Pub Date : 2018-05-10DOI: 10.1177/2277978718760073
N. Arora, H. 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
{"title":"Book review: Duvvuri Subbarao. Who Moved My Interest Rate? Leading The Reserve Bank of India through Five Turbulent Years","authors":"N. Arora, H. Gill","doi":"10.1177/2277978718760073","DOIUrl":"https://doi.org/10.1177/2277978718760073","url":null,"abstract":"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","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"130 - 136"},"PeriodicalIF":0.9,"publicationDate":"2018-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718760073","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42059552","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}
Pub Date : 2018-04-23DOI: 10.1177/2277978718760070
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 Disease’ effect and the capital accumulation effect. The empirical results reveal the existence of the Dutch Disease effect for the first period, 1976–1995, but turned to show the positive impact on capital accumulation for the second period, 1996–2014. We speculate that the recent manufacturing-oriented policies together with institutional improvements have contributed to the transformation in the remittance impact towards a positive direction between two periods. JEL: F22, F39, O53
{"title":"Emigrant’s Remittances, Dutch Disease and Capital Accumulation in Bangladesh","authors":"Hiroyuki Taguchi, Rifah Tamannah Shammi","doi":"10.1177/2277978718760070","DOIUrl":"https://doi.org/10.1177/2277978718760070","url":null,"abstract":"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 Disease’ effect and the capital accumulation effect. The empirical results reveal the existence of the Dutch Disease effect for the first period, 1976–1995, but turned to show the positive impact on capital accumulation for the second period, 1996–2014. We speculate that the recent manufacturing-oriented policies together with institutional improvements have contributed to the transformation in the remittance impact towards a positive direction between two periods. JEL: F22, F39, O53","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"60 - 82"},"PeriodicalIF":0.9,"publicationDate":"2018-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718760070","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49546301","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}
Pub Date : 2018-04-19DOI: 10.1177/2277978718760072
R. 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 the advanced countries in possessing military items. The present article, thus, tries to study whether the countries are converging in terms of per capita military expenses across a selection of 45 countries for the period 1988–2013. It reveals that there are absolute β and σ convergence among the countries with Kuwait and South Africa as outlier countries. It also observes conditional β convergence among the countries with various resources, particularly, crude oil production, regional dummies and time trend as significant conditional variables. JEL: H56, O47, C13, O50
{"title":"Defence Outlays Across Countries: Are They Converging?","authors":"R. Das, Soumyananda Dinda, Frank Martin","doi":"10.1177/2277978718760072","DOIUrl":"https://doi.org/10.1177/2277978718760072","url":null,"abstract":"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 the advanced countries in possessing military items. The present article, thus, tries to study whether the countries are converging in terms of per capita military expenses across a selection of 45 countries for the period 1988–2013. It reveals that there are absolute β and σ convergence among the countries with Kuwait and South Africa as outlier countries. It also observes conditional β convergence among the countries with various resources, particularly, crude oil production, regional dummies and time trend as significant conditional variables. JEL: H56, O47, C13, O50","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"109 - 129"},"PeriodicalIF":0.9,"publicationDate":"2018-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718760072","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47754957","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}
Pub Date : 2018-04-19DOI: 10.1177/2277978718760071
A. Ganaie, S. Bhat, B. Kamaiah, Naseer Ahmed 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 hand, revenue decentralization has a negative and significant effect on state domestic product. The overall measure of fiscal decentralization is found positively associated with the state income. This study is consistent with the divergence hypothesis in opposite to convergence hypothesis of Oates (1972). JEL: E62, H71, H72
{"title":"Fiscal Decentralization and Economic Growth: Evidence from Indian States","authors":"A. Ganaie, S. Bhat, B. Kamaiah, Naseer Ahmed Khan","doi":"10.1177/2277978718760071","DOIUrl":"https://doi.org/10.1177/2277978718760071","url":null,"abstract":"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 hand, revenue decentralization has a negative and significant effect on state domestic product. The overall measure of fiscal decentralization is found positively associated with the state income. This study is consistent with the divergence hypothesis in opposite to convergence hypothesis of Oates (1972). JEL: E62, H71, H72","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"108 - 83"},"PeriodicalIF":0.9,"publicationDate":"2018-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718760071","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42811054","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}
Pub Date : 2018-04-04DOI: 10.1177/2277978718760068
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 in Pakistan over the period 1960–2015 to better understand the evolution of tax revenue in the context of changing economic activity, using a novel identification strategy based on the instrumental variable (IV) approach and an error correction model (ECM) to address concerns about the potential endogeneity of tax revenue and economic growth. The empirical results indicate that both short-run and long-run elasticities of tax revenue are slightly above 1 over the sample period. There is, however, significant variation in short-run and long-run elasticities across subcategories of tax revenue. These findings underscore the need for a concerted agenda of comprehensive reforms at federal and provincial levels aimed at broadening tax bases, strengthening revenue administration and taxpayer compliance, eliminating distortionary and overgenerous tax concessions and exemptions, and rationalizing tax policy in an efficient and equitable manner. JEL: C23, C32, E62, H2, H62, H68
{"title":"Unlocking Pakistan’s Revenue Potential","authors":"Serhan Cevik","doi":"10.1177/2277978718760068","DOIUrl":"https://doi.org/10.1177/2277978718760068","url":null,"abstract":"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 in Pakistan over the period 1960–2015 to better understand the evolution of tax revenue in the context of changing economic activity, using a novel identification strategy based on the instrumental variable (IV) approach and an error correction model (ECM) to address concerns about the potential endogeneity of tax revenue and economic growth. The empirical results indicate that both short-run and long-run elasticities of tax revenue are slightly above 1 over the sample period. There is, however, significant variation in short-run and long-run elasticities across subcategories of tax revenue. These findings underscore the need for a concerted agenda of comprehensive reforms at federal and provincial levels aimed at broadening tax bases, strengthening revenue administration and taxpayer compliance, eliminating distortionary and overgenerous tax concessions and exemptions, and rationalizing tax policy in an efficient and equitable manner. JEL: C23, C32, E62, H2, H62, H68","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"17 - 36"},"PeriodicalIF":0.9,"publicationDate":"2018-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718760068","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42299334","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}
Pub Date : 2018-03-29DOI: 10.1177/2277978718760069
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 scheme; the latter can be used to correct each false price individually (this use in macroeconomics resembles the more familiar use in public economics). This helps alleviate the scarcity of instruments with policymakers. As in the writings of Keynes, price stability (or rigidity) here is a policy target rather than an assumption in the model. There has been a general need to reconsider macroeconomic models since the Great Recession of 2008; this article contributes in this endeavour. JEL: E12, E62, H20
{"title":"A Macroeconomic Model with Price Flexibility","authors":"Gurbachan Singh","doi":"10.1177/2277978718760069","DOIUrl":"https://doi.org/10.1177/2277978718760069","url":null,"abstract":"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 scheme; the latter can be used to correct each false price individually (this use in macroeconomics resembles the more familiar use in public economics). This helps alleviate the scarcity of instruments with policymakers. As in the writings of Keynes, price stability (or rigidity) here is a policy target rather than an assumption in the model. There has been a general need to reconsider macroeconomic models since the Great Recession of 2008; this article contributes in this endeavour. JEL: E12, E62, H20","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"7 1","pages":"37 - 59"},"PeriodicalIF":0.9,"publicationDate":"2018-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978718760069","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43585122","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}
Pub Date : 2017-10-23DOI: 10.1177/2277978717727172
T. Vidanage, F. Carmignani, T. 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 economies: India, Malaysia, Pakistan, Sri Lanka, Singapore and Thailand. Model’s performance is tested using both in-sample and out-of-sample forecasting methods. It is found that a relatively simple asymmetric EGARCH model clearly outperforms other models. JEL Classification: G12, G17
{"title":"Predictability of Return Volatility Across Different Emerging Capital Markets: Evidence from Asia","authors":"T. Vidanage, F. Carmignani, T. Singh","doi":"10.1177/2277978717727172","DOIUrl":"https://doi.org/10.1177/2277978717727172","url":null,"abstract":"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 economies: India, Malaysia, Pakistan, Sri Lanka, Singapore and Thailand. Model’s performance is tested using both in-sample and out-of-sample forecasting methods. It is found that a relatively simple asymmetric EGARCH model clearly outperforms other models. JEL Classification: G12, G17","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"6 1","pages":"157 - 177"},"PeriodicalIF":0.9,"publicationDate":"2017-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978717727172","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42874587","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}
Pub Date : 2017-10-23DOI: 10.1177/2277978717727170
C. Sinha
This article surveys the current trend in international migration of labour, particularly from developing countries, with special emphasis on the welfare aspect of emigration on the remaining residents, and it also investigates the tension between brain drain and brain gain. It is evident from the existing literature that welfare of the remaining residents of a labour-sending developing economy can be influenced positively or negatively by exit of its skilled labour force. A detailed survey of the literature finds that positive probability of migration to a rich country raises the average skill level in the poor origin country. Migration in these studies work as a substitute for domestic tax-subsidy schemes aimed at raising the independently chosen low level of human capital to a socially desirable state. Related studies show that there can be both positive and negative impact of remittances on the welfare of the source country. JEL Classification: F22, F24, J24
{"title":"International Migration and Welfare Implications","authors":"C. Sinha","doi":"10.1177/2277978717727170","DOIUrl":"https://doi.org/10.1177/2277978717727170","url":null,"abstract":"This article surveys the current trend in international migration of labour, particularly from developing countries, with special emphasis on the welfare aspect of emigration on the remaining residents, and it also investigates the tension between brain drain and brain gain. It is evident from the existing literature that welfare of the remaining residents of a labour-sending developing economy can be influenced positively or negatively by exit of its skilled labour force. A detailed survey of the literature finds that positive probability of migration to a rich country raises the average skill level in the poor origin country. Migration in these studies work as a substitute for domestic tax-subsidy schemes aimed at raising the independently chosen low level of human capital to a socially desirable state. Related studies show that there can be both positive and negative impact of remittances on the welfare of the source country. JEL Classification: F22, F24, J24","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"6 1","pages":"209 - 229"},"PeriodicalIF":0.9,"publicationDate":"2017-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978717727170","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48094542","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}
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 effect on economic growth up to a certain level and thereafter it reduces growth. The results are robust under various methodology and an alternative measure of corruption. JEL Classification: D73, O47, O50
{"title":"Does Corruption Facilitate Growth? A Cross-national Study in a Non-linear Framework","authors":"Shrabani Saha, Girijasankar Mallik, Dimitrios Vortelinos","doi":"10.1177/2277978717727174","DOIUrl":"https://doi.org/10.1177/2277978717727174","url":null,"abstract":"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 effect on economic growth up to a certain level and thereafter it reduces growth. The results are robust under various methodology and an alternative measure of corruption. JEL Classification: D73, O47, O50","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"6 1","pages":"178 - 193"},"PeriodicalIF":0.9,"publicationDate":"2017-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/2277978717727174","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44578500","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}
Pub Date : 2017-10-13DOI: 10.1177/2277978717727168
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 (a) and come up with a measure of inclusive growth which is not associated with one of these drawbacks and (c) propound a measure of inclusiveness of growth which allows the researcher the room to partition an income-ordered population into blocks so that he/she can concentrate on inter-block inequality in growth rates of per capita income and neglect intra-block inequality (note that the formulation of this measure allows the researcher to partition the population into blocks in any way which he/she wants to) in growth rates of individual incomes. JEL Classification: D30, D31
{"title":"A Note on Measuring Inclusive Growth and the Inclusiveness of Growth","authors":"Siddhartha Mitra","doi":"10.1177/2277978717727168","DOIUrl":"https://doi.org/10.1177/2277978717727168","url":null,"abstract":"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 (a) and come up with a measure of inclusive growth which is not associated with one of these drawbacks and (c) propound a measure of inclusiveness of growth which allows the researcher the room to partition an income-ordered population into blocks so that he/she can concentrate on inter-block inequality in growth rates of per capita income and neglect intra-block inequality (note that the formulation of this measure allows the researcher to partition the population into blocks in any way which he/she wants to) in growth rates of individual incomes. JEL Classification: D30, D31","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"50 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2017-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138539270","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}
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