markets:
B-Shares from Both Shanghai and Shenzhen Stock Exchanges
TSANGY AO CHANG
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This paper examined the impact of foreign investment on the
economy of Nigeria from 1975-1994. Emphasis is on direct foreign investment and
its impact on Gross Domestic product (GDP), Balance of Payments (BOP), Gross
National Savings (GNS) and External Reserves (ER). These economic indicators
are proxies for the economy.
Results from the analysis reveal that foreign investment has had impressive and
satisfactory impact on the economy. Foreign investment was remarkably high
during the period with a positive influence on the economy. The only exception
is that it did not have a favorable impact on BOP. This notwithstanding,
foreign investment has generally been worthwhile. There is thus the need to
encourage increased inflow by improving the political climate and pursuing
foreign investment policies with more zeal. |
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Migration Pattern, Poverty Profile and Consumption Pattern: A Study of
Unregistered Informal Sector Workers in Cities of Agra and Kanpur in Uttar
Pradesh and Puri in Orissa
R. S. TIWARI AND M. S. GOEL
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This paper evaluates the role of stock market development to
induce economic growth in India. Considering market capitalization, value
traded and turnover ratios to represent stock market development, and GNP (as
proxied by the Index of Industrial Production) to represent economic growth,
the present study relates economic growth to the stock market development
indices by applying correlation and multiple regression analysis. The study
based on monthly data (1991:1-1998:12) suggests that the stock market
development plays a significant role in the economic growth process in India. |
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Internet
Licensing: The Software nimension
S. BHATTACHARYYA AND T. V. S. RAMA MOHAN RAO
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Successive governments in Ghana, sometimes with foreign
support, have established institutions and schemes to address the
institutional, manpower, financial, entrepreneurial and technological needs of
the small enterprise sector. Despite the efforts, very little empirical studies
have been conducted on the effects of the promotional activities on the
business performance of small-scale industries.
This Paper compares the business performance of the small-scale industries with
support of promotion institution and those without support. Based on primary
and secondary data on 175 firms and six institutions in four districts in the
Central Region of Ghana, the paper argues that the existing promotional support
has marginal effects on the performance of the SSI. The results have important
policy implications for the government in its efforts to encourage SSIs for
national development. |
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Efficiency and
Productivity Potentials of
the Steel Industry in India
SANGEET A D. MISRA
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This paper examines the issue of forward market efficiency
using co-integration techniques. The test results lend support to the random
walk hypothesis as applied to the spot and the forward rates for Canadian and
Japanese foreign exchange markets. Although co-integration tests support the
efficient markets hypothesis (EMH), results from the associated error
correction model fail to support the EMH. |
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Factor Intensity,
Efficiency, Productivity and Government Policy in Cement Industry
RAKESH KUMAR
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A demand curve is usually constructed by using utility
function method. Practically, it is difficult to estimate a market demand curve
for a good by means of the method. The basic assumption of the study is that a
demand curve for a good is influenced by two variables; the highest price a
consumer is willing to pay for the good and the highest price a consumer is
able to afford for the good. Then through market surveys, one can acquire these
prices the consumer is willing to pay and those he is able to afford.
Therefore, a market demand curve can be constructed by applying these data. |
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Economics of Yam
Production: A Case Study of Small Scale Yam Farmer's- Production System in
Ogbomoso North Local Government Area ofOyo State, Nigeria
J. O. AMAO, S. A. YUSUF AND A. B. OGUNWALE
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In this paper forecast errors have been estimated from Box-
Jenkins models for wheat and wheat flour prices in Bangladesh. Three types of
forecasts have been generated using the models i.e., historical, ex-post and
ex-ante. The models on the basis of which these forecasts have been computed
were selected taking 6 (six) important information criteria into account i.e.,
Akaike's (1973) Information Criterion (AIC), Schwarz's (1978) Bayesian
Information Criterion (BIC), Theil's (1961) (R2), Theil' (1971) (R2). SE (CJ)
and Mean Absolute Percent Errors (MAPEs). Three types of forecast errors i.e.,
Root Mean Square Percent Errors (RMSPEs), Mean Percent Forecast Errors (MPFEs)
and Theil's Inequality Coefficients (TICs) have been estimated and reported
here. These estimates suggest that in most cases the forecasting performance of
the models in question is satisfactory. |
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Report of the
Karnataka State Finance Commission: Status and Implications
M. DEVENDRA BABU
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The national income account provides the most widely used
indicator of economic performance, growth and economic development. The System
of National Accounts (SNA) provides information to identify a country's assets
and liabilities at particular points in time. Thus SNA has become the standard
framework used for measuring macroeconomic performance, analyzing trends of
economic growth, and providing the economic counterpart of social welfare.
Presently the concept of capital maintenance applies only to physical capital;
limited account is taken to the contribution of natural resource and
environment to economic activity. Hicksian income is defined as the maximum
value that a person can consume during a time period and still expect to be
well off at the end of period as at the beginning. It is therefore, important
that national income be measured correctly to indicate sustainable income.
Globally policy makers are coming to realize that economic production cannot be
measured without accounting for environmental concerns. Revenues derived from
resource extraction have the potential to finance investment in other sectors
of the economy. In order to incorporate resource depletion into the SNA present
study applied user cost method. The study suggests that the trend of AGOP is a
good indicator of economic sustainability. Two sustainability indicators of
Pears- Atkison and World Bank also confirm the economic sustainability of
Peninsular Malaysia with respect to forest resource depletion. |
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Exchange Rate of Indian
Rupee vis-A-vis Major International Currencies
P. R. BHATT
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This study examines the portfolio composition of commercial
banks and its impact on the economy. The study was empirically investigated
between 1970 and 1998 - which covers the oil boom of the 1970s, the collapse of
the oil market prices in the early 1980s and the structural adjustment
programme of 1986.
The analytical technique used in the study was the Error Correction Mechanism (ECM).
This is used in order to capture the long run effect of portfolio variables on
GNP. In using error correction mechanism, stationarity and co integration tests
were performed on the variables.
For the stationarity test, all the variables used were of order 1 1(1) and they
are also co integrated in the long run. In our analysis. we make use of over
parametized model where each of the variables were allowed to determine its own
long length. The results of the analysis suggest that portfolio variables-
Loans and Investment contribute significantly to our cross National Product for
the period under review. Also one can suggest that banks may invest their
portfolio in securities rather than given it out as loans. |
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