Pub Date : 2023-07-02DOI: 10.1177/09763996231155632
Zahid-ul-Islam-Dar, S. Kaur, V. Chattu
Concerning land routes, the study aims to document some crucial barriers, which are relatively easy to address but potent enough to expand trade between India and Pakistan. Using field research, this article examines the factors that impede trade between India and Pakistan through land-border crossings—Attari–Wagah border in Punjab and, Chakkan da Bagh, Poonch, and Salamabad Uri, Baramulla, the two land-border crossings in Jammu and Kashmir. Semi-structured questionnaires are administered to traders and unstructured interviews are held with other stakeholders. The findings such as security issues, inadequate banking facilities, inadequate physical infrastructure, communication lacunae, excessive paperwork, and lack of arrangements for traders’ meets are documented as some of the prominent impeding factors in overland trade between the two nations. The prominent barriers perceived by the traders concerning Attari and Cross-the Line of Control (LoC) trade are excessive documentation, complex procedures, and nonavailability of banking facilities.
{"title":"Barriers to Indo-Pak Trade: A Case Study of Land Routes","authors":"Zahid-ul-Islam-Dar, S. Kaur, V. Chattu","doi":"10.1177/09763996231155632","DOIUrl":"https://doi.org/10.1177/09763996231155632","url":null,"abstract":"Concerning land routes, the study aims to document some crucial barriers, which are relatively easy to address but potent enough to expand trade between India and Pakistan. Using field research, this article examines the factors that impede trade between India and Pakistan through land-border crossings—Attari–Wagah border in Punjab and, Chakkan da Bagh, Poonch, and Salamabad Uri, Baramulla, the two land-border crossings in Jammu and Kashmir. Semi-structured questionnaires are administered to traders and unstructured interviews are held with other stakeholders. The findings such as security issues, inadequate banking facilities, inadequate physical infrastructure, communication lacunae, excessive paperwork, and lack of arrangements for traders’ meets are documented as some of the prominent impeding factors in overland trade between the two nations. The prominent barriers perceived by the traders concerning Attari and Cross-the Line of Control (LoC) trade are excessive documentation, complex procedures, and nonavailability of banking facilities.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2023-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43842431","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 : 2023-07-02DOI: 10.1177/09763996231169136
S. Husain, I. Baig, M. Asif, Yogesh Gupta
The primary focus of this study is to examine the long-term and short-term impact of fiscal deficit (FD) on the current account deficit (CAD) in India over the period of 1980 to 2021 in the presence of inflation and exchange rate. For the estimation of data series, the study employed autoregressive distributed lag (ARDL) co-integration test and Gregory Hansen (GH) co-integration test with endogenous structural break. The empirical results from ARDL bounds tests fail to provide a long-run relationship for the variables. The threshold co-integration test (GH) estimation suggests a strong evidence of a co-integration relationship for the variables and the break year is found in 2005. Thus, the findings validate the twin deficit hypothesis in the long-run as the FD has a positive significant effect on a CAD in India. Similarly, the long-run estimates of inflation have a positive significant effect on the CAD. It implies that an increase in rate of inflation distorts the CAD in the long-run. Consequently, the government of India should control the price hike and make macroeconomic situations favourable for domestic tradable sectors. The results from the Granger causality technique show bidirectional causality between FD and CAD implies the twin deficit in India. Based on the empirical findings, it may be argued that the Central Bank of India should try to reduce the prolonged CADs and retain stability in the domestic currency.
{"title":"Does Twin Deficit Hypothesis Exist in India? A Structural Break Co-integration Analysis","authors":"S. Husain, I. Baig, M. Asif, Yogesh Gupta","doi":"10.1177/09763996231169136","DOIUrl":"https://doi.org/10.1177/09763996231169136","url":null,"abstract":"The primary focus of this study is to examine the long-term and short-term impact of fiscal deficit (FD) on the current account deficit (CAD) in India over the period of 1980 to 2021 in the presence of inflation and exchange rate. For the estimation of data series, the study employed autoregressive distributed lag (ARDL) co-integration test and Gregory Hansen (GH) co-integration test with endogenous structural break. The empirical results from ARDL bounds tests fail to provide a long-run relationship for the variables. The threshold co-integration test (GH) estimation suggests a strong evidence of a co-integration relationship for the variables and the break year is found in 2005. Thus, the findings validate the twin deficit hypothesis in the long-run as the FD has a positive significant effect on a CAD in India. Similarly, the long-run estimates of inflation have a positive significant effect on the CAD. It implies that an increase in rate of inflation distorts the CAD in the long-run. Consequently, the government of India should control the price hike and make macroeconomic situations favourable for domestic tradable sectors. The results from the Granger causality technique show bidirectional causality between FD and CAD implies the twin deficit in India. Based on the empirical findings, it may be argued that the Central Bank of India should try to reduce the prolonged CADs and retain stability in the domestic currency.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2023-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42970069","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 : 2023-06-26DOI: 10.1177/09763996231169702
Tanmoyee Banerjee, Tanusree Mishra
We explore the impact of COVID-19 pandemic on spousal violence (SV) against Indian women using NFHS-4 and NFHS-5 datasets on Indian married women. We observe that probabilities of experiencing less severe physical violence and sexual violence actually declined as compared to NFHS-4 level for women from the group of states that were surveyed during pandemic period (Phase-2 states) whereas for the group of states that were surveyed prior to pandemic (Phase-1 states) no such significant decline in SV was noted under NFHS-5 survey vis-à-vis NFHS-4 level (except for the level of emotional and psychological aggression which shows a significant decline). The same counter intuitive result was observed for consolidated SV index, which declined for Phase-2 states during COVID-19 pandemic, whereas no such decline under NFHS-5 was observed for Phase-1 states, while we are controlling for different socio-demographic variables and level of women empowerment.
{"title":"COVID Pandemic and Spousal Violence Against Indian Women: An Exploration of NFHS-4 (2015–2016) and NFHS-5 (2019–2021) Data Sets","authors":"Tanmoyee Banerjee, Tanusree Mishra","doi":"10.1177/09763996231169702","DOIUrl":"https://doi.org/10.1177/09763996231169702","url":null,"abstract":"We explore the impact of COVID-19 pandemic on spousal violence (SV) against Indian women using NFHS-4 and NFHS-5 datasets on Indian married women. We observe that probabilities of experiencing less severe physical violence and sexual violence actually declined as compared to NFHS-4 level for women from the group of states that were surveyed during pandemic period (Phase-2 states) whereas for the group of states that were surveyed prior to pandemic (Phase-1 states) no such significant decline in SV was noted under NFHS-5 survey vis-à-vis NFHS-4 level (except for the level of emotional and psychological aggression which shows a significant decline). The same counter intuitive result was observed for consolidated SV index, which declined for Phase-2 states during COVID-19 pandemic, whereas no such decline under NFHS-5 was observed for Phase-1 states, while we are controlling for different socio-demographic variables and level of women empowerment.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43954316","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 : 2023-06-26DOI: 10.1177/09763996231157048
D. K. Srivastava, M. Bharadwaj, T. Kapur, R. Trehan
We estimate state-level tax efficiency in India using an error correction framework, making a distinction between a long-term cointegrating relationship and a short-term dynamics around it. We use a stochastic frontier approach in a panel data framework considering 17 medium and large (ML) states for the period 2004–2005 to 2019–2020. We find that the FC14’s initiative to sharply increase the states’ share in the divisible pool of central taxes had an adverse impact on states’ own tax revenues. The short-term relationship converges to the long-term relationship in 2.6 years. In terms of relative tax effort, the most efficient state was Tamil Nadu, while the least efficient was Bihar. Results from this study would be useful in averting the problem of adverse incentives, while determining the intergovernmental transfers. In the post-GST scenario, operating at their tax efficiency frontier would be critical for states especially in the light of discontinuation of the GST compensation cess.
{"title":"Estimating Relative Tax Efficiency for Selected States in India: An Error Correction Approach","authors":"D. K. Srivastava, M. Bharadwaj, T. Kapur, R. Trehan","doi":"10.1177/09763996231157048","DOIUrl":"https://doi.org/10.1177/09763996231157048","url":null,"abstract":"We estimate state-level tax efficiency in India using an error correction framework, making a distinction between a long-term cointegrating relationship and a short-term dynamics around it. We use a stochastic frontier approach in a panel data framework considering 17 medium and large (ML) states for the period 2004–2005 to 2019–2020. We find that the FC14’s initiative to sharply increase the states’ share in the divisible pool of central taxes had an adverse impact on states’ own tax revenues. The short-term relationship converges to the long-term relationship in 2.6 years. In terms of relative tax effort, the most efficient state was Tamil Nadu, while the least efficient was Bihar. Results from this study would be useful in averting the problem of adverse incentives, while determining the intergovernmental transfers. In the post-GST scenario, operating at their tax efficiency frontier would be critical for states especially in the light of discontinuation of the GST compensation cess.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48036585","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 : 2023-06-23DOI: 10.1177/09763996231166107
Shubarat Shameem, M. Rajeswari
This study compares the 20 districts of Jammu and Kashmir in terms of infrastructure and economic development and finds the districts are trailing behind in terms of infrastructure and economic development. The study also attempts to find a descriptive association between infrastructure and economic development across the districts of Jammu and Kashmir vis-a-vis indices. The study uses the secondary source of information collected from the district-level statistical handbook and Digest of Statistics, Directorate of Economics & Statistics, J&K, 2020–2021. For estimating the infrastructure and economic development across the districts of Jammu and Kashmir, the composite infrastructure development index and composite economic development index have been made by employing the Principal Component Analysis method. The study employs the Kaiser-Meyer-Olkin and Bartlett’s Tests of Statistics in order to test the appropriateness of factor analysis for the data. The findings of the study reveal that there exist wide disparities in terms of both the infrastructure and economic development across the districts of Jammu and Kashmir and the large gap in the availability of basic infrastructure facilities across the districts describes the inter-district disparity in the economic development.
{"title":"An Empirical Study of Infrastructure and Economic Development in the Union Territory of Jammu and Kashmir","authors":"Shubarat Shameem, M. Rajeswari","doi":"10.1177/09763996231166107","DOIUrl":"https://doi.org/10.1177/09763996231166107","url":null,"abstract":"This study compares the 20 districts of Jammu and Kashmir in terms of infrastructure and economic development and finds the districts are trailing behind in terms of infrastructure and economic development. The study also attempts to find a descriptive association between infrastructure and economic development across the districts of Jammu and Kashmir vis-a-vis indices. The study uses the secondary source of information collected from the district-level statistical handbook and Digest of Statistics, Directorate of Economics & Statistics, J&K, 2020–2021. For estimating the infrastructure and economic development across the districts of Jammu and Kashmir, the composite infrastructure development index and composite economic development index have been made by employing the Principal Component Analysis method. The study employs the Kaiser-Meyer-Olkin and Bartlett’s Tests of Statistics in order to test the appropriateness of factor analysis for the data. The findings of the study reveal that there exist wide disparities in terms of both the infrastructure and economic development across the districts of Jammu and Kashmir and the large gap in the availability of basic infrastructure facilities across the districts describes the inter-district disparity in the economic development.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44079388","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 : 2023-06-21DOI: 10.1177/09763996221150952
J. Calabrese
The Biden administration’s approach to the Indo-Pacific strategy represents the latest and most ambitious incarnation of the ‘new multilateralism’—an institutional redesign that seeks to respond to unprecedented changes in and challenges to the US-led international order. This article sheds light on the conceptual underpinnings, structural features, and development of the strategy. It shows how ‘entrepreneurial’ Japanese diplomacy, US coalition-building, Transatlantic policy convergences, and the galvanizing effects of the Russian invasion of Ukraine have combined to shape the contours of the strategy and endow it with a sense of common purpose. It brings into sharp focus the US strategy’s reliance on the creation, strengthening, and leveraging of informal institutional configurations of power and cooperation. And it highlights some of the factors that might result in this approach ultimately proving to be more of a triumph of structure and process than of concrete substance and accomplishment.
{"title":"Towards a US-led Networked Interregional Architecture for the Indo-Pacific?","authors":"J. Calabrese","doi":"10.1177/09763996221150952","DOIUrl":"https://doi.org/10.1177/09763996221150952","url":null,"abstract":"The Biden administration’s approach to the Indo-Pacific strategy represents the latest and most ambitious incarnation of the ‘new multilateralism’—an institutional redesign that seeks to respond to unprecedented changes in and challenges to the US-led international order. This article sheds light on the conceptual underpinnings, structural features, and development of the strategy. It shows how ‘entrepreneurial’ Japanese diplomacy, US coalition-building, Transatlantic policy convergences, and the galvanizing effects of the Russian invasion of Ukraine have combined to shape the contours of the strategy and endow it with a sense of common purpose. It brings into sharp focus the US strategy’s reliance on the creation, strengthening, and leveraging of informal institutional configurations of power and cooperation. And it highlights some of the factors that might result in this approach ultimately proving to be more of a triumph of structure and process than of concrete substance and accomplishment.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2023-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49196012","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 : 2023-06-20DOI: 10.1177/09763996231165911
S. Solomon, Utpal Kumar De
Poverty is a stochastic phenomenon as the economic status of a household can change in the face of shocks and in the absence of resources to mitigate the effect of shocks. Thus, a static measure of poverty may not be very reliable for policy formulation. This article attempts to analyse the level of vulnerability to poverty across rural agricultural households by using 3 stage feasible generalized least square (3S FGLS) method and examines the determinants of households’ vulnerability to poverty by logistic regression. In addition, a concerted effort is made to explore the similarities and differences between the determinants of vulnerability and those of poverty. The study used NSSO 70th round (2012–2013) Situation Assessment Survey of Agricultural Households data. The analysis reveals most of the determinants of poverty and vulnerability to be similar although it differs in strength on the impacts and significance level. The FGLS estimates show that the vulnerability of household level is much higher at 50.07% as compared to poverty rate, which is at 43.52% in the study area. Education of the household head, diversification of economic activities and social safety nets are found to be very significant in reducing vulnerability of a household. The safety nets are found to be not significant in reducing poverty. Nonetheless, they are effective in anchoring the vulnerable households against falling into poverty in the study area.
{"title":"Quantifying Vulnerability to Poverty in Rural Manipur: A Study of Agricultural Households from NSSO 70th Round Data","authors":"S. Solomon, Utpal Kumar De","doi":"10.1177/09763996231165911","DOIUrl":"https://doi.org/10.1177/09763996231165911","url":null,"abstract":"Poverty is a stochastic phenomenon as the economic status of a household can change in the face of shocks and in the absence of resources to mitigate the effect of shocks. Thus, a static measure of poverty may not be very reliable for policy formulation. This article attempts to analyse the level of vulnerability to poverty across rural agricultural households by using 3 stage feasible generalized least square (3S FGLS) method and examines the determinants of households’ vulnerability to poverty by logistic regression. In addition, a concerted effort is made to explore the similarities and differences between the determinants of vulnerability and those of poverty. The study used NSSO 70th round (2012–2013) Situation Assessment Survey of Agricultural Households data. The analysis reveals most of the determinants of poverty and vulnerability to be similar although it differs in strength on the impacts and significance level. The FGLS estimates show that the vulnerability of household level is much higher at 50.07% as compared to poverty rate, which is at 43.52% in the study area. Education of the household head, diversification of economic activities and social safety nets are found to be very significant in reducing vulnerability of a household. The safety nets are found to be not significant in reducing poverty. Nonetheless, they are effective in anchoring the vulnerable households against falling into poverty in the study area.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43718333","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 : 2023-06-18DOI: 10.1177/09763996231158229
Bablu Karan, G. R. Angadi
The rise of artificial intelligence (AI) is rapidly influencing our education system. It is apparent that the students of today are mostly attached with their smart mobile phones, tablets, laptops, and various other forms of advanced technologies for their quality of learning. It has become an urgent necessity for school students to become future AI ready. Understanding the wide potential impact of AI, India has started initiatives to prepare young learners for future AI ready. Central Board of Secondary Education in the direction of National Education Policy (2020) introduces two-fold AI in its affiliated school curricula. Using a systematic review technique, the present study has attempted to explore the promise and potentiality of AI in school education, and provide a comprehensive overview of the current status and development trends of AI in school, the initiatives, planning, strategies, and steps taken by India and other countries regarding AI integration in their school system. Finally, the study brings out some concluding remarks towards innovative AI integration.
{"title":"Artificial Intelligence Integration into School Education: A Review of Indian and Foreign Perspectives","authors":"Bablu Karan, G. R. Angadi","doi":"10.1177/09763996231158229","DOIUrl":"https://doi.org/10.1177/09763996231158229","url":null,"abstract":"The rise of artificial intelligence (AI) is rapidly influencing our education system. It is apparent that the students of today are mostly attached with their smart mobile phones, tablets, laptops, and various other forms of advanced technologies for their quality of learning. It has become an urgent necessity for school students to become future AI ready. Understanding the wide potential impact of AI, India has started initiatives to prepare young learners for future AI ready. Central Board of Secondary Education in the direction of National Education Policy (2020) introduces two-fold AI in its affiliated school curricula. Using a systematic review technique, the present study has attempted to explore the promise and potentiality of AI in school education, and provide a comprehensive overview of the current status and development trends of AI in school, the initiatives, planning, strategies, and steps taken by India and other countries regarding AI integration in their school system. Finally, the study brings out some concluding remarks towards innovative AI integration.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2023-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45650918","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 : 2023-06-18DOI: 10.1177/09763996231162504
Arshid Iqbal Dar, Y. Hassan
The transatlantic solidarity led by the United States has played a significant role in denying Russia the luxury of a quick and decisive victory in Ukraine. As the relevance and significance of transatlantic solidarity have rejuvenated in Europe, nowhere is such solidarity more essential and required than in the Indo-Pacific, where China is poised to challenge the US-led rule-based order. Building on Russia’s invasion of Ukraine, this article explores the significance of Taiwan to the US-led ‘free and open’ Indo-Pacific vision along with its other QUAD partners. The replica of NATO in the Indo-pacific could be one of the ways to deter Chinese aggression in the Indo-pacific. There would be reluctance from other allies in the region but the USA has the wherewithal to address those concerns in replicating a NATO-like organization in the Indo-Pacific. The article argues that securing Taiwan from Chinese seizure is a litmus test for QUAD and one way is to institutionalize the QUAD. The article concludes with recommendations and a way forward for the QUAD.
{"title":"USA, QUAD and China’s Inevitable Taiwan Invasion: NATOization or Chinese Hegemony in Indo-Pacific","authors":"Arshid Iqbal Dar, Y. Hassan","doi":"10.1177/09763996231162504","DOIUrl":"https://doi.org/10.1177/09763996231162504","url":null,"abstract":"The transatlantic solidarity led by the United States has played a significant role in denying Russia the luxury of a quick and decisive victory in Ukraine. As the relevance and significance of transatlantic solidarity have rejuvenated in Europe, nowhere is such solidarity more essential and required than in the Indo-Pacific, where China is poised to challenge the US-led rule-based order. Building on Russia’s invasion of Ukraine, this article explores the significance of Taiwan to the US-led ‘free and open’ Indo-Pacific vision along with its other QUAD partners. The replica of NATO in the Indo-pacific could be one of the ways to deter Chinese aggression in the Indo-pacific. There would be reluctance from other allies in the region but the USA has the wherewithal to address those concerns in replicating a NATO-like organization in the Indo-Pacific. The article argues that securing Taiwan from Chinese seizure is a litmus test for QUAD and one way is to institutionalize the QUAD. The article concludes with recommendations and a way forward for the QUAD.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2023-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48555531","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 : 2023-05-19DOI: 10.1177/09763996221149646
M. Bhatia
The study examines the evolution of the stock market efficiency of Indian banks during the period from 1 January 2007 to 30 June 2022. The study also seeks to investigate the degree of the impact of the different crises on the stock market efficiency in response to three major events: the global financial crisis, the local banking crisis and the pandemic crisis. For this, the wild bootstrap automatic variance ratio (WBAVR) test is applied using the rolling window method to account for the implications of the adaptive market hypothesis (AMH). For the robustness of the analysis, the study applies the automatic portmanteau (AQ) test, which is also based on a data-driven procedure. The findings show that the market efficiency of Indian banks is not an all-or-nothing phenomenon; rather, both efficiency and inefficiency co-exist simultaneously, with the Central Bank of India noted to be the most ‘inefficient’ bank. The findings demonstrate that market efficiency is ‘context-dependent’, that is, the stock market efficiency significantly alters in response to black-swan events happening in the economy. The study sheds light on the degree of the impact of different events on market efficiency, and it is shown that the internal crisis of the industry of high NPAs has a far greater impact on market efficiency compared to the global financial and pandemic crises. This research may assist policymakers in developing a comprehensive strategy to enhance the stock market efficiency of Indian banks in the face of such local and global crises.
{"title":"Impact of the Local and Global Crisis on Stock Market Efficiency","authors":"M. Bhatia","doi":"10.1177/09763996221149646","DOIUrl":"https://doi.org/10.1177/09763996221149646","url":null,"abstract":"The study examines the evolution of the stock market efficiency of Indian banks during the period from 1 January 2007 to 30 June 2022. The study also seeks to investigate the degree of the impact of the different crises on the stock market efficiency in response to three major events: the global financial crisis, the local banking crisis and the pandemic crisis. For this, the wild bootstrap automatic variance ratio (WBAVR) test is applied using the rolling window method to account for the implications of the adaptive market hypothesis (AMH). For the robustness of the analysis, the study applies the automatic portmanteau (AQ) test, which is also based on a data-driven procedure. The findings show that the market efficiency of Indian banks is not an all-or-nothing phenomenon; rather, both efficiency and inefficiency co-exist simultaneously, with the Central Bank of India noted to be the most ‘inefficient’ bank. The findings demonstrate that market efficiency is ‘context-dependent’, that is, the stock market efficiency significantly alters in response to black-swan events happening in the economy. The study sheds light on the degree of the impact of different events on market efficiency, and it is shown that the internal crisis of the industry of high NPAs has a far greater impact on market efficiency compared to the global financial and pandemic crises. This research may assist policymakers in developing a comprehensive strategy to enhance the stock market efficiency of Indian banks in the face of such local and global crises.","PeriodicalId":41791,"journal":{"name":"Millennial Asia","volume":null,"pages":null},"PeriodicalIF":1.6,"publicationDate":"2023-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43465783","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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