Department of Economics and Finance

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Assessing the education production function for India with a specific focus on climatic factors
(Emerald, 2025-08) Mohapatra, Geetilaxmi
The study estimated a model that considers education index data as the output in the education production function (EPF) as a function of various socioeconomic and climatic factors. This study utilized the autoregressive distributed lag (ARDL) cointegration bound testing approach to evaluate long-term connections and short-term fluctuations.
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.
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.
A comparative assessment of Composite Environmental Sustainability Index for emerging economies: a multidimensional approach
(Emerald, 2023-07) Mohapatra, Geetilaxmi
The study finds that the overall CESI values lies between 2 and 4.8 for the 20 emerging countries considered in the study. This study depicts a diverse picture of environmental sustainability among emerging countries. The study also shows the trend of CESI values from 1990 to 2020. The bottom three countries whose CESI is very low compared to others are Iran, South Africa and Saudi Arabia. However, Brazil, Columbia and Chile are top three highest scorers in 2020.
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
Determinants of Perception, Adaptation Strategy and Measuring Composite Vulnerability of Agricultural Households to Climate Change in the Desert State Rajasthan, India
(Sage, 2024-09) Mohapatra, Geetilaxmi
The study aims to assess agricultural households’ vulnerability, perception and adaptation to climate change in the desert state of Rajasthan, India. A data set of 600 households was collected using a purposive random sampling technique from six districts: Ajmer, Barmer, Jodhpur, Jaipur, Dausa and Tonk. While using the binary logit model, factors affecting the perception and adaptation of agricultural households were assessed, and a composite livelihood vulnerability index was constructed to determine the households’ susceptibility to climate change. The findings suggest that the majority of the households are moderately vulnerable. Of the total households surveyed, 89 per cent of the agricultural households perceive climate change. 83.3 per cent of perceived households used adaptation strategies such as mixed cropping, crop rotation and farm ponds. Socioeconomic variables like the educational status of the household head, farming experience, type of agriculture financial support, agricultural training, land size and access to agricultural institutions influence farmers’ adaptation decisions. Further, lack of information, extension services, access to credit, improved seeds and water, insufficient capital, infertile soil and a labour shortage are barriers to adaptive strategies. Hence, the study recommends effective government policies to enhance credit availability, financial support and agricultural mechanisation for agricultural households.
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.
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 Technological Progress, Trade, or Financial Globalization Stimulate Income Inequality in India?
(Korea Science, 2021) Giri, Arun Kumar; Pandey, Ranjan; Mohapatra, Geetilaxmi
The main purpose of the present research is to analyze the effects of trade, financial globalization, and technological progress on income inequality in the Indian economy over the period from 1982 to 2018. For this purpose, the study uses economic growth, financial globalization, trade openness, technological development, and economic inequality variables with appropriate proxies. The study employs the Auto Regressive Distributed Lag (ARDL) approach to co-integration and VECM based Granger causality approach to estimate both the short-run and long-run relationship and causality among variables. Using the ARDL bounds test, the study finds a long-run co-integrating relationship existing among the variables in the model. The study confirms the existence of a positive and significant impact of technological progress on income inequality. Further, globalization's limited impact reflects two offsetting tendencies; trade globalization is associated with a reduction in income inequality, while financial globalization is related to an increase in inequality. The results of VECM based Granger causality approach further confirm that technological progress, trade, and financial globalization causes income inequality both directly and indirectly through economic growth and inflation. In case of India, the results of this research can significantly facilitate stakeholders and policymakers in devising policies towards effective globalization and technological innovation for inclusive growth.
Driving human development through ecological impact for emerging economies: the role of trade openness
(Springer, 2024-08) Mohapatra, Geetilaxmi
The present study attempts to examine the link between trade openness and sustainable human development (SHD) in 19 emerging economies. The study used the data for the period from 1996 to 2019. The study employed fixed-effect regression with Driscoll–Kraay standard error techniques robust to cross-section dependence. The study found the favorable impact of trade openness on sustainable development through sustainable human development. Trade openness affects sustainable human growth in many ways. It is a critical component that should not be ignored in sustainable development policies. Moreover, foreign direct investment, economic growth, and renewable energy consumption positively impact the sustainable human development. In contrast, innovations and institutional quality have an adverse impact on SHD. The study also provides policy suggestions for the emerging economies that will promote all the dimensions of sustainable development: economic, social, and environmental.
Dynamic linkages between trade, growth, inequality, and poverty in emerging countries: An application of panel ARDL approach
(Taylor & Francis, 2023-07) Mohapatra, Geetilaxmi
With the transition from Millennium Development Goals (MDGs) to Sustainable Development Goals (SDGs), the concept of development has shifted from development to inclusive development. This motivates authors to include not only growth and inequality but also poverty, which will represent our concept of inclusive development. The literature on trade and its impact on inequality and poverty is ambiguous and heterogeneous, reflecting the need for more empirical analyses to enable effective policy targeting and implementation. The study examines the dynamic linkages between trade and the GIP triangle (economic growth, poverty, and inequality) in 18 emerging countries from 1991 to 2020. As a contribution to the existing literature, the study emphasizes direct and indirect linkages between trade and the GIP triangle. Using the panel ARDL approach for panel data, the study finds that trade promotes growth. Trade also helps in deteriorating income inequality, while it is not a factor of poverty eradication in emerging economies. The study recommends that to maximize the effectiveness of trade policies; they must be complementary and implemented in tandem with trade reforms
Dynamics of poverty and its determinants in rural India: Evidence from longitudinal farm households
(Wiley, 2021-02) Giri, Arun Kumar; Mohapatra, Geetilaxmi
his study examined the determinants of unidimensional and multidimensional poverty among the farm households of rural India, using the data of India Human Development Surveys conducted in 2004–2005 and 2011–2012. We found a significant reduction in poverty among these households over this period. However, this reduction was not uniform across different sub-groups of the farm households. Our findings confirm that the important factors of poverty dynamics in India are educational attainment, number of household members, and caste. We observed that caste and household size considerably impacted the unidimensional poverty significantly, but not the multidimensional poverty, which was affected more by the education level of the heads of household. The study concludes that unidimensional poverty significantly matters for multidimensional poverty and vice versa in terms of determining poverty dynamics. Hence, target-based interventions in education, nutrition, and better access to water and sanitation, particularly to lower social groups (schedule classes, scheduled tribes, and other backward classes) help in reducing multidimensional poverty in rural India.
Economic Development and Environmental Degradation: A Study of Indian Situations
(Lambert, 2011) Mohapatra, Geetilaxmi; Giri, Arun Kumar
Economic development and environmental quality: an econometric study in India
(Emerald, 2009-02) Giri, Arun Kumar; Mohapatra, Geetilaxmi
The purpose of this paper is to explore the emissions of SO2, NO2 and SPM in India during 1991‐2003. The Environmental Kuznets' Curve (EKC) is applied to explore the relationship between economic development measured in terms of State Domestic Product (SDP) per capita and different air quality parameters for industrial and residential locations respectively. Several developmental factors contribute to change in emissions of these air quality parameters. These factors generally include the scale effect, composition effect and the pollution abatement effect.
Economic growth, renewable and nonrenewable energy consumption nexus in India: Evidences from nonlinear ARDL approach and asymmetric causality analysis
(Emerald, 2020-05) Giri, Arun Kumar; Mohapatra, Geetilaxmi
The purpose of this paper is to examine the nexus among economic growth, nonrenewable energy consumption and renewable energy consumption in India over the period 1971-2017.
The Economic Growth–Income Inequality–Poverty Nexus and Its Impact on Environmental Degradation: Empirical Evidence from India
(Sage, 2021-07) Giri, Arun Kumar; Mohapatra, Geetilaxmi
This study attempts to examine the main forces affecting short-run and long-run carbon emission patterns due to changes in economic growth, income inequality and poverty in India over the period 1982–2018. For this purpose, it uses the autoregressive distributed lag (ARDL) cointegration technique and the vector error correction model (VECM) based on Granger causality tests. The stationary properties of the variables are checked using the Ng–Perron test. The results of the ARDL bounds test confirm the long-run relationship among the variables. Further, the ARDL coefficient confirms that economic growth and poverty increase carbon emissions in both the short and long run. The empirical findings of the causality test indicate the presence of short-run causality running from economic growth and poverty reduction to environmental degradation. Hence, the study recommends that policymakers must devote more attention to alleviating poverty and reducing income inequalities through redistributing transfers, investing on universal access to health and education, implementing progressive taxation policies, empowering women and enforcing the Clean India mission, which will have a positive impact on reducing environmental degradation in India. Further, the study also recommends appropriate environmental regulations that can substantially stimulate innovations to increase energy efficiency and thereby reduce carbon dioxide (CO2) emissions.
The Effects of Non-Farm Enterprises on Farm Households' Income and Consumption Expenditure in Rural India
(2021) Giri, Arun Kumar; Mohapatra, Geetilaxmi
Nationally representative data of farm households from India Human Development Surveys (IHDS) conducted in 2004-05 and 2011-12 are explored. This article analyzes the effects of income diversification in non-farm enterprises on farm households’ income and consumption expenditure in rural India. Panel probit models were built to examine the determinants of income diversification while propensity score matching was used to account selection bias resulting from unobserved factors and controls for structural differences between diversified and undiversified farm households. The results suggest that by engaging in non-farm enterprises, rural farm households make positive gains in farm income and consumption expenditure.
An empirical assessment of current accounts sustainability for major South Asian economies
(Emerald, 2018) Mohapatra, Geetilaxmi; Giri, Arun Kumar
The purpose of this paper is to assess the sustainability of current accounts for five major South Asian economies, namely, India, Pakistan, Bangladesh, Sri Lanka and Nepal, for the period 1985–2016.
An empirical assessment of fiscal sustainability for selected South Asian economies
(2017) Giri, Arun Kumar; Mohapatra, Geetilaxmi
The paper examines sustainability of public finances for five major South Asian economies namely, India, Pakistan, Bangladesh, Sri Lanka and Nepal for period 1985-2014. The results of Gregory–Hansen (1996) and Carrion-i-Silvestre and Sanso (2006) tests confirm presence of long-run relationship between government revenue and expenditure for all the countries. The ARDL estimates of fiscal reaction function indicate positive long-run response of primary balance to rising public debt ratio in case of India, Bangladesh, Pakistan and Sri Lanka. The empirical results thus demonstrate coherence with intertemporal budget constraint for the countries. However, except for Bangladesh, sustainability exists only in weak form underscoring the need to reinforce commitments to long-term fiscal discipline.