Browsing by Author "Giri, Arun Kumar"

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Assessing the role of ICT, governance, and infrastructure on inbound tourism demand in India
(Emerald, 2022-08) Giri, Arun Kumar; Mohapatra, Geetilaxmi
The main purpose of the present research is to explore the possible effectiveness of information and communication technology (ICT), infrastructure development, exchange rate and governance on inbound tourism demand using time series data in India.
Assessing the Triple Deficit Hypothesis for Major South Asian Countries: A Panel Data Analysis
(Econ Journals, 2017) Giri, Arun Kumar; Mohapatra, Geetilaxmi
The paper examines the “triple deficit hypothesis” - An extension of the “twin deficit hypothesis” with inclusion of private saving gap for a panel of five South Asian countries, namely India, Pakistan, Bangladesh, Srilanka and Nepal for the period 1985-2015. The results based on first and second generation panel cointegration tests indicate long-run relationship among budget balance (BB), current account balance (CAB) and private saving gap. The long-run coefficients obtained using mean group (MG)-dynamic ordinary least square, MG-fully modified ordinary least squares and common correlated effect MG indicate positive impact of BB and private saving gap on CAB thus confirming triple deficit hypothesis. The causality analysis reveals feedback relationship between CAB and BB implying that improvement in CAB requires fiscal austerity but fiscal adjustment is not fully policy controlled and requires adjustment in current account. Further, the causation also runs from saving gap to CAB and BB implying that plugging the saving gap would help improve both current account and BB.
Beyond Growth: Does Tourism Promote Human Development in India? Evidence from Time Series Analysis
(Korea Science, 2020) Giri, Arun Kumar
The present study aims to investigate the impact of tourism growth on human development in Indian economy. For this purpose, the study uses annual data from 1980 to 2018 and utilizes two proxies for tourism growth - tourism receipt and tourist arrivals - and uses human development index calculated by UNDP. The study uses control variables such as government expenditure and trade openness. The study employs auto regressive distributed lag (ARDL) approach to investigate the cointegrating relationship among the variables in the model. Further, the study also explores the causal nexus between tourism sector and human development by using the Toda-Yamamoto Granger non-causality test. The result of ARDL bounds test reveals the existence of cointegrating relationship between human development indicators, government expenditure, trade openness, and tourism sector growth. The cointegating coefficient confirms a positive and significant relationship between tourism sector growth and human development in India. The causality result suggests that economic growth and tourism have a positive impact while trade openness has a negative impact on human development in India. The major findings of this study suggest that tourism plays an important role in the socio-economic development of Indian economy in recent years and the country must develop this sector to achieve sustainable development.
Budget deficit sustainability and revenue expenditure linkages in major South Asian economies
(EJBE, 2017) Giri, Arun Kumar; Mohapatra, Geetilaxmi
The paper examines sustainability of budget deficits and dynamic linkages between government revenues and expenditures in five major South Asian economies, namely India, Pakistan, Bangladesh, Srilanka and Nepal for period 1985-2014. The study contributes to the literature by combining individual-country analysis with recent panel data approaches for robustness of results. Our results support existence of long-run relationship between government revenues and expenditures for the countries in a specification allowing for unknown structural break. The size of slope parameter obtained from Dynamic Ordinary Least Squares is however significantly less than one except for Bangladesh indicating incoherence with ‘strong’ sustainability of deficits. The long run causality analysis lends support to ‘spend-tax hypothesis’ for India, Bangladesh, Pakistan and Srilanka and ‘tax- spend hypothesis’ in case of Nepal. From perspective of design of fiscal consolidation programmes, this implies that adjustment of revenues would be optimal solution to control spending in Nepal while control of expenditure would be effective in case of India, Bangladesh, Pakistan and Srilanka. The results from Pedroni (1999) and Westerlund (2007) panel cointegration tests and block exogeniety and Dumitrescu-Hurlin (2012) panel causality tests are broadly in conformity with the time series results.
Can digital financial inclusion (DFI) effectively alleviate poverty? Evidence from Asian countries
(Emerald, 2025-06) Giri, Arun Kumar
The study constructed a digital financial inclusion index using principal component analysis (PCA). To determine the long-run relationship among the identified variables, this study uses various panel econometric techniques such as cross-sectional dependence (CSD) tests; second-generation unit root tests including CIPS and CADF; Pedroni, Kao and Westerlund cointegration tests; CS-ARDL, Driscoll–Kraay (DK) standard error approach and Dumitrescu and Hurlin (D&H) causality tests.
Characterization of Fly Ash Generated from Parichha Thermal Power Station in Jhansi, India
(Hindawi Publishing Corporation, 2010-08) Giri, Arun Kumar
Ash samples were collected from a dumping site (fly ash) and an electronic precipitator (ESP) of a 640MW thermal power station for characterization. Analysis of ash sample showed that the major matrix elements in fly ash were Si and Al together with significant percentage of K, Fe, Ca, and Mg. Some of the biologically toxic elements Ni, Cr, Pb, B, and Mo, were also present in substantial amounts. The saturation moisture percentages of both ashes were higher, but bulk density lower, than the normal cultivated soils.
Cointegration and causality between macroeconomic variables and stock prices: empirical analysis from Indian economy
(MacroThink, 2015) Giri, Arun Kumar
The study aims at examining how fiscal fundamental macroeconomic variables affect the performance of the stock market in India by using monthly data from April 2004- July 2015. The study makes use of Ng-Perron unit root tests to check the non-stationarity property of the series; the Auto Regressive Distributed Lag (ARDL) bounds test and a Vector Error Correction Model (VECM) for testing both short and long run dynamic relationships. The variance decomposition (VDC) is used to predict the exogenous shocks of the variables. The findings of the bounds test confirm that there exists a long-run co-integrating relationship between different macroeconomic variables and the stock prices in India. The ARDL result suggests a long-run negative relationship exists between crude oil prices, inflation and stock prices. The results of the influence of both the variables on stock prices are consistent in the short run as well. The results of the short-run estimation confirm positive and significant relationship for Gold, T-bill rates and Real Effective Exchange Rate. The VECM result shows a bidirectional causality is running between Inflation and CNX nifty index. Further, the result indicates the presence of long run causality for the equation with a CNX nifty index as the dependent variable. The results of VDC analysis and IRF show that a major percentage of stock prices change is its own innovative shocks. The study implies that appropriate policy measures should be taken by the proficient authorities for the purpose of controlling inflation, which ultimately leads to the control of volatility of the stock market.
The composition of public expenditure and economic growth in India: Evidence from auto regressive distributed lag approach
(JER, 2016-08) Giri, Arun Kumar; Mohapatra, Geetilaxmi
The present study examines the role of various components of pub- lic expenditures on economic growth in India during the period from 1980 to 2013. The study used ARDL approach to examine the long run and the short run dynamic relationship. The VECM based Granger causality test is utilized to check the direction of causality. The results reveal that there exists a long run cointegrat- ing relationship between economic growth, developmental expen- diture, fiscal deficit and gross private investment. The ARDL es- timates show significant positive long run impact of development expenditure on economic growth. However, the non development expenditure and revenue expenditure reveal insignificant impact on economic growth. The causality test estimates indicate short and long run unidirectional causality running from development expen- diture and fiscal deficit to economic growth in India
Conceptualizing green finance: findings from textual and network analysis
(Elsevier, 2025-02) Giri, Arun Kumar
Green finance has seen increased attention from academic researchers and policymakers due to its relevance in mitigating climate change and achieving environmental sustainability goals. Despite the exponential rise in its research publications and policy articles, there remains a lack of uniformity in the scholarly understanding of green finance. The lack of proper understanding and fragmented definitions further impede this domain's theoretical and practical advancements. Thus, it brings much subjectivity to green finance research as it becomes manipulated through different definitions. The current study addresses this significant research gap by systematically analyzing 126 green finance definitions sourced from research articles and different organizational reports of international repute. Through advanced textual analysis, co-word network analysis, and topic modelling through latent dirichlet allocation, the present study identifies the key dimensions of green finance and their interrelationships, culminating in a better understanding of these definitions. The study findings reveal ten core dimensions: environmental, sustainability, energy, finance, economic, institutional, technology, green, societal and sectoral, highlighting their centrality in shaping the existing green finance research definitions. The present study makes a significant critical contribution to advance the scholarly discourse on green finance by providing a strong foundation through the data-driven analysis of the existing definitions. It has significant practical implications, offering a standardized conceptual framework that policymakers, financial institutions, and international organizations can adopt to design sustainable financial products, align regulatory frameworks, and foster global collaboration.
Do Globalization and Institutional Reforms Matter for Financial Structure in Selected Asian Countries? A Panel Data Approach
(DUNCKER UND HUMBLOT, 2019) Giri, Arun Kumar
his present study aims to examine the dynamic relationship between globalization, institutional reforms, and financial development in the context of South Asian economies over the period 1985–2015 by employing panel data methods. The Westerlund (2007) panel co-integration test result indicates that there exists a long-run equilibrium relationship between globalization, institutional reforms, and financial development. The findings of panel dynamic ordinary least squares (PDOLS) indicate that the effect of globalization is positive and statistically significant to financial development. Furthermore, the empirical evidence of a dynamic panel error-correction model reveals a unidirectional causal relationship running from globalization and institutional reform to financial development. In terms of policy recom-mendations, the study suggests that it is vital to focus on globalization and institutional reforms to promote
Do Institutional Quality and Trade Openness Influence Economic Growth? An Empirical Evidence from India
(Springer, 2022-03) Giri, Arun Kumar; Mohapatra, Geetilaxmi
The study empirically examines the impact of trade openness and institutional quality on economic growth in India for the period 1990–2019. The study uses export plus imports as a ratio of GDP and composite governance indicators to measure trade openness and institutional quality, respectively. GDP per capita is used as the proxy for economic growth along with financial development, domestic capital, exchange rate, and inflation as other conventional determinants of economic growth. Autoregressive distributed lag (ARDL) co-integration approach along with the first-generation unit root tests is used in the present study to test empirical relationships. The results reveal that both trade openness and institutional quality exert a significant and positive impact on economic growth in both the long and short runs. Further, the interaction of trade openness and institutional quality is shown to have a significant impact on economic growth as well. The estimates also confirm that domestic capital and financial development have a significant positive influence on the economic growth of the country. The results further indicate that the exchange rate has a significant negative impact on economic growth in both long run and short run.
Do technological innovations and trade openness reduce CO2 emissions? Evidence from selected middle-income countries
(Springer, 2022-04) Giri, Arun Kumar; Kumar, Arya
This paper examines the role of trade openness and innovation in reducing CO2 emissions in middle-income countries with the goal of improving environmental quality. The generalised method of moments (GMM) method is used to estimate the long-run association between variables and Dumitrescu-Hurlin causality test is used to examine causality for a panel of 23 middle-income countries from 1994 to 2018. The findings refute the existence of an inverted u-shape relationship between innovation and CO2 emissions. On the trade front, environmental deterioration is found to be relatively more severe in low middle-income countries than upper middle-income countries. Contrarily, the existence of the environment Kuznets curve (EKC) hypothesis for both country groups is also supported by the data; however, the fall in the EKC curve is insignificant for low middle-income countries. Implying that the quest to control carbon emissions has just begun in low middle-income countries and they must target a higher level of green innovation to reduce the ever-rising CO2 emissions. It is also suggested to promote economic growth through knowledge spillovers and to establish a pollution level standard for trading and manufacturing sectors which generate the most contaminated waste.
Do the innovative technological advancements foster the green transition pathways for industry 5.0? A perspective toward carbon neutrality
(Emerald, 2025-01) Giri, Arun Kumar
Industries have been the most significant contributor to carbon emissions since the beginning of the Industrial Revolution. The transition to Industry 5.0 (I5.0) marks a pivotal moment in the industrial revolution, which aims to reconcile productivity with environmental responsibility. As concerns about the decline of environmental quality increase and the demand for sustainable industrial methods intensifies, experts recognize the shift toward the I5.0 transition as a crucial turning point.
Do Trade Openness and Output Gap Affect Inflation? Empirical Evidence from BRICS Nations
(Sage, 2022-09) Giri, Arun Kumar; Kumar, Arya
The recent economic disturbances such as the outbreak of coronavirus, the Russia–Ukraine war, and disrupted supply chains, have resulted in high inflationary shocks that are difficult to combat. The most vulnerable to these global shocks are developing countries where trade is a crucial factor in economic growth. In this context, the study aims to investigate the impact of trade openness and output gap on inflation in BRICS countries from 1999Q1 to 2018Q4. Owing to growing economic integration and rising cross-sectional dependence, the study employs Dynamic Common Correlated Effect (DCCE) model to examine the long-run relationship between the variables. In addition, the study employs Dumitrescu and Hurlin (2012) to investigate the causal relationship between variables. The findings suggest that a more open trade policy helps to reduce rising domestic inflation. The price lowering impact of export openness outperforms the inflationary impact of imports, resulting in flattened Phillips curve. Moreover, the results indicate that the underpowered effect of the domestic output gap is not sufficient to counteract the unfavourable impact of the foreign output gap on inflation in BRICS. As a result, the study advocates providing subsidies and tax breaks to help export-oriented businesses thrive while keeping the global factors in check.
Does accessibility to water and sanitation improves household wellbeing in India?
(A Diva Enterprises Ltd, 2019-03) Mohapatra, Geetilaxmi; Giri, Arun Kumar
The aim of this study was to investigate the potential linkages between access to water and sanitation with household wellbeing in India. A few studies have been carried out on the expected benefits of investments in water and sanitation in spite of the fact that effect of investment in water and sanitation has a huge impact on overall performance of household in terms of health, education, employment, etc. This study uses data from Indian Human Development Surveys (IHDSs) collected by the University of Maryland and the National Council of Applied Economic Research in 2004–05 and 2011–12. Econometric analysis has been done to examine the relationship between access to water and sanitation and its consequential impact on the overall welfare of households. The main hypothesis is that an improvement in the accessibility of water and sanitation sources increases the overall standard of living with the assumptions that an improvement in the accessibility of water and sanitation sources reduces illness among household members, which also, in turn, tends to increase overall standard of living. The data indicated that there was no significant improvement in access to water sources in India from 2004–05 to 2011–12. Around 53% of the households surveyed used open fields as toilets in 2004–05, and this proportion only slightly decreased (44.72%) by 2011–12. While comparing the overall standard of living, about 38.5% respondents believe they became better off between two periods (from 2004–05 to 2011–12) while around 52% respondent feels there was no significant improvement in their standard of living. Ordered log it regression analyses were carried out to establish links between water and sanitation access and changes in household welfare. There is a positive relationship between improvements in households ’sources of water and sanitation and improvements in households ’(self-reported) overall welfare. In other words, households experiencing an improvement in their source of water supply and sanitation were more likely to report an improvement in their overall standard of living, and less likely to report deterioration
Does female human capital contribute to economic growth in India?: an empirical investigation
(Emerald, 2017-11) Giri, Arun Kumar
The purpose of this paper is to examine the impact of female human capital on economic growth in the Indian economy during 1970-2014.
Does financial inclusion reduce income inequality? Empirical evidence from Asian economies
(Emerald, 2022-11) Giri, Arun Kumar
The present study examines the significance of financial inclusion in reducing income inequality in the Asian context.
Does ICT diffusion make human development sustainable in the era of globalization? An empirical analysis from SAARC economies
(Europe PMC, 2022-04) Giri, Arun Kumar; Debata, Byomakesh
This study intends to examine the impact of ICT diffusion, globalization, financial development, government effectiveness, and economic growth on sustainable human development (SHD) i.e., the development of human capital adjusted against the human ecological footprint, using 2005-2020 panel data of SAARC economies. The methodology involves econometric techniques robust to cross-sectional dependence (CSD) such as Pesaran’s CSD tests, second-generation unit root test, Pedroni, Kao, Westerlund cointegration tests, FMOLS, DCCE-MG, Driscoll-Kraay (DK) regression, and DH causality test. The findings of the cointegration tests demonstrate that the variables are cointegrated and have long run equilibrium relationship. The results from DCCE-MG and DK regression, indicate that ICT diffusion has a significant, favorable impact on SHD. Similarly, globalization and economic growth also have a significant positive impact on SHD. On the other hand, the impact of government effectiveness and financial development was found to be insignificant. In addition, the DH causality test results show the presence of a unidirectional causality running from ICT diffusion to SHD and globalization to SHD. A bidirectional causal link is detected between economic growth and SHD. Therefore, the study concludes that in order to resolve the undesirable consequences of environmental degradation on human development in the globalized era, it is essential for SAARC economies to tackle challenges for adequate ICT infrastructure, particularly: access and affordability. By eliminating these significant barriers to ICT access, CO2 emissions can be reduced, and human development can be sustained simultaneously. JEL code: C23, O15, 033, O40
Does ICT diffusion reduce poverty? Evidence from SAARC countries
(Wiley, 2023-03) Giri, Arun Kumar; Debata, Byomakesh
The present study aims to explore the relationship between ICT diffusion and poverty reduction in SAARC countries using panel data from 2005 to 2020. This study uses econometric techniques robust to cross-sectional dependence (CSD) including Pesaran's CSD tests; second-generation unit root test; Pedroni, Kao, Westerlund cointegration tests; CS-ARDL, Driscoll-Kraay (DK) standard error approach; and D&H causality test. The investigation is based on the ICT diffusion index constructed using principal component analysis (PCA). The study's major finding shows that ICT diffusion reduces poverty both in the long and short run, indicating the favorable impact of ICT on the development process in SAARC countries. Further, economic growth, financial development, and remittances all serve to minimize the poverty level. The causality test reveals bidirectional causation between ICT diffusion and poverty reduction. The study highlights the crucial role of ICT diffusion and selected economic variables in reducing poverty. The findings of the present research shall benefit policymakers to formulate appropriate policies and programs to improve the well-being of people and enhance macroeconomic performance, which impacts both the societal and environmental development of a country.
Does renewable energy promote green economic growth in emerging market economies?
(Emerald, 2024-11) Giri, Arun Kumar
While sustainable growth extends the use of resources, it is crucial to explore green growth (GG) that ensures growth sustainability through the adoption of renewable energy. Thus, this study is motivated to investigate the influence of renewable energy on GG in 19 emerging countries spanning a decade and a half (2000–2020). This study aims to provide a quantitative examination of how renewable energy contributes to sustainable economic growth.