Papers by Srinivas Raghavendra
Routledge eBooks, Feb 7, 2023
RePEc: Research Papers in Economics, Jun 18, 2004
Routledge eBooks, Feb 7, 2023
Routledge eBooks, Feb 7, 2023
Routledge eBooks, Feb 7, 2023
In this paper, we show how the conflict between the shareholders (owners) and managers of firms i... more In this paper, we show how the conflict between the shareholders (owners) and managers of firms in terms of profit rates generates dynamics between growth and distribution that results in a long-run variation in the capacity utilization rate. The model developed here generates oscillations in the rate of capacity utilization in the short run before settling down to its long-run value. Furthermore, the long-run value of the rate of capacity utilization falls within a range of plausible values and this range is determined by the conflict between shareholders and managers. The conflict as a closure, we believe, provides a more realistic microeconomic underpinning to study the impact of distribution on accumulation and long-run utilization. In doing so, we have not taken the approach of the existence of normal utilization rate that is relied upon by the Harrodian authors (Skott 2008, Skott and Ryoo, 2008) and the endogenization of animal spirits in such a way that the actual utilization...
Review of Political Economy
Working paperIn this paper we present empirical evidence that the sovereign bond markets may have... more Working paperIn this paper we present empirical evidence that the sovereign bond markets may have undergone a catastrophic transition during the Eurozone debt crisis. We find evidence of a phenomenon called critical slowing down that theory predicts should precede such transitions. Two alternate approaches are used to detect critical slowing down. Firstly we estimate the domain of attraction, a methodology that has been used to detect critical transitions in ecological systems, which examines the rate at which a system returns to equilibrium following a stochastic shock. Secondly, we examine the statistical properties of sovereign bond yield data for trends which have been shown to precede catastrophic regime shifts between alternate steady states in many real world dynamical systems. Our results indicate that critical transitions approach provides an alternative method to study financial market crashes and the phenomenon of critical slowing down estimated from the statistical properties of the financial data may act asa useful early warning signal in predicting the crashes.Irish Research Council for the Humanities and Social Sciences Hardiman Research Scholarship
A No early warning signals for stochastic transitions driven by large but constant strength of st... more A No early warning signals for stochastic transitions driven by large but constant strength of stochasticity. . . . . . . . . . . . . . . . . . . . . . . . 4 B No early warning signals for stochastic transitions in agent based models driven by large but constant strength of stochasticity. . . . . . . . . . . . 5 C Sensitivity analysis for early warning signals of crashes in DJI. . . . . . . 6 D Sensitivity of p-values for all three indicators for all crashes in DJI. . . . . 7 E Early warning signals of major financial crashes of S&P 500 for three major crashes of 1987, 2000 and 2008. . . . . . . . . . . . . . . . . . . . . 8 F Sensitivity analysis for all three indicators for all crashes in S&P 500. . . 9 G Recent trends of EWS for S&P 500 . . . . . . . . . . . . . . . . . . . . . . 10 H Early warning signals of major financial crashes of NASDAQ for three major crashes of 1987, 2000 and 2008. . . . . . . . . . . . . . . . . . . . . 11 I Sensitivity analysis for the results of NASDAQ...
We present evidence of phase transitions (periodic to chaotic and chaotic to chaotic) in the Dow ... more We present evidence of phase transitions (periodic to chaotic and chaotic to chaotic) in the Dow Jones Industrial Index as it transitions from Bull to Bear market. There is also evidence of a completely unpredictable (i.e., nondeterministic) regime just as the market peaks. The noisy trader theory is suggested as the economic explanation for this unpredictability i.e. rational but uninformed traders chase noise rather than the usual macro economic and financial variables. We suggest that the collapse in determinism allows the dynamics of the market to break from the past and that the market is in fact piecewise deterministic. A principal component series is developed and named the random market indicator, (RMI). This can be used to indicate when the market is transitioning. The RMI indicator could be used by market participants, financial regulators and policy makers as an indicator of market crisis. During times of crises, quantitative risk estimation techniques such as stationary ...
Women's Health
Background: Much knowledge has been accumulated on individual-level risks and protective factors ... more Background: Much knowledge has been accumulated on individual-level risks and protective factors of violence against women. However, the influence of factors operating at the community level, such as community cohesion, remains unclear, especially in low- and middle-income countries. This study examined whether community cohesion, a combined measure of mutual trust and tolerance, affects women’s likelihood of experiencing intimate partner violence, violence perpetrated by a family member, and violence occurring in public spaces. Methods: Data on 4785 women aged between 18 and 60 years in Ghana, Pakistan, and South Sudan, initially collected by the ‘What Works to Prevent Violence Against Women and Girls’ Research and Innovation Programme, were used for this study. Binary logistic regression analyses were used to assess the association between a composite measure of community cohesion and recent experience of physical, sexual, and psychological violence while controlling for different...
Provided by the author(s) and NUI Galway in accordance with publisher policies. Please cite the p... more Provided by the author(s) and NUI Galway in accordance with publisher policies. Please cite the published
The paper captures the dynamics of interaction between the real and the financial sector in a mod... more The paper captures the dynamics of interaction between the real and the financial sector in a model of endogenous credit that exhibits multiple steady states and generates phase transitions with catastrophic abruptness. This resembles aspects of financial meltdowns witnessed in global capital markets in recent times. The paper also explains how financial crisis assume different characteristics under alternative monetary arrangements in regimes of profit-and wage-led growth and, concludes with linking the analysis to the recent financial crises in the United States and in the Eurozone.
Feminist Economics
The promotion of self-employment through financial inclusion initiatives has been adopted as a me... more The promotion of self-employment through financial inclusion initiatives has been adopted as a means of harnessing the entrepreneurial and productive capacities of women within the neoliberal developmental policy framework. This study presents a simple analytical model in the Post-Keynesian tradition to investigate the linkages between self-employment, aggregate demand, and unpaid care work by developing a two-sector model. It shows that a developmental strategy based on fostering women’s self-employment is constrained, on the one hand, by the macroeconomic conditions driving aggregate demand and, on the other, by the trade-off between the time allocation between unpaid care and paid work that the gendered division of care work responsibilities imposes on the self-employed woman worker. The promotion of self-employment cannot serve as a viable development strategy without policies that directly boost aggregate demand and at the same time relieve the burden of care responsibilities on women through public investment and social provision of care.
The year marks the fifth year of the Eurozone crisis. With the Eurozone unemployment rate at reco... more The year marks the fifth year of the Eurozone crisis. With the Eurozone unemployment rate at record levels, 11.7 per cent as of September 2012, and social unrest in many member states, it is time to reflect and critically examine the economic austerity policies that were introduced to overcome the crisis. It is very clear from the emerging economic data that the austerity measures are not only ineffective in the peripheral countries but they also are beginning to hurt the healthy (trade) surplus core countries like Germany.
Research Papers in Economics, Jul 1, 2019
Feminist Economics, 2022
The promotion of self-employment through financial inclusion initiatives has been adopted as a me... more The promotion of self-employment through financial inclusion initiatives has been adopted as a means of harnessing the entrepreneurial and productive capacities of women within the neoliberal developmental policy framework. This study presents a simple analytical model in the Post-Keynesian tradition to investigate the linkages between self-employment, aggregate demand, and unpaid care work by developing a two-sector model. It shows that a developmental strategy based on fostering women’s self-employment is constrained, on the one hand, by the macroeconomic conditions driving aggregate demand and, on the other, by the trade-off between the time allocation between unpaid care and paid work that the gendered division of care work responsibilities imposes on the self-employed woman worker. The promotion of self-employment cannot serve as a viable development strategy without policies that directly boost aggregate demand and at the same time relieve the burden of care responsibilities on women through public investment and social provision of care.
Research Papers in Economics, 2010
Third-party-content Copenhagen Consensus Center does not necessarily own each component of the co... more Third-party-content Copenhagen Consensus Center does not necessarily own each component of the content contained within the work. If you wish to re-use a component of the work, it is your responsibility to determine whether permission is needed for that re-use and to obtain permission from the copyright owner. Examples of components can include, but are not limited to, tables, figures, or images.
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Papers by Srinivas Raghavendra