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Sidgwick's Theory of International Values
Full text linkHenry Sidgwick (1838-1900) is generally believed to have rejected the classical theory of comparative costs. He supposedly maintained, contrary to the classical view, that transportation costs instead of international factor immobilities were the primary basis for a special theory of international values. It is argued in this article that Sidgwick did not contest the classical theory of international values. He merely opposed John Stuart Mill's case for introducing the "equation of reciprocal demand" in international trade theory. Whereas Mill believed that the use of the "equation" was required by international factor immobilities, Sidgwick attributed the need for it mainly to transportation costs
An Analysis of the Impact of Monetary Policy on Bank Lending in Russia
Full text linkThis article examines the role of the banking channel in transmitting Russia’s monetary policy. As the financial
market is forming and data samples are increasing, there are emerging new conditions for getting a deeper
insight into various aspects of monetary policy conducted by the Bank of Russia. The article explores the
dependence of bank lending on monetary policy. The author tries to establish whether there are causal
statistically significant instruments of monetary policy for the volumes of corporate lending. As independent
variables, the author investigates the impact of the monetary base, the money supply, the refinancing rate, and
the interbank lending rate. The assessment was conducted using the generalized method of moments. Based on a
quarterly sample of data from 2002 to 2013, the author establishes the statistically significant impact of the
money supply, the monetary base, the interbank lending rate, and the refinancing rate. The resulting empirical
findings substantiate the hypothesis about the existence of a bank lending channel in Russia
Poverty and Agricultural development Scenario in Orissa: A Regional Analysis
Full text linkThe preliminary study of meso data at the district level and panel data of the sampled viI/ages made under the project ViIlage Dynamics Studies in South Asia(VDSA) in the two sampled districts of Orissa reveal interesting pictures with respect to poverty incidence, asset holding pattern, size class-wise land holding pattern, agricultural productivity, livestock owning and natural resource endowment. Poverty in Orissa, an eastern coastal state of India has been a matter of great concern for successive governments and planning authorities at the national and state levels. The eastern state has been under scrutiny by the national planning authorities and a number of poverty alleviation programme launched in the country have focused Orissa as a test case of impact of development initiatives. However, the state has failed to catch up with national poverty reduction efforts due to plethora of socio-economic, historical, political, administrative and natural reasons. It is estimated that during 2004-05, the incidence of rural poverty was 47 and for urban Orissa it was 44 as against the average poverty incidence of 26 for India. The social grouping of people under poverty in the state reflects that the poor scheduled tribes constitute as high as 76 in rural areas and 65 in the in urban areas respective category of population. The region-wise break up of rural and urban poverty in the stare indicates that the southern Orisso suffers from highest incidence of poverty followed by western, northern and eastern Orissa. The districts like Nuapoda, Balangir, Kalahandi, Koraput are grouped under highest poverty incidence region in the state. The two district sampled for study namely Bolangir (48.79 of population below poverty) under Western Orissa and Dhenkanal (47.53 of population below poverty) under north eastern high lands reveal different scenarios of poverty under different social groupings. The analysis of Ginni coefficient and Theil entropy measures in one of the sampled villages in Dhenkanal district under the project were found to be 0.7and 0.9 respectively. There is differential pattern of land holdings which highly skewed in favour of large farmers in all the study villages. The occupational composition of population, sex ratio, the age group distribution of population, farm mechanization, agricultural productivity and migration pattern also reveal diversified pattern under different size class and social groups