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Monetary Policy Efficacy Pre- and Post-COVID-19 Pandemic: Evidence from India 第 19 次世界艾滋病病毒(COVID)大流行前后的货币政策效力:印度的证据
Pub Date : 2024-02-05 DOI: 10.1177/09722629231225549
Sujit Kumar, Anoop S. Kumar
Inflation has run higher than the targets of central banks across the globe post the COVID-19 pandemic. India is no exception. The central banks have responded through synchronous interest rate increases. The efficacy of policy measures has been mixed though, underscoring country-specific differences in sources of inflation and monetary transmission across channels. Employing a time-varying vector autoregression framework, we analyse the interaction with output, interest rate and inflation in India. We employ quarterly data on real GDP growth, Wholesale Price Index (WPI) growth, Consumer Price Index (CPI)-Industrial workers (CPI-IW) growth and 1 year-treasury bill rate, from 2005–2006 Q1 to 2021–2022 Q4. We use two measures of inflation to get the dynamics of retail and wholesale inflation. We contrast the interactions of aforesaid variables through time-varying impulse response functions (IRFs) during two big macroeconomic events, namely, the subprime crisis of 2008 and COVID-19 pandemic in 2020. During the subprime crisis in 2008, we saw negligible response in the short, medium and long run. During the COVID-19 period, we find all time-varying IRFs are synchronized. The response of CPI-IW to the interest rate shock is very different from that of WPI, underscoring differences in the composition of these price measures. A shock from the interest rate keeps the CPI-IW stable at best; we do not see any reduction in CPI-IW across the short, medium and long run. The reaction of GDP growth to interest rate shock is rather flat during both the subprime crisis and COVID-19 in the short, medium and long run, pointing towards potential monetary policy ineffectiveness in stimulating the growth.
COVID-19 大流行后,全球各地的通货膨胀率都高于中央银行的目标。印度也不例外。各国央行通过同步提高利率来应对。但政策措施的效果参差不齐,凸显了各国在通胀来源和货币传导渠道方面的差异。我们采用时变向量自回归框架,分析了印度产出、利率和通货膨胀之间的相互作用。我们采用了 2005-2006 年第一季度至 2021-2022 年第四季度的实际 GDP 增长、批发价格指数(WPI)增长、消费价格指数(CPI)-产业工人(CPI-IW)增长和 1 年期国库券利率的季度数据。我们使用两种通胀衡量方法来了解零售和批发通胀的动态。在 2008 年次贷危机和 2020 年 COVID-19 大流行这两大宏观经济事件中,我们通过时变脉冲响应函数(IRF)对比了上述变量的相互作用。在 2008 年次贷危机期间,我们看到短期、中期和长期的反应都微乎其微。在 COVID-19 期间,我们发现所有时变 IRF 都是同步的。消费物价指数-工业品出厂价格对利率冲击的反应与工业品出厂价格对利率冲击的反应截然不同,这凸显了这些价格指标构成的差异。利率冲击充其量只能使消费物价指数-IW 保持稳定;从短期、中期和长期来看,我们看不到消费物价指数-IW 有任何下降。在次贷危机和 COVID-19 期间,GDP 增长对利率冲击的反应在短期、中期和长期都相当平缓,这表明货币政策在刺激经济增长方面可能效果不佳。
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引用次数: 0
Analysing Factors Driving Purchase and Consumption Behaviour Towards Organic Food 分析促使人们购买和消费有机食品的因素
Pub Date : 2024-02-05 DOI: 10.1177/09722629231225535
Sunita Guru, S. Thanki, J. Thakkar
Personal health, food safety and environmental concerns significantly contribute to the purchase and consumption of organic food. Several countries, including India, are turning their attention to encouraging organic food farming and purchasing to comply with sustainable development goals. This research identifies and analyses the motivational factors critical to the purchase and consumption of organic food and also extends a roadmap to the food industries for sustainable growth. A list of factors driving the purchase and consumption of organic food was extracted from the literature. Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (Fuzzy TOPSIS), Fuzzy Simple Additive Weighting (Fuzzy SAW) and Borda method are used to prioritize the identified motivational factors followed by the sensitivity analysis to simulate dynamic various market requirements and challenges. The findings substantiate that chemical free, no artificial ingredients, good for body, healthy and awareness about health significantly influence the purchase and consumption of organic food products. To ensure sustainable production and consumption of organic food, it is vital for government policymakers, organizations involved in production, marketing and distribution of the organic food to understand and critically evaluate various factors affecting the purchase and consumption intensions of the consumers.
对个人健康、食品安全和环境的关注极大地促进了有机食品的购买和消费。包括印度在内的一些国家正在把注意力转向鼓励有机食品的种植和购买,以实现可持续发展目标。这项研究确定并分析了购买和消费有机食品的关键激励因素,同时也为食品行业的可持续发展提供了路线图。我们从文献中提取了一系列促使购买和消费有机食品的因素。采用了与理想解相似度排序模糊技术(Fuzzy TOPSIS)、模糊简单加权法(Fuzzy SAW)和博尔达法,对确定的激励因素进行优先排序,然后进行敏感性分析,以模拟动态的各种市场要求和挑战。研究结果证明,不含化学物质、不含人工成分、对身体有益、健康和对健康的认识在很大程度上影响着有机食品的购买和消费。为确保有机食品的可持续生产和消费,政府决策者、参与有机食品生产、营销和分销的组织必须了解并认真评估影响消费者购买和消费意向的各种因素。
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引用次数: 0
Analysing Factors Driving Purchase and Consumption Behaviour Towards Organic Food 分析促使人们购买和消费有机食品的因素
Pub Date : 2024-02-05 DOI: 10.1177/09722629231225535
Sunita Guru, S. Thanki, J. Thakkar
Personal health, food safety and environmental concerns significantly contribute to the purchase and consumption of organic food. Several countries, including India, are turning their attention to encouraging organic food farming and purchasing to comply with sustainable development goals. This research identifies and analyses the motivational factors critical to the purchase and consumption of organic food and also extends a roadmap to the food industries for sustainable growth. A list of factors driving the purchase and consumption of organic food was extracted from the literature. Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (Fuzzy TOPSIS), Fuzzy Simple Additive Weighting (Fuzzy SAW) and Borda method are used to prioritize the identified motivational factors followed by the sensitivity analysis to simulate dynamic various market requirements and challenges. The findings substantiate that chemical free, no artificial ingredients, good for body, healthy and awareness about health significantly influence the purchase and consumption of organic food products. To ensure sustainable production and consumption of organic food, it is vital for government policymakers, organizations involved in production, marketing and distribution of the organic food to understand and critically evaluate various factors affecting the purchase and consumption intensions of the consumers.
对个人健康、食品安全和环境的关注极大地促进了有机食品的购买和消费。包括印度在内的一些国家正在把注意力转向鼓励有机食品的种植和购买,以实现可持续发展目标。这项研究确定并分析了购买和消费有机食品的关键激励因素,同时也为食品行业的可持续发展提供了路线图。我们从文献中提取了一系列促使购买和消费有机食品的因素。采用了与理想解相似度排序模糊技术(Fuzzy TOPSIS)、模糊简单加权法(Fuzzy SAW)和博尔达法,对确定的激励因素进行优先排序,然后进行敏感性分析,以模拟动态的各种市场要求和挑战。研究结果证明,不含化学物质、不含人工成分、对身体有益、健康和对健康的认识在很大程度上影响着有机食品的购买和消费。为确保有机食品的可持续生产和消费,政府决策者、参与有机食品生产、营销和分销的组织必须了解并认真评估影响消费者购买和消费意向的各种因素。
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引用次数: 0
Monetary Policy Efficacy Pre- and Post-COVID-19 Pandemic: Evidence from India 第 19 次世界艾滋病病毒(COVID)大流行前后的货币政策效力:印度的证据
Pub Date : 2024-02-05 DOI: 10.1177/09722629231225549
Sujit Kumar, Anoop S. Kumar
Inflation has run higher than the targets of central banks across the globe post the COVID-19 pandemic. India is no exception. The central banks have responded through synchronous interest rate increases. The efficacy of policy measures has been mixed though, underscoring country-specific differences in sources of inflation and monetary transmission across channels. Employing a time-varying vector autoregression framework, we analyse the interaction with output, interest rate and inflation in India. We employ quarterly data on real GDP growth, Wholesale Price Index (WPI) growth, Consumer Price Index (CPI)-Industrial workers (CPI-IW) growth and 1 year-treasury bill rate, from 2005–2006 Q1 to 2021–2022 Q4. We use two measures of inflation to get the dynamics of retail and wholesale inflation. We contrast the interactions of aforesaid variables through time-varying impulse response functions (IRFs) during two big macroeconomic events, namely, the subprime crisis of 2008 and COVID-19 pandemic in 2020. During the subprime crisis in 2008, we saw negligible response in the short, medium and long run. During the COVID-19 period, we find all time-varying IRFs are synchronized. The response of CPI-IW to the interest rate shock is very different from that of WPI, underscoring differences in the composition of these price measures. A shock from the interest rate keeps the CPI-IW stable at best; we do not see any reduction in CPI-IW across the short, medium and long run. The reaction of GDP growth to interest rate shock is rather flat during both the subprime crisis and COVID-19 in the short, medium and long run, pointing towards potential monetary policy ineffectiveness in stimulating the growth.
COVID-19 大流行后,全球各地的通货膨胀率都高于中央银行的目标。印度也不例外。各国央行通过同步提高利率来应对。但政策措施的效果参差不齐,凸显了各国在通胀来源和货币传导渠道方面的差异。我们采用时变向量自回归框架,分析了印度产出、利率和通货膨胀之间的相互作用。我们采用了 2005-2006 年第一季度至 2021-2022 年第四季度的实际 GDP 增长、批发价格指数(WPI)增长、消费价格指数(CPI)-产业工人(CPI-IW)增长和 1 年期国库券利率的季度数据。我们使用两种通胀衡量方法来了解零售和批发通胀的动态。在 2008 年次贷危机和 2020 年 COVID-19 大流行这两大宏观经济事件中,我们通过时变脉冲响应函数(IRF)对比了上述变量的相互作用。在 2008 年次贷危机期间,我们看到短期、中期和长期的反应都微乎其微。在 COVID-19 期间,我们发现所有时变 IRF 都是同步的。消费物价指数-工业品出厂价格对利率冲击的反应与工业品出厂价格对利率冲击的反应截然不同,这凸显了这些价格指标构成的差异。利率冲击充其量只能使消费物价指数-IW 保持稳定;从短期、中期和长期来看,我们看不到消费物价指数-IW 有任何下降。在次贷危机和 COVID-19 期间,GDP 增长对利率冲击的反应在短期、中期和长期都相当平缓,这表明货币政策在刺激经济增长方面可能效果不佳。
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引用次数: 0
Empowering Indigenous Wealth: Analyzing Financial Literacy, Risk Preferences and Stock Market Engagement within Scheduled Tribes in India 赋权本土财富:分析印度在册部落的金融知识、风险偏好和股市参与度
Pub Date : 2024-02-05 DOI: 10.1177/09722629241226446
Bhushan Singh, Mohinder Singh, S. Dahiya
The purpose of this study is to address the enduring multi-dimensional poverty faced by nearly 65 million Scheduled Tribes (STs) in India, with one prominent cause being their limited investments in productive financial assets. Financial literacy has been identified as a crucial factor in enhancing personal financial management skills. The focus is specifically on investigating the relationship between financial literacy, sociodemographic factors and stock market participation among STs in Himachal Pradesh, India. Using a structured questionnaire, data was collected from 300 ST households. The study employed multinomial logistic regression to analyze the impact of financial literacy and sociodemographic variables on stock market participation. The findings indicate that a significant majority of STs (over 80%) lack financial awareness and do not participate in the stock market. Notably, financial illiteracy, risk tolerance, age, education and income were identified as significant factors influencing SMP. The insights derived from this research offer valuable guidance for policymakers, financial institutions and educators, urging the development of targeted interventions. These interventions should empower tribal individuals to make informed financial decisions and encourage their engagement in stock market activities.
本研究的目的是解决印度近 6,500 万在册部落(ST)长期面临的多维贫困问题,其中一个突出原因是他们对生产性金融资产的投资有限。金融知识被认为是提高个人财务管理技能的关键因素。本研究的重点是调查印度喜马偕尔邦在册部落的金融知识、社会人口因素和股票市场参与度之间的关系。研究使用结构化问卷,从 300 个在册部落家庭收集数据。研究采用多项式逻辑回归分析了金融知识和社会人口变量对股票市场参与度的影响。研究结果表明,绝大多数在册部落(超过 80%)缺乏金融意识,没有参与股票市场。值得注意的是,金融文盲、风险承受能力、年龄、教育程度和收入被认为是影响 SMP 的重要因素。这项研究得出的见解为政策制定者、金融机构和教育工作者提供了宝贵的指导,敦促他们制定有针对性的干预措施。这些干预措施应使部落个人有能力做出明智的财务决定,并鼓励他们参与股票市场活动。
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引用次数: 0
Why Do Investors Trade in Equity Derivatives? A Literature Review 投资者为何买卖股票衍生品?文献综述
Pub Date : 2024-02-05 DOI: 10.1177/09722629241226447
Manisha J. Sanghvi, Pankaj Sharma, Arti Chandani
The derivatives market is an important asset class and has been found to positively contribute to economic development. It has sparked interest from researchers, policymakers and financial agencies. This article aims to present a literature review that explains the motive of individual investors to trade in equity derivatives. Studies from 1997 to 2023 were extracted from SCOPUS, Emerald and Web of Science using the keywords, and articles were later refined with their motive, research methodology, source of data, journal, year of publication, country-wise articles published and publication source to explore the opportunities for further research. VOS viewer has been used to visualize the author keyword and link among various keywords. This study reviews 51 articles, which were found relevant and have been segregated theme-wise. The motives of investors are categorized as ‘Hedging vs. speculation’, ‘Return vs. risk’ and ‘Gambling’. The findings of the study show that most of the studies are conducted in the USA using discount house data and most of the articles were published in the Journal of Banking and Finance. The findings of the study will be useful to the researchers, practitioners, stock exchanges and regulators by providing the current landscape of the body in this domain.
衍生品市场是一个重要的资产类别,对经济发展有积极的促进作用。它引发了研究人员、政策制定者和金融机构的兴趣。本文旨在通过文献综述来解释个人投资者进行股票衍生品交易的动机。本文使用关键词从 SCOPUS、Emerald 和 Web of Science 中提取了 1997 年至 2023 年期间的研究,随后对文章的动机、研究方法、数据来源、期刊、出版年份、按国家分列的文章发表情况和出版来源进行了细化,以探索进一步研究的机会。VOS 浏览器用于直观显示作者关键词和各种关键词之间的联系。本研究回顾了 51 篇相关文章,并按主题进行了分类。投资者的动机分为 "套期保值与投机"、"回报与风险 "和 "赌博"。研究结果表明,大多数研究都是在美国进行的,使用的是贴现公司的数据,而且大多数文章都发表在《银行与金融期刊》上。研究结果将为研究人员、从业人员、证券交易所和监管机构提供该领域的机构现状,从而对他们有所帮助。
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引用次数: 0
Empowering Indigenous Wealth: Analyzing Financial Literacy, Risk Preferences and Stock Market Engagement within Scheduled Tribes in India 赋权本土财富:分析印度在册部落的金融知识、风险偏好和股市参与度
Pub Date : 2024-02-05 DOI: 10.1177/09722629241226446
Bhushan Singh, Mohinder Singh, S. Dahiya
The purpose of this study is to address the enduring multi-dimensional poverty faced by nearly 65 million Scheduled Tribes (STs) in India, with one prominent cause being their limited investments in productive financial assets. Financial literacy has been identified as a crucial factor in enhancing personal financial management skills. The focus is specifically on investigating the relationship between financial literacy, sociodemographic factors and stock market participation among STs in Himachal Pradesh, India. Using a structured questionnaire, data was collected from 300 ST households. The study employed multinomial logistic regression to analyze the impact of financial literacy and sociodemographic variables on stock market participation. The findings indicate that a significant majority of STs (over 80%) lack financial awareness and do not participate in the stock market. Notably, financial illiteracy, risk tolerance, age, education and income were identified as significant factors influencing SMP. The insights derived from this research offer valuable guidance for policymakers, financial institutions and educators, urging the development of targeted interventions. These interventions should empower tribal individuals to make informed financial decisions and encourage their engagement in stock market activities.
本研究的目的是解决印度近 6,500 万在册部落(ST)长期面临的多维贫困问题,其中一个突出原因是他们对生产性金融资产的投资有限。金融知识被认为是提高个人财务管理技能的关键因素。本研究的重点是调查印度喜马偕尔邦在册部落的金融知识、社会人口因素和股票市场参与度之间的关系。研究使用结构化问卷,从 300 个在册部落家庭收集数据。研究采用多项式逻辑回归分析了金融知识和社会人口变量对股票市场参与度的影响。研究结果表明,绝大多数在册部落(超过 80%)缺乏金融意识,没有参与股票市场。值得注意的是,金融文盲、风险承受能力、年龄、教育程度和收入被认为是影响 SMP 的重要因素。这项研究得出的见解为政策制定者、金融机构和教育工作者提供了宝贵的指导,敦促他们制定有针对性的干预措施。这些干预措施应使部落个人有能力做出明智的财务决定,并鼓励他们参与股票市场活动。
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引用次数: 0
Why Do Investors Trade in Equity Derivatives? A Literature Review 投资者为何买卖股票衍生品?文献综述
Pub Date : 2024-02-05 DOI: 10.1177/09722629241226447
Manisha J. Sanghvi, Pankaj Sharma, Arti Chandani
The derivatives market is an important asset class and has been found to positively contribute to economic development. It has sparked interest from researchers, policymakers and financial agencies. This article aims to present a literature review that explains the motive of individual investors to trade in equity derivatives. Studies from 1997 to 2023 were extracted from SCOPUS, Emerald and Web of Science using the keywords, and articles were later refined with their motive, research methodology, source of data, journal, year of publication, country-wise articles published and publication source to explore the opportunities for further research. VOS viewer has been used to visualize the author keyword and link among various keywords. This study reviews 51 articles, which were found relevant and have been segregated theme-wise. The motives of investors are categorized as ‘Hedging vs. speculation’, ‘Return vs. risk’ and ‘Gambling’. The findings of the study show that most of the studies are conducted in the USA using discount house data and most of the articles were published in the Journal of Banking and Finance. The findings of the study will be useful to the researchers, practitioners, stock exchanges and regulators by providing the current landscape of the body in this domain.
衍生品市场是一个重要的资产类别,对经济发展有积极的促进作用。它引发了研究人员、政策制定者和金融机构的兴趣。本文旨在通过文献综述来解释个人投资者进行股票衍生品交易的动机。本文使用关键词从 SCOPUS、Emerald 和 Web of Science 中提取了 1997 年至 2023 年期间的研究,随后对文章的动机、研究方法、数据来源、期刊、出版年份、按国家分列的文章发表情况和出版来源进行了细化,以探索进一步研究的机会。VOS 浏览器用于直观显示作者关键词和各种关键词之间的联系。本研究回顾了 51 篇相关文章,并按主题进行了分类。投资者的动机分为 "套期保值与投机"、"回报与风险 "和 "赌博"。研究结果表明,大多数研究都是在美国进行的,使用的是贴现公司的数据,而且大多数文章都发表在《银行与金融期刊》上。研究结果将为研究人员、从业人员、证券交易所和监管机构提供该领域的机构现状,从而对他们有所帮助。
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引用次数: 0
A Retrospective of Workplace Deviance in Hospitality: A Two-tier Literature Review 酒店业工作场所违规行为回顾:双层文献综述
Pub Date : 2024-02-04 DOI: 10.1177/09722629231220990
Basit Abas, Sahar Iqbal, Shazia Bukhari, Srikanth Villivalam, Mohsin Khan
The detrimental impacts of employee deviant behaviour within workplaces have garnered considerable attention from both organizational scholars and practitioners. However, the existing research on workplace deviance remains fragmented, leaving significant knowledge gaps in this area. To address this void, our study conducts a meticulous bibliometric analysis of the literature on workplace deviance in the context of the hospitality industry, offering insights into its evolution over time. We meticulously gathered and examined 80 papers from reputable journals, spanning the years 1996–2022, using the biblioshiny. Our findings underscore the pressing need for more extensive research on workplace deviance in the hospitality sector, given its labour-intensive nature. Moreover, our analysis suggests that emerging economies hold substantial potential for contributing to this field of study. By employing quantitative bibliometric techniques, this study provides a comprehensive overview of workplace deviance research within the hospitality domain, shedding light on emerging trends and patterns in behavioural research within the hotel industry.
工作场所中员工偏差行为的有害影响已引起组织学者和从业人员的极大关注。然而,关于工作场所偏差行为的现有研究仍然支离破碎,在这一领域留下了巨大的知识空白。为了填补这一空白,我们的研究对酒店业背景下有关工作场所偏差的文献进行了细致的文献计量分析,对其随时间的演变提供了深入的见解。我们使用文献计量学方法从著名期刊中精心收集并研究了 80 篇论文,时间跨度为 1996-2022 年。我们的研究结果表明,由于酒店业属于劳动密集型行业,因此迫切需要对该行业的工作场所偏差现象进行更广泛的研究。此外,我们的分析表明,新兴经济体在这一研究领域拥有巨大的潜力。通过采用定量文献计量技术,本研究全面概述了酒店业领域的工作场所偏差研究,揭示了酒店业行为研究的新趋势和新模式。
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引用次数: 0
A Retrospective of Workplace Deviance in Hospitality: A Two-tier Literature Review 酒店业工作场所违规行为回顾:双层文献综述
Pub Date : 2024-02-04 DOI: 10.1177/09722629231220990
Basit Abas, Sahar Iqbal, Shazia Bukhari, Srikanth Villivalam, Mohsin Khan
The detrimental impacts of employee deviant behaviour within workplaces have garnered considerable attention from both organizational scholars and practitioners. However, the existing research on workplace deviance remains fragmented, leaving significant knowledge gaps in this area. To address this void, our study conducts a meticulous bibliometric analysis of the literature on workplace deviance in the context of the hospitality industry, offering insights into its evolution over time. We meticulously gathered and examined 80 papers from reputable journals, spanning the years 1996–2022, using the biblioshiny. Our findings underscore the pressing need for more extensive research on workplace deviance in the hospitality sector, given its labour-intensive nature. Moreover, our analysis suggests that emerging economies hold substantial potential for contributing to this field of study. By employing quantitative bibliometric techniques, this study provides a comprehensive overview of workplace deviance research within the hospitality domain, shedding light on emerging trends and patterns in behavioural research within the hotel industry.
工作场所中员工偏差行为的有害影响已引起组织学者和从业人员的极大关注。然而,关于工作场所偏差行为的现有研究仍然支离破碎,在这一领域留下了巨大的知识空白。为了填补这一空白,我们的研究对酒店业背景下有关工作场所偏差的文献进行了细致的文献计量分析,对其随时间的演变提供了深入的见解。我们使用文献计量学方法从著名期刊中精心收集并研究了 80 篇论文,时间跨度为 1996-2022 年。我们的研究结果表明,由于酒店业属于劳动密集型行业,因此迫切需要对该行业的工作场所偏差现象进行更广泛的研究。此外,我们的分析表明,新兴经济体在这一研究领域拥有巨大的潜力。通过采用定量文献计量技术,本研究全面概述了酒店业领域的工作场所偏差研究,揭示了酒店业行为研究的新趋势和新模式。
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引用次数: 0
期刊
Vision: The Journal of Business Perspective
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