Global Journal of Research in Management

Gaurang Rami

Abstract

The global financial crisis has originated in the sub-prime mortgage crisis in USA during 2007. The Government India has been concerned about the impact of the global financial crisis on the Indian economy and a number of steps have been taken to cope up with this problem. This paper presents a brief overview of the factors that led to the collapse of the financial markets around the world. It examines the Government of India's response to the financial crisis through stimulus packages. It also discusses the steps taken by Reserve Bank of India to deals with the problem of global financial meltdown. It analyzed the impact of all these steps taken by Government and RBI on different macroeconomic variables in India during the crisis time period. The Indian economy has proved relatively resilient in the face of the global economic crisis. India's large domestic market, along with government fiscal measures, a number of social programmes and a strong banking system have helped to mitigate the impact of the drop in demand in export markets.

Keywords

Financial Crisis, Sub-prime Mortgage, Stimulus Package, India

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Gaurang Rami

Abstract

The demand for money is at the heart of how macroeconomic policies should be conducted effectively. In most of the developed and developing countries, policymakers have frequently questioned whether the money demand is stable over a period of time. According to Friedman the demand for money function is the most stable macroeconomic relation and also one of the most stable and important components in the analysis of economic behaviour. In this paper we have briefly surveyed various theories of demand for money. We have estimated demand for Narrow Money [M1] and Broad Money [M3] functions for Indian economy using annual data covering time period from 1950-51 to 2004-05. In order to determine the relationships between Narrow Money and Broad Money and other important macroeconomics variables such as GDP, Real income [YR], WPI, and Short term interest rate [Sir], we have estimated several estimations involving various combinations viz. linear, log linear, percentage change of these explanatory variables. When we used OLS method for estimation it is found that majority of estimated models are suffering from problem of autocorrelation. To get rid from this problem and for better estimates we have used Cochran-Orcutt a more sophisticated method to solve the problem of autocorrelation.

Keywords

OLS, Cochran-Orcutt, Money Demand, India

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Gaurang Rami ¹

Affiliations
1 epartment of Economics, Veer Narmad South Gujarat University, Surat, IN

Abstract

According to Strategic Management Theory; managers can add value to an enterprise by taking into account the social and economic effects of an enterprises operation when making decisions. This has led to the concept of 'Corporate Social Responsibility'. The Stakeholders such as investors and financial institutions, business partners, consumers, employees, surrounding community, civil society organizations and governments and their institutions, must be provided the information about how and to what extent they fulfil their responsibilities. The Selection of the indicators for judging the performance of enterprise in fulfilling its social responsibilities, may be based on the following criteria (1) Comparability (2) Relevance and materiality (3) Understandability and (4) Reliability and verifiability. The guiding principles for selection of indicators may be (1) Universality to maximize comparability (2) Incremental approach (3) Capability of consistent measurement (4) Performance orientation rotes than process orientation and (5) National reporting and positive corporate contributions to development. The constraints are costs and benefits, confidentiality and trendiness. Various indicators such as values of imports Vs. exports, total new investments, local purchasing, employment creation and labour practices, expenditure on research and development, average hours of training per year now employee, payments to government voluntary contributions to civil society etc. and some eco-efficiency indicators are suggested and distasted in the tears of their background compilations, and presentations and disclosure.

Keywords

Corporate Social Responsibility, Methodology, Eco-Efficiency Indicators.

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