India-Japan Investment Relations: Trends & Prospectus

Though Japan had been one of the top five investors in India for long, its share inIndia’s total FDI inflows has been dwindling since 2000. Other countries havesurpassed Japan in terms of their investment and market share in the Indian economy.In this context, this study attempts to analyse the constraints on Japanese investmentin India. The study finds that poor infrastructure, taxation system, procedural hasslesin customs clearance, and red tapism are important factors deterring Japaneseinvestment in India. Further, many Japanese companies have lost out to stiffcompetition from South Korean companies, which have been able to understand theprice-sensitive nature of the Indian consumer better. It is expected that the completionof the on-going negotiations on the Comprehensive Economic Partnership Agreement(CEPA) will boost Indo-Japanese investment relations. There exist huge opportunitiesfor Japanese investors in sectors such as biotechnology, agriculture, hydrocarbon fuelsand information and communication technology.Foreign Direct Investment, Bilateral Trade, Asia

Optimal Reserves and Short Term Interest Rates in a Model of Bank Runs

Banks can fail because of bad economic fundamentals, and/or general panic withdrawals by depositors who feel the bank does not have sufficient reserves to meet the demand. This paper attempts to find the optimal reserve level and early returns the banks should decide on. If the reserve policy of the bank is transparent, it is found that more reserves have to be put aside over and above the real need, and this inefficiency increases with the proportion of impatient agents. It is also found that the optimal early return is lower than the first-best. The model recommends that when reserve policy is transparent there is no need for regulation. However, if reserve policy is not transparent, the model recommends regulation for both reserves and early returns. This is because of the moral hazard problem, the banks would keep lower reserves and offer higher early returns than what maximises depositor welfare.

How Noisy Should a Noisy Signal be: A Model of Bank Runs

In the literature on bank runs where depositors decide whether to withdraw early from the bank or not based on the noisy signals they receive about the future returns, a unique equilibrium is established with a threshold level below which depositor would withdraw. However, these papers assume precise information. In reality noise levels need not be very small. The information that is available to the depositors can be endogenised. This paper finds that to either minimise the probability of a bank-run or maximise the expected utility of the depositors, there should be high transparency of the banks' long term returns.

How Noisy should a Noisy Signal be: A Model of Bank Runs

In the literature on bank runs where depositors decide whether to withdraw early from the bank or not based on the noisy signals they receive about the future returns, a unique equilibrium is established with a threshold level below which depositor would withdraw. However, these papers assume precise information. In reality noise levels need not be very small. The information that is available to the depositors can be endogenised. This paper finds that to either minimise the probability of a bank-run or maximise the expected utility of the depositors, there should be high transparency of the banks' long-term returns

Infrastructure development and economic growth in China

China is the fastest growing country in the world for last few decades and one of the defining features of China's growth has been investment-led growth. China's sustained high economic growth and increased competitiveness in manufacturing has been underpinned by a massive development of physical infrastructure. In this context, we investigate the role of infrastructure in promoting economic growth in China for the period 1975 to 2007. Overall, the results reveal that infrastructure stock, labour force, public and private investments have played an important role in economic growth in China. More importantly, we find that Infrastructure development in China has significant positive contribution to growth than both private and public investment. Further, there is unidirectional causality from infrastructure development to output growth justifying China's high spending on infrastructure development since the early nineties. The experience from China suggests that it is necessary to design an economic policy that improves the physical infrastructure as well as human capital formation for sustainable economic growth in developing countries.China, Infrastructure, Economic development, Investments, China, Investment, L9 - Industry Studies: Transportation and Utilities, H4 - Publicly provided goods, O1 - Economic development

Optimal Reserves and Short Term Interest Rates in a Model of Bank Runs

Banks can fail because of bad economic fundamentals, and/or general panic withdrawals by depositors who feel the bank does not have sufficient reserves to meet the demand. This paper attempts to find the optimal reserve level and early returns the banks should decide on. If the reserve policy of the bank is transparent, it is found that more reserves have to be put aside over and above the real need, and this inefficiency increases with the proportion of impatient agents. It is also found that the optimal early return is lower than the �first-best. The model recommends that when reserve policy is transparent there is no need for regulation. However, if reserve policy is not transparent, the model recommends regulation for both reserves and early returns. This is because of the moral hazard problem, the banks would keep lower reserves and offer higher early returns than what maximises depositor welfare

A Comprehensive Study of Capacitive Loaded Resonant Converter Topologies for Charging Applications

Resonant converters (RCs) are perceiving global interests of the research community for its eminent contribution in design of many industrial and commercial applications. Rich literature and well-established technology is available to define the role of RCs in such applications where the load is predominantly passive and resistive. However in applications like charging, the nature of load is often interpreted as capacitive and the knowledge on how a RC reciprocates to such variable, non linear load is limited. Motivated by this, the paper investigates about 25 capacitive loaded resonant structures and each of them is thoroughly analyzed to evaluate various key parameters like the output current, peak input current,  and current gain. A comparative study is done to categorize and organize these topologies in regard to each of the said parameters.  This provides a quick overview of various resonant converter topologies and helps designers to choose a structure that may fit their application. To this base knowledge, the study is further narrowed down to find suitable topology for charging application and accordingly proposed a novel fourth-order RC topology called LA7. A hardware prototype was built to compare and validate the simulated and measured performances