Pub Date : 2023-02-05DOI: 10.1177/09726527221150539
Shivani Narayan, Dilip Kumar
The study investigates the systemic risk transmission from the US banking sector and the US market to the five most economically impacted Asian nations (Thailand, Malaysia, the Philippines, India, and Singapore) during the COVID-19 period of 2020. We consider the conditional value-at-risk (CoVaR) approach to estimate the systemic risk of the given economies at 5% quantile (for severe downturn risk) and 20% quantile (for moderate downturn risk). Our findings demonstrate a rise in systemic risk for these Asian countries in 2020, particularly in the first half of the year. The findings also provide evidence of the significant systemic risk transmission from the US banking sector and the US stock market to the majority of the given Asian economies at both quantiles. The study further highlights the significant contribution of the US financial market in increasing the systemic risk of the given Asian economies in 2020. We find similar results for systemic risk transmission from the UK, the European Union, and Japan to the given Asian economies. The findings have implications for market participants, risk managers, and regulators who are concerned with risk diversification and tracking the routes of risk shock transmission. JEL Codes: G10; G18; G20
{"title":"Systemic Risk Transmission from the United States to Asian Economies During the COVID-19 Period","authors":"Shivani Narayan, Dilip Kumar","doi":"10.1177/09726527221150539","DOIUrl":"https://doi.org/10.1177/09726527221150539","url":null,"abstract":"The study investigates the systemic risk transmission from the US banking sector and the US market to the five most economically impacted Asian nations (Thailand, Malaysia, the Philippines, India, and Singapore) during the COVID-19 period of 2020. We consider the conditional value-at-risk (CoVaR) approach to estimate the systemic risk of the given economies at 5% quantile (for severe downturn risk) and 20% quantile (for moderate downturn risk). Our findings demonstrate a rise in systemic risk for these Asian countries in 2020, particularly in the first half of the year. The findings also provide evidence of the significant systemic risk transmission from the US banking sector and the US stock market to the majority of the given Asian economies at both quantiles. The study further highlights the significant contribution of the US financial market in increasing the systemic risk of the given Asian economies in 2020. We find similar results for systemic risk transmission from the UK, the European Union, and Japan to the given Asian economies. The findings have implications for market participants, risk managers, and regulators who are concerned with risk diversification and tracking the routes of risk shock transmission. JEL Codes: G10; G18; G20","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"57 - 84"},"PeriodicalIF":1.5,"publicationDate":"2023-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43174379","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 : 2023-02-05DOI: 10.1177/09726527221144486
Saibal Ghosh
Employing firm-level data for 2011–2020, we explore the impact of auditor exit on firm performance. Using profitability and growth as outcome variables, the findings suggest that auditor exit leads to a dampening of profit, but growth prospects are not adversely affected. However, firms’ stock returns are adversely impacted over the immediate to medium term. This impact differs across ownership, especially when interactive effects are taken on board. Among the reasons, resignations and noncooperation by management are most detrimental to firm behavior. JEL Codes: G 32; M 42
{"title":"Auditor Exits and Firm Performance: Is There a Link?","authors":"Saibal Ghosh","doi":"10.1177/09726527221144486","DOIUrl":"https://doi.org/10.1177/09726527221144486","url":null,"abstract":"Employing firm-level data for 2011–2020, we explore the impact of auditor exit on firm performance. Using profitability and growth as outcome variables, the findings suggest that auditor exit leads to a dampening of profit, but growth prospects are not adversely affected. However, firms’ stock returns are adversely impacted over the immediate to medium term. This impact differs across ownership, especially when interactive effects are taken on board. Among the reasons, resignations and noncooperation by management are most detrimental to firm behavior. JEL Codes: G 32; M 42","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"31 - 56"},"PeriodicalIF":1.5,"publicationDate":"2023-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42752793","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 : 2023-01-27DOI: 10.1177/09726527221141787
K. Das
Acquisitions of startup concern investors, cofounders, consumers, and competition watchdogs. With the rapid emergence of the startup ecosystem in India, the phenomenon of startup acquisitions has become noteworthy. In this article, startup exit through acquisition is examined using startup-specific data relating to funding, funding rounds, cofounders, brand name length, and gender of the cofounder. Startup exit is modelled through choice models on a sample of 903 startups. Cox proportional hazard regression was used for the robustness check. The results suggest that venture capital funding increases the probability of acquisition. However, the number of funding rounds reduced the likelihood of acquisition significantly indicating that repeat funding has a positive impact on new venture continuity. There is a trade-off between the quantity and consistency of venture capital funding in affecting the likelihood of acquisition. The number of cofounders is associated with higher acquisition likelihood, and the brand name length had a negative impact on the probability of acquisition. Furthermore, there is a lower acquisition likelihood if the startup had a female cofounder. The findings bear implications for the quality of fundraising, startup team formation, branding, and women entrepreneurship. JEL Codes: G24, G34
{"title":"What Affects Startup Acquisition in Emerging Economy? Evidence from India","authors":"K. Das","doi":"10.1177/09726527221141787","DOIUrl":"https://doi.org/10.1177/09726527221141787","url":null,"abstract":"Acquisitions of startup concern investors, cofounders, consumers, and competition watchdogs. With the rapid emergence of the startup ecosystem in India, the phenomenon of startup acquisitions has become noteworthy. In this article, startup exit through acquisition is examined using startup-specific data relating to funding, funding rounds, cofounders, brand name length, and gender of the cofounder. Startup exit is modelled through choice models on a sample of 903 startups. Cox proportional hazard regression was used for the robustness check. The results suggest that venture capital funding increases the probability of acquisition. However, the number of funding rounds reduced the likelihood of acquisition significantly indicating that repeat funding has a positive impact on new venture continuity. There is a trade-off between the quantity and consistency of venture capital funding in affecting the likelihood of acquisition. The number of cofounders is associated with higher acquisition likelihood, and the brand name length had a negative impact on the probability of acquisition. Furthermore, there is a lower acquisition likelihood if the startup had a female cofounder. The findings bear implications for the quality of fundraising, startup team formation, branding, and women entrepreneurship. JEL Codes: G24, G34","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"111 - 134"},"PeriodicalIF":1.5,"publicationDate":"2023-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41454235","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 : 2022-07-22DOI: 10.1177/09726527221101134
Md Gyasuddin Ansari, Rudra Sensarma
We study excess liquidity in the banking system using data for India during 2005–2020. We apply Autoregressive Distributed Lag model and panel regressions to identify the factors determining excess liquidity at both aggregate and bank levels. We find that required reserves, private sector credit, and government securities held by banks have negative, positive, and negative effects on excess liquidity, respectively. Other factors such as exchange rate and inter-bank call rate have varying effects at the two levels. Our results suggest that banks can chalk out mechanisms to optimize their liquidity management and avoid the cost of excess liquidity. JEL Classifications: C23, E50, E58, G00, G21
{"title":"What Explains Excess Liquidity of Banks? Empirical Evidence from India","authors":"Md Gyasuddin Ansari, Rudra Sensarma","doi":"10.1177/09726527221101134","DOIUrl":"https://doi.org/10.1177/09726527221101134","url":null,"abstract":"We study excess liquidity in the banking system using data for India during 2005–2020. We apply Autoregressive Distributed Lag model and panel regressions to identify the factors determining excess liquidity at both aggregate and bank levels. We find that required reserves, private sector credit, and government securities held by banks have negative, positive, and negative effects on excess liquidity, respectively. Other factors such as exchange rate and inter-bank call rate have varying effects at the two levels. Our results suggest that banks can chalk out mechanisms to optimize their liquidity management and avoid the cost of excess liquidity. JEL Classifications: C23, E50, E58, G00, G21","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"477 - 503"},"PeriodicalIF":1.5,"publicationDate":"2022-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43331031","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 : 2022-06-21DOI: 10.1177/09726527221102391
C. Sekhar, P. J. Lukose
Using a comprehensive sample of Indian stock market listings from 2000 to 2014, we examine the effect of business group (BG) affiliation on the decision to go public. Supporting the internal capital markets hypothesis, we find that BG firms are less likely to go for initial public offerings (IPOs). Compared to stand-alone firms, BG firms that go public are older and less profitable. Further, this article elucidates the dynamics of the decision to go public within BGs (with multiple unlisted eligible affiliates in their portfolio) as extant models fail to explain the same adequately. We examine the relative importance of reputation, capital raising, and control considerations on the decision to go public. We find that the affiliate that invests in other group affiliates’ financial assets is more likely to be taken public. Affiliates that are net receivers of intragroup support are less likely to list. BG’s reputation has a positive impact on the choice of the affiliate to list. JEL Classifications: G30, G32
{"title":"The Decision to Go Public and Business Group Affiliation: Evidence from India","authors":"C. Sekhar, P. J. Lukose","doi":"10.1177/09726527221102391","DOIUrl":"https://doi.org/10.1177/09726527221102391","url":null,"abstract":"Using a comprehensive sample of Indian stock market listings from 2000 to 2014, we examine the effect of business group (BG) affiliation on the decision to go public. Supporting the internal capital markets hypothesis, we find that BG firms are less likely to go for initial public offerings (IPOs). Compared to stand-alone firms, BG firms that go public are older and less profitable. Further, this article elucidates the dynamics of the decision to go public within BGs (with multiple unlisted eligible affiliates in their portfolio) as extant models fail to explain the same adequately. We examine the relative importance of reputation, capital raising, and control considerations on the decision to go public. We find that the affiliate that invests in other group affiliates’ financial assets is more likely to be taken public. Affiliates that are net receivers of intragroup support are less likely to list. BG’s reputation has a positive impact on the choice of the affiliate to list. JEL Classifications: G30, G32","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":" 8","pages":"451 - 476"},"PeriodicalIF":1.5,"publicationDate":"2022-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41252200","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 : 2022-05-30DOI: 10.1177/09726527221100467
S. Mahalakshmi, S. Thiyagarajan, Gopala K. Vasudevan, G. Naresh
India is a major Asian economy that has attracted global investment due to its economic stability and relatively open financial markets. We investigate the return and volatility spillover effects between the Indian rupee against US dollar and stock index volatility in neighboring (Asian) nations. Consistent with the uncovered equity parity, we find that when the rupee depreciates against US dollar, the foreign institutional investors pull back their portfolio investments from other Asian markets and invest in Indian stock market, similarly if rupee appreciates they may divest their investments to gain profits. The unidirectional causality from the exchange rate to all stock indices is indicated by the causality in the mean approach. Our study shows a strong linkage between the currency value of a stable economy and the economies with which it has strong trade ties. Further, the results also show that investors adjust their position in the related markets during periods of currency appreciation and depreciation in an economy with significant growth prospects. JEL Codes: F31, D53, B23
{"title":"Return and Volatility Spillover Effects between Rupee–Dollar Exchange Rate and Asian Stock Indices","authors":"S. Mahalakshmi, S. Thiyagarajan, Gopala K. Vasudevan, G. Naresh","doi":"10.1177/09726527221100467","DOIUrl":"https://doi.org/10.1177/09726527221100467","url":null,"abstract":"India is a major Asian economy that has attracted global investment due to its economic stability and relatively open financial markets. We investigate the return and volatility spillover effects between the Indian rupee against US dollar and stock index volatility in neighboring (Asian) nations. Consistent with the uncovered equity parity, we find that when the rupee depreciates against US dollar, the foreign institutional investors pull back their portfolio investments from other Asian markets and invest in Indian stock market, similarly if rupee appreciates they may divest their investments to gain profits. The unidirectional causality from the exchange rate to all stock indices is indicated by the causality in the mean approach. Our study shows a strong linkage between the currency value of a stable economy and the economies with which it has strong trade ties. Further, the results also show that investors adjust their position in the related markets during periods of currency appreciation and depreciation in an economy with significant growth prospects. JEL Codes: F31, D53, B23","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"428 - 450"},"PeriodicalIF":1.5,"publicationDate":"2022-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44497819","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 : 2022-04-18DOI: 10.1177/09726527221078434
A. Gyeke-dako, E. Agbloyor, A. Agoba, F. Turkson, E. Abbey
This article discusses the extent to which central bank independence (CBI) can be used to mitigate the regressive nature of inflation. Using 44 Sub-Saharan African (SSA) countries from the period 1970–2012, the article first examines whether CBI has any influence on inflation by distinguishing between legal independence and governor turnover rates. The evidence shows that CBI helps control inflation, and that inflation generally reduces poverty, and this effect is even stronger, in an environment of low CBI. JEL Codes: E02, E58, E31, I32
{"title":"Central Bank Independence, Inflation, and Poverty in Africa","authors":"A. Gyeke-dako, E. Agbloyor, A. Agoba, F. Turkson, E. Abbey","doi":"10.1177/09726527221078434","DOIUrl":"https://doi.org/10.1177/09726527221078434","url":null,"abstract":"This article discusses the extent to which central bank independence (CBI) can be used to mitigate the regressive nature of inflation. Using 44 Sub-Saharan African (SSA) countries from the period 1970–2012, the article first examines whether CBI has any influence on inflation by distinguishing between legal independence and governor turnover rates. The evidence shows that CBI helps control inflation, and that inflation generally reduces poverty, and this effect is even stronger, in an environment of low CBI. JEL Codes: E02, E58, E31, I32","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"211 - 236"},"PeriodicalIF":1.5,"publicationDate":"2022-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48778209","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 : 2022-04-18DOI: 10.1177/09726527221078352
Vamsidhar Ambatipudi, Dilip Kumar
The present study examines the relationship between Indian economic policy uncertainty (IEPU) and the different sector volatilities (SVs) of the Indian economy over the period 2006–2021. The relationship is studied using a multi-scale correlation framework, combining wavelet coherence analysis with the Granger causality test. The findings indicate a stronger relationship between the IEPU and SV for all sectors during COVID-19, primarily in the medium term. While IEPU led to SV during the global financial crisis (GFC), the SVs led to the IEPU during the COVID-19. However, the Granger causality test provides evidence that, in the long term, the SVs cause the IEPU while the IEPU leads to SV in the short term. The IT sector is crucial as its volatility leads to IEPU across all scales. These results have substantial implications for policymakers and portfolio managers. JEL Codes: G10, G17, G32
{"title":"Economic Policy Uncertainty Versus Sector Volatility: Evidence from India Using Multi-scale Wavelet Granger Causality Analysis","authors":"Vamsidhar Ambatipudi, Dilip Kumar","doi":"10.1177/09726527221078352","DOIUrl":"https://doi.org/10.1177/09726527221078352","url":null,"abstract":"The present study examines the relationship between Indian economic policy uncertainty (IEPU) and the different sector volatilities (SVs) of the Indian economy over the period 2006–2021. The relationship is studied using a multi-scale correlation framework, combining wavelet coherence analysis with the Granger causality test. The findings indicate a stronger relationship between the IEPU and SV for all sectors during COVID-19, primarily in the medium term. While IEPU led to SV during the global financial crisis (GFC), the SVs led to the IEPU during the COVID-19. However, the Granger causality test provides evidence that, in the long term, the SVs cause the IEPU while the IEPU leads to SV in the short term. The IT sector is crucial as its volatility leads to IEPU across all scales. These results have substantial implications for policymakers and portfolio managers. JEL Codes: G10, G17, G32","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"184 - 210"},"PeriodicalIF":1.5,"publicationDate":"2022-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49446804","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 : 2022-04-18DOI: 10.1177/09726527221079957
Sachit Rao, N. Parthasarathy
Low-income households (HHs) face vagaries in income and expenses. These often require the HH to borrow and can cause the HH to become over-indebted. Financial Diaries capture information on incomes, expenses, loans, and shocks with fine granularity and at frequent intervals. In this article, such a dataset is analyzed using the event history analysis approach in order to quantify the risk of HHs becoming over-indebted. Over-indebtedness is defined using two rubrics: monthly debt-to-income ratio and sacrifices made by the HH. The results of this analysis may be used by institutions to customize financial instruments based on the characteristics of an HH. JEL Codes: C410, C810, C830
{"title":"Characterizing the Over-indebted: An Event History Analysis of Financial Diaries","authors":"Sachit Rao, N. Parthasarathy","doi":"10.1177/09726527221079957","DOIUrl":"https://doi.org/10.1177/09726527221079957","url":null,"abstract":"Low-income households (HHs) face vagaries in income and expenses. These often require the HH to borrow and can cause the HH to become over-indebted. Financial Diaries capture information on incomes, expenses, loans, and shocks with fine granularity and at frequent intervals. In this article, such a dataset is analyzed using the event history analysis approach in order to quantify the risk of HHs becoming over-indebted. Over-indebtedness is defined using two rubrics: monthly debt-to-income ratio and sacrifices made by the HH. The results of this analysis may be used by institutions to customize financial instruments based on the characteristics of an HH. JEL Codes: C410, C810, C830","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"245 - 264"},"PeriodicalIF":1.5,"publicationDate":"2022-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43434864","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 : 2022-04-14DOI: 10.1177/09726527221088412
Sakshi Aggarwal, D. Chakraborty, N. Banik
In the recent past, India has entered into several regional trading agreements (RTAs) with the objective of export promotion, on the one hand, and deepening participation in the global value chains, on the other. The consequent rise in Indian exports had been accompanied by a simultaneous import growth, given the trade preferences for partners through RTAs as well as ongoing unilateral tariff reforms. The rise in simultaneous exports and imports has enhanced the country’s intra-industry trade (IIT) level. Recently, India has engaged in RTA negotiations with several developed countries, which are characterized by more stringent environmental standards. The current analysis attempts to identify factors that influence India’s bilateral aggregate IIT index in a dynamic panel framework. In particular, it attempts to assess whether greater divergence in environmental standards adversely influence India’s IIT patterns. The empirical estimates reveal that India’s IIT is found to be relatively higher with countries that are technologically more advanced and have relatively stringent environmental standards. The observation indicates that India is possibly specializing in relatively low technology-intensive products vis-à-vis its developed trade partners. The analysis concludes that India would be better off by facilitating innovation and adhering to a higher level of environmental standard. JEL Codes: F13, F14, F15, F18
{"title":"Does Difference in Environmental Standard Influence India’s Bilateral IIT Flows? Evidence from GMM Results","authors":"Sakshi Aggarwal, D. Chakraborty, N. Banik","doi":"10.1177/09726527221088412","DOIUrl":"https://doi.org/10.1177/09726527221088412","url":null,"abstract":"In the recent past, India has entered into several regional trading agreements (RTAs) with the objective of export promotion, on the one hand, and deepening participation in the global value chains, on the other. The consequent rise in Indian exports had been accompanied by a simultaneous import growth, given the trade preferences for partners through RTAs as well as ongoing unilateral tariff reforms. The rise in simultaneous exports and imports has enhanced the country’s intra-industry trade (IIT) level. Recently, India has engaged in RTA negotiations with several developed countries, which are characterized by more stringent environmental standards. The current analysis attempts to identify factors that influence India’s bilateral aggregate IIT index in a dynamic panel framework. In particular, it attempts to assess whether greater divergence in environmental standards adversely influence India’s IIT patterns. The empirical estimates reveal that India’s IIT is found to be relatively higher with countries that are technologically more advanced and have relatively stringent environmental standards. The observation indicates that India is possibly specializing in relatively low technology-intensive products vis-à-vis its developed trade partners. The analysis concludes that India would be better off by facilitating innovation and adhering to a higher level of environmental standard. JEL Codes: F13, F14, F15, F18","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"7 - 30"},"PeriodicalIF":1.5,"publicationDate":"2022-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46780690","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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