ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Market Integration, Price Efficiency and Short-Run Dynamics

Short-Run Dynamics A Tale of Two National Stock Markets Raghbendra Jha Hari K Nagarajan This paper models price dynamics in the two national stock exchanges. It is discovered that there are well-defined relations between stock prices in the long run in each of these markets. Hence market segmentation is strongly ruled out. Second, the short-run behaviour of stock prices is such that no stock price can be considered to be independent of the others. Short-run price movements are mostly random or unstable, but the impulse response function analysis suggests that the instability does not persist for long. Finally, there seems to be a marked difference in the reaction in the two markets for the same stocks in terms of the responses to firm specific and market specific shocks. This may point to differences in the types of traders in these two exchanges.

Wholesaler Stocks and Hoarding in Rice Markets in India

This paper examines how a combination of local and marketwise uncertainties can lead to order imbalances at the level of wholesalers. Do wholesalers have a tendency to hold more than optimal inventory in response to uncertainties in the market? More importantly, is such overshooting mean reverting? Finally, why, in the context of integrated markets, should there be such hoarding on the part of the wholesalers, for integrated markets imply that information is mobile across centres, at least in the long run?

Challenge of Macroeconomic Management after the 1998-99 Union Budget

This paper considers the problem of macroeconomic management in the Indian economy in the aftermath of the union budget of 1998-99, Three broad categories of problems to be tackled in the near future are identified: maintenance and enhancement of macroeconomic stability, making the capital market more attractive for investors and improving the supply side responses from the economy, A list of urgent reforms to advance these three important objectives of macroeconomic management is set out.

Understanding East Asian Growth

of corruption in which the Muiayams and the Laloos of Indian politics have become inextricably entangled, it is equally unwise to underestimate the BJP's capacity to take advantage of the caste contradictions of Indian society and forge close (albeit politically 'need based') links with parties of the most 'depressed' castes or dalits or even adivasis in order to wrest power from parties rooted in intermediate castes. Surely this was the point that Jaffrelot tried to to make in his recent controversy in this journal with Rahul. Chapter 14 would have benefited from a more systematic application of this insight. Let me conclude this review with a few remarks on the entirely redundant theory which the author has introduced in the opening chapter of the book. In my view, this is the only blemish in an otherwise formidable work of detailed observation and acute analysis. By virtue of his French origin, the author's intellectual pedigree stretches back to Comte and Durkheim. Comte initiated a doomed project that aimed to inject science and progress (i e, positivist rationality) simultaneously into the discourse of social change. Durkheim added a new dimension of universality to Comte's philosophical vision and also introduced a methodological revolution into the empirical ORRU, Biggart and Hamilton havecollected together a series of their papers (some co- authored with others) on what they consider to be the key elements defining east Asian capitalism. The book is divided into three parts. Part I consists of three chapters on theoretical approaches to east Asian capitalism. Part II consists of six chapters on explanations for the phenomenal success of east Asian capitalism. Finally, Part III (with four chapters) compares the dynamics of capitalist growth in European and east Asian countries. On the whole, the book is well written and is a welcome addition to the rapidly expanding literalure on cast Asian growth.

Research in Econometrics

along caste lines itself contributed to the solidification of Kapu political identity. All this suggests that the kamma kapu conflict has to be interpreted in much stronger class terms than Parthasarathy seems to be willing to do.

True Cost of Public Expenditure

True Cost of Public Expenditure Raghbendra Jha Any listing of the benefits of state intervention in the market place, and hence of public expenditure, is incomplete without a parallel enunciation of the costs of public expenditure. This note examines this question and enumerates the components of the true cost of public expenditure.

On Setting Prices for Certain Manufacturing

Commodities Raghbendra Jha M N Murty S Paul An examination of budgetary policies reveals that second best pricing rules that take into account revenue, efficiency and equity objectives of government and recognise the existence of alternative sources of revenue to government may provide a suitable framework for setting public sector prices in India. In this paper the authors use such a pricing model for estimating optimal prices for certain manufacturing commodities.

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