Portfolio Behaviour in a Flow of Funds Model for the Household Sector in India

We estimate a flow of funds model for the household sector in India, within the Almost Ideal Demand System (AIDS) framework, and examine the demand for money and the substitution effects between money and other financial assets. The restricted long-run model, obtained using cointegration techniques, provides stable equilibrium relationship between I(1) variables and broadly satisfies the axioms of rational choice in consumer demand theory. We find that financial sector reform exerts a significant impact on the interest rate structure and household portfolio preferences; specifically, there is strong substitutability among risk-free assets and a possible speculative effect in the stock market, while the exchange rate strongly influences the demand for money. These findings all have important policy implications.     

Short notes on some books received

Africa's Management in the 1990s and Beyond: Reconciling Indigenous and Transplanted Institutions. By Mamadou Dia. Washington, DC: The World Bank, 1996. Pp.xii + 293. NP. ISBN 0 8213 3431 X

A Land Without Gods: Process Theory, Maldevelopment and the Mexican Nahuas. By Jacques M. Chevalier and Daniel Buckles. London: Zed Books, 1995. Pp.x + 374. £55.00/$69.95 and £19.95/$29.95. ISBN 1 85649 325 3 and 326 1

Local Resource Management in Africa. Edited by J.P.M. van den Breemer, C.A. Drijver and L.B. Venema. Chichester: John Wiley, 1995. Pp.xii + 245. £40. ISBN 0 47196004 7

Third World Cities in Global Perspective: The Political Economy of Uneven Urbanization. By David A. Smith. Boulder, CO: Westview Press, 1996. Pp.xiii + 202. £40.95 and £13.50. ISBN 0 8133 8720 5 and 2998 1

Power of Development. Edited by Jonathon Crush. London and New York: Routledge, 1995. Pp.xvi + 324. £35 and £ 14.99. ISBN 0 415 11176 5 and 11177 3

Financial Liberalisation and Investment. By K.L. Gupta and R. Lensink. London: Routledge, 1996. Pp.xii + 183. £40. ISBN 0 415 13879 5

Anthropology of Tourism. By Denison Nash. Oxford, New York and Tokyo: Pergamon, 1996. Pp.ix + 205. £41/US$66. ISBN 0 0804 42398 1

Politics of Technology in Latin America. Edited by Maria Ines Bastos and Charles Cooper. London and New York: Routledge, 1995. Pp.xii + 258. £47.50. ISBN 0 415 12690

Voices from Mutira: Change in the Lives of Rural Gikuyu Women: 1910–1995. By Jean Davison. Boulder, CO and London: Lynne Reinner Publisher, 1996. Pp.vi + 271. £18.95. ISBN 1 55587 602 1

Women and Politics in the Third World. Edited by Haleh Afshar London: Croom Helm, 1996. Pp.xi + 210. £40 and £12.99. ISBN 0 415 13853 1 and 13861

Re‐Presenting the City: Ethnicity, Capital and Culture in the Twenty‐First Century Metropolis. Edited by Anthony D. King. Basingstoke: Macmillan, 1996. Pp.ix + 282. £42.50 and £13.99. ISBN 0 333 60191 2 and 60192 0

Women and Industrialization in Asia Edited by Susan Horton, London and New York: Routledge, 1996. £50. ISBN 0415 12907 9

Enterprise and the State in Korea and Taiwan. By Karl J. Fields. Ithaca, NY and London: Cornell University Press, 1995. Pp.xiv + 269. NP. ISBN 0 8014 3009 7     

The politics and bureaucratics of rural public works: Maharashtra's employment guaranteed scheme

Abstract

The Maharashtra Employment Guarantee Scheme stands out among rural public works programmes in developing countries for its size, longevity, the generosity of its funding arrangements, and the political sophistication of its design. Its mission is highly ambitious: to supply employment flexibly and rapidly by opening and closing public works in response to local, unpredictable weather variations in a poor agrarian economy. We explore the political factors that account for changes in its performance over more than 30 years, and identify the political lessons for the design of similar programmes elsewhere.     

Social Capital and the Number of Governments within a County: A Potential Problem with Social Capital

Social capital has been demonstrated to be a benefit to a community in a variety of ways. However, researchers have begun to point out that social capital does have a downside. Communities that use bonding social capital to mobilise residents to action have the potential to exclude outsiders from their communities. The number of governments in a county could be used as an indicator of bonding social capital within a region. Residents use their local government to create and pass laws that have the potential to exclude others. The current analysis used the number of governments as a proxy for bonding social capital. Findings demonstrate that as the level of bonding social capital (the number of governments) increased the social capital in the county increased. Residents use their bonding social capital to respond to others, which then increases the level of social capital to be able to mobilise in the future.     

Book reviews

Michael Waller, Peace, Power and Protest: Eastern Europe in the Gorbachev Era, London: Institute for the Study of Conflict, 1988 (Conflict Study No.209). Pp.27. £5.50.

Paul Leventhal and Yonah Alexander (eds.), Nuclear Terrorism: Defining the Threat. Washington: Pergamon‐Brassey's, 1986. Pp.vii + 218. NP.

Paul Leventhal and Yonah Alexander (eds.), Preventing Nuclear Terrorism. Lexington, MA: Lexington Books, 1987. Pp.xviii + 472. NP.

Paul Wilkinson and Alasdair M. Stewart (eds.), Contemporary Research on Terrorism. Aberdeen: Aberdeen University Press, 1987. Pp.xx + 634. £45.

Richard E. Rubenstein, Alchemists of Revolution: Terrorism in the Modern World. New York: Basic Books, 1987. Pp.ix + 272. $17.95.

James Adams, Secret Armies. London: Hutchinson, 1988. Pp.440. £14.95.

David C. Martin and John Walcott, Best Laid Plans: The Inside Story of America's War Against Terrorism. New York: Harper & Row, 1988. Pp. 392 $22.50.     

Maidens at risk: 'date rape drugs' and the formation of hybrid risk knowledges

The ill-defined set of substances and behaviours collected under the name 'date rape drugs' present an opportunity to rethink risk management and the ways in which risk is studied in governmentality analyses. We borrow and develop Bakhtin's notion of the 'chronotope' - the spatially specific temporality constituting each literary genre - to understand how the risks associated with certain illicit drugs consumed by youth at weekend parties are thought of as inhering in a chronotope rather than in some chemicals. This chronotope, like most others, is gendered, but the gender-specific character of both the risks of partying and the friendship networks mobilized to prevent mishaps is denied by the educational materials: risks are simultaneously gendered and de-gendered.The insights generated by this study highlight the importance of relying on a more flexible toolbox for doing research on knowledges of risk.     

Promoting Social and Emotional Learning in Middle School: Intervention Effects of Facing History and Ourselves

Journal of Youth and Adolescence - There are fewer evidence-based social and emotional learning programs for middle school students compared to younger grades. This randomized controlled trial...