Department of Economics and Finance
Permanent URI for this collectionhttp://localhost:4000/handle/123456789/1929
Browse
Item The impact of financial development, economic growth and energy consumption on environmental degradation: Evidence from India(Emerald, 2015-08) Giri, Arun Kumar; Mohapatra, Geetilaxmihe purpose of this paper is to investigate the impact of financial development, economic growth and energy consumption on environment degradation for Indian economy by using the time series data for the period 1971-2011Item Financial development and income inequality in India: an application of ARDL approach(Emerald, 2015-01) Giri, Arun KumarThe purpose of this paper is to examine the relationship between financial development and income inequality in India using annual data from 1982-2012.Item The Impact of Macroeconomic Indicators on Indian Stock Prices: An Empirical Analysis(De Gruyter, 2017-06) Giri, Arun KumarThe purpose of the present study is to examine the long run and the short run relationship between stock price and a set of macroeconomic variables for Indian economy using annual data from 1979 to 2014. The long run relationship is examined by implementing the ARDL bounds testing approach to co-integration. VECM method is used to test the short and long run causality and variance decomposition is used to predict long run exogenous shocks of the variables. The results confirm a long run relationship among the variables. Evidence suggests that Economic growth, inflation and exchange rate influence stock prices positively. However, crude oil price influences the stock price negatively. This implies that the increase in oil price induces inflationary expectation in the mind of investors and hence stock prices are adversely affected. The VECM result indicates that short run and long run unidirectional causality running from economic growth and FDI to stock prices in India. The result of the variance decomposition shows that stock market development in India is mostly explained by its own shocks. The Government can take steps to control the crude oil price in India and Investors’ confidence has to be gained by boosting the economic growth of the economy through appropriate policy tools.Item Financial development and economic growth: empirical evidence from India(Emerald, 2015-08) Giri, Arun KumarThe purpose of this paper is to examine the relationship between financial development and economic growth in India using annual data from 1982 to 2012.Item Financial development, poverty and rural-urban income inequality: evidence from South Asian countries(Springer, 2015-01) Giri, Arun KumarThis paper attempts to examine the relationship between financial development, rural–urban income inequality and poverty reduction in south Asian economies by using panel data from 1990 to 2013. The stationary properties of the variables are checked by LLC and IPS panel unit root tests. Pedroni’s panel co-integration test is used to examine the long run relationship and panel dynamic ordinary least squares (PDOLS) is employed to estimate the coefficients of co-integrating equation. The short term and long run causality is examined by panel Granger causality. Evidence confirms the existence of long-run equilibrium relationship among the variables. The results of PDOLS indicate that financial development and economic growth reduces poverty in south Asian countries, whereas rural–urban income inequality aggravates poverty. The empirical findings of panel Granger causality indicate the presence of short-run causality running from rural–urban income inequality and financial development to poverty reduction variable and from economic growth to inequality. The study recommends that policies geared towards increasing financial development and economic growth should be adopted in order to reduce the high level of poverty currently prevailing in south Asian economies.Item Financial development and poverty reduction in India: an empirical investigation(Emerald, 2016-02) Giri, Arun KumarThe purpose of this paper is to examine the relationship between financial sector development and poverty reduction in India using annual data from 1970 to 2012. The paper attempts to answer the critical question: does financial sector development lead to poverty reduction?Item The impact of financial development, economic growth, income inequality on poverty: evidence from India(Springer, 2017) Giri, Arun KumarThis paper examines the impact of financial development, economic growth and income inequality on poverty in India from 1970 to 2015 by employing the autoregressive distributed lag (ARDL) bounds testing procedure. The findings reveal a robust long-run relationship between financial development, economic growth, inequality and poverty. Results show that financial development and economic growth help in poverty reduction in India, whereas income inequality and inflation aggravate poverty. Empirical evidence of the Granger-causality test supports the presence of unidirectional causality from financial development and economic growth to poverty. Moreover, bidirectional causality exists between inequality and poverty. The present study provides evidence on which the policymakers may proceed with detailed investigation of how specific financial sector policies and interventions can be deployed as effective instruments for achieving favorable economic growth and income distribution. The study recommends that policies geared toward increasing financial development and economic growth should be adopted to reduce the high level of poverty and inequality currently prevailing in India.Item The relationship between financial development indicators and human development in India(Emerald, 2014-11) Giri, Arun KumarThe purpose of this paper is to examine the relationship between financial development indicators and human development in India using annual data from 1980-2012.Item The impact of financial development on economic growth: Evidence from SAARC countries(Emerald, 2016-09) Giri, Arun KumarThe purpose of this paper is to investigate the possible co-integration and the direction of causality between financial development and economic growth in South-Asian Association for Regional Cooperation (SAARC) countries using annual data from 1994 to 2013.Item The role of financial development in economic growth: empirical evidence from Indian states(Emerald, 2015-09) Giri, Arun KumarThe purpose of this paper is to examine the relationship between financial development and economic growth in Indian states using annual data from 1993 to 2012.Item Foreign aid, macroeconomic policies and economic growth nexus in India: An ARDL bounds testing approach(2016) Giri, Arun Kumar; Mohapatra, GeetilaxmiThe purpose of this paper is to examine the effectiveness of foreign aid on economic growth in Indian economy using annual data from 1970 to 2014. The cointegration test confirms a long run relationship between real GDP per capita and foreign aid for India. The study finds a positive and significant impact of foreign aid on economic growth in India both in long run and in short run. Our results provide strong evidence that effectiveness of foreign aid on economic growth is contingent on macroeconomic policy environment in India. The VECM results confirm short-run and long run unidirectional causality running from foreign aid, government expenditure and trade openness to economic growth in India. Further, the results of the variance decomposition approach indicate that economic growth in India mostly explained by foreign aid. Further, the impulse response function result indicates that there is positive response in economic growth due to shock stemming in foreign aid. The findings and the results are useful guidelines for major stakeholders, including donors and the government of recipient countries for designing framework for aid effectivenessItem Financial development and poverty reduction: panel data analysis of South Asian countries(Emerald, 2016-04) Giri, Arun KumarThe purpose of this paper is to examine the contribution of financial development to poverty reduction in 11 South Asian developing countries using panel data set over the time period 1990-2012.Item Economic development and environmental quality: an econometric study in India(Emerald, 2009-02) Giri, Arun Kumar; Mohapatra, GeetilaxmiThe 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.Item Energy consumption, economic growth and CO2 emissions: empirical evidence from India(EEQEL, 2015) Giri, Arun Kumar; Mohapatra, GeetilaxmiThe Empirical Econometrics and Quantitative Economics Letters Volume 4, Number 1, (March 2015): pp. 17 32. ISSN 2286 7147 © EEQEL all rights reserved Energy consumption, economic growth and CO2 emissions: Empirical evidence from India Geetilaxmi Mohapatra1 and A K Giri2 1Assistant Professor, Department of Economics and Finance, Birla Institute of Technology and Science (BITS), Pilani-333031 Rajasthan, India E-mail Id: geetilaxmi@gmail.com 2Associate Professor, Department of Economics and Finance, Birla Institute of Technology and Science (BITS), Pilani-333031 Rajasthan, India E-mail Id: akgiri.bits@gmail.com ABSTRACT This paper examines the causal and co-integrating relationship between energy consumption, economic growth and CO2 emissions in a multivariate framework by including urbanization, trade openness and gross fixed capital formation as other control variables for an emerging economy like India. Using the annual data from 1971 to 2012, the paper applied the Auto Regressive Distributed Lag (ARDL) bounds testing approach to examine the existence of short run and long run relationship; and VECM Granger causality test for checking the direction of causality. Stationary properties of the variables are checked by using DF-GLS, PP and KPSS unit root tests. The bounds test result supports the existence of long run relationship among the variables. The results of ARDL test indicate that energy consumption and urbanization has positive impact on CO2 emissions while economic growth has positive impact on the energy consumption in the long run. The short run and long run causality results indicate the presence of unidirectional causality from energy consumption and urbanization to air pollution and short run causality from economic growth to energy consumption. The study concludes that for accelerating economic growth, expansion of the industrial output depending on energy consumption is needed, which puts pressure on the environmenItem A Sectoral Analysis of the Role of Stock Market Development on Economic Growth: Empirical Evidence from Indian Economy(Sage, 2017-05) Giri, Arun KumarThe present study examines the relationship between Indian stock market and economic growth from a sectoral perspective using quarterly time-series data from 2003:Q4 to 2014:Q4. The results of the autoregressive distributed lag (ARDL) approach bounds test confirm the existence of a cointegrating relationship between sector-specific gross domestic product (GDP) and sector-specific stock indices. The empirical results reveal that sector-specific economic growth are significantly influenced by changes in the respective sector-specific stock price indices in the long run as well as in the short run. Apart from that, the control variables, such as trade openness and inflation, act as the instrument variables in explaining the variations in the sector-specific GDP of the economy. The results of Granger causality test demonstrate unidirectional long-run as well as short-run causality running from sector specific stock prices to respective sector GDP. The findings suggest that economic growth of the country is sensitive to respective sub-sector stock market investments. The findings highlight the reasons for cyclical and counter-cyclical business phase for the overall economy.Item Panel data analysis of financial development, economic growth and rural-urban income inequality: Evidence from SAARC countries(Emerald, 2016-10) Giri, Arun KumarThe purpose of this paper is to examine the relationship between financial development and rural-urban income inequality (INQ) in South Asian Association for Regional Cooperation (SAARC) countries using panel data from 1986-2012.Item Assessing the Triple Deficit Hypothesis for Major South Asian Countries: A Panel Data Analysis(Econ Journals, 2017) Giri, Arun Kumar; Mohapatra, GeetilaxmiThe 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.Item 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, GeetilaxmiThe 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.Item Does female human capital contribute to economic growth in India?: an empirical investigation(Emerald, 2017-11) Giri, Arun KumarThe purpose of this paper is to examine the impact of female human capital on economic growth in the Indian economy during 1970-2014.Item Financial Structure, Interest Rate, Trade Openness and Growth: Time Series Analysis of Indian Economy(Sage, 2017-07) Giri, Arun KumarThe aim of this study is to construct a financial development index for Indian economy and to examine the impact of financial development index and trade openness on economic growth in India using annual data from 1982 to 2014. The results of autoregressive distributed lag (ARDL) approach to co-integration confirm the long-run relationship between financial development index, trade openness and economic growth in Indian economy. The results of Granger non-causality show that there is a unidirectional causality running from financial development to economic growth and bi-directional causality runs between economic growth and trade openness. The analysis of variance decomposition shows that influence of trade openness exerts the largest influence, whose steady contribution level for economic growth changes approaches to 15.48 per cent in India.