24 research outputs found
Visible hand : public policy and economic growth in the Nehru era
This paper investigates the relationship between the policy regime and
growth during 1950-64 termed here ‘the Nehru era’. While there exist
valuable early appraisals of the period, access to new data and fresh
information allows for a longer and comparative view of the outcome.
We find overwhelming evidence not only of resurgent growth but also
of a lasting transformation of a stagnant colonial enclave into an economy
with firmer foundations capable of sustained growth. It is useful to
recognise the economic policy of this period as distinct, not only from
what preceded it but also from what came after, for that facilitates an
understanding of the political conditions needed for economic
interventions which are growth inducing. The paper also addresses some
lingering perceptions of the economic policy of the time, notably its
impact on agriculture and the governance of the public enterprises. The
shibboleth ‘Hindu rate of growth’, presumably a broad-brush description
of movement in this period, manages to obscure the extraordinary
economic dynamics of the Nehru era.
Key words: Economic Policy in India, Nehru era, Drivers of Growth,
Mahalanobis Strategy, Public Sector Performance
JEL Classification: O2, O3, O5, P
Trade liberalisation, market power and scale efficiency in Indian industry
Using information on listed firms in each of the industry groups at
the two-digit level within Manufacturing this study investigates whether
the radical shift in trade policy in India in 1991 resulted in a reduction
in market power and/or an improvement in scale efficiency. We estimate
a group-wise production function allowing for firm-specific effects. A
plausible estimate of market power is obtained and the assumption of
constant returns to scale is mostly rejected. As regards the effects of the
trade-policy shock of 1991, evidence of a move to a more competitive
market structure or of an improvement in scale efficiency is not
widespread across Indian manufacturing.
JEL Classification: F12
Key words: Trade liberalisation; Market power; Scale Economie
Visible Hand: Public Policy nd Economic Growth in the Nehru Era
This paper investigates the relationship between the policy regime and growth during 1950-64 termed here ‘the Nehru era’. While there exist valuable early appraisals of the period, access to new data and fresh information allows for a longer and comparative view of the outcome. [WP 391].Economic Policy in India, Nehru era, Drivers of Growth, Mahalanobis Strategy, Public Sector Performance, Adam Smith,
The Rationale and the Result of the Current Stabilisation Programme
Apart from the episode of the mid-sixties, macroeconomic crises have not played a major part in India's economic development. A certain sort of stability had accompanied the lack-lustre growth of the economy. Through the Eighties, while many of the economies of the developing world were being forced into the strait-jacket of adjustment programmes, India's policy makers actually availed of the luxury of the most irresponsible kind of macro management. [Working Paper No. 253]episode, macroeconomic, stability, growth, economy, developing world, India
Trade Liberalisation, Market Power abd Scale Efficiency in Indian Industry
Using information on listed firms in each of the industry groups at the two-digit level within Manufacturing this study investigates whether the radical shift in trade policy in India in 1991 resulted in a reduction in market power and/or an improvement in scale efficiency. They estimate a group-wise production function allowing for firm-specific effects. A plausible estimate of market power is obtained and the assumption of constant returns to scale is mostly rejected. As regards the effects of the trade-policy shock of 1991, evidence of a move to a more competitive market structure or of an improvement in scale efficiency is not widespread across Indian manufacturing. [Working Paper No. 336]Trade liberalisation; Market power; Scale Economies
Trade liberalisation, market power abd scale efficiency in Indian industry
Using information on listed firms in each of the industry groups atthe two-digit level within Manufacturing this study investigates whetherthe radical shift in trade policy in India in 1991 resulted in a reductionin market power and/or an improvement in scale efficiency. We estimatea group-wise production function allowing for firm-specific effects. Aplausible estimate of market power is obtained and the assumption ofconstant returns to scale is mostly rejected. As regards the effects of thetrade-policy shock of 1991, evidence of a move to a more competitivemarket structure or of an improvement in scale efficiency is notwidespread across Indian manufacturing.Trade liberalisation, Market power, Scale Economies