NIPFP Working Paper 106
[PDF]
Sanjay Banerji, Krishna Gangopadhyay, Ila Patnaik and Ajay Shah
September 2012
[PDF]
Sanjay Banerji, Krishna Gangopadhyay, Ila Patnaik and Ajay Shah
September 2012
Tuesday, September 4, 2012
Energy Savings Potential and Policy for Energy Conservation in Selected Indian Manufacturing Industries
NIPFP Working Paper 105
[PDF]
Manish Gupta and Ramprasad Sengupta
September 2012
Abstract
Minimization of damage from the rising trend of global warming would warrant two kinds of action for a country like India: a) abatement of greenhouse gas emissions and b) adaptation to climate change so as to reduce climate change related vulnerability of the people. The target of low carbon economic growth of India in terms of declining energy and carbon intensity of GDP assumes, therefore, a special significance in such context. Of the different options for lowering carbon intensity of GDP, the option of energy conservation through reduced energy intensity of output happens to be cheaper in most cases than the carbon free energy supply technology options. As the industrial sector has the largest sectoral share of final energy consumption in India this paper focuses on the assessment of energy savings potential in seven highly energy consuming industries. The paper estimates the energy savings potential for each of these industries using unit level Annual Survey of Industries data for 2007-08. The paper further develops an econometric model admitting substitutability among energy and other non-energy inputs as well as that among fuels using translog cost function for the selected industries and also for the manufacturing sector as a whole to study the behavioural response of the industries to changes in factor prices or fuel prices. The model uses time series data at the aggregate level of the concerned industry for the period 1991-92 to 2008-09. The results of the model point mostly to the significant response of energy consumption to own price increases and to the insignificance of the responsiveness of the corresponding capital requirement to effect such energy conservation. Besides, a large part of the growth of factor productivity as estimated by the model has been found to be induced by energy price changes, the price neutral component of technical change being negligible. All these have important policy significance in respect of the relevance and direction of fiscal, monetary or other policy instruments for energy conservation in India for abating global warming.
[PDF]
Manish Gupta and Ramprasad Sengupta
September 2012
Abstract
Minimization of damage from the rising trend of global warming would warrant two kinds of action for a country like India: a) abatement of greenhouse gas emissions and b) adaptation to climate change so as to reduce climate change related vulnerability of the people. The target of low carbon economic growth of India in terms of declining energy and carbon intensity of GDP assumes, therefore, a special significance in such context. Of the different options for lowering carbon intensity of GDP, the option of energy conservation through reduced energy intensity of output happens to be cheaper in most cases than the carbon free energy supply technology options. As the industrial sector has the largest sectoral share of final energy consumption in India this paper focuses on the assessment of energy savings potential in seven highly energy consuming industries. The paper estimates the energy savings potential for each of these industries using unit level Annual Survey of Industries data for 2007-08. The paper further develops an econometric model admitting substitutability among energy and other non-energy inputs as well as that among fuels using translog cost function for the selected industries and also for the manufacturing sector as a whole to study the behavioural response of the industries to changes in factor prices or fuel prices. The model uses time series data at the aggregate level of the concerned industry for the period 1991-92 to 2008-09. The results of the model point mostly to the significant response of energy consumption to own price increases and to the insignificance of the responsiveness of the corresponding capital requirement to effect such energy conservation. Besides, a large part of the growth of factor productivity as estimated by the model has been found to be induced by energy price changes, the price neutral component of technical change being negligible. All these have important policy significance in respect of the relevance and direction of fiscal, monetary or other policy instruments for energy conservation in India for abating global warming.
Tuesday, July 31, 2012
The Quality of Governance - How Have Indian States Performed?
NIPFP Working Paper 104
[PDF]
Sudipto Mundle, Pinaki Chakraborty, Samik Chowdhury, and Satadru Sikdar
July 2012
[PDF]
Sudipto Mundle, Pinaki Chakraborty, Samik Chowdhury, and Satadru Sikdar
July 2012
Monday, July 2, 2012
Foreign Investors under Stress: Evidence from India
NIPFP Working Paper 103
[Link]
Ila Patnaik, Ajay Shah and Nirvikar Singh
June 2012
Abstract
Emerging market policy makers have been concerned about the financial stability implications of financial globalisation. These concerns are focused on behaviour under stressed conditions. Do tail events in the home country trigger off extreme responses by foreign investors – are foreign investors `fair weather friends'? In this, is there asymmetry between the responses of foreign investors to very good versus very bad days? Do foreign investors have a major impact on domestic markets through large inflows or outflows – are they ‘big fish in a small pond’? Do extreme events in world markets induce extreme behaviour by foreign investors, thus making them vectors of crisis transmission? We propose a modified event study methodology focused on tail events, which yields evidence on these questions. The results, for India, do not support the skeptical perspective on financial globalisation.
[Link]
Ila Patnaik, Ajay Shah and Nirvikar Singh
June 2012
Abstract
Emerging market policy makers have been concerned about the financial stability implications of financial globalisation. These concerns are focused on behaviour under stressed conditions. Do tail events in the home country trigger off extreme responses by foreign investors – are foreign investors `fair weather friends'? In this, is there asymmetry between the responses of foreign investors to very good versus very bad days? Do foreign investors have a major impact on domestic markets through large inflows or outflows – are they ‘big fish in a small pond’? Do extreme events in world markets induce extreme behaviour by foreign investors, thus making them vectors of crisis transmission? We propose a modified event study methodology focused on tail events, which yields evidence on these questions. The results, for India, do not support the skeptical perspective on financial globalisation.
Monday, June 4, 2012
Export of Services: Indian Experience in Perspective
NIPFP Working Paper 102
[PDF]
Barry Eichengreen and Poonam Gupta
March 2012
Abstract
We survey India’s experience with exporting services. We show that its experience is unique in that modern tradable services are a significantly larger share of GDP than in other countries at comparable levels of economic development. This has not always been the case, however: India’s out-performance is limited to recent years. Policy initiatives, from trade reform to liberalization of domestic industrial and service sectors, were important for jump-starting the process. Regression analysis of a cross section of countries points to the importance of a range of additional factors: overall economic development, communications infrastructure, access to foreign technology, and spillovers between the merchandise and service exports. Importantly, however, these factors, jointly or individually, do not eliminate Indian exceptionalism. Not only is India a significant outlier but it becomes more so as the period proceeds.
[PDF]
Barry Eichengreen and Poonam Gupta
March 2012
Abstract
We survey India’s experience with exporting services. We show that its experience is unique in that modern tradable services are a significantly larger share of GDP than in other countries at comparable levels of economic development. This has not always been the case, however: India’s out-performance is limited to recent years. Policy initiatives, from trade reform to liberalization of domestic industrial and service sectors, were important for jump-starting the process. Regression analysis of a cross section of countries points to the importance of a range of additional factors: overall economic development, communications infrastructure, access to foreign technology, and spillovers between the merchandise and service exports. Importantly, however, these factors, jointly or individually, do not eliminate Indian exceptionalism. Not only is India a significant outlier but it becomes more so as the period proceeds.
Monday, April 9, 2012
Political Determinants of the Allocation of Public Expenditures: A Study of the Indian States
NIPFP Working Paper 101
[PDF]
Bharatee Bhusana Dash and Angara V. Raja
March 2012
Abstract
This study examines whether the allocation of public expenditures of the Indian states are significantly influenced by government specific political characteristics. Three types of government specific characteristics are considered: forms of governments, ideology of the government, and the electoral cycle. A number of hypotheses are designed to link these characteristics with expenditure allocation. The hypotheses are tested using a panel dataset of 14 Indian states spread over 27 fiscal years, from 1980-81 to 2006-07. The overall findings of the study suggest that the relationship between expenditure allocation and political determinants across the Indian states validate the proposed hypotheses even after controlling for the traditional and other unobservable determinants. These findings are robust to various forms of sensitivity analyses.
Monday, March 26, 2012
Health Care Financing Reforms in India
NIPFP Working Paper 100
[PDF]
M. Govinda Rao and Mita Choudhury
March 2012
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