Ajit Singh

University of Birmingham, Birmingham, England, United Kingdom

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Publications (100)33.56 Total impact

  • 'New Perspectives on Industrial Policy for a Modern Britain', Edited by Bailey D., Cowling K. & Tomlinson P.R., 01/2015: chapter 18: pages 343 - 361; Oxford University Press.
  • Gurmail Singh · Ajit Singh
  • Article: by
    Simon Deakin · Prabirjit Sarkar · Ajit Singh
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    ABSTRACT: Legal origins theory suggests that law reform, strengthening shareholder and creditor rights, should enhance financial development. We use recently created datasets measuring legal change over time in a sample of 25 developing, developed and transition countries to test this claim. We find that increases in shareholder protection contribute to stock market growth in the common law world and in developing countries, but not in the civil law world. We also find evidence of reverse causation, with financial development triggering legal changes in the developing world. We consider a number of reasons for the selective impact of law reform, focusing on the endogeneity of the legal system to its economic context, and on resulting complementarities between legal and financial institutions.
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    ABSTRACT: Using the persistence of corporate profits as a measure of the intensity of product market competition in 19 countries for the period 1995-2005, we find that civil law systems are more competitive, in this sense, than common law ones. Greater shareholder protection increases competition between firms in common law countries, but reduces it in civil law ones. We conclude that shareholder rights act as complements to product market competition in the common law world but not in the civil law world, and explain this result by reference to the common-law origins of shareholder-orientated corporate governance.
    SSRN Electronic Journal 03/2012; DOI:10.2139/ssrn.2018254
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    S.Deakin · P.Sarkar · A.Singh
    Complexity, Norms and Organization, Edited by Masahiko Aoki, Kenneth Binmore, Simon Deakin, Herbert Gintis, 01/2012; International Economic Association: Palgrave Macmillan.
  • Ajit Singh · Alaka Singh · Bruce Weisse
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    ABSTRACT: Please do not quote without permission from the authors.
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    ABSTRACT: Legal origins theory suggests that law reform should have a causal impact on financial development. We use recently created datasets measuring legal change over time in a sample of 25 developing, developed and transition countries to test this claim. We find that increases in shareholder protection contribute to stock market growth in the common law world and in developing countries, but not in the civil law world. We also find evidence of reverse causation, with financial development triggering legal changes in the developing world. We consider a number of reasons for the selective impact of law reform, focusing on the endogeneity of the legal system to its economic context, and on resulting complementarities between legal and financial institutions.
    SSRN Electronic Journal 09/2011; DOI:10.2139/ssrn.1934737
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    Francis Cripps · Alex Izurieta · Ajit Singh
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    ABSTRACT: This contribution addresses the question of whether growth convergence can be sustained in the global economy without compromising welfare and without causing major crises. It employs a simplified stock-flow analytical framework to examine the proposition that the pace and pattern of global growth is conditioned by ‘under-consumption’ in some regions of the world and ‘over-borrowing’ in other regions. A baseline projection using the Cambridge-Alphametrics model (CAM) illustrates consequences of resumed global imbalances after the 2008–2009 crisis. An alternative scenario exemplifies the case in which China and India shift towards internal income redistribution and domestic demand-orientated policies and suggests that this will not be sufficient to correct global imbalances or induce improved growth rates in other developing regions. Finally a more ambitious development perspective is simulated. Such a scenario requires internationally-coordinated policy efforts, with a greater role for governments in the management of demand, income distribution and environmental sustainability, as well as measures to reduce instability of exchange rate and commodity markets.
    Development and Change 12/2010; 42(1):228 - 261. DOI:10.1111/j.1467-7660.2011.01687.x · 1.41 Impact Factor
  • Ajit Singh · Ann Zammit
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    ABSTRACT: This paper provides a review and commentary on the current financial and economic crisis. It considers important analytical and policy issues from a global and North-South perspective. The analytical questions cover issues such as the better than expected performance of the world economy, the role of global financial imbalances, and whether or not economic theory has been helpful. It is argued that close international cooperation and policy coordination are essential to recovery and an improved distribution of the fruits of growth. Cooperation and financial regulation are particularly necessary in order to prevent international contagion and cascading sovereign debt defaults.
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    ABSTRACT: A major purpose of this paper is to examine the effects of poor governance or ‘state fragility ’ in African countries on their overall economic and agrarian performance. The results of our econometric analysis show that a higher level of public security is conducive to lower levels of conflict, whether of an ethnic, religious and regional nature. It also corresponds with greater agricultural value-added per capita. The analysis further indicates that trade openness and aid do not have a substantial impact on agricultural development. Our institutional and historical examination of the structural adjustment programmes in African countries suggest that African agriculture’s poor performance is not necessarily due to the negative influence of African governments, but could also, in large part, be attributed to the policies advocated by the international financial institutions and donor countries. The resolution of the problems associated with these policies lies in improving the ability of African farmers to benefit from new agrarian technologies that raise staple food productivity and thereby enhance food security and national stability. The paper also provides, inter alia, a nuanced analytical description, based upon available aggregate statistics, of the short- and long-term performance of African economies and their agricultural sectors during the last 25 years.
  • Article: by
    Alex Izurieta · Ajit Singh
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    ABSTRACT: A major political and policy issue today is whether globalisation and rapid economic growth in India and China would have an adverse affect on labour markets in the U.S. and other advanced countries. Some leading economists have argued that even though the recent integration of India and China with the liberalised global economy has not so far had a serious negative impact on wages and employment in advanced countries, it is most likely to do so in the future in view of the growing technological and scientific capabilities in the two developing countries. This is also because it is suggested that this integration represents a sudden doubling of the world labour force without a concomitant increase in capital. The present paper argues against this plausible thesis, essentially on two grounds: (a) it does not take into account the demand side effects of fast growth in India and China; and (b) it abstracts from the dynamism of the U.S. real economy and its innovative large corporations. However, simulations of different scenarios on the CAM world econometric model indicate that at a disaggregated level there are severe supply side constraints on energy, raw materials and food which thwart the expansionary demand side effects of fast growth in India and China.
  • Article: by
    Ajit Singh · Alaka Singh · Bruce Weisse
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    ABSTRACT: This paper examines from the developing countries perspective important analytical and policy issues arising from: a) the current international discussions about corporate governance in relation to the New International Financial Architecture; b) changes in the international competitive environment being caused by the enormous international merger movement in advanced countries. The paper's main conclusions include: � � The thesis that the deeper causes of the Asian crisis were the flawed systems of corporate governance and a poor competitive environment in the affected countries is not supported by evidence. � � Emerging markets, as well as European countries have successful records of fast long-term growth with different governance systems, indeed superior to those of Anglo-Saxon countries. � � Corporate financing patterns in emerging markets in the 1990s continue to be anomalous, as they were in the 1980s. � � The claim that developing country conglomerates are inefficient and financially precarious is not supported by evidence or analysis.
  • David Bailey · Helena Lenihan · Ajit Singh
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    ABSTRACT: When comparisons in terms of industrial policy lessons to be learned have taken place, it has tended to be solely vis-a-vis the ‘development state ’ East Asian experience. This paper broadens the analysis and considers lessons which 1 From a poem by William Blake (1757–1827).African countries can learn fro other so-called ‘tiger ’ economies including Ireland and the East and South Asian countries. The Irish model is relevant not least because of its emphasis on corporatism rather than simply relying on state direction in the operation of industrial policy. The Irish model is also more democratic in some senses and has protected workers ’ rights during the development process. Overall we suggest that some immediate actions are needed, notably with regard to the financial system in small African economies. Without such changes, a poorly functioning financial system will continue to keep investment at low levels. In relation to the small size of the African economies, the paper recommends regional integration and sufficient overseas development assistance (ODA) for infrastructural development. JEL classification: O1, O2
  • Article: and
    Ajit Singh · Sonja Fagernäs
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    ABSTRACT: This paper documents and analyses the volatility of economic growth in rich and poor countries. It concludes that whereas volatility has declined almost universally in advanced countries, the picture is more mixed for developing countries. The paper then concentrates on the case of India, where GDP volatility has declined over the past two decades. The evidence shows that the move away from agriculture has stabilised the economy. Increased financial depth and more favourable developments in terms of trade have had a similar effect. Finally, the paper discusses the relationship between economic instability and insecurity at a general level.
  • Article: by
    Prabirjit Sarkar · Ajit Singh
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    ABSTRACT: This paper analyses a longitudinal dataset on legal protection of shareholders
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    ABSTRACT: We test the ‘law matters ’ and ‘legal origin ’ claims using a newly created panel dataset measuring legal change over time in a sample of developed and developing countries. Our dataset improves on previous ones by avoiding country-specific variables in favour of functional and generic descriptors, by taking into account a wider range of legal data, and by considering the effects of weighting variables in different ways, thereby ensuring greater consistency of coding. Our analysis shows that legal origin explains part of the pattern of change in the adoption of shareholder protection measures over the period from the mid-1990s to the present day: in both developed and developing countries, common law systems were more protective of shareholder interests than civil law ones. We explain this the result on the basis of the head start common law systems had in adjusting to an emerging ‘global ’ standard based mainly on Anglo-American practice. Our analysis also shows, however, that civil law origin was not much of an obstacle to convergence around this model, since civilian systems were catching up with their counterparts in the common law. We then investigate whether there was a link in this period between increased shareholder protection and stock market development
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    ABSTRACT: This paper uses a new time series dataset of shareholder protection consisting of 60 annual legal indicators for the period 1970-2005 for France, Germany, the UK and the US. On the basis of these data it examines developments in shareholder protection and reassesses the claims that common-law countries have better shareholder protection than civil law countries. Furthermore it examines the relationship between legal changes and stock market development. It casts serious doubt on the claim that common-law countries have better shareholder protection which in turn leads to more stock market development.
  • Article: and
    Simon Deakin · Ajit Singh
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    ABSTRACT: It is argued here that – contrary to current conventional wisdom – an active market for corporate control is not an essential ingredient of either company law reform or financial and economic development. The absence of such a market in coordinated market systems during their modern economic development was not an evolutionary deficit, but an effective and positive institutional arrangement. The economic and social costs associated with restructuring driven by hostile takeover bids, which are increasingly seen as prohibitive in the liberal market economies, would most likely harm the prospects for growth in developing and transition systems.
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    Ajit Singh · Prabirjit Sarkar
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    ABSTRACT: This paper analyses a longitudinal dataset on legal protection of shareholders over a 36 year period, 1970--2005, for four advanced countries, the UK, France, Germany and the USA. It examines two aspects of the legal origin hypothesis--whether shareholder protection is higher in the common law countries (UK and USA) than in the civil law countries (France and Germany) and whether shareholder protection matters for stock market development in the short and long runs. It also examines the 'causation' issue and the 'endogeneity' problem--whether greater shareholder protection leads to stock market development or whether stock market development leads to changes in law. The paper casts serious doubt on the validity of the basic theses of the Anglo Saxon legal and developmental model. Copyright The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.
    Cambridge Journal of Economics 03/2010; 34(2):325-346. DOI:10.1093/cje/bep055 · 0.95 Impact Factor
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    Philip Arestis · Ajit Singh
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    ABSTRACT: This paper comprises the long introduction to the symposium of five papers on financial globalisation published in the Cambridge Journal of Economics, volume 34, no 2. The paper discusses the impact of financial globalisation in a variety of spheres and shows how the five papers link together to provide a coherent view of the current economic and financial crisis. In this paper we also examine the globalisation of finance more broadly both in historical terms as well as in relation to the current widespread failure in the financial markets. We take up the policy question of how the interests of the poor in particular, and developing countries in general, could be safeguarded from the vagaries of financial globalisation, questioning how much choice communities and countries have and what can the international community do to extend these choices?
    Cambridge Journal of Economics 02/2010; 34(2):225-238. DOI:10.1093/cje/bep085 · 0.95 Impact Factor