Pub Date : 2021-06-02DOI: 10.1108/IGDR-10-2020-0147
S. Nair
Purpose This paper aims to investigate price responses and volatility spillovers between commodity spot and futures markets. The study ultimately seeks the evidence-based claims on the efficiency of the long run and short run horizontal price transmissions from futures markets to spot markets. Design/methodology/approach This study used the most recent daily price series of pepper, cardamom and rubber, during the period 2004–2019, use “cointegration-ECM-GARCH framework” and verify the persisting validity of the “expectancy theory” of commodity futures pricing. Findings The results offer overwhelming evidence of futures market dominance in the price discoveries and volatility spillovers in spot markets. However, this paper finds asymmetric responses between cash and futures prices across markets. The hedging efficiency of futures contracts is commodities specific’ where spices futures are more efficient than the rubber futures. Practical implications The study passes on vital information to the producers and traders of spices and rubber who have a potential interest in the use of futures contracts to make profits from arbitrage between futures and cash markets. Originality/value The paper is unique in terms of understanding asymmetric price linkages in markets for plantation crops.
{"title":"Measuring volatility spillovers and asymmetric responses of Agri commodity prices: evidence from spices and rubber futures in India","authors":"S. Nair","doi":"10.1108/IGDR-10-2020-0147","DOIUrl":"https://doi.org/10.1108/IGDR-10-2020-0147","url":null,"abstract":"\u0000Purpose\u0000This paper aims to investigate price responses and volatility spillovers between commodity spot and futures markets. The study ultimately seeks the evidence-based claims on the efficiency of the long run and short run horizontal price transmissions from futures markets to spot markets.\u0000\u0000\u0000Design/methodology/approach\u0000This study used the most recent daily price series of pepper, cardamom and rubber, during the period 2004–2019, use “cointegration-ECM-GARCH framework” and verify the persisting validity of the “expectancy theory” of commodity futures pricing.\u0000\u0000\u0000Findings\u0000The results offer overwhelming evidence of futures market dominance in the price discoveries and volatility spillovers in spot markets. However, this paper finds asymmetric responses between cash and futures prices across markets. The hedging efficiency of futures contracts is commodities specific’ where spices futures are more efficient than the rubber futures.\u0000\u0000\u0000Practical implications\u0000The study passes on vital information to the producers and traders of spices and rubber who have a potential interest in the use of futures contracts to make profits from arbitrage between futures and cash markets.\u0000\u0000\u0000Originality/value\u0000The paper is unique in terms of understanding asymmetric price linkages in markets for plantation crops.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"14 1","pages":"242-267"},"PeriodicalIF":1.4,"publicationDate":"2021-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47777277","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 : 2021-05-07DOI: 10.1108/IGDR-09-2020-0140
Ankita Sarmah, B. Saikia, Dhananjay Tripathi
Purpose Generating meaningful employment has become a major concern for countries across the globe to break the vicious circle of poverty. Employment creation becomes more intricate in a developing economy like India where the population is at an incessant rise, without a simultaneous increase in the employment generation. In the event of situations of mounting unemployment, micro small and medium enterprises (MSMEs) being largely labour-intensive have been claimed as a significant contributor in an economy’s development to induce employment generation. The study at hand is an attempt to gauge the overall contributions of MSMEs in employment creation in Assam, a developing region of the Indian sub-continent. However, most importantly, the purpose of this paper is to determine if men and women are differently employed in the sample MSMEs and if the pattern of employment creation is different across male and female-owned sample MSMEs. Design/methodology/approach The study is based on a uniquely large sample of 320 MSME entrepreneurs with an equal representation of 160 each from male and female entrepreneurs. Secondary data sources were also consulted. Study areas comprising Kamrup-Metropolitan and Kamrup-Rural, depicting both urban and rural Assam, respectively. The choice of activities undertaken by the entrepreneurs includes a wide variety of 12 activities pertaining to all the MSME entrepreneurs in general and certain gender-specific in particular. The two hypotheses (H01 and H02) formulated were tested using the Chi-square test and the Mann-Whitney U test. Furthermore, the growth rate of employment generation in Assam along with the growth rate of the number of MSMEs established and investment made by the MSMEs were computed. Findings The calculated growth rate of employment creation, capital investment and MSMEs established were found to be positive. Based on the results of the Chi-Square test and Cramer’s V test, this paper establishes a strong association between the MSMEs and the total employment generation by the sample entrepreneurs (H01). The primary data suggested that 320 MSMEs are Employing 2,766 people in the study area with an average of 8 people per unit. Employment in the service sector is higher than the manufacturing units with an average of 4 people per unit. Another vital finding of the study professed that the women-owned MSMEs have a relatively lesser number of people (32.2%) employed than their male counterparts (67.8%). The mean rank of male entrepreneurs is considerably higher (211.49) testifying a higher employment creation by the male-owned MSMEs than the women-owned (H02). Moreover, women (33.4%) are thinly employed than men (66.5%). Women entrepreneurs were seen to have mostly limited themselves in micro-units followed by small-units. In terms of the nature of employment, full-time employees (81.8%) supersede part-time employees (6.6%). The pattern of self-employment is equal (5.8%) across both male and women ent
{"title":"Can unemployment be answered by Micro Small and Medium Enterprises? Evidences from Assam","authors":"Ankita Sarmah, B. Saikia, Dhananjay Tripathi","doi":"10.1108/IGDR-09-2020-0140","DOIUrl":"https://doi.org/10.1108/IGDR-09-2020-0140","url":null,"abstract":"\u0000Purpose\u0000Generating meaningful employment has become a major concern for countries across the globe to break the vicious circle of poverty. Employment creation becomes more intricate in a developing economy like India where the population is at an incessant rise, without a simultaneous increase in the employment generation. In the event of situations of mounting unemployment, micro small and medium enterprises (MSMEs) being largely labour-intensive have been claimed as a significant contributor in an economy’s development to induce employment generation. The study at hand is an attempt to gauge the overall contributions of MSMEs in employment creation in Assam, a developing region of the Indian sub-continent. However, most importantly, the purpose of this paper is to determine if men and women are differently employed in the sample MSMEs and if the pattern of employment creation is different across male and female-owned sample MSMEs.\u0000\u0000\u0000Design/methodology/approach\u0000The study is based on a uniquely large sample of 320 MSME entrepreneurs with an equal representation of 160 each from male and female entrepreneurs. Secondary data sources were also consulted. Study areas comprising Kamrup-Metropolitan and Kamrup-Rural, depicting both urban and rural Assam, respectively. The choice of activities undertaken by the entrepreneurs includes a wide variety of 12 activities pertaining to all the MSME entrepreneurs in general and certain gender-specific in particular. The two hypotheses (H01 and H02) formulated were tested using the Chi-square test and the Mann-Whitney U test. Furthermore, the growth rate of employment generation in Assam along with the growth rate of the number of MSMEs established and investment made by the MSMEs were computed.\u0000\u0000\u0000Findings\u0000The calculated growth rate of employment creation, capital investment and MSMEs established were found to be positive. Based on the results of the Chi-Square test and Cramer’s V test, this paper establishes a strong association between the MSMEs and the total employment generation by the sample entrepreneurs (H01). The primary data suggested that 320 MSMEs are Employing 2,766 people in the study area with an average of 8 people per unit. Employment in the service sector is higher than the manufacturing units with an average of 4 people per unit. Another vital finding of the study professed that the women-owned MSMEs have a relatively lesser number of people (32.2%) employed than their male counterparts (67.8%). The mean rank of male entrepreneurs is considerably higher (211.49) testifying a higher employment creation by the male-owned MSMEs than the women-owned (H02). Moreover, women (33.4%) are thinly employed than men (66.5%). Women entrepreneurs were seen to have mostly limited themselves in micro-units followed by small-units. In terms of the nature of employment, full-time employees (81.8%) supersede part-time employees (6.6%). The pattern of self-employment is equal (5.8%) across both male and women ent","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47565403","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 : 2021-05-06DOI: 10.1108/IGDR-09-2020-0142
Kerry Liu
Purpose This study aims to analyse the effects of China’s information and communications technology (ICT) infrastructure investment on economic growth. Design/methodology/approach Using a panel data set of China’s 30 regions during 2010–2015, this study uses the generalized method of moments (GMM) methods. Findings This study finds that compared with “old-type” infrastructure investment such as transport infrastructure and utility infrastructure, there is a time lag but greater effect from ICT infrastructure investment on growth and this relation is non-linear. Also, the human capital factor plays an enhancing role. Originality/value This study is the first of its kind that examines the relationship between ICT infrastructure investment and growth in China.
{"title":"How does China’s information and communications technology infrastructure investment promote economic growth?","authors":"Kerry Liu","doi":"10.1108/IGDR-09-2020-0142","DOIUrl":"https://doi.org/10.1108/IGDR-09-2020-0142","url":null,"abstract":"\u0000Purpose\u0000This study aims to analyse the effects of China’s information and communications technology (ICT) infrastructure investment on economic growth.\u0000\u0000\u0000Design/methodology/approach\u0000Using a panel data set of China’s 30 regions during 2010–2015, this study uses the generalized method of moments (GMM) methods.\u0000\u0000\u0000Findings\u0000This study finds that compared with “old-type” infrastructure investment such as transport infrastructure and utility infrastructure, there is a time lag but greater effect from ICT infrastructure investment on growth and this relation is non-linear. Also, the human capital factor plays an enhancing role.\u0000\u0000\u0000Originality/value\u0000This study is the first of its kind that examines the relationship between ICT infrastructure investment and growth in China.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42205548","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 : 2021-04-08DOI: 10.1108/IGDR-06-2019-0059
Rajasree Chandra, Abdul Munasib, D. Roy, Vinay K. Sonkar
Purpose Information is often available to consumers through their social networks. Focusing on dairy consumers in India, this paper aims to present evidence of peer effects in consumers’ attitudes towards various food safety attributes and food safety practices. Design/methodology/approach Unobserved individual heterogeneities are crucial confounders in the identification of social (endogenous) effects. The identification is based on exploiting within-consumer variation across different aspects of attitude (or practices) related to food safety. Findings This paper uses a novel identification strategy that allows for average effects across attributes and practices to be estimated. Using the strategy, though this paper cannot estimate endogenous effects in each attribute or practice, this paper is able to identify such effects averaged over attributes or practices. Research limitations/implications Cross-sectional study, caste affiliation is not defined at the right level of granularity. Practical implications The results suggest that information campaigns aimed at creating awareness about food safety can have social multiplier effects, and this also translates into changes in the practices followed to mitigate food safety risks. Social implications In health-related awareness and practices, there are well-established cases of multiplier effects. The most significant example of this is the Pulse Polio campaign in India, where an awareness drives through social multiplier effects had such a significant impact that in 2012 India was declared polio-free. Perhaps, a similar campaign in matters related to food safety could be very fruitful. Originality/value The methodology and the issue are unique. Little exists in assessing social networks in the context of food safety.
{"title":"Peer effects in the valuation and practices of food safety: findings from the study of dairy consumers in India","authors":"Rajasree Chandra, Abdul Munasib, D. Roy, Vinay K. Sonkar","doi":"10.1108/IGDR-06-2019-0059","DOIUrl":"https://doi.org/10.1108/IGDR-06-2019-0059","url":null,"abstract":"\u0000Purpose\u0000Information is often available to consumers through their social networks. Focusing on dairy consumers in India, this paper aims to present evidence of peer effects in consumers’ attitudes towards various food safety attributes and food safety practices.\u0000\u0000\u0000Design/methodology/approach\u0000Unobserved individual heterogeneities are crucial confounders in the identification of social (endogenous) effects. The identification is based on exploiting within-consumer variation across different aspects of attitude (or practices) related to food safety.\u0000\u0000\u0000Findings\u0000This paper uses a novel identification strategy that allows for average effects across attributes and practices to be estimated. Using the strategy, though this paper cannot estimate endogenous effects in each attribute or practice, this paper is able to identify such effects averaged over attributes or practices.\u0000\u0000\u0000Research limitations/implications\u0000Cross-sectional study, caste affiliation is not defined at the right level of granularity.\u0000\u0000\u0000Practical implications\u0000The results suggest that information campaigns aimed at creating awareness about food safety can have social multiplier effects, and this also translates into changes in the practices followed to mitigate food safety risks.\u0000\u0000\u0000Social implications\u0000In health-related awareness and practices, there are well-established cases of multiplier effects. The most significant example of this is the Pulse Polio campaign in India, where an awareness drives through social multiplier effects had such a significant impact that in 2012 India was declared polio-free. Perhaps, a similar campaign in matters related to food safety could be very fruitful.\u0000\u0000\u0000Originality/value\u0000The methodology and the issue are unique. Little exists in assessing social networks in the context of food safety.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48908331","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 : 2021-01-01DOI: 10.1108/igdr-02-2020-0025
Sriparna Goswami, Bidisha Chakraborty
Purpose This paper aims to understand the differing impacts of wealth distribution on human capital accumulation and skilled-unskilled labour generation under three educational paradigms as follows: private, public and a system of mixed education. Design/methodology/approach The authors use an overlapping generations model. Findings The wealth dynamics show that both in the private education system and public education system, there are two possible outcomes- stagnation and steady growth depending on the efficiency of the education system, skill premium and other parameters. The choice of the education system through voting is discussed. It is found that skilled workers would always vote for private education whilst unskilled workers vote for private education if public education expenditure of the economy is low. Research limitations/implications The study is subject to several limitations. This paper considers the rate of interest and wage rate to be exogenously given, and thus ignores the general equilibrium effects. The authors do not consider the labour-leisure choice. The introduction of labour leisure choice in the model would alter many of the results. The authors do not consider heterogeneous ability across individuals. The analysis of the differential efficiency of the different education systems needs further, rigorous research. Also, this paper does not consider other occupations such as entrepreneurship and self-employment. This paper considers the labour demand function to be perfectly elastic, and hence, does not consider any demand constraint. What happens if bequests are taxed? What happens if parents are not altruistic? These questions may be addressed in future research. Social implications If the proportion of tax paying skilled labour is low in any country, pure public education may not be able to generate sustained human capital growth. For countries with a sufficiently large proportion of skilled labour, the public education system would be successful. On the other hand, if skill premium is low or the education system is poorly managed private education system may fail too. Originality/value Whilst investigating the effects of public vs private education on growth and development in the presence of unequal wealth distribution, The authors have tried to address a few questions. First, why the public education system has been successful in skill accumulation in developed countries whilst it has failed to do so in less developed countries? Second, why do some countries with mostly privately run educational institutions perform much better in human capital production whilst others do not? Third, in an economy with unequal wealth distribution, what are the factors that result in public or private education as a voting equilibrium outcome?
{"title":"Wealth distribution and skills generation under public and private education systems","authors":"Sriparna Goswami, Bidisha Chakraborty","doi":"10.1108/igdr-02-2020-0025","DOIUrl":"https://doi.org/10.1108/igdr-02-2020-0025","url":null,"abstract":"Purpose This paper aims to understand the differing impacts of wealth distribution on human capital accumulation and skilled-unskilled labour generation under three educational paradigms as follows: private, public and a system of mixed education. Design/methodology/approach The authors use an overlapping generations model. Findings The wealth dynamics show that both in the private education system and public education system, there are two possible outcomes- stagnation and steady growth depending on the efficiency of the education system, skill premium and other parameters. The choice of the education system through voting is discussed. It is found that skilled workers would always vote for private education whilst unskilled workers vote for private education if public education expenditure of the economy is low. Research limitations/implications The study is subject to several limitations. This paper considers the rate of interest and wage rate to be exogenously given, and thus ignores the general equilibrium effects. The authors do not consider the labour-leisure choice. The introduction of labour leisure choice in the model would alter many of the results. The authors do not consider heterogeneous ability across individuals. The analysis of the differential efficiency of the different education systems needs further, rigorous research. Also, this paper does not consider other occupations such as entrepreneurship and self-employment. This paper considers the labour demand function to be perfectly elastic, and hence, does not consider any demand constraint. What happens if bequests are taxed? What happens if parents are not altruistic? These questions may be addressed in future research. Social implications If the proportion of tax paying skilled labour is low in any country, pure public education may not be able to generate sustained human capital growth. For countries with a sufficiently large proportion of skilled labour, the public education system would be successful. On the other hand, if skill premium is low or the education system is poorly managed private education system may fail too. Originality/value Whilst investigating the effects of public vs private education on growth and development in the presence of unequal wealth distribution, The authors have tried to address a few questions. First, why the public education system has been successful in skill accumulation in developed countries whilst it has failed to do so in less developed countries? Second, why do some countries with mostly privately run educational institutions perform much better in human capital production whilst others do not? Third, in an economy with unequal wealth distribution, what are the factors that result in public or private education as a voting equilibrium outcome?","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":"1 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62545238","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 : 2020-09-30DOI: 10.1108/IGDR-04-2019-0041
Jagannath Mallick, A. Fukumi
Purpose This study aims to explain the role of globalisation on the regional income growth disparities in the states of India and provinces in the People’s Republic of China (PRC). Design/methodology/approach The authors use two approaches to analyse regional growth disparities: growth accounting and the panel spatial Durbin model. Findings The growth accounting shows that contributions of growth of capital intensity (GKI) and total factor productivity growth (TFPG) distinguish the high-income (HI) regions from medium-income (MI) and lower-income (LI) regions in India. In the PRC, the contributions of GKI and TFPG in MI regions are slightly higher than HI regions, but significantly higher than the LI regions. The empirical results find that foreign direct investment (FDI), domestic investment, human capital, and interaction of FDI and human capital explain income growth states/provinces in India and the PRC. A region’s income growth and FDI inflows spread the benefit to neighbourhoods in both countries. Originality/value The paper contributes by performing a comparative analysis of Indian states and the PRC’s provinces by capturing the neighbourhood effects of economic growth, FDI, investment and human capital and also the interaction effects of FDI with human capital and domestic investment. A comparison of the decomposition of income growth to the growth of factor inputs and efficiency in Indian states and the PRC’s provinces also adds to the existing literature.
{"title":"Globalisation and regional income growth disparity in India and the People’s Republic of China (PRC)","authors":"Jagannath Mallick, A. Fukumi","doi":"10.1108/IGDR-04-2019-0041","DOIUrl":"https://doi.org/10.1108/IGDR-04-2019-0041","url":null,"abstract":"\u0000Purpose\u0000This study aims to explain the role of globalisation on the regional income growth disparities in the states of India and provinces in the People’s Republic of China (PRC).\u0000\u0000\u0000Design/methodology/approach\u0000The authors use two approaches to analyse regional growth disparities: growth accounting and the panel spatial Durbin model.\u0000\u0000\u0000Findings\u0000The growth accounting shows that contributions of growth of capital intensity (GKI) and total factor productivity growth (TFPG) distinguish the high-income (HI) regions from medium-income (MI) and lower-income (LI) regions in India. In the PRC, the contributions of GKI and TFPG in MI regions are slightly higher than HI regions, but significantly higher than the LI regions. The empirical results find that foreign direct investment (FDI), domestic investment, human capital, and interaction of FDI and human capital explain income growth states/provinces in India and the PRC. A region’s income growth and FDI inflows spread the benefit to neighbourhoods in both countries.\u0000\u0000\u0000Originality/value\u0000The paper contributes by performing a comparative analysis of Indian states and the PRC’s provinces by capturing the neighbourhood effects of economic growth, FDI, investment and human capital and also the interaction effects of FDI with human capital and domestic investment. A comparison of the decomposition of income growth to the growth of factor inputs and efficiency in Indian states and the PRC’s provinces also adds to the existing literature.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2020-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/IGDR-04-2019-0041","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49128585","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 : 2020-08-26DOI: 10.1108/igdr-10-2019-0117
Nitin Koshta, H. Bashir, Taab Ahmad Samad
Purpose The main purpose of this study is to explore the presence of the EKC hypothesis in emerging economies. Additionally, the present study also explores the existence of the “resource curse hypothesis” (RCH), and the causal relationship among the variables that are considered for testing the presence of EKC and RCH hypothesis for a panel of selected emerging economies for the time period between 1990 and 2014. Design/methodology/approach The authors performed unit root test followed by cointegration test to test the existence of cointegrating relationship among the variables. Dynamic ordinary least square (DOLS) and fully modified ordinary least square (FMOLS) methods are used to obtain long-run estimates of considered variables, and the Granger causality test is performed to test the directional causality. Findings The long-run estimates obtained from DOLS and FMOLS techniques support the presence of the EKC (inverted U-shape) and the RCH. Originality/value To the best of the authors’ knowledge, the present work is the pioneer study for EKC and RCH investigation in the context of emerging economies. The policy implication is that these economies should look forward to drafting new policies to reduce environmental degradation and promote sustainable development.
{"title":"Foreign trade, financial development, agriculture, energy consumption and CO2 emission: testing EKC among emerging economies","authors":"Nitin Koshta, H. Bashir, Taab Ahmad Samad","doi":"10.1108/igdr-10-2019-0117","DOIUrl":"https://doi.org/10.1108/igdr-10-2019-0117","url":null,"abstract":"\u0000Purpose\u0000The main purpose of this study is to explore the presence of the EKC hypothesis in emerging economies. Additionally, the present study also explores the existence of the “resource curse hypothesis” (RCH), and the causal relationship among the variables that are considered for testing the presence of EKC and RCH hypothesis for a panel of selected emerging economies for the time period between 1990 and 2014.\u0000\u0000\u0000Design/methodology/approach\u0000The authors performed unit root test followed by cointegration test to test the existence of cointegrating relationship among the variables. Dynamic ordinary least square (DOLS) and fully modified ordinary least square (FMOLS) methods are used to obtain long-run estimates of considered variables, and the Granger causality test is performed to test the directional causality.\u0000\u0000\u0000Findings\u0000The long-run estimates obtained from DOLS and FMOLS techniques support the presence of the EKC (inverted U-shape) and the RCH.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, the present work is the pioneer study for EKC and RCH investigation in the context of emerging economies. The policy implication is that these economies should look forward to drafting new policies to reduce environmental degradation and promote sustainable development.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2020-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/igdr-10-2019-0117","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46286446","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 : 2020-08-10DOI: 10.1108/igdr-01-2020-0007
Rohit Apurv, S. Uzma
Purpose The purpose of the paper is to examine the impact of infrastructure investment and development on economic growth in Brazil, Russia, India, China and South Africa (BRICS) countries. The effect is examined for each country separately and also collectively by combining each country. Design/methodology/approach Ordinary least square regression method is applied to examine the effects of infrastructure investment and development on economic growth for each country. Panel data techniques such as panel least square method, panel least square fixed-effect model and panel least square random effect model are used to examine the collective impact by combining all countries in BRICS. The dynamic panel model is also incorporated for analysis in the study. Findings The results of the study are mixed. The association between infrastructure investment and development and economic growth for countries within BRICS is not robust. There is an insignificant relationship between infrastructure investment and development and economic growth in Brazil and South Africa. Energy and transportation infrastructure investment and development lead to economic growth in Russia. Telecommunication infrastructure investment and development and economic growth have a negative relationship in India, whereas there is a negative association between transport infrastructure investment and development and economic growth in China. Panel data results conclude that energy infrastructure investment and development lead to economic growth, whereas telecommunication infrastructure investment and development are significant and negatively linked with economic growth. Originality/value The study is novel as time series analysis and panel data analysis are used, taking the time span for 38 years (1980–2017) to investigate the influence of infrastructure investment and development on economic growth in BRICS Countries. Time-series regression analysis is used to test the impact for individual countries separately, whereas panel data regression analysis is used to examine the impact collectively for all countries in BRICS.
{"title":"The impact of infrastructure investment and development on economic growth on BRICS","authors":"Rohit Apurv, S. Uzma","doi":"10.1108/igdr-01-2020-0007","DOIUrl":"https://doi.org/10.1108/igdr-01-2020-0007","url":null,"abstract":"\u0000Purpose\u0000The purpose of the paper is to examine the impact of infrastructure investment and development on economic growth in Brazil, Russia, India, China and South Africa (BRICS) countries. The effect is examined for each country separately and also collectively by combining each country.\u0000\u0000\u0000Design/methodology/approach\u0000Ordinary least square regression method is applied to examine the effects of infrastructure investment and development on economic growth for each country. Panel data techniques such as panel least square method, panel least square fixed-effect model and panel least square random effect model are used to examine the collective impact by combining all countries in BRICS. The dynamic panel model is also incorporated for analysis in the study.\u0000\u0000\u0000Findings\u0000The results of the study are mixed. The association between infrastructure investment and development and economic growth for countries within BRICS is not robust. There is an insignificant relationship between infrastructure investment and development and economic growth in Brazil and South Africa. Energy and transportation infrastructure investment and development lead to economic growth in Russia. Telecommunication infrastructure investment and development and economic growth have a negative relationship in India, whereas there is a negative association between transport infrastructure investment and development and economic growth in China. Panel data results conclude that energy infrastructure investment and development lead to economic growth, whereas telecommunication infrastructure investment and development are significant and negatively linked with economic growth.\u0000\u0000\u0000Originality/value\u0000The study is novel as time series analysis and panel data analysis are used, taking the time span for 38 years (1980–2017) to investigate the influence of infrastructure investment and development on economic growth in BRICS Countries. Time-series regression analysis is used to test the impact for individual countries separately, whereas panel data regression analysis is used to examine the impact collectively for all countries in BRICS.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2020-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/igdr-01-2020-0007","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44171310","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 : 2020-08-03DOI: 10.1108/igdr-12-2019-0132
M. Gupta
Purpose This study aims to focus on the effects of economic globalisation programme on the problems of criminal activities and on the degree of skilled–unskilled wage inequality. Design/methodology/approach A competitive general equilibrium model of a small open economy is developed. Unskilled labour moves from the production sector to the criminal sector. Those who join the criminal sector snatch a part of capitalists’ income and skilled workers’ income to finance their consumption and face positive probability of being caught and punished. The size of the criminal sector and the rental rate on capital are simultaneously determined in the short-run equilibrium of this model where factor endowments are exogenously given at a particular point of time. Findings An increase in the capital endowment resulting from an exogenous foreign capital inflow raises demand for labour and wage rates in both the sectors. So, it lowers the rental rate on capital and thus aggravates the problem of skilled–unskilled wage inequality because the skilled labour using sector is more capital intensive than the other production sector. However, it may lower the size of the criminal sector and thus may raise the level of the gross domestic product. Originality/value There exists substantial theoretical works on the problem of skilled–unskilled wage inequality, but none of these works focuses on the general equilibrium allocation of unskilled labour to the criminal sector. On the other hand, existing models specialised to analyse theoretical implications of crime and punishment do not focus on the interaction between crime and wage inequality.
{"title":"Globalisation, crime and wage inequality: a theoretical analysis","authors":"M. Gupta","doi":"10.1108/igdr-12-2019-0132","DOIUrl":"https://doi.org/10.1108/igdr-12-2019-0132","url":null,"abstract":"\u0000Purpose\u0000This study aims to focus on the effects of economic globalisation programme on the problems of criminal activities and on the degree of skilled–unskilled wage inequality.\u0000\u0000\u0000Design/methodology/approach\u0000A competitive general equilibrium model of a small open economy is developed. Unskilled labour moves from the production sector to the criminal sector. Those who join the criminal sector snatch a part of capitalists’ income and skilled workers’ income to finance their consumption and face positive probability of being caught and punished. The size of the criminal sector and the rental rate on capital are simultaneously determined in the short-run equilibrium of this model where factor endowments are exogenously given at a particular point of time.\u0000\u0000\u0000Findings\u0000An increase in the capital endowment resulting from an exogenous foreign capital inflow raises demand for labour and wage rates in both the sectors. So, it lowers the rental rate on capital and thus aggravates the problem of skilled–unskilled wage inequality because the skilled labour using sector is more capital intensive than the other production sector. However, it may lower the size of the criminal sector and thus may raise the level of the gross domestic product.\u0000\u0000\u0000Originality/value\u0000There exists substantial theoretical works on the problem of skilled–unskilled wage inequality, but none of these works focuses on the general equilibrium allocation of unskilled labour to the criminal sector. On the other hand, existing models specialised to analyse theoretical implications of crime and punishment do not focus on the interaction between crime and wage inequality.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2020-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/igdr-12-2019-0132","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46320413","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 : 2020-08-03DOI: 10.1108/igdr-08-2019-0086
C. Nayak, P. Satpathy
Purpose Despite existence of a constitutional demarcation of functions and finances between the centre and the states, it is alleged that the centre-state funds transfer systems in India have a political bargaining aspect that goes beyond the normative considerations. This paper makes an attempt to investigate if the political system allows to evolve a simple, equitable, objective and rule-based system of transfers. The aim of this paper is to explore the political economic determinants of discretionary fiscal transfers in India. Design/methodology/approach This paper is based on a panel data set of 28 Indian states for the period 2001–2014. After diagnostic checking for fixed effects/random effects, the authors prefer to use fixed effects regression with Driscoll–Kraay standard errors and Arellano–Bover/Blundel and Bond system estimation model that uses moment conditions in which lagged first differences of the dependent variable are instruments for the level equation. Findings The findings of this study reveal that fiscal performance, economic capacity and political alliance are significant but some other political determinants such as bargaining power and election years are not significant in influencing discretionary transfers. Originality/value Considering the limited availability of literature on federal finance, the present paper is an addition to the existing research, especially on a crucial issue concerning extra-constitutional fiscal transfers in India. Analysing a balanced panel comprising all the Indian states and examining the role of various political-economic determinants makes this paper topical.
{"title":"Discretionary transfers in Indian federal finance: a panel data analysis","authors":"C. Nayak, P. Satpathy","doi":"10.1108/igdr-08-2019-0086","DOIUrl":"https://doi.org/10.1108/igdr-08-2019-0086","url":null,"abstract":"\u0000Purpose\u0000Despite existence of a constitutional demarcation of functions and finances between the centre and the states, it is alleged that the centre-state funds transfer systems in India have a political bargaining aspect that goes beyond the normative considerations. This paper makes an attempt to investigate if the political system allows to evolve a simple, equitable, objective and rule-based system of transfers. The aim of this paper is to explore the political economic determinants of discretionary fiscal transfers in India.\u0000\u0000\u0000Design/methodology/approach\u0000This paper is based on a panel data set of 28 Indian states for the period 2001–2014. After diagnostic checking for fixed effects/random effects, the authors prefer to use fixed effects regression with Driscoll–Kraay standard errors and Arellano–Bover/Blundel and Bond system estimation model that uses moment conditions in which lagged first differences of the dependent variable are instruments for the level equation.\u0000\u0000\u0000Findings\u0000The findings of this study reveal that fiscal performance, economic capacity and political alliance are significant but some other political determinants such as bargaining power and election years are not significant in influencing discretionary transfers.\u0000\u0000\u0000Originality/value\u0000Considering the limited availability of literature on federal finance, the present paper is an addition to the existing research, especially on a crucial issue concerning extra-constitutional fiscal transfers in India. Analysing a balanced panel comprising all the Indian states and examining the role of various political-economic determinants makes this paper topical.\u0000","PeriodicalId":42861,"journal":{"name":"Indian Growth and Development Review","volume":" ","pages":""},"PeriodicalIF":1.4,"publicationDate":"2020-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/igdr-08-2019-0086","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47043999","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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