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Assessing the impact of international natural resource management research: The Case of zero tillage in India’s rice-wheat systems
No full textA conservative ex-ante assessment of supply-shift gains alone (excluding social and environmental gains), shows that the investment in zero tillage (ZT) R&D by the Rice-Wheat Consortium and CIMMYT was highly beneficial with a benefit-cost ratio of 39, a net present value of US$ 94 million and an internal rate of return 57%. Sensitivity analysis highlights the influential role of the yield gain, the contribution of reduced tillage (i.e. partial adoption) and the assumed time-lag. Significant positive spillovers of sunk ZT R&D costs – both previous and from elsewhere - also contributed to the high returns. The case thereby highlights the potential gains from successful technology transfer and adaptation. The case however also underscores that international NRM research can have a high return, particularly when it has wide applicability
Data and definitions: Underestimating savings and investment in an open economy
No full textThis note clarifies definitions and derives from first principles the relationship between
investment, domestic and foreign savings in order to show that there is underestimation of
investment and foreign savings given conceptual macroeconomic definitions and Indian
practice. Indian national accounts report and use gross domestic savings but the measure of
capital inflows used with it is the one appropriate for gross national savings. The degree of
underestimation is shown using recent data and implications drawn from the errors
A General equilibrium open economy model for emerging markets: Monetary policy with a dualistic labor market
No full textAn optimizing model of a small open emerging market economy (SOEME) with dualistic
labour markets and two types of consumers, delivers a tractable model for monetary policy.
Differences between the SOEME and the SOE are derived. Parameters depend on features of
the labour market and on consumption inequality, and affect the natural interest rate, terms
of trade and potential output. The supply curve turns out to be flatter and more volatile, with
a larger number of shift factors. A simple basic version of the model is simulated in order to
compare different policy targets in response to a cost shock. Flexible domestic inflation
targeting delivers stability and the lowest volatility. Some weight on output and on interest
smoothing allows monetary policy to be less contractionary. Exchange rate flexibility is less
but still makes a major contribution to controlling inflation
The Great climate debate: A Developing country perspective
No full textFor over two decades, scientific and political communities have debated whether and how to
act on climate change. The present paper revisits these debates and synthesizes the longstanding
arguments. Firstly, it provides an overview of the development of international
climate policy and discusses clashing positions represented by sceptics and supporters of
action on climate change. Secondly, it discusses the market-based measures as a means to
increase the win-win opportunities and to attract profit-minded investors to invest in climate
change mitigation. Finally, the paper examines whether climate protection policies can yield
benefits both for the environment and the economy. The paper suggests the possibility of
building environmental and climate policies around development priorities that are vitally
important for developing countries and stresses the need for using sustainable development
as a framework for climate change policies