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Oligopoly and the Finance Constraint
We study the implication of credit constraints for the sustainability of product market collusion in a bank financed oligopoly when firms face an imperfect credit market. We consider two situations without or with credit rationing i.e. with a binding credit limit. When there is no credit rationing moderately higher cost of external finance may affect the degree of collusion, but a substantial increase keeps it unaffected. Permanent adverse demand shock in this set up does not affect the possibility of…
Event DetailsA Unified Framework for the Estimation of Intra and Inter Country Food Purchasing Power Parities with Application to Cross Country Comparisons of Food Expenditure: India, Indonesia and Vietnam
This paper proposes a preference based methodology, analogous to the estimation of equivalence scales in the demographic demand literature, for the estimation of the item specific intra country PPPs (i.e. spatial prices) and inter country PPPs in a unified framework using unit records of household food expenditures from three Asian countries: India, Indonesia and Vietnam, covering contemporaneous time periods. The study addresses a key limitation of the ICP exercise, namely, treating all countries, large and small, as homogeneous entities. Moreover,…
Event DetailsGlobalization, Quality and Inequity in Education and Economic Growth – Lessons for India from China
The initial conditions in 1950 of the world’s two most populous economies, newly created People’s Republic of China and newly independent India were similar – low per capita income, high levels of poverty and low education. China has attained a miracle of sustaining high growth rates close to 10 percent for more than past 35 years and in recent years, Shanghai-China has ranked top among the 74 of the OECD and 10 other countries in PISA tests in Science, Mathematics and…
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