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Capital Account Liberalisation and Crises: A Meta-Analysis 资本账户自由化与危机：元分析
The Indian economic journal : the quarterly journal of the Indian Economic Association Pub Date : 2022-12-28 DOI: 10.1177/00194662221137836
Anjala Kalsie, Jappanjyot Kaur Kalra
{"title":"Capital Account Liberalisation and Crises: A Meta-Analysis","authors":"Anjala Kalsie, Jappanjyot Kaur Kalra","doi":"10.1177/00194662221137836","DOIUrl":"https://doi.org/10.1177/00194662221137836","url":null,"abstract":"The present study is a critical survey of the literature on the impact of capital account liberalisation on both banking and currency crises. The objective of the study is to identify the publication bias and explore heterogeneity in the extant studies. For measuring the effect size of capital account liberalisation on banking and currency crises, an identification of relevant studies is done. Partial correlation coefficient is used for measuring standardised effect size. Funnel asymmetry test (FAT) and precision effect test (PET–PEE) are used for identifying publication selection bias. Meta-regression analysis (MRA) is done for exploring the heterogeneity in literature. I did meta-analysis on 121 t stats reported in 14 empirical papers. The results of the FAT–PET–PEE test indicate that publication bias does not exist in the literature. The study explains the heterogeneity of results reported in earlier studies. De facto measure, size of economy, inflation, real interest rate differential, real effective exchange rate overvaluation, current account balance to GDP and reserve money to GDP are the major impacting variables of both banking and currency crises. The probit approach is seen to be more appropriate in capturing the above relationship. JEL Codes: C1, F6, G01","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"300 - 320"},"PeriodicalIF":0.0,"publicationDate":"2022-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46261194","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
Potency of Fiscal Variables in Inf lation Variations in Sri Lanka 斯里兰卡通货膨胀变化中财政变量的效力
The Indian economic journal : the quarterly journal of the Indian Economic Association Pub Date : 2022-12-22 DOI: 10.1177/00194662221139364
Biswajit Maitra, Suvra Prokash Mondal
{"title":"Potency of Fiscal Variables in Inf lation Variations in Sri Lanka","authors":"Biswajit Maitra, Suvra Prokash Mondal","doi":"10.1177/00194662221139364","DOIUrl":"https://doi.org/10.1177/00194662221139364","url":null,"abstract":"Although the monetary policy impact on inflation is deliberated intensively in economic literature, the fiscal policy impact has not gained much interest, particularly in the developing countries. The later issue is theorised as the fiscal theory of price level. This article examines the potency of fiscal factors relative to the money growth in inflation in Sri Lanka for an extended period 1965–2018, and also for the post-reform period 1977–2018. The inflationary impacts of public debt, budget deficit and public expenditure, in association with money growth and a few control variables are assessed rigorously. The results of the vector autoregression model estimations involving different combinations of these variables reveal that fiscal policy instruments are, in general, inflationary while no significant impact of money growth on inflation is found. Besides, the analyses of impulse response functions and variance decomposition of inflation corroborate that the external debt, budget deficit and public expenditure are potent factors amplifying inflation. The impacts of money and control variables are trivial. These findings are invariant over the samples and justify that an active fiscal and a passive monetary policy are operative. Managing the budget deficit and growing dependence on public debt is a critical policy issue in Sri Lanka. JEL Codes: E31, H63, C32","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"710 - 728"},"PeriodicalIF":0.0,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43161978","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
Foreign Direct Investment, Institutional Quality and Sustainability: Cross-country Analysis Using Different Estimators 外商直接投资、制度质量与可持续性——基于不同估计的跨国分析
The Indian economic journal : the quarterly journal of the Indian Economic Association Pub Date : 2022-12-20 DOI: 10.1177/00194662221137849
Raveesh Krishnankutty, M. M. C., A. Tiwari
{"title":"Foreign Direct Investment, Institutional Quality and Sustainability: Cross-country Analysis Using Different Estimators","authors":"Raveesh Krishnankutty, M. M. C., A. Tiwari","doi":"10.1177/00194662221137849","DOIUrl":"https://doi.org/10.1177/00194662221137849","url":null,"abstract":"This article analyses the impact of institutional quality and sustainability on FDI. To achieve the objective, the study utilises data from 189 countries for 19 years, from 1996 to 2017. For estimation, the study uses several approaches such as pooled panel least squares with fixed and random effect models, generalised method of moments and panel quantile regression. The study finds that FDI and institutional quality steers the sustainability of the participating countries, primarily by creating and maintaining a conducive environment for investment and trade. We also confirmed that institutional quality variables can predict the FDI inflow across the countries. This is the first study in our knowledge that adopts different estimations and thereby ensures the robustness of the research findings. Moreover, our study is unique by including a new variable, i.e., the environmental performance index, to understand the sustainability aspects of FDI and the institutional quality. JEL Codes: Q56, C33, G28, E02, E22, F21","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"285 - 299"},"PeriodicalIF":0.0,"publicationDate":"2022-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45709901","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
Causality between Stock Market, Domestic and Global Economic Policy Uncertainty: Evidence from India 股票市场、国内和全球经济政策不确定性之间的因果关系:来自印度的证据
The Indian economic journal : the quarterly journal of the Indian Economic Association Pub Date : 2022-12-19 DOI: 10.1177/00194662221137829
K. Aggarwal, V. Saradhi
{"title":"Causality between Stock Market, Domestic and Global Economic Policy Uncertainty: Evidence from India","authors":"K. Aggarwal, V. Saradhi","doi":"10.1177/00194662221137829","DOIUrl":"https://doi.org/10.1177/00194662221137829","url":null,"abstract":"The aim of this article is to examine the relationship between the Indian stock market and the domestic and global economic policy uncertainty (EPU) during the period: January 2003–June 2020. The study employed unit root tests, Johansen cointegration test, vector error correction model (VECM), Granger causality test and impulse response function (IRF) for the analysis. This study finds the evidence for the presence of long-run equilibrium relationship between the stock market, domestic economic policy uncertainty (DEPU) and global economic policy uncertainty (GEPU) in India. The findings suggest that there is bidirectional causality between DEPU and stock market; however, no causality is found between GEPU and stock market in either direction. Also, it is found that there is bidirectional causality between DEPU and GEPU. The findings of the study may help policymakers to formulate decisive monetary and fiscal policies to achieve financial stability and are important for the financial investors and hedgers for portfolio allocations in India. JEL Codes: C32, D80, G12","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"406 - 419"},"PeriodicalIF":0.0,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42832531","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
Effects of COVID-19 Pandemic on Investor Attention in Global Stock Markets: An Empirical Assessment 新冠肺炎疫情对全球股市投资者注意力影响的实证评估
The Indian economic journal : the quarterly journal of the Indian Economic Association Pub Date : 2022-12-19 DOI: 10.1177/00194662221137833
Garima Goel, S. Dash, Byomakesh Debata
{"title":"Effects of COVID-19 Pandemic on Investor Attention in Global Stock Markets: An Empirical Assessment","authors":"Garima Goel, S. Dash, Byomakesh Debata","doi":"10.1177/00194662221137833","DOIUrl":"https://doi.org/10.1177/00194662221137833","url":null,"abstract":"Using the data from 50 global stock markets, this article examines the impact of the COVID-19 pandemic on investor attention. Using Google search volume as a proxy for country-specific and worldwide investor attention, this article provides initial evidence on the relationship between the spread of the pandemic and investor attention. Our results suggest that the increasing number of daily deaths and confirmed cases significantly negatively impact investor attention. Results are robust to the country characteristics like the nature of the financial system, financial stability and investor attention risk pricing nature. Our results indicate a positive and significant impact of government responses for restoring investor attention in the market. JEL Codes: G10, G14, G15, C23","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"347 - 364"},"PeriodicalIF":0.0,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47661889","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
Nexus Between Geopolitical Risk and Tourism Demand in India: Evidence from the ARDL Approach 地缘政治风险与印度旅游需求之间的关系:来自ARDL方法的证据
The Indian economic journal : the quarterly journal of the Indian Economic Association Pub Date : 2022-12-19 DOI: 10.1177/00194662221138123
Mohammed Ayub Soudager, S. H. Wani
{"title":"Nexus Between Geopolitical Risk and Tourism Demand in India: Evidence from the ARDL Approach","authors":"Mohammed Ayub Soudager, S. H. Wani","doi":"10.1177/00194662221138123","DOIUrl":"https://doi.org/10.1177/00194662221138123","url":null,"abstract":"The present study aims to examine the nexus between geopolitical risk and foreign tourist arrivals in India. In addition, other variables which impact tourist arrival in other parts of the world have also been included. To achieve the objectives of the study, the auto-regressive distributed lag (ARDL) model propounded by Pesaran et al. has been applied using quarterly data from 2001: Q1 to 2019: Q4. The findings of the study reveal that geopolitical risk negatively affects foreign tourist arrival in India. Besides, the study also captures the income and price determinants as propounded by classical economists. JEL Codes: C500; P0; Z30","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"645 - 658"},"PeriodicalIF":0.0,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41655710","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
Assessing the Extent of Rural Development in Punjab 旁遮普省农村发展程度评估
The Indian economic journal : the quarterly journal of the Indian Economic Association Pub Date : 2022-12-16 DOI: 10.1177/00194662221137832
J. Singh, G. Kumar
{"title":"Assessing the Extent of Rural Development in Punjab","authors":"J. Singh, G. Kumar","doi":"10.1177/00194662221137832","DOIUrl":"https://doi.org/10.1177/00194662221137832","url":null,"abstract":"Rural development is widely acclaimed as a tool for economic development of any region by the policy makers. Being a multi-level and multi-faceted process, the actual status of rural development is insuperable to assess through the individual scrutiny of either one or a few development indicators. Therefore, the present study endeavours to reckon district level rural development and its disparities in Punjab through the formulation of a composite rural development index (RDI) encompassing four dimensions, namely rural economy, rural social transformation, rural health and education and rural infrastructure at five points in time, that is, 1981, 1991, 2001, 2011 and 2018 based on 29 development indicators. The findings of the study revealed a lopsided picture of rural development with a concentration of frontrunner districts mainly in the Doaba belt, while mediocre and laggard categories are dominated by the districts of the Malwa belt. Further, reduction in the level of inter-district disparities in rural development has also been observed over the study period. It is suggested that mediocre as well as laggard districts should be prioritised in resource allocation to curtail the extent of rural development disparities in the state. JEL Codes: C38, H54, O10, R10","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"365 - 385"},"PeriodicalIF":0.0,"publicationDate":"2022-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43233025","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
Do Socio-economic Factors in the BRICS Explain Gender Gap in Financial Inclusion? 金砖国家的社会经济因素能否解释普惠金融中的性别差异?
The Indian economic journal : the quarterly journal of the Indian Economic Association Pub Date : 2022-12-15 DOI: 10.1177/00194662221137843
Farid Ahmed, A. B. Dar, Umer Farooq, Roopali Sharma
{"title":"Do Socio-economic Factors in the BRICS Explain Gender Gap in Financial Inclusion?","authors":"Farid Ahmed, A. B. Dar, Umer Farooq, Roopali Sharma","doi":"10.1177/00194662221137843","DOIUrl":"https://doi.org/10.1177/00194662221137843","url":null,"abstract":"This study aims to analyse the determinants of the gender gap in financial inclusion in the BRICS countries. Using the World Bank’s 2017 Global Financial Inclusion Index Database, the study examines the underlying causes of gender differences in financial services. Using the Fairlie (1999) decomposition method, the study finds a significant portion of the disparity among genders in financial inclusion. The lower-income quintiles contribute positively to the gender gap when compared to upper-income quintiles. A considerable proportion of disparities is attributed to secondary education. However, tertiary education acts to reduce the gap. JEL Codes: C250, G21, J16, 0530","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"386 - 405"},"PeriodicalIF":0.0,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41989694","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
Do Sustainability Disclosures Lead to Opportunistic Behaviour? Empirical Evidence from India 可持续性披露会导致机会主义行为吗？来自印度的经验证据
The Indian economic journal : the quarterly journal of the Indian Economic Association Pub Date : 2022-12-15 DOI: 10.1177/00194662221138127
S. Sushanth Kumar, Poornima Mishra, Ashish Sharma
{"title":"Do Sustainability Disclosures Lead to Opportunistic Behaviour? Empirical Evidence from India","authors":"S. Sushanth Kumar, Poornima Mishra, Ashish Sharma","doi":"10.1177/00194662221138127","DOIUrl":"https://doi.org/10.1177/00194662221138127","url":null,"abstract":"The present study empirically examines the bi-directional relationship between sustainability disclosures and earnings quality under mandatory sustainability disclosures regime for India, a developing country. It considers both the qualitative and quantitative measurements of sustainability disclosures. Earlier research only explored such relationships assuming a unidirectional approach, under voluntary sustainability disclosure setting with quantitative measurements of sustainability disclosures for developed countries. The study employs the generalised method of moments (GMM) approach on selected listed companies for the period 2013–2019. The result shows a negative bi-directional relationship between sustainability disclosures quality and earnings quality which also hold when tested with an alternate earnings quality measure. The result confirms that firms focusing on sustainability disclosures will also be manipulating earnings because of opportunistic perspective. Also, firms manage earnings to use sustainability disclosures as their cover to protect themselves. The study offers theoretical contribution by empirically corroborating the agency theory based managerial opportunism hypothesis. It extends and validates the managerial opportunism hypothesis in a novel context and under mandatory sustainability disclosures setting. The findings offer strong policy implications to Indian regulators and other stakeholders regarding the unintended consequence of mandatory sustainability disclosures. JEL Codes: Q50, Q56, M48","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"845 - 863"},"PeriodicalIF":0.0,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49196927","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
Government Expenditure for Economic Growth: The Ethiopian Experience 政府支出促进经济增长:埃塞俄比亚的经验
The Indian economic journal : the quarterly journal of the Indian Economic Association Pub Date : 2022-12-14 DOI: 10.1177/00194662221135998
Girum Dagne
{"title":"Government Expenditure for Economic Growth: The Ethiopian Experience","authors":"Girum Dagne","doi":"10.1177/00194662221135998","DOIUrl":"https://doi.org/10.1177/00194662221135998","url":null,"abstract":"This article investigates the relationship between sectoral government expenditure with economic growth in Ethiopia. In this study, the time series data from the period 1979–2018 is used. Autoregressive Distributed Lag approach to co-integration and error correction model are applied to investigate the short- and long-run impacts of government expenditure on economic growth. Using bound test approach to cointegration, the study revealed that agriculture, health and road expenditure has positive and significant in the long run, while expenditure on health and road has also a positive and statistically significant in short run. Applying the Granger causality test, we found a unidirectional causality running from health, transportation and communication and road government expenditure to growth at the one lag length. Therefore, it is important that the government better to spend on agriculture, health and road sectors of government expenditure for better development on these sectors and also should increase the efficiency of financial resources.","PeriodicalId":85705,"journal":{"name":"The Indian economic journal : the quarterly journal of the Indian Economic Association","volume":"71 1","pages":"434 - 451"},"PeriodicalIF":0.0,"publicationDate":"2022-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47082579","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
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