Pub Date : 2024-09-15DOI: 10.1177/09763996241266393
Sumandeep Kaur, Ravi Kiran, Rakesh Sharma
This study examines the relation of health spending, health indicators and macroeconomic variables of the BRICS economies with economic growth by using panel data that span the years 2000–2019. According to the panel data analysis, the amount of government spending on healthcare has a positive effect on the gross domestic product (GDP) and gross national income per capita of the BRICS countries. Indicators of healthcare are positively related to GDP and GDP/capita. The exceptions are neonatal mortality and life expectancy at birth, both of which do not exhibit a statistically significant positive relation. The two dependent variables, GDP and GDP/capita, have a positive relation with the rate of population growth; however, GDP has a negative relation with inflation. When GDP and GDP/capita are used as dependent variables, the Hausman test indicates that the cross-section random-effect model is more significant than other models. Due to the positive relationship between GHE, GDP and GDP/capita, the government should play a major role in ensuring high-quality healthcare. Out-of-pocket expense increases in BRICS indicate a reduction in healthcare funds, limiting medical services for all citizens. There is a need to focus on healthcare infrastructure.
{"title":"Healthcare Expenditure, Health Outcomes and Economic Growth: A Study of BRICS Countries","authors":"Sumandeep Kaur, Ravi Kiran, Rakesh Sharma","doi":"10.1177/09763996241266393","DOIUrl":"https://doi.org/10.1177/09763996241266393","url":null,"abstract":"This study examines the relation of health spending, health indicators and macroeconomic variables of the BRICS economies with economic growth by using panel data that span the years 2000–2019. According to the panel data analysis, the amount of government spending on healthcare has a positive effect on the gross domestic product (GDP) and gross national income per capita of the BRICS countries. Indicators of healthcare are positively related to GDP and GDP/capita. The exceptions are neonatal mortality and life expectancy at birth, both of which do not exhibit a statistically significant positive relation. The two dependent variables, GDP and GDP/capita, have a positive relation with the rate of population growth; however, GDP has a negative relation with inflation. When GDP and GDP/capita are used as dependent variables, the Hausman test indicates that the cross-section random-effect model is more significant than other models. Due to the positive relationship between GHE, GDP and GDP/capita, the government should play a major role in ensuring high-quality healthcare. Out-of-pocket expense increases in BRICS indicate a reduction in healthcare funds, limiting medical services for all citizens. There is a need to focus on healthcare infrastructure.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142266337","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 : 2024-09-14DOI: 10.1177/09763996241274072
Ayesha Fatma, Nalin Bharti
Technical non-tariff measures (NTMs) represent a commonly employed set of trade policy tools with well-documented implications for international trade. However, this study seeks to delve deeper into the underlying factors shaping these trade effects, focusing specifically on Indian exports to the Association of South-East Asian Nations (ASEAN). This study posits that domestic institutional and infrastructural conditions play a pivotal role in influencing the impact of regulatory measures such as technical NTMs. By leveraging logistics and governance indicators to assess these conditions, the research adopts a novel two-stage analysis approach. Initially, the study quantifies the trade effects of technical NTMs, which subsequently serve as the dependent variable in the second stage. The findings uncover nuanced patterns specific to indicators and NTM categories, with a notable emphasis on the significance of importer (ASEAN) indicators over exporter (India) indicators. Moreover, this article introduces an innovative methodological framework that transcends conventional analyses of technical NTMs, aiming to pinpoint the precise factors driving their effects for targeted improvement strategies.
{"title":"Effect of Technical NTMs on Indian Exports to ASEAN: What Role Do Logistics and Governance Capabilities Play?","authors":"Ayesha Fatma, Nalin Bharti","doi":"10.1177/09763996241274072","DOIUrl":"https://doi.org/10.1177/09763996241274072","url":null,"abstract":"Technical non-tariff measures (NTMs) represent a commonly employed set of trade policy tools with well-documented implications for international trade. However, this study seeks to delve deeper into the underlying factors shaping these trade effects, focusing specifically on Indian exports to the Association of South-East Asian Nations (ASEAN). This study posits that domestic institutional and infrastructural conditions play a pivotal role in influencing the impact of regulatory measures such as technical NTMs. By leveraging logistics and governance indicators to assess these conditions, the research adopts a novel two-stage analysis approach. Initially, the study quantifies the trade effects of technical NTMs, which subsequently serve as the dependent variable in the second stage. The findings uncover nuanced patterns specific to indicators and NTM categories, with a notable emphasis on the significance of importer (ASEAN) indicators over exporter (India) indicators. Moreover, this article introduces an innovative methodological framework that transcends conventional analyses of technical NTMs, aiming to pinpoint the precise factors driving their effects for targeted improvement strategies.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142266335","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 : 2024-08-14DOI: 10.1177/09763996241261789
Shi Yin Chee
This study examined the lived experiences of older adults in senior living facilities, focusing on the impact of their life course on their well-being. In-depth, semi-structured, one-on-one interviews were used to collect data from 28 older adults from six senior living facilities, and the results were thoroughly analysed. Using Moustakas’ transcendental phenomenology and the modified Stevick–Colaizzi–Keen analytical method, five main themes emerged: the influence of the life course on later life, linked lives, attachment through the life course, cultivation of memories and longing for intergenerational relationships. The findings indicated that life course experiences impacted later life in senior living facilities differently for each participant. While some developed meaningful experiences and supportive connections that cushioned the feelings of loss and loneliness, others struggled with a sense of familiarity, identity and security. The findings extend existing knowledge and provide valuable implications for academics, senior living facilitators, government policy, hospitality and healthcare providers.
{"title":"Navigating the Silver Seas of Ageing: A Phenomenological Study on Life Course Impacts on Older Adults in Senior Living Facilities","authors":"Shi Yin Chee","doi":"10.1177/09763996241261789","DOIUrl":"https://doi.org/10.1177/09763996241261789","url":null,"abstract":"This study examined the lived experiences of older adults in senior living facilities, focusing on the impact of their life course on their well-being. In-depth, semi-structured, one-on-one interviews were used to collect data from 28 older adults from six senior living facilities, and the results were thoroughly analysed. Using Moustakas’ transcendental phenomenology and the modified Stevick–Colaizzi–Keen analytical method, five main themes emerged: the influence of the life course on later life, linked lives, attachment through the life course, cultivation of memories and longing for intergenerational relationships. The findings indicated that life course experiences impacted later life in senior living facilities differently for each participant. While some developed meaningful experiences and supportive connections that cushioned the feelings of loss and loneliness, others struggled with a sense of familiarity, identity and security. The findings extend existing knowledge and provide valuable implications for academics, senior living facilitators, government policy, hospitality and healthcare providers.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142194346","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 : 2024-08-14DOI: 10.1177/09763996241259531
Bejo Jacob Raju, S. Manasi
The article attempts to understand the occurrence of climate-sensitive diseases in the Kuttanad Wetland Ecosystem, considering the backdrop of landscape changes. The study analysed the changes in the environmental landscapes of Kuttanad, which presumably had contributed to the disease epidemiology. The changes in the landscapes in terms of water bodies, land utilization, agricultural practices and other anthropogenic interventions were comprehended by employing the geographic information system and remote sensing approaches. Further, through oral histories, the perceptions of the local inhabitants about the changes in the ecosystem and disease epidemiology were captured. In the study, substantial spatial changes were observed in the wetland during the period 1990–2017. The development initiatives have created serious environmental damage and pushed the wetland into a state of ecological fatigue. The narratives from the field survey attribute the changes in the environmental landscapes as factors that contributed to the epidemiology of climate-sensitive diseases. Infectious diseases, mostly fever-type, assume epidemic proportions during the monsoon and create a feeling of trepidation among people due to their fatal and contagious characteristics.
{"title":"Unravelling the Dynamics of Landscape Changes and Climate-sensitive Diseases in Kuttanad Wetland Ecosystem, India","authors":"Bejo Jacob Raju, S. Manasi","doi":"10.1177/09763996241259531","DOIUrl":"https://doi.org/10.1177/09763996241259531","url":null,"abstract":"The article attempts to understand the occurrence of climate-sensitive diseases in the Kuttanad Wetland Ecosystem, considering the backdrop of landscape changes. The study analysed the changes in the environmental landscapes of Kuttanad, which presumably had contributed to the disease epidemiology. The changes in the landscapes in terms of water bodies, land utilization, agricultural practices and other anthropogenic interventions were comprehended by employing the geographic information system and remote sensing approaches. Further, through oral histories, the perceptions of the local inhabitants about the changes in the ecosystem and disease epidemiology were captured. In the study, substantial spatial changes were observed in the wetland during the period 1990–2017. The development initiatives have created serious environmental damage and pushed the wetland into a state of ecological fatigue. The narratives from the field survey attribute the changes in the environmental landscapes as factors that contributed to the epidemiology of climate-sensitive diseases. Infectious diseases, mostly fever-type, assume epidemic proportions during the monsoon and create a feeling of trepidation among people due to their fatal and contagious characteristics.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142194338","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 : 2024-08-13DOI: 10.1177/09763996241260124
Mayank Mishra
A state produces political space and uses this space as a privileged instrument to impose its rationality. A high-modernist state commences ‘prescribing’ and ‘imposing’ to establish a ‘new society’, thus adhering to a tabula rasa (blank slate) approach in policies and planning. It denounces the past as a model to ameliorate the present, disregarding local conditions and knowledge, and perpetuating visual images that promise an alchemised future. In a typical spatial understanding of the state, the standard marker of growth is perceivably developing infrastructure. The article intends to do a spatial and temporal reading of the Colombo Port City (CPC) project, deemed to perceivably transform the Sri Lankan urban economic landscape, as a case study. The article conducted an ethnographic study of the project, locating it in Harvey’s ‘spatial fix’, Scott’s High Modernism and Guy Debord’s concept of spectacle to comprehend the larger spatial politics that an infrastructure project exhibits. Considering Colombo as a case study, the article shall also examine infrastructure’s political affect and how spatial reconfigurations rearrange government institutions as the infrastructure impacts and alters the nature of power. It will critically examine the modality of the investments in infrastructure, its internal politics and its much fetishized economic feasibility.
{"title":"Politics of Infrastructural Developmentalism: A Spatial Reading of the Colombo Port City Project","authors":"Mayank Mishra","doi":"10.1177/09763996241260124","DOIUrl":"https://doi.org/10.1177/09763996241260124","url":null,"abstract":"A state produces political space and uses this space as a privileged instrument to impose its rationality. A high-modernist state commences ‘prescribing’ and ‘imposing’ to establish a ‘new society’, thus adhering to a tabula rasa (blank slate) approach in policies and planning. It denounces the past as a model to ameliorate the present, disregarding local conditions and knowledge, and perpetuating visual images that promise an alchemised future. In a typical spatial understanding of the state, the standard marker of growth is perceivably developing infrastructure. The article intends to do a spatial and temporal reading of the Colombo Port City (CPC) project, deemed to perceivably transform the Sri Lankan urban economic landscape, as a case study. The article conducted an ethnographic study of the project, locating it in Harvey’s ‘spatial fix’, Scott’s High Modernism and Guy Debord’s concept of spectacle to comprehend the larger spatial politics that an infrastructure project exhibits. Considering Colombo as a case study, the article shall also examine infrastructure’s political affect and how spatial reconfigurations rearrange government institutions as the infrastructure impacts and alters the nature of power. It will critically examine the modality of the investments in infrastructure, its internal politics and its much fetishized economic feasibility.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142194340","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 : 2024-08-02DOI: 10.1177/09763996241258600
Sukhwinder Singh, Nikhil Srinivasapura Venkateshmurthy, D. Prabhakaran, Sailesh Mohan
In 2016–2017, Indian government set a policy target of doubling farmers’ incomes by 2022. This article investigates farmers’ perspectives on this contentious policy. Results suggest that only 18% of farmers were aware of this policy. Most farmers blamed the government’s support, high cost of cultivation and low MSP for their inability to increase their farm profitability. While synthesizing farmers’ perspectives, past trends, and the debate among agricultural scientists and policy analysts, this policy could not help farmers in doubling their incomes by 2022. However, it could have been possible if the governments had initiated some targeted programmes to provide them with farm inputs at lower prices and bought their crops at a higher MSP.
{"title":"Doubling Farmers’ Incomes in India by 2022: A Farmers’ Perspective","authors":"Sukhwinder Singh, Nikhil Srinivasapura Venkateshmurthy, D. Prabhakaran, Sailesh Mohan","doi":"10.1177/09763996241258600","DOIUrl":"https://doi.org/10.1177/09763996241258600","url":null,"abstract":"In 2016–2017, Indian government set a policy target of doubling farmers’ incomes by 2022. This article investigates farmers’ perspectives on this contentious policy. Results suggest that only 18% of farmers were aware of this policy. Most farmers blamed the government’s support, high cost of cultivation and low MSP for their inability to increase their farm profitability. While synthesizing farmers’ perspectives, past trends, and the debate among agricultural scientists and policy analysts, this policy could not help farmers in doubling their incomes by 2022. However, it could have been possible if the governments had initiated some targeted programmes to provide them with farm inputs at lower prices and bought their crops at a higher MSP.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141881264","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 : 2024-06-11DOI: 10.1177/09763996241255424
Madan Dhanora, Mohd Shadab Danish
This study investigates the impact of competition (foreign vs. domestic) on the total factor productivity of domestic firms. We used two specific indicators to measure foreign and domestic competition in the Indian pharmaceutical industry: market shares and The Herfindahl-Hirschman Index, constructed for a five-digit NIC level, highlighting the intensity of product-level competition. The Levinsohn and Petrin methods calculate the total factor productivity, and dynamic panel data estimators are applied to estimate the model. The research findings indicate that foreign presence has a notable and statistically significant influence on the productivity levels of domestic firms. In contrast, the impact of domestic competition is found to be inconsequential. This research addresses the policy debate by providing convincing evidence that the existence of Multinational Enterprises (MNEs) can increase local business productivity through knowledge spillovers and competitiveness.
{"title":"Assessing Productivity Dynamics in the Indian Pharmaceutical Industry: A Comparative Analysis of the Foreign and the Domestic Ownership Influences","authors":"Madan Dhanora, Mohd Shadab Danish","doi":"10.1177/09763996241255424","DOIUrl":"https://doi.org/10.1177/09763996241255424","url":null,"abstract":"This study investigates the impact of competition (foreign vs. domestic) on the total factor productivity of domestic firms. We used two specific indicators to measure foreign and domestic competition in the Indian pharmaceutical industry: market shares and The Herfindahl-Hirschman Index, constructed for a five-digit NIC level, highlighting the intensity of product-level competition. The Levinsohn and Petrin methods calculate the total factor productivity, and dynamic panel data estimators are applied to estimate the model. The research findings indicate that foreign presence has a notable and statistically significant influence on the productivity levels of domestic firms. In contrast, the impact of domestic competition is found to be inconsequential. This research addresses the policy debate by providing convincing evidence that the existence of Multinational Enterprises (MNEs) can increase local business productivity through knowledge spillovers and competitiveness.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141358631","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 : 2024-06-09DOI: 10.1177/09763996241256162
Md Syful Islam
This article conducts a comparative analysis of maritime diplomacy in the Black Sea and Bay of Bengal, focusing on the challenges and strategies of regional cooperation mechanisms like the Black Sea Economic Cooperation Organization (BSEC) and the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). It explores the unique geopolitical contexts of these maritime regions, addressing issues such as territorial disputes, resource competition, piracy and environmental concerns. The study examines the influence of external powers, including Russia, the EU, China and the USA, and their impact on regional dynamics. Utilizing a comparative analysis approach, the study examines the geopolitical dynamics, roles and effectiveness of BSEC and BIMSTEC in promoting economic integration, security collaboration and crisis response, along with the influence of external powers on these dynamics. The findings reveal the pivotal roles of both organizations in addressing maritime challenges, despite facing issues like economic disparity among members and geopolitical tensions. Key initiatives like joint naval exercises and security agreements have been effective in enhancing regional maritime security and stability. The study concludes by highlighting the need for strengthening organizational frameworks, enhancing transparency and integrating environmental considerations into maritime diplomacy, considering emerging trends like cybersecurity and the increasing role of non-traditional actors.
{"title":"Maritime Diplomacy and Regional Cooperation Mechanisms: Insights from the Black Sea and Bay of Bengal","authors":"Md Syful Islam","doi":"10.1177/09763996241256162","DOIUrl":"https://doi.org/10.1177/09763996241256162","url":null,"abstract":"This article conducts a comparative analysis of maritime diplomacy in the Black Sea and Bay of Bengal, focusing on the challenges and strategies of regional cooperation mechanisms like the Black Sea Economic Cooperation Organization (BSEC) and the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). It explores the unique geopolitical contexts of these maritime regions, addressing issues such as territorial disputes, resource competition, piracy and environmental concerns. The study examines the influence of external powers, including Russia, the EU, China and the USA, and their impact on regional dynamics. Utilizing a comparative analysis approach, the study examines the geopolitical dynamics, roles and effectiveness of BSEC and BIMSTEC in promoting economic integration, security collaboration and crisis response, along with the influence of external powers on these dynamics. The findings reveal the pivotal roles of both organizations in addressing maritime challenges, despite facing issues like economic disparity among members and geopolitical tensions. Key initiatives like joint naval exercises and security agreements have been effective in enhancing regional maritime security and stability. The study concludes by highlighting the need for strengthening organizational frameworks, enhancing transparency and integrating environmental considerations into maritime diplomacy, considering emerging trends like cybersecurity and the increasing role of non-traditional actors.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141368390","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 : 2024-06-05DOI: 10.1177/09763996241256298
J. Tilak
Xu Liu, 2023. The Development and Governance of Private Universities in China. Springer, xx+ 160 pp., EUR 119.99/ ₹10,172. ISBN: 9789811960628 (hardback).
{"title":"Book review: Xu Liu, 2023. The Development and Governance of Private Universities in China","authors":"J. Tilak","doi":"10.1177/09763996241256298","DOIUrl":"https://doi.org/10.1177/09763996241256298","url":null,"abstract":"Xu Liu, 2023. The Development and Governance of Private Universities in China. Springer, xx+ 160 pp., EUR 119.99/ ₹10,172. ISBN: 9789811960628 (hardback).","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141383371","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 : 2024-05-17DOI: 10.1177/09763996241244894
Madhur Bhatia
The present study investigates the impact of economic policy uncertainty (EPU) at the national and global levels on a comprehensive measure of bank intermediation, that is, liquidity hoarding (LH) of Indian banks during the 2005 to 2020 period. The findings of the Driscoll–Kraay non-parametric estimator show that Indian banks tend to hoard liquidity in times of economic uncertainty. As per the spillover effects, banks having higher peer LH tend to hoard more liquidity during times of uncertainty compared to lower peer-hoarding banks. Furthermore, the heterogeneity analysis documents that the magnitude of EPU is more destructive for bigger banks, banks with lesser capital bases and liquidity, higher credit risk and public sector banks. Our sensitivity analysis reveals that greater LH is caused by the balance sheet and bank lending channels of credit channel theory. Finally, the study shows that it is imperative to cultivate the growth of financial markets and institutions that can adjust to evolving economic circumstances to lessen the negative effects of EPU.
{"title":"Economic Policy Uncertainty and Liquidity Hoarding: Econometric Analysis for Indian Banks","authors":"Madhur Bhatia","doi":"10.1177/09763996241244894","DOIUrl":"https://doi.org/10.1177/09763996241244894","url":null,"abstract":"The present study investigates the impact of economic policy uncertainty (EPU) at the national and global levels on a comprehensive measure of bank intermediation, that is, liquidity hoarding (LH) of Indian banks during the 2005 to 2020 period. The findings of the Driscoll–Kraay non-parametric estimator show that Indian banks tend to hoard liquidity in times of economic uncertainty. As per the spillover effects, banks having higher peer LH tend to hoard more liquidity during times of uncertainty compared to lower peer-hoarding banks. Furthermore, the heterogeneity analysis documents that the magnitude of EPU is more destructive for bigger banks, banks with lesser capital bases and liquidity, higher credit risk and public sector banks. Our sensitivity analysis reveals that greater LH is caused by the balance sheet and bank lending channels of credit channel theory. Finally, the study shows that it is imperative to cultivate the growth of financial markets and institutions that can adjust to evolving economic circumstances to lessen the negative effects of EPU.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140965883","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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