Demand following and supply leading relationships: An empirical analysis for India

The study investigates the effects of activities of financial institutions (FIs). In particular, an econometric study has been undertaken to examine the ‘supply-leading’ and ‘demand-following’ characteristics of FI activities. The investigation is conducted by employing time series data using certain macro variables over the period 1962-63 to 1996-97. Our analysis shows the existence of a strong supply-leading (SL) relationship from real disbursements to real investments. The SL relation is further confirmed through the Sims causality tests. The demand-following (DF) relationship from real investments to real disbursements finds weak confirmation via the Sims causality test. Evidence therefore supports the presence of a strong SL link in the Indian context.demand following; supply leading; India

Scalar-metric quantum cosmology with Chaplygin gas and perfect fluid

In this paper we consider the flat FRW cosmology with a scalar field coupled with the metric along with generalized Chaplygin gas and perfect fluid comprising the matter sector. We use the Schutz's formalism to deal with the generalized Chaplygin gas sector. The full theory is then quantized canonically using the Wheeler-DeWitt Hamiltonian formalism. We then solve the WD equation with appropriate boundary conditions. Then by defining a proper completeness relation for the self-adjointness of the WD equation we arrive at the wave packet for the universe. It is observed that the peak in the probability density gets affected due to both fluids in the matter sector, namely, the Chaplygin gas and perfect fluid.Comment: 8 pages Late

Future financing needs of the highly indebted countries

Under base scenario assumptions, the authors estimate that the Baker 17 countries will require about $18 to$ 20 billion of net new disbursements annually to reverse recent investment trends and bring about modest growth in per capita incomes. The most significant shortfall is in commercial bank lending. Without an adequate burden sharing arrangement, it is unlikely that official creditors would be prepared to assume a disproportionately large exposure risk in these countries. Husain and Mitra conclude that with sound adjustment policies in the debtor countries, a combination of concerted new lending, debt reduction, reflows of flight capital, and intermittant accumulation of interest arrears will be the principal means of financing.Economic Theory&Research,Banks&Banking Reform,Financial Intermediation,Environmental Economics&Policies,Strategic Debt Management

Recycling of Waste Tyres: A Possible Option for Deriving Energy

Depletion of fossil fuel resources and stringent environmental laws have forced researchers to develop methods to sustainably manage resources. Focus has been gradually shifting towards energy recovery from waste materials which can solve both the problems. One of the major wastes in the automobile sector is automobile tyres. These have an adverse impact on the environment if they are not disposed o properly. Further, tyres are a source of high grade energy hence its improper disposal means wastage of energy. Several methods have been developed to extract energy from waste tyres. One of them is pyrolysis of tyres which produces Tyre Pyrolysis Oil (TPO) by thermal decomposition of tyres. The properties of TPO blends with diesel were analysed and compared with diesel and found that it can also be used as a fuel in compression ignition engine. Experiments were carried out on a single cylinder, four stroke, air-cooled, diesel engine running with dierent blends of TPO from 5% to 20% on volume basis. Experimental results indicated that TPO of 20% blend gave better performance.The Performance and emission characteristics are reported in this thesis