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Book review: M. Govinda Rao. Studies in Indian Public Finance South Asian Journal of Macroeconomics and Public Finance Pub Date : 2024-03-31 Anita Rath
M. Govinda Rao. Studies in Indian Public Finance. Oxford University Press, 2022, 250pp., ₹1,495. ISBN: 9780192849601.
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Reflections on Climate Finance in India and the Way Forward South Asian Journal of Macroeconomics and Public Finance Pub Date : 2023-03-03 Vimal Pant, Prachi Pathak
Climate Change has acquired centre stage in all business and economic decisions globally after numerous studies have warned of its catastrophic impacts on humankind. The article is a commentary on ...
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Exploring Systemic Risk Measurement Issues in Shadow Banks: A Case of an Emerging Economy South Asian Journal of Macroeconomics and Public Finance Pub Date : 2022-07-11 Nandita Bhattacharjee, Ambika Prasad Pati
The development of shadow banks, their exaggerated growth rate and the activities outside the regulatory purview gained prominence. Their activities have the ability to disrupt financial stability....
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External Debt and Real Exchange Rate Volatility in South Asia South Asian Journal of Macroeconomics and Public Finance Pub Date : 2022-07-07 Md. Moazzam
This study empirically examines the mechanism that connects debt accumulation to exchange rate volatility through the lens of important macroeconomic variables in South Asian Countries. One of the ...
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Understanding the COVID Economic Crisis: A Short- Run General Equilibrium Framework South Asian Journal of Macroeconomics and Public Finance Pub Date : 2022-07-01 Agnirup Sarkar
The article develops a static general equilibrium framework, in terms of which effects of the ongoing COVID-19 pandemic on output and employment of different sectors are analysed for a country like...
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Book review: Y. V. Reddy and G. R. Reddy, Indian Fiscal Federalism South Asian Journal of Macroeconomics and Public Finance Pub Date : 2022-06-29 Bakshi Amit Kumar Sinha
Y. V. Reddy and G. R. Reddy, Indian Fiscal Federalism. New Delhi: Oxford University Press, 2019, ₹695, XXVIII + 274 pp. (hardcover). ISBN: 0-19-949362-6.
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Identifying Inflation Dynamics in India in the Post Reform Period South Asian Journal of Macroeconomics and Public Finance Pub Date : 2022-06-08 Haroon Rasool
The present study aims at examining the inflation dynamics in Indian context with a particular focus on its determinants from 1991–1992Q1 to 2017–2018Q4. The purpose of this study is to investigate...
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Illicit Financial Flows through Trade Mis-Invoicing in India: An Empirical Analysis of the Major Commodities Involved in Mis-Invoicing South Asian Journal of Macroeconomics and Public Finance Pub Date : 2022-05-22 Praveen Tiwari, Javaid Akhter, Saumen Chattopadhyay
This article identifies, based on reported trade data between India and its 19 trading partners, the major commodities exhibiting mis-invoicing during 2000–2018, the extent of mis-invoicing, major ...
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The Optimal Magnitude of Government Spending: Evidence from Cambodia South Asian Journal of Macroeconomics and Public Finance Pub Date : 2022-05-22 Leanghak Hok, Zoltán Bartha
Scholars and policymakers have vigorously debated what the impact of government spending on economic growth is. Some current research and theoretical models suggest that the reaction of economic gr...
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Comments on the Paper ‘The Optimal Distribution Rule of Federal Funds to States in India: A Suggested Methodology’ by Raychaudhuri and Roy (2021) South Asian Journal of Macroeconomics and Public Finance Pub Date : 2022-03-14 Sudip Kumar Sinha
The recent paper by Raychaudhuri and Roy (2021) in the South Asian Journal of Macroeconomic and Public Finance has been both timely and intensely thought provoking as it suggests an alternative app...
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Female Entrepreneurship and Marriage: Does Individualism Matter? South Asian Journal of Macroeconomics and Public Finance Pub Date : 2022-02-17 Nabamita Dutta
The findings with regard to the impact of marital status on female entrepreneurs are ambiguous. Using an extensive individual-level data across countries over six time waves from 1981 to 2014, the ...
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Re-visiting the Armey Curve Hypothesis: An Empirical Evidence from India South Asian Journal of Macroeconomics and Public Finance Pub Date : 2022-02-03 Neha Jain, Niharika Sinha
The present study aims to examine the relationship between government size and economic growth in India for the period from 1961 to 2018. Additionally, as a novel contribution, the current study al...
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Financial Sustainability of Microfinance Institutions and Macroeconomic Factors: A Case of South Asia South Asian Journal of Macroeconomics and Public Finance Pub Date : 2021-05-06 Ainan Memon, Waqar Akram, Ghulam Abbas, Abbas Ali Chandio, Sultan Adeel, Iram Yasmin
This study explores the financial sustainability of microfinance institutions (MFIs) in the economic context to identify how macro-level economic decisions affect the micro-level decisions in the microfinance sector in South Asia. For that purpose, the data of 409 South Asian MFIs combined with the macroeconomic variables of respective countries are used over the period 1999–2017. The empirical analysis
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Determinism and Non-linear Behaviour of Log-return and Conditional Volatility: Empirical Analysis for 26 Stock Markets South Asian Journal of Macroeconomics and Public Finance Pub Date : 2021-04-04 Zouhaier Dhifaoui
Determinism and non-linear behaviour in log-return and conditional volatility time series of the stock market index is examined for twenty-six countries. For this goal, the principal statistical techniques used in this study are a robust estimator of correlation dimension, a normalized non-linear prediction error, and pseudo-periodic surrogate data method. The proposed approach indicates, first, the
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Incentives, Status and Thereafter: A Critical Survey South Asian Journal of Macroeconomics and Public Finance Pub Date : 2021-04-01 Oindrila Dey, Swapnendu Banerjee
This article provides a critical discussion on the working of status as an instrument to elicit desirable effort within an organization. It postulates a comprehensive survey of the studies on incentive, especially non-monetary incentives like status. Different studies are summarized concisely and elaborate comments on the divergent views on valuation for status, the relationship between monetary and
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Were Foreign Exchange Markets Reacting Negatively to Political Events? The Case of Malaysia South Asian Journal of Macroeconomics and Public Finance Pub Date : 2021-04-01 Hon Chung Hui
This article explores the effects of political events on foreign exchange returns in Malaysia. We identify five political events in recent history, namely the 13th General Election (GE13), the imprisonment of a key opposition politician, the scandal from the 1MDB exposé, the appointment of a new Central Bank Governor and the 14th General Election (GE14). Using event studies, our findings show that
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International Capital Flows When Safe Assets Scarcity Matters South Asian Journal of Macroeconomics and Public Finance Pub Date : 2021-03-15 Ly Dai Hung, Nguyen Thi Thuy Hoan
In an open multi-country economy, the safe assets supply shapes the pattern of international capital flows. A higher productivity growth rate raises the net capital inflows for economies with abundant safe assets, but reduces the net capital inflows for economies with scarce safe assets. The cross-section analysis on a sample of 170 economies over 1980–2013 confirms the theory. The evidence is robust
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Emerging Issues in Fiscal Sustainability in India: A Study of Central Government Finances, 1979–1980 to 2018–2019 South Asian Journal of Macroeconomics and Public Finance Pub Date : 2021-03-11 Anita Rath, Arpit Sachan
The objective of the article is to examine the fiscal sustainability of the Indian central government’s finances in the era of rule-based fiscal policy. Asymmetric budgetary adjustment process and revenue–expenditure nexus are also analysed in this article by employing threshold autoregressive models/momentum threshold autoregressive models. Findings of the article reveal emerging issues in fiscal
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The Optimal Distribution Rule of Federal Funds to States in India: A Suggested Methodology South Asian Journal of Macroeconomics and Public Finance Pub Date : 2021-03-04 Ajitava Raychaudhuri, Poulomi Roy
A federal country like India distributes centrally collected funds through certain distribution rules, framed by the finance commission every five years, which primarily aims at horizontal equity among the states, although the goal of vertical equity has also been accommodated lately. The distribution rules do change, but they are largely governed by population and taxable capacity in a static sense
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Output-inflation Trade-off in the Presence of Foreign Capital: Evidence for Vietnam South Asian Journal of Macroeconomics and Public Finance Pub Date : 2021-02-27 Ly Dai Hung
On one monthly time-series data set of Vietnam economy over 02/2008–09/2018, the Time-Varying-Coefficient VAR model records that the trade-off between inflation and output growth is mitigated by the foreign capital inflows. The inflation is mostly determined by credit supply growth, while output growth is largely driven by foreign direct investment (FDI) capital inflows. A monthly increase of FDI by
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Government Size and Economic Growth: An Empirical Examination of Selected Emerging Economies South Asian Journal of Macroeconomics and Public Finance Pub Date : 2021-02-25 Megha Jain, Aishwarya Nagpal, Abhay Jain
The current study attempts to examine the linkage between government (public) spending and economic growth in the broader framework of selected South Asian Nations (SANs), BRICS and other emerging nations by using two sets of empirical modelling over the period 2007–2016 by using inverted U-shaped hypothesis, propounded by Armey curve (1995). The first set has employed system GMM technique to explore
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Gravity Models in International Trade: An Exploration in Econo-Physics South Asian Journal of Macroeconomics and Public Finance Pub Date : 2021-02-25 Iman Pal, Saibal Kar
Several strands of the static and dynamic theoretical constructs and the empirical applications in the subject of economics owe substantially to the well-known principles of physical sciences. The present article explores as to how the development of the popular gravity models in international trade can be traced back to Newton’s law of gravitation, and to both Ohm’s Law and Kirchhoff’s Law of current
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Money Multiplier Bias Due to Informal Sector: An Extension of the Existing Money Multiplier South Asian Journal of Macroeconomics and Public Finance Pub Date : 2021-01-13 Khurrum S. Mughal, Friedrich G. Schneider, Faheem Aslam, Alishba Tahir
To demonstrate the impact of informal economy on the official money multiplier in currency supply, we present an extension of the basic money multiplier model. The influence of economic policies may differ if they are based only on official statistics without considering the informal sector. Since most of the activities in informal sector are hidden from authorities, it is widely assumed that these
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External Debt Distress in South Asia: Evidence from Panel Data Analysis South Asian Journal of Macroeconomics and Public Finance Pub Date : 2020-12-07 Shujaat Abbas, Shahida Wizarat, Sadia Mansoor
This study is an attempt to explore social and economic determinants of external debt distress in five selected South Asian countries, that is, Bangladesh, India, Nepal, Pakistan and Sri Lanka, from 1980 to 2018, by using the contemporary panel fixed effect model and system generalized methods of moments. The findings revealed that the major determinants of external debt distress in selected South
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Analysis of Growth Accounting and Convergence in MENA Countries: Panel Cointegration Approach South Asian Journal of Macroeconomics and Public Finance Pub Date : 2020-11-09 Mushtaq Ahmad Malik, Tariq Masood
The objective of this study is to investigate the sources of output growth and their convergence in the Middle East and North African countries over the period 1970–2017. Towards this end, the study employs Levin et al. (2002, Journal of Econometrics, vol. 108, pp. 1–24), Fisher-type (Choi, 2001, Journal of International Money and Finance, vol. 20, pp. 249–272) and Im et al. (2003, Journal of Econometrics
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Birth of Census Towns in India: An Economic Analysis South Asian Journal of Macroeconomics and Public Finance Pub Date : 2020-10-11 Saumyabrata Chakrabarti, Vivekananda Mukherjee
In Indian census, the reclassification of villages as small towns (called census towns) has been startling during the decade 2001–2011 and accounted for almost 30 per cent of urbanization, which is significantly larger than their growth rate in previous decades. Though reclassified as towns, they are governed as rural settlements. This article applies urban economic theory along with rural–urban labour
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The Crowding-in/ out Debate in Investments in India: Fresh Evidence from NARDL Application South Asian Journal of Macroeconomics and Public Finance Pub Date : 2020-08-23 Nusrat Akber, Megha Gupta, Kirtti Ranjan Paltasingh
The purpose of the study is to re-examine the issue of the crowding-in/out effect of public investment on private investment by adopting an improved methodology of the ‘nonlinear autoregressive distributive lag’ (NARDL) model. Taking data from 1970 to 2016, the study finds that public investment crowds-in private investment both in the long-run as well as the short-run. However, the short-run elasticity
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The Concurrent Effect of Financial Development and Trade Openness on Private Investment in India South Asian Journal of Macroeconomics and Public Finance Pub Date : 2020-03-19 Micheal Kofi Boachie, Martin Ruzima, Mustapha Immurana
This article examines the role of financial development and trade openness in promoting private investment in India. We use data (1960– 2013) from the World Development Indicators database. After checking the time series properties of the data, we employ auto-regressive distributed lag (ARDL) estimation technique to investigate the impact of the concurrent existence of financial development and trade
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The Impacts of Monetary and Fiscal Policies on Economic Growth in Malaysia, Singapore and Thailand South Asian Journal of Macroeconomics and Public Finance Pub Date : 2020-03-02 Chai-Thing Tan, Azali Mohamed, Muzafar Shah Habibullah, Lee Chin
This article analyses the impact of monetary and fiscal policies on economic growth in Malaysia, Singapore and Thailand from 1980:Q1 to 2017:Q1. Autoregressive distributed lag (ARDL) approach is employed to determine the long-run relationship. Further, a range of econometric models, such as fully modified least squares method (FMOLS), canonical cointegration regression (CCR) and dynamic ordinary least
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Exploring Import-led Growth in India: Evidence from the Post-reform Period South Asian Journal of Macroeconomics and Public Finance Pub Date : 2020-02-20 Biswajit Maitra
While the export-led growth (ELG) hypothesis attracted much attention historically, the import-led growth (ILG) dimension received little attention despite important linkages. The present article studies whether the ELG, ILG, growth-led export (GLE) and growth-led import (GLI) propositions hold in India for the post-reform period. Accordingly, the short-run and the long-run impacts of exports, imports
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Counterfactual Inflation Targeting in Nepal South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-10-09 Tomoya Suzuki
The Nepal Rastra Bank (NRB) pegs the Nepalese rupee to the Indian rupee, meaning that the NRB effectively transfers control over the country’s monetary policy to India. It is therefore argued that Indian inflation causes Nepalese inflation. This study investigates whether the NRB should have instead floated the Nepalese rupee and targeted inflation. For this purpose, a dynamic stochastic general equilibrium
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Controlling Terrorism Through the Nudging of Social Interactions South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-10-03 Siddhartha Mitra
The article explains how ‘nudge theory’ can be applied to alleviate the incidence of terrorism. Nudges, which bring about a change in the environment in which individual choice is exercised, do not just modify the behaviour of individuals in a society but thereby influence the social environment which impacts both the human brain and behaviour. Thus, a nudge when appropriately administered to a large
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Book review: Saumen Chattopadhyay, Macroeconomic of the Black Economy South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-09-22 Friedrich Schneider
Saumen Chattopadhyay, Macroeconomic of the Black Economy, Delhi, India: Orient Blackswan Publisher, 2018, ₹666, 276 pp. (hardcover). ISBN: 978-93-5287-281-7.
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The Macroeconomics of Demonetization: Theory and Some Conjectures South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-09-22 Subhasankar Chattopadhyay
The withdrawal of high-denomination paper money in India—popularly termed ‘demonetization’—has generated interest among common people to understand what the usual macroeconomic consequences of such one-time monetary shock are. This article conjectures (a) that such unanticipated supply-side replacement of paper money of higher denominations may lead to a currency ‘trap’ in the short run and a permanent
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Inflation Dynamics and Monetary Policy in India: A New Keynesian Phillips Curve Perspective South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-08-28 Bhavesh Salunkhe, Anuradha Patnaik
The present study estimates various specifications of the New Keynesian Phillips Curve (NKPC) models for India over 1996Q2 to 2017Q2 using Consumer Price Index (CPI) and Wholesale Price Index (WPI) inflation, separately. The empirical results suggest that the data support all the specifications of the Phillips curve models based on both the CPI and WPI inflations. However, the backward looking and
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Book review: Kaushik Basu. An Economist in the Real World: The Art of Policy Making in India South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-05-10 Imran Ahmad, Mohd Hussain Kunroo, Mudabera Gulzar
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.
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Perverse Effects of Non-sterilized Interventions on Spot Foreign Exchange Rates South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-05-01 Ismail Saglam
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
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Service Good as an Intermediate Input and Optimal Government Policy in an Endogenous Growth Model South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-04-30 Senjuti Gupta, Bidisha Chakraborty, Tanmoyee Banerjee (Chatterjee)
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
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De Facto Fiscal Space in Donor-countries and Their Aid Supply: To What Extent is Trade-related Aid Supply Affected? South Asian Journal of Macroeconomics and Public Finance Pub Date : 2019-04-30 Sena Kimm Gnangnon
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
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Does VAT Necessarily Lead to Bigger Government Size? The Experience of States in India South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-10-04 Damodar Nepram
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
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On the Relationship between the Nominal Exchange Rate and Export Demand in India South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-09-28 Ranajoy Bhattacharyya, Bipradas Rit
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
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Exchange Rate Dynamics, Endogenous Risk Premium and the Balance Sheet Effect: An Effective Demand Model South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-09-26 Moumita Basu, Jonaki Sengupta, Ranjanendra Narayan Nag
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
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Is Bangladesh Rolling towards Debt Stress? An Exploration of Debt Sustainability in the Context of Recent External Financial Flows South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-09-18 Debapriya Bhattacharya, Zeeshan Ashraf
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
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Book review: Duvvuri Subbarao. Who Moved My Interest Rate? Leading The Reserve Bank of India through Five Turbulent Years South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-05-10 Nitin Arora, Harinder Kaur Gill
Duvvuri Subbarao. Who Moved My Interest Rate? Leading The Reserve Bank of India through Five Turbulent Years. Penguin Books India Private Limited, 2016, pp. xxv + 323, ₹699, ISBN 978-0670088928
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Emigrant’s Remittances, Dutch Disease and Capital Accumulation in Bangladesh South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-04-23 Hiroyuki Taguchi, Rifah Tamannah Shammi
This article examines varying macroeconomic impacts of international emigrant remittances in Bangladesh since 1976 by using a vector auto-regression (VAR) framework. Bangladesh has recorded better economic performance during last two decades, 1996–2014, compared to earlier two decades, 1976–1995. The time-series analysis therefore uncovers some transition in the remittance impacts composed of the ‘Dutch
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Defence Outlays Across Countries: Are They Converging? South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-04-19 Ramesh Chandra Das, Soumyananda Dinda, Frank Martin
Although the countries in the present world are staying away from formal wars like that of the First and the Second World Wars, still there has been persistence of informal wars among countries. The countries are now observed to be investing upon defence items in a larger way. The so-called backward countries are coming in a strong way in terms of increasing defence outlays and trying to catch up with
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Fiscal Decentralization and Economic Growth: Evidence from Indian States South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-04-19 Aadil Ahmad Ganaie, Sajad Ahmad Bhat, Bandi Kamaiah, N. A. Khan
This study examines the relationship between fiscal decentralization and economic growth in the case of India using panel data for 14 non-specialized states for the period 1981–2014. The results revealed from panel cointegration, and dynamic ordinary least squares (DOLS) framework indicate that spending decentralization has a positive and significant impact on the state domestic product. On the other
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On Allocation Contests for Publicly Provided Goods South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-04-18 Arijit Sen
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
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Unlocking Pakistan’s Revenue Potential South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-04-04 Serhan Cevik
Pakistan’s tax revenue remains low relative to comparator countries and the tax effort expected for the country’s level of development. This creates significant challenges in providing the much-desired fiscal space to expand growth-enhancing expenditure on infrastructure, education, health care and targeted social assistance. This article estimates both short-run and long-run elasticities of tax revenue
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A Macroeconomic Model with Price Flexibility South Asian Journal of Macroeconomics and Public Finance Pub Date : 2018-03-29 Gurbachan Singh
A simple macroeconomic model is used to show that the market failure to maintain macroeconomic stability can be due to (a) price rigidity or (b) price flexibility that allows false and abnormal prices to prevail. The macroeconomic literature typically considers the first case only; this article focuses on the second case. Besides the Keynesian fiscal policy, this article considers a Pigouvian tax–subsidy
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Predictability of Return Volatility Across Different Emerging Capital Markets: Evidence from Asia South Asian Journal of Macroeconomics and Public Finance Pub Date : 2017-10-23 Thushari N. Vidanage, Fabrizio Carmignani, Tarlok Singh
The importance of return volatility forecasts in policy formation and investment decision-making in emerging countries is growing considerably. However, from an operational perspective, there is no consensus in the literature on which econometric model has the best forecasting performance. To shed new light on this issue, this article compares forecasting models for a selected group of emerging Asian
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Does Corruption Facilitate Growth? A Cross-national Study in a Non-linear Framework South Asian Journal of Macroeconomics and Public Finance Pub Date : 2017-10-23 Shrabani Saha, Girijasankar Mallik, Dimitrios Vortelinos
The article examines the corruption–growth relationship in a non-linear framework using panel fixed effects (FE) and system generalized methods of moments (SGMM) model for over 110 countries for the period 1984–2009. The results reveal that the least corrupt countries enjoy higher growth rates, whereas highly corrupt countries experience low growth. Furthermore, corruption has a positive and significant
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A Note on Measuring Inclusive Growth and the Inclusiveness of Growth South Asian Journal of Macroeconomics and Public Finance Pub Date : 2017-10-13 Siddhartha Mitra
This article makes three basic contributions: (a) review an already existing measure of ‘inclusive growth’ derived from a measure of inclusiveness (an increase which is assumed to be associated with inclusive growth) and show that this is one among a class of an infinite number of possible measures; (b) identify two drawbacks associated with the class of measures of ‘inclusive growth’ mentioned in
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What Role Did Rising Demand Play in Driving Food Prices Up? South Asian Journal of Macroeconomics and Public Finance Pub Date : 2017-06-01 Rudrani Bhattacharya, Abhijit Sen Gupta
Average food inflation in India during the period 2006–2013 was one of the highest among emerging market economies and nearly double the inflation witnessed in India during the previous decade. An often-cited hypothesis argues that the surge in food inflation during this period was driven by rising demand for high-value food products due to higher per capita income and diversification of Indian diets
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The Recent Inflation Crisis and Long-run Economic Growth in India: An Empirical Survey of Threshold Level of Inflation South Asian Journal of Macroeconomics and Public Finance Pub Date : 2017-06-01 Jaganath Behera, Alok Kumar Mishra
This article investigates the existence of a threshold level of inflation and how any such level affects the growth of Indian economy. The article also seeks to examine the dynamic short-run and long-run relationship between inflation and economic growth in India. By employing spline regression method to estimate the threshold level of inflation and the long-run and short-run relationships, the results
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Jobless Recovery and Structural Change: A VAR Approach South Asian Journal of Macroeconomics and Public Finance Pub Date : 2017-06-01 Li-Hsueh Chen, Zhen Cui
This study uses a vector autoregression approach to examine the link between jobless recoveries and the fast employment expansion in finance, health and education (FHE) sectors. Both reduced-form estimates and impulse responses indicate a negative effect of the expansion on aggregate employment. While the expansion Granger causes aggregate employment fluctuations, up to 40 per cent of the error variance
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Dynamics of Economic Growth, Investment and Trade Openness: Evidence from Bangladesh South Asian Journal of Macroeconomics and Public Finance Pub Date : 2017-06-01 Champa Bati Dutta, Mohammed Ziaul Haider, Debasish Kumar Das
This article investigates the causal relationship among foreign direct investment, domestic investment, trade openness and economic growth in Bangladesh over the period 1976–2014. Unit root tests, cointegration methods and Granger causality tests in Vector Error Correction Model (VECM) framework are used to investigate the relationships. The results of Granger causality test based on a stable VECM
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Billionaire Wealth, Firm Performance and Financial Crisis: An Empirical Analysis for India South Asian Journal of Macroeconomics and Public Finance Pub Date : 2016-12-01 Saibal Ghosh
Employing data for 2001–2012, the article analyzes the factors impacting the wealth of Indian billionaires and the performance and innovative activity of firms which these billionaires represent. The analysis indicates that billionaires in rent-thick sectors have higher wealth levels, on average. As well, the evidence also supports lower wealth for self-made and entrepreneurial billionaires. The findings
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Structure, Conduct and Performance Analysis of Indian Commercial Banks South Asian Journal of Macroeconomics and Public Finance Pub Date : 2016-12-01 Ratna Barua, Malabika Roy, Ajitava Raychaudhuri
The market structure, conducts and performance of the Indian banking sector have changed since the introduction of banking sector reforms. Slower economic growth, coupled with asset quality problems in recent years, has taken a toll on the overall health of the Indian banking sector. Higher statutory capital requirement under Basel III has posed another major challenge to the Indian banks. The purpose
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Improvement in Quality of Sales Tax Assessments in West Bengal: A Study South Asian Journal of Macroeconomics and Public Finance Pub Date : 2016-12-01 Binod Kumar, Malay Ghosh
The major source of own tax revenue of a State in India is Sales Tax. The Sales Tax administration in the State of West Bengal has undertaken a paradigm shift in last five years. Discretionary assessment of the tax-payers has been replaced by intelligent, objective and risk-based selection method. Replacement of unilateral discretionary demand by adjudication through introduction of draft order has