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Book review: Kaushik Basu. An Economist in the Real World: The Art of Policy Making in India 书评:考什克·巴苏。现实世界中的经济学家:印度的政策制定艺术
IF 0.9
South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-05-10 DOI: 10.1177/2277978718804721
I. Ahmad, Mohd Hussain Kunroo, Mudabera Gulzar
{"title":"Book review: Kaushik Basu. An Economist in the Real World: The Art of Policy Making in India","authors":"I. Ahmad, Mohd Hussain Kunroo, Mudabera Gulzar","doi":"10.1177/2277978718804721","DOIUrl":"https://doi.org/10.1177/2277978718804721","url":null,"abstract":"Kaushik Basu. An Economist in the Real World: The Art of Policy Making in India. New Delhi: Penguin India, 2016, 256 pp., ₹599. ISBN-13: 978-0670088751.","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"8 1","pages":"92 - 96"},"PeriodicalIF":0.9,"publicationDate":"2019-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718804721","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42822523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Perverse Effects of Non-sterilized Interventions on Spot Foreign Exchange Rates 非冲销干预对即期外汇汇率的反常影响
IF 0.9
South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-05-01 DOI: 10.1177/2277978719836307
Ismail Saglam
{"title":"Perverse Effects of Non-sterilized Interventions on Spot Foreign Exchange Rates","authors":"Ismail Saglam","doi":"10.1177/2277978719836307","DOIUrl":"https://doi.org/10.1177/2277978719836307","url":null,"abstract":"We study the effects of non-sterilized intervention on a spot foreign exchange (forex) rate using a multi-period game-theoretical model which involves an unspecified number of competitive traders, a finite number of strategic traders (forex dealers) with heterogenous initial money balances, and the central bank of the home country. Simulating the subgame-perfect Nash equilibrium of the two-stage game played by the forex dealers in each period, we show that the non-sterilized intervention of the central bank may lead to a perverse effect on the spot forex rate. We call the mechanism underlying this effect strategic trade switching channel that works when an increase in the central bank’s forex currency demand (supply) exerts such a big upward (downward) effect on the forex rate that some sufficiently big dealers, who optimally bought (sold) forex currency in the previous period when the forex rate was sufficiently low, find in the current period selling (buying) it more profitable, thus moving the forex rate in a direction undesired by the central bank. JEL Classification: D43, F31, G20","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"8 1","pages":"26 - 56"},"PeriodicalIF":0.9,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978719836307","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45800156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
De Facto Fiscal Space in Donor-countries and Their Aid Supply: To What Extent is Trade-related Aid Supply Affected? 援助国事实上的财政空间及其援助供应:与贸易有关的援助供应在多大程度上受到影响?
IF 0.9
South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-04-30 DOI: 10.1177/2277978719835615
S. Gnangnon
{"title":"De Facto Fiscal Space in Donor-countries and Their Aid Supply: To What Extent is Trade-related Aid Supply Affected?","authors":"S. Gnangnon","doi":"10.1177/2277978719835615","DOIUrl":"https://doi.org/10.1177/2277978719835615","url":null,"abstract":"This article investigates the impact of fiscal space in donor-countries on their official development aid (ODA) supply. It relies on the indicator of ‘De Facto Fiscal Space’ proposed by Aizenman and Jinjarak (The Fiscal Stimulus of 2009–10: Trade Openness, Fiscal Space and Exchange Rate Adjustment, NBER Working Paper 17427, 2011) and on a panel of 22 donor-countries over the period 1964–2015. The analysis considers four measures of ODA, including the total net aid transfers (NAT), ODA allocated to all sectors in the recipient-countries (ODAALLSECT), ODA allocated to the trade sector and ODA provided for the non-trade sector. The empirical results show that greater fiscal space in donor-countries influences positively donors’ NAT, their ODA allocated to all sectors as well as their ODA allocated to the non-trade sector in recipient-countries. At the same time, greater fiscal space in donor-countries does not influence ODA relating to the trade sector. Furthermore, the impact of fiscal space on ODA supply to the trade and non-trade sectors depends on donor-countries’ level of economic wealth. Jel Classification: E62, F35","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"8 1","pages":"1 - 25"},"PeriodicalIF":0.9,"publicationDate":"2019-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978719835615","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41955801","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Service Good as an Intermediate Input and Optimal Government Policy in an Endogenous Growth Model 内生增长模型中的服务产品作为中间投入与最优政府政策
IF 0.9
South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-04-30 DOI: 10.1177/2277978719837043
Senjuti Gupta, Bidisha Chakraborty, T. Chatterjee
{"title":"Service Good as an Intermediate Input and Optimal Government Policy in an Endogenous Growth Model","authors":"Senjuti Gupta, Bidisha Chakraborty, T. Chatterjee","doi":"10.1177/2277978719837043","DOIUrl":"https://doi.org/10.1177/2277978719837043","url":null,"abstract":"The present article considers an endogenous growth model in which the service output is used as intermediate good in commodity sector, tax is imposed on manufacturing product and the revenue earned is invested to create human capital. It is shown that there exists a unique, saddle path stable steady-state growth rate of human capital accumulation and a unique growth-maximizing tax rate. The optimal tax rate for the command economy is compared with growth-maximizing tax rate in competitive economy. A numerical analysis shows that the command economy will have a higher growth rate than the competitive economy. An extension of the model where households privately spend for accumulation of human capital yields the same growth rate as that of the command economy of the previous model. JEL Classification: E6, H2, O4","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"8 1","pages":"57 - 91"},"PeriodicalIF":0.9,"publicationDate":"2019-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978719837043","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47914594","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Does VAT Necessarily Lead to Bigger Government Size? The Experience of States in India 增值税必然导致政府规模扩大吗？印度国家的经验
IF 0.9
South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-10-04 DOI: 10.1177/2277978718795752
Damodar Nepram
{"title":"Does VAT Necessarily Lead to Bigger Government Size? The Experience of States in India","authors":"Damodar Nepram","doi":"10.1177/2277978718795752","DOIUrl":"https://doi.org/10.1177/2277978718795752","url":null,"abstract":"Many have held that value-added tax (VAT) generates higher revenue which then leads to bigger government spending. They cited the experience of European countries claiming that both the tax rate and the government size have risen over the years. The present study finds that there are exceptions to it based on the state level data of India. The tax was introduced as a replacement for sales tax about a decade ago but an increase in government size was not observed. Instead, higher revenues generated helped in the reduction of budget deficits when introduced along with a number of austerity measures among which was the enactment of the fiscal responsibility law (FRL) placing quantitative restrictions on budget deficits. Some states did witness bigger spending but most of them were observed to be financially weaker states receiving more central transfers. It enabled them to spend more without running into deficits and, hence, meet FRL obligations. JEL Classification: H7, H26, H50","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"240 - 259"},"PeriodicalIF":0.9,"publicationDate":"2018-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718795752","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43067603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Accounting for Growth Effects of Age Structure Transition through Public Education Expenditure: New Macroeconomic Evidence from India 通过公共教育支出解释年龄结构转变的增长效应：来自印度的新宏观经济证据
IF 0.9
South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-10-04 DOI: 10.1177/2277978718795773
M. Narayana
{"title":"Accounting for Growth Effects of Age Structure Transition through Public Education Expenditure: New Macroeconomic Evidence from India","authors":"M. Narayana","doi":"10.1177/2277978718795773","DOIUrl":"https://doi.org/10.1177/2277978718795773","url":null,"abstract":"This article quantifies the growth effects of age structure transition through current public education expenditure. Using the National Transfer Accounts’ (NTA) First Demographic Dividend (FDD) model, growth effects are accounted by the impact of current public education expenditure on economic support ratio (ESR) and labour productivity through human capital investments. The results offer new macroeconomic evidence. Age structure transition reduces the education dependency ratio (EDR) by all levels of education but the highest in the elementary education. This impacts on a long-term decline in enrolment in elementary education where the current gross enrolment ratio (GER) is close to 100 per cent and a decline in current public education expenditure. Other things being equal, the resultant potential savings, or the availability of extra budgetary resources, is a new way of financing the investment requirements for secondary and higher education with the aim of increasing national economic growth through human capital investments. In particular, growth effects are shown to be positive, higher and longer up to 2050, if the current public education spending is reallocated more for the secondary and higher education. Surprisingly, growth effects are explained less by the ESR than labour productivity. This justifies a higher human capital investment to enhance labour productivity for attainment of higher economic growth. The afore- mentioned macroeconomic framework, results and implications are of general relevance for other developing countries in South Asia and elsewhere in the world. JEL Classification: E65, H52, J11","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"174 - 211"},"PeriodicalIF":0.9,"publicationDate":"2018-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718795773","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44270220","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
On the Relationship between the Nominal Exchange Rate and Export Demand in India 论印度名义汇率与出口需求的关系
IF 0.9
South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-09-28 DOI: 10.1177/2277978718795777
Ranajoy Bhattacharyya, Bipradas Rit
{"title":"On the Relationship between the Nominal Exchange Rate and Export Demand in India","authors":"Ranajoy Bhattacharyya, Bipradas Rit","doi":"10.1177/2277978718795777","DOIUrl":"https://doi.org/10.1177/2277978718795777","url":null,"abstract":"This article attempts to determine the effect of nominal exchange rates on Indian exports between 1996 and 2014. We begin by assuming that the nominal exchange rate can affect export directly as well as indirectly via its pass through on domestic prices. The analysis is conducted with quarterly data after controlling for the effect of exchange rate volatility on exports. The main results that we get are the following: There is no direct evidence that the nominal exchange rate or its volatility influences exports. However, there is a significant relationship between the relative price ratio (domestic to foreign) and export. Further, we find strong evidence of pass through of the nominal exchange rate on prices (about 54%) in the long run. We interpret this result as an evidence of the nominal exchange rate affecting exports indirectly through domestic prices. The results suggest that the debate on the influence of exchange rates on Indian export is still an open one. JEL Classification: F14, E31, G15","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"260 - 282"},"PeriodicalIF":0.9,"publicationDate":"2018-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718795777","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47795125","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Exchange Rate Dynamics, Endogenous Risk Premium and the Balance Sheet Effect: An Effective Demand Model 汇率动态、内生风险溢价与资产负债表效应:一个有效的需求模型
IF 0.9
South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-09-26 DOI: 10.1177/2277978718795775
Moumita Basu, J. Sengupta, Ranjanendra Narayan Nag
{"title":"Exchange Rate Dynamics, Endogenous Risk Premium and the Balance Sheet Effect: An Effective Demand Model","authors":"Moumita Basu, J. Sengupta, Ranjanendra Narayan Nag","doi":"10.1177/2277978718795775","DOIUrl":"https://doi.org/10.1177/2277978718795775","url":null,"abstract":"This article describes a macroeconomic framework for analysing the interaction between output, domestic interest rate and exchange rate in the presence of the endogenous risk premium and balance sheet effect of exchange rate depreciation on investment demand. Output is demand determined. There are three assets: money, domestic bonds and foreign bonds. Domestic bonds and foreign bonds are not perfect substitutes due to the presence of risk premium. The endogenous risk premium depends on certain macroeconomic fundamentals, namely budget deficit and current account balance. Using this framework, we will examine implications of monetary policy, fiscal policy, tariff liberalization and global interest rate hike for exchange rate dynamics and output. The balance sheet effect and the risk premium together explain how an expansionary fiscal policy may generate recession, while tariff liberalization may produce favourable macroeconomic outcomes. Moreover, the model shows that an increase in world interest rate may have contractionary effect on the domestic output level due to the presence of the balance sheet effect of exchange rate depreciation. JEL Classification: E27, E63, F13, F32","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"212 - 239"},"PeriodicalIF":0.9,"publicationDate":"2018-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718795775","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44498969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is Bangladesh Rolling towards Debt Stress? An Exploration of Debt Sustainability in the Context of Recent External Financial Flows 孟加拉国正在走向债务压力？近期外部资金流动背景下的债务可持续性探讨
IF 0.9
South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-09-18 DOI: 10.1177/2277978718795755
D. Bhattacharya, Z. Ashraf
{"title":"Is Bangladesh Rolling towards Debt Stress? An Exploration of Debt Sustainability in the Context of Recent External Financial Flows","authors":"D. Bhattacharya, Z. Ashraf","doi":"10.1177/2277978718795755","DOIUrl":"https://doi.org/10.1177/2277978718795755","url":null,"abstract":"This article examines the sustainability of public debt in Bangladesh under alternative future scenarios based on simulation exercises for the period of FY2017 to FY2026. It adopts the debt-stabilizing primary balance approach (DPSBA) and International Monetary Fund/World Bank Debt Sustainability Framework (DSF). The findings of the former indicate that Bangladesh will be able to service its increasing public debt as long as its economic growth rate remains higher than the real interest rate payable on debt. Public debt also appears to be sustainable according to variables tested under the DSF. However, findings indicate that Bangladesh has been and would continue allocating an increasing share of its revenue to external debt repayment, creating a trade-off with investment in growth-oriented sectors. JEL Classification: H63, H68, H69, H81, G28","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"137 - 173"},"PeriodicalIF":0.9,"publicationDate":"2018-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718795755","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48474244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
On Allocation Contests for Publicly Provided Goods 公共物品分配竞赛研究
IF 0.9
South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-06-01 DOI: 10.1177/2277978718760445
Arijit Sen
{"title":"On Allocation Contests for Publicly Provided Goods","authors":"Arijit Sen","doi":"10.1177/2277978718760445","DOIUrl":"https://doi.org/10.1177/2277978718760445","url":null,"abstract":"In many countries, the government provides goods and services that are rival in consumption—essential commodities, such as water, public transportation and basic health care, and merit goods like professional education and tertiary health care. For such goods, the government has to specify allocation rules under which citizens can access them. Affluent citizens often have the incentive and the ability to influence public allocation rules by engaging in allocation contests. This article presents simple models of allocation contests for a divisible essential commodity and an indivisible merit good, and studies contest equilibria and their implications for social outcomes. Given allocation contests over public provision, falling public supply of an essential commodity can have magnified negative impact on social welfare, and raising the reservation quota of a publicly provided merit good for a set of disadvantaged citizens might effectively lower their access to the good. JEL: C72, D61, H42","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"1 - 16"},"PeriodicalIF":0.9,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718760445","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48487216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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