Post-liberalization Period Research Articles

Institutional Imprints and Corporate Misconduct: Unravelling the Interplay of Economic History and Firm Choices on Earnings Manipulation in an Emerging Economy

This study investigates the impact of firms’ legacy institutional imprints on its engagement in corporate misconduct. We discover that a closed economic regime’s protectionist policies inscribe imprints in the form of opaque organizational routines and cause incumbent firms to develop competitive limitations. Utilizing the theoretical principles of the organizational imprinting theory, this research attests to the endurance of corruptive routines and argues that the degree of closed economy imprints increases firms’ engagement in income-increasing earnings management in the post-liberalization period. Furthermore, we find that the impact of imprints is weakened by firms’ choices on international exposure and internal innovation. By utilizing the historical data on Indian economic policies from 1956 to 1991 and analyzing a sample of 18,432 firm-year observations for 2,396 listed Indian manufacturing firms from 1997 to 2007, we find support for our hypotheses.

한국 정치인 테러양상과 요인경호대책

Politics is a process through which stakeholders negotiate and states determine policies to enhance citizen welfare and establish optimal public policies for societal stability and prosperity. At its core, this process involves politicians striving to attain power to realize their beliefs, and it must be democratic. Consequently, terrorism against politicians, being both undemocratic and violent, must be rigorously condemned. An examination of the terrorism patterns targeting South Korean politicians reveals a persistent inclination to suppress opposition through violence—a vestige of regressive tendencies not yet fully eradicated since the post-liberation period. This study finds that security of key personnel for major politicians opposing current power structures are significantly inadequate. Therefore, we propose the urgent establishment of a “Security of Key Personnel Law” to strengthen national security for key political figures. Additionally, given the frequency of terrorist attacks on domestic politicians, it is crucial to expand the number of security personnel and enhance their training. Moreover, adopting socially inclusive policies towards political opposition and reinforcing the roles of media and popular culture are essential for fostering a more advanced political culture.

Economic growth, structural changes and employment linkages in India

PurposeIndia started economic reforms at a rapid pace to catch up the world economy by following the services-led-growth model during the post-liberalisation period. Over the years, the growing unemployment rate posits a re-look into the dynamics of growth model for wider work force participation. In this backdrop, the paper aims to examine the dynamics of structural changes in employment pattern in view of economic growth led by services-led growth model in India.Design/methodology/approachThe study employs a non-linear autoregressive model (NARDL) to examine the effect of the growth rates in three broad economic sectors namely agriculture and allied, services and industry on work force participation representing the employment opportunities in India.FindingsThe results highlight that the rapid expansion of the service sector has not occurred with enough employment opportunities by the same rate. By contrast, the growth in the industrial sector significantly creates employment opportunities in the short and long run. These results support the industry led growth model over the services for sustainable and inclusive economic growth in the country.Research limitations/implicationsThe study relies on combined labour force participation rates rather than gender-specific rates. Further, the regulatory, working conditions and economic incentives may affect the gender-specific engagement of the labour force in three broad sectors.Practical implicationsThe results offer important insight into changing patterns in employment with policy lessons. A wider workforce force participation calls for expansion of manufacturing activities through pro-industry programmes.Originality/valueThe study makes pioneer efforts to examine the dynamics of labour force participation with respect to the growth of three broad economic sectors of the Indian economy. The results provide new insights with policy implications for the changing employment pattern and policy response.

Make Me a Picture of the Future: Massinissa Selmani's 1000 Socialist Villages (2015)

Abstract Contemporary artist Massinissa Selmani's installation 1000 Socialist Villages (2015) explores how a rural land distribution and urban planning initiative in Algeria known as “1000 Socialist Villages” dissipated into rumor. The analysis relies on Djaffar Lesbet's first-hand accounts of and extensive research on the 1000 Socialist Villages, as his archives and his testimony were crucial to Selmani's artistic research process. Through close reading of Selmani's aesthetic references to the classic school notebook used during the socialist period in Algeria (1965–1979) and by drawing on Karima Lazali and Daho Djerbal's work on literature and history Algeria, the paper argues that Selmani's installation portrays the unstable character of historiography in Algeria in the post-Liberation period, thereby challenging positivist approaches to decolonial reparation.

Analysing Opportunities and Obstacles in Ethio-Djibouti Relations: Post-Cold War Era Historical Analysis

This study explores the post-Cold War relationship between Ethiopia and Djibouti, with a focus on events after war era 1990. It investigates their historical connection, Djibouti’s separation from Ethiopia, and the impact of geopolitical dynamics and other factors on their relationship. Historical methods and qualitative research are used to gather and analyze data. The origins of their relationship date back to ancient times when Djibouti was part of Ethiopia before being occupied by the French. After French occupation and post-liberation period, several treaties were signed between the rulers of both countries, but changes in transportation and other challenges altered their relationship. After the Cold War, their relationship reached its peak due to Ethiopia’s dependence on Djibouti as a gateway to the sea, especially after the Ethio-Eritrean war. Military and security cooperation between the two countries was facilitated by global competition for military bases in Djibouti, border conflicts with Eritrea, and joint anti-terrorism initiatives. However, peace agreements between Ethiopia and Eritrea, as well as growing relations with Somaliland, could create additional port options for Ethiopia which could potentially affect Djibouti’s income in the future. Differences in opinion on Somalia’s reunification and irredentism among Somalis may pose challenges for both countries. Additionally, global warming and desertification in Africa could affect water and electricity exports from Ethiopia to Djibouti. Despite these challenges, both countries have benefited from their relationship. In conclusion, this study provides insight into the historical development of Ethiopia and Djibouti’s relationship since the Cold War, highlighting the various factors that have influenced their dynamics. It is a valuable resource for understanding the complexities and potential future developments in their relationship.

The Genealogy of Confucian Modernity and the Reconstruction of Confucian Traditions in Post-Liberation Korea

Abstract: This article aims to trace the genealogy of Confucian modernity after Korea's liberation from Japanese rule and analyze how the historical context in which Confucian traditions were reconstructed. It seeks to analyze the process through which the disparate concepts of modernity and Confucianism were combined, moving beyond the perspective of denigration and development of Confucian traditions found in existing studies and approaching it from the perspective of postcolonial studies and traditions as invented practices. From the post-liberation period to the early 1960s, two arguments competed: one viewed Confucianism as having ruined the country, while the other claimed that it had sprouted modern times. While the former view still persisted, Confucianism was being used for political purposes, and scholars including Ch'ŏn Kwanu made efforts to find the sprout of modernism from Confucianism. The turning point came with the fervor of "modernization" that swept the country and the world in the 1960s. Influenced by domestic and foreign modernization theories, including Rostow's modernization theory, which began in the United States, the Park Chung Hee regime embraced the "modernization of the motherland" as its slogan. At the academic level, this trend was reinforced by the United States' support for Korean studies. In this process, discussions linking traditional Confucianism with modernization became more sophisticated in the intellectual community. By the late 1960s, these discussions went beyond explaining the connection between Confucianism and modernity through the concept of sprouting and reached a level of directly mentioning their connection. In the 1970s, this trend intensified further, leading to the conclusion that sirhak (practical learning) in Confucianism had pioneered its own modernization theory before the adoption of Western modernity. Through these analyses, this study aims to delineate the genealogy of discussions about Confucianism, such as that it is the cause of underdevelopment represented by stagnation or that it is the basis of East Asian modernity. Ultimately, by analyzing the contexts in which Confucian traditions are reconceptualized, this study aims to critically reconstruct the notions of tradition, nationalism, and modernity.

IMPACT OF FOREIGN TRADE ON ECONOMIC GROWTH IN INDIA IN THE POST REFORM PERIOD: AN EMPIRICAL ANALYSIS

Foreign trade plays an important role in the economic development of a nation. It is called engine of growth. It signifies trade between one country and other countries. Until 1991, India’s development strategy was mainly import substitution and self-reliance oriented. India has moved from a protectionist policy toward trade liberalization since 1991. The importance of foreign trade has increased in India due to liberalization, privatization and globalization, known as LPG reforms of 1991. These policies opened the Indian economy for foreign trade. During the reform period, Indias GDP has substantially increased. Today, India is one of the fasted growing economies in the world. Both exports and imports have also increased substantially in the post reform period in India. However, exports are lower than imports in India implying that Indias trade balance remains negative in the post liberalization period. This may be due to the fact that India is one of the largest importers of crude oil. The present paper examines the impact of foreign trade on India’s economic growth by applying regression. The study reveals that exports have significant positive impact on economic growth in India. KEY-WORD: Foreign trade, Export, Import, Regression, Economic growth

The Greek Consular Network in Bulgarian Lands before The Liberation

The aim of the proposed study is to trace the creation and the development of the Greek consular network in Bulgaria in the second half of the 19th century. The topic has not been the subject of scientific research so far, but is important for understanding the unequal positions with which the Balkan states enter the period of their independent existence. The study of the Greek consular network on the Balkans also makes it possible to outline the priorities in Athens’ foreign policy, as well as to trace the importance it assigns to its compatriots left outside the borders of the free Greek state. Last but not least, it is of interest to Greece to fight to preserve the privileged status it enjoys under the regime of capitulations. However, this effort creates serious problems in Greece’s bilateral relations with the Ottoman Empire and with Bulgaria in post-liberation period.

Anti-Japanism as a strategy for reshaping national identity in post-liberation South Korean fictions (1945–1948)

AbstractThis article argues that South Koreans' anti-Japanism in the post-liberation period can be regarded as an ideological construction, which was inevitably required to reshape their national identity, rather than as a reasonable and serious critical consideration of colonial Japan. Anti-Japanism functions as an identification framework in an era when Koreans needed to develop a new discourse which reflects the rapid politico-socio-cultural changes of that period. Under military control of the United States and the Soviet Union, Koreans made Japan the other in a number of ways in order to unite their nation state and national identity, relying specifically on racial difference and hierarchy. First, Korean intellectuals, who once cooperated with colonial Japan in the political sphere or in their ordinary lives, explicitly revealed their anti-Japanese sentiments in their writings right after liberation. Second, after liberation, anti-Japanism emerged from a process that Koreans would exploit, after demarcating the moral difference between themselves and the remaining Japanese migrants, to exclude the Japanese from their community. Finally, anti-Japanism in the post-liberation period can be detected in Koreans' tenacious attitude, as they tacitly restricted the articulation of filial or cultural hybridity with the Japanese people in order to reconfigure their national identity.

Rural Non-farm Sector Employment in the North-Eastern Region of India: Determinants and Implications for Well-being

The article analyses the causal relationship between rural non-farm employment (RNFE) and the well-being of the people in India’s North-Eastern Region (NER). When India experienced a decline in poverty, specifically during the post-liberalisation period, the reduction of poverty was lower in the NER, with a wide variation at the state level in the region than in the rest of the country. However, the structural shift in occupations and livelihoods in NER has been sharper than in other parts of the country. In this context, this article aims to contribute to an understanding of the issue of occupational diversification in NER. Based on data from three rounds of the National Sample Survey (NSS) Employment and Unemployment Survey and two rounds of the Periodic Labour Force Survey (PLFS), that is, the PLFS of 2017–2018 and 2019–2020. The 2SLS regression analysis highlights the higher inclination of young persons with technical education, people belonging to large families, and females in rural NER towards seeking livelihoods in the non-farm sector. JEL Codes: P46, M51, I21, E24

Comparative analysis of ICICIGC and UIIGC

Due to the fact that the time range of the study falls within the post-liberalization period, the analyses are exclusively restricted to the open market environment. UIIGC, a select public sector firm, is an established participant in the field of general insurance. It has a history that spans years, making it comparable to ICICIGC, a company that operates in the private sector. ICICIGC, being a firm that belongs to the private sector, has conducted its commercial activities with extreme caution ever since the year it was established. The entirety of the corporation is owned by private stockholders, while a foreign direct investment contributes 26% of the total capital. In spite of the significant amount of time that has passed since the company first began for business, it has not established any overseas branch offices in any country. Initially, it focused on inland business that was associated with auto insurance, but it has now shifted its attention to other classes of insurance in an effort to strategically expand the number of premiums that it collects. As a direct result of this, the company's operational profits have been growing at a faster rate than the operating profits of its competitors. Because of its corporate philosophy, the UIIGC has never attempted to sell cutting-edge or socially relevant insurance products to its customers.

Impact of Foreign Direct Investment and Merchandise and Services Trade on the Economic growth in India: An Empirical Study

This paper attempts to study the possible link among FDI inflow, economic growth, merchandise trade and services trade of India during the post-liberalisation period 1998–99: Ql to 2008–09: Q3. The long-term relationships among the variables are analysed using the Johansen and Juselius multivariate co integration approach. Short and long run dynamics are captured through vector error correction models. To further investigate the interaction between the variables, the study uses impulse response function (IRFs) besides the above mentioned time series technique. Regression analysis is also done for the same time period. To test the parameter stability of the variables involved in the study, CUSUMSQ test is also performed. The study found the evidence of co integration among the variables, indicating diat a long-term relationship exists among diem. Bi-directional causality is observed between merchandise trade and economic growth, services trade and economic growth. Unidirectional causality is observed from FDI to economic growth and FDI to merchandise trade. A unidirectional causality is also observed from merchandise trade to services trade.

Economic study of development prospects and challenges of real estate business

Indian real estate business is one of the largest sectors in our country after agriculture and primary sector. These sectors contribute about 6 percent to 7.5 percent and are a major source of jobs for the unorganized sector of the Indian labor market. The sector was one of the main beneficiaries of the post-liberalisation period, where India became one of the hot FDI assets, with a lot of new enterprises opening up day by day and a rapid rise in the salaries of the Indian middle class. Hui. It shows a huge growth since 1990s and Indian metro cities like Chennai Mumbai Delhi Kolkata feel the boom in realty sector. Real estate sector in India is growing at the rate of around 20 percent per annum and this sector is contributing around 6-7 percent to India's GDP but it is not able to balance the supply demand constant. The demand for housing has been increasing rapidly over the past decade. In spite of government efforts and efforts through various schemes, it has not been able to cope up with the increasing demands. Taking advantage of the situation, private businessmen usurped control of the real estate sector with almost no concern for consumer demand. Over the past decade, the sector feels a slowdown due to various factors which include business constraints, frequent changes by the government in regulatory policies, and economic slowdown. In our paper we study the present trend and pattern of various factors of real estate sectors and do critical analysis. In this paper we outline the issue and details of the actual obstruction. But also present some corrective steps which should benefit the sector and try to take it back to its glorious past where it was growing very fast.

What Factors are Driving R&D in the Pharmaceutical Industry in India? A Study of the Post-Liberalization Period

What Factors are Driving R&D in the Pharmaceutical Industry in India? A Study of the Post-Liberalization Period

Market-Based Solutions to Water Problems in India: Some Thoughts

Water is a good which is a necessity for human life. The policy makers of independent India who worked for preparation of a free and egalitarian society visualized provision of drinking water to all by the public bodies at minimum charges. For a long time, drinking water was scarce in India and even in many places its access was restricted to a few only. But it was never a commercial product. In India, the idea of a ‘market’ for water evolved in the post-liberalization period. It is only in the last two decades, the market for drinking water has started flourishing here and emerged as an industry. Water market has a huge potential in India with population of 130 crores. The international institutions like IMF and WTO have also favoured market-based solutions for water. According to these votaries of market, water is not a free natural resource but a private good; and market for water will decide a price for water where demand and supply will match. Thus, market-based solutions will help countries to use water resources efficiently and conserve water too. Against this backdrop, this paper has attempted to critically examine the present drinking water policy of the government of India (GOI) and its roadmap to solve the drinking water problem. In this context, we would delve into the role of private sector and the market envisaged by the policy makers. This paper has found that if the path of market-based solutions for drinking water is followed, it will increase disparities in access to drinking water in India. Universal access to safe drinking water is going to be a crucial human rights issue in future.

Financial Performance of Indian Private Life Insurance Companies in the Post Liberalisation Period: A Comparative Study between the First Two Decades of 21st Century

Insurance sector in India played a vibrant role in the development of economy. At the advent of new economic policy in 1991, insurance sector has started dynamic changes following the slogan of LPG. IRDA was formed as regulatory authority in 1993, to monitor and control over the insurance market. There was only public sector insurance company in the Indian life insurance business popularly known as LIC who have enjoyed monopoly from 1956 to 1999 over the life insurance sector. This scenario has dramatically changed after the entry of 23 private life insurance players with joint venture of Indian companies in 1st decade of 21st century. These companies have introduced several dynamic business strategies to capture the market within a very short period of time. Innovative products, smart marketing and aggressive distribution have enabled fledgling private insurance companies to get Indian customers to sign up faster than anyone expected. A healthy competitive environment has been observed during this period. Private insurers snatched a significant portion of the market share within couple of years. Life insurance industry observed remarkable growth and development in the post liberalisation period. An attempt has been made to evaluate the financial performance of the selected private life insurers between the first and 2nd decade of 21st Century. The objective of the study is to examine whether financial performance of the private life insurance companies have been improved from 1st decade to 2nd decade. With a view to attaining the objectives financial performance have been measured by using selected ratios of CARAMEL framework. Six indicators have been used to assess the Capital adequacy, Asset quality, Reinsurance & actuarial issues, management soundness, Earnings and profitability and Liquidity position of the companies. With a view to comparative analysis Mean and CV of the selected ratios of each companies have been tabulated during the two decades. The results obtained are statistically tested with the help of paired sample t-test in order to draw the logical inferences. It has been observed that financial performance of most of the private life insurance companies have been improved from 1st decade to 2nd decade.

The Theory of Cheondogyo democracy in the Post-Liberation Period : : Democratic Projects of ‘People’s Sovereignty’, ‘Left-right Cooperation’, and ‘Unification of South and North Korea’ in the reprinted 『Gaebyeok(開闢)』

본 논문은 해방공간에서 복간된 『開闢』의 천도교 민주주의 관련 논설을 분석하여 거기에 담겨진 상세한 내용과 의미를 온전히 드러내는 것이 목적이다. 민주주의 이념은 해방 이후 자주독립국가 건설로 나아가고자 했던ㅡ한반도의 민족적 열망을 하나로 응축시킨 용광로였다. 천도교 역시 해방과 함께 자신들만 독자적인 민주주의 이론을 공포했으며 이를 ‘조선적 신민주주의’로 규정했다. 여기에는 ‘인민주권’, ‘좌우합작’ 그리고 ‘남북통일’이라는 이념지향과 그 실현을 위한 구체적인 방안이 놓여 있었다. 이런 점에서 『開闢』의 담론을 분석하는 것은 해방정국에서 다양하게 논의되었던 자주적인 민주주의 국가건설론의 실제 내용을 살펴볼 수 있는 중요한 경로를 제공해준다고 할 수 있다. 이에 따라 본 연구는 『開闢』의 민주주의 관련 논설들에 대한 분석을 통해 ‘완전독립’과 ‘완전해방’으로서 민주주의의 의미, 좌우합작의 요청과 계급성의 자각을 통한 ‘조선적 신민주주의’의 실현, 한반도 통일과 민주주의 실현의 연관성 등을 발견하였다. 최종적으로 본 연구는 당시 한반도 민중들에게 갈망되었던 해방조선의 민주주의의 지향을 확인하는 한편, 이를 통해 ‘지금, 이곳, 우리’들에게 필요한 민주주의의 새로운 기획을 전망해보았다.

Anti-feudal Characteristics the Land ReformNarratives of North Korea and China : From the Post-liberation Period to the Early 1960s

이 글은 해방직후부터 1960년대 초반까지 북한·중국 토지개혁서사에 나타난 지주-농민 간의 계급갈등 양상을 비교 검토하는 것을 목적으로 한다. 북한 토지개혁이 짧은 시간동안 이루어진 데 비해, 중국의 토지개혁이 유상매수에서 무상몰수로의 전환을 겪어 비교적 서서히 진행되었다. 이로 인해 북한 토지개혁서사는 전부 토지개혁이 완수된 이후 창작된다는 점과 달리, 중국 토지개혁서사의 창작은 토지개혁의 전개와 거의 동시적으로 발전된다. 따라서 북한 토지개혁서사는 토지개혁으로 인한 농촌현실의 전변과 거기에 생활하는 농민의 의식과 삶의 변화를 형상화함에 초점을 두고 있다면, 중국 토지개혁서사의 초점은 농민들의 계급의식을 각성시키고 그들을 토지개혁에 참여시키도록 동원하는 데 있다. 그 결과로 소작제도 소멸되고 건국의 사업을 앞둔 북한의 토지개혁서사에서 계급갈등이 해소되고 낡은 것-새로운 것의 대립으로 전환되는 양상을 보인 반면, 중국토지개혁서사에서는 계급갈등이 극대화되고 나아가 공산당-국민당 간의 대립으로 이어지는 양상을 보인다.

Assessment of Growth Rate and Instability of Groundnut Production in Odisha, India: A Statistical Modelling Approach

Oilseeds in Odisha has a major contribution in increasing the income of farmers which is due to their greater economic value. The important oilseed crops grown in Odisha are groundnut, mustard, sunflower, sesamum and castor. Groundnut shares 34% of total area under oilseeds in Odisha and 64% of total production of oilseeds in the state. The present makes an attempt to explore the best fit model on area, productivity and production of groundnut in Odisha and use the selected best fit model to estimate the growth rate of the variables. The instability of area, productivity and production of groundnut in Odisha is also studied with help of coefficient of variation.
 Data from 1970-71 to 2019-20 have been used to estimate the growth rate and instability by dividing the whole period of study in two periods - pre-liberalisation period (1970-71 to 1995-96) which is referred as period I and post-liberalisation (1996-97 to 2019-20) which is referred as period II. Models considered in the analysis are linear model, logarithmic model, quadratic model, compound model and power model. Durbin-Watson test, Shapiro-wilk’s test and park’s test are used for testing error assumption. By testing the significance of parametric coefficient, residual diagnostics and the model fit statistics, the best fit model for the variable have been selected. Using the best fit model, the growth rate of area, productivity and production of groundnut in Odisha has been estimated. The measure of instability of area, productivity and production of groundnut is given by Coefficient of Variation.
 The study reveals that different models have been found to be the best fit for different variables in different periods. The study of growth rate using the best fit model reveals that area and production of groundnut decrease in post-liberalisation period than pre-liberalisation period. The growth rate of productivity of groundnut increases in post-liberalisation period as compared to pre-liberalisation period. The situation is reverse with respect to instability. The study comes with the conclusion that as compared to pre-liberalisation period, the productivity performance of groundnut in Odisha has enhanced in post-liberalisation period. The poor performance in area under groundnut results in poor performance in production of groundnut during post-liberalisation period as compared to pre-liberalisation period. The appropriate model building technique helps in depicting a proper scenario of groundnut production in the state of Odisha.

In the Name of the Public: The Middle Classes and the State in Liberalizing India

This article analyzes the political dynamics of middle class claims of representativeness of the public interest in contemporary India. Drawing on research in the post-liberalization period, the article examines the ways in which the “publicness” of the middle classes produces a distinctive relationship between this social group and state power. In the process, the middle classes both become a vehicle for the exercise of state power and are able to benefit from this relationship. Middle class claims on the public interest allow this social group to shape governmental responses and policies. This allows this social group to gain indirect access to state power and access to material resources. An analysis of the publicness of the middle classes is critical for an understanding of the nature of socioeconomic inequality. The article draws on a case study of urban governance and water resources in contemporary India and is based on qualitative research and fieldwork.