Department of Economics and Finance

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Author: search.filters.author.Giri, Arun KumarEnd date: 2019

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    Economic Development and Environmental Degradation: A Study of Indian Situations
    (Lambert, 2011) Mohapatra, Geetilaxmi; Giri, Arun Kumar
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    Fiscal Sustainability in Major South Asian Economies: Evidences from Panel Data Analysis
    (JECD, 2018) Giri, Arun Kumar; Mohapatra, Geetilaxmi
    The paper examines the issue of fiscal sustainability for a panel of five major South Asian economies namely, India, Pakistan, Bangladesh, Sri Lanka and Nepal, for the period from 1985-2014. The results of panel cointegration tests by Pedroni (1999) and Westerlund (2007) confirm the presence of a long- run relationship between government revenue and expenditure. The panel auto regressive distributed lag (ARDL) estimates of the fiscal reaction function indicate a positive long-run response of the primary balance to the rising public debt ratio, thus confirming fiscally responsible behaviour in the region. However, the size of the cointegrating slope parameter between revenue and expenditure obtained from the group mean fully modified OLS (FMOLS) and the group mean dynamic ordinary least squares (DOLS) is significantly less than one, indicating weak form of fiscal sustainability. The weak sustainability underscores the need for commitment to long term fiscal discipline and justifies the ongoing efforts by the South Asian countries to strengthen their fiscal positions.
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    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
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    Horticultural Prospect and Potential in India
    (Indian Society of Agricultural Economics, 2008-07) Giri, Arun Kumar
    The paper tries to assess the regional potential of triggering agricultural development through horticultural crops with the help of secondary data as available in the publications of the Centre for Monitoring Indian Economy (CMIE). The analysis of the secondary data uphold the following aspects: in vegetable production, West Bengal and Orissa are the leading states and in case of fruit production, Maharashtra and Andhra Pradesh are ahead of others. Six to twelve per cent of gross cropped area and 8 to 9 per cent of gross cropped area respectively in West Bengal and Orissa are allocated to vegetable cultivation. In Maharashtra and Andhra Pradesh the area allocated to fruit production was 2 to 3 per cent with an increment to 5-6 per cent during 2004-05. Again, land area released from foodgrain is utilised for crops other than fruits and vegetables in Maharashtra and Andhra Pradesh
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    The Role of Globalization and Institutional Quality on Finance- Growth Nexus:Empirical Evidences from India
    (TA Pai Management Institute, 2016) Giri, Arun Kumar
    The present study explores the impact of globalization and institutional quality on financegrowth nexus within the multivariate framework using time series data over the period 1982-2014. The stationary properties of the variables are checked by employing Saikkonen and Lütkepohl (2002) unit root test. The long run relationship is investigated by applying the ARDL bounds testing approach to co-integration and error correction method (ECM) is used to examine the short run dynamics among the variables. The empirical results of long run estimates of ARDL suggest that financial development and Globalization contributes to economic growth. These findings are supported by short run estimates. It is also found that institutional Quality does affect economic growth positively; this is in support of sustainable growth. The findings of VECM based causality suggest that there is unidirectional causality running from financial development and globalization to economic growth. It is also found that the unidirectional causality is running from coefficient of institutional quality to economic growth .The results of variance decomposition suggest that the broad money supply plays the most important role to define economic growth in India.
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    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
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    How Livelihood Diversification and Institutional Credit Help to Improve Household Well-Being in India?
    (Asian Economic and Financial Review, 2019) Giri, Arun Kumar; Mohapatra, Geetilaxmi
    Using nationally representative data from the India Human Development Survey (IHDS) collected in 2011-12, this study examined the impact of livelihood diversification and accessibility to institutional credit on the monthly per capita consumption expenditure (MPCE) of households. The data provided information about 42,152 households, and our study focused on only the households that had taken a loan from any source, thus reducing the sample size to 22,630 households. The estimate suggested that, if a household had taken a loan from a formal source, then it was likely to have a higher MPCE by approximately 24.68 percent on average. We also found that households whose main source of income belonged to the secondary sector had a negative and insignificant coefficient while the coefficient of the tertiary sector suggested that they had about a 29 percent higher MPCE compared to those households who belonged to the primary sector. The results also suggested that Hindus had a higher consumption compared to Muslims. However, Christians and Sikhs had about 36 percent and 23 percent higher consumption, respectively, than Hindus. The study also found that households belong to lower social groups (OBC, SC, and ST) had lower consumption compared to households that belonged to the general category of the caste system.
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    Measuring core inflation in india: an empirical evaluation of alternative methods
    (International Journal of Social Sciences, 2014) Giri, Arun Kumar
    In view of formulating credible monetary policy to attain the price stability objective, the difficult part for the central banks is to distinguish, within ongoing inflation evolutions, between short term volatility and the underlying pressure of inflation. While it has now become a standard practice for most central banks around the world to monitor core inflation, little progress has so far been made in the Indian context. This paper takes a pioneering look in measuring core inflation in India focusing on the popular exclusion and trimmed mean approaches. The performance criteria adopted in this analysis show that the measure of core inflation developed in the paper has strong money-induced characteristics and therefore, can credibly be used as a short or medium term guide of monetary policy in India. This paper aims to introduce the concept of core inflation and to calculate alternative measures of core inflation for India. We have used two approaches: (1) Exclusion based approach (2) Trimmed mean method, to identify the measures of core inflation. We have obtained five alternative measures of core inflation using exclusion approach these are: WPI excluding food articles, WPI excluding food articles and non food articles, WPI excluding food articles and fuel (minerals oils), WPI excluding fuel (minerals oils) and manufactured products (Beverages, Tobacco and Tobacco Products, Non-Metallic Mineral Products, Basic Metals Alloys and Metals Products), WPI excluding Minerals, Basic Metals Alloys and Metals Products, Minerals Oils, Non-Metallic Mineral Products, Beverages, Tobacco and Tobacco Products., two measures TRIM15_15 and TRIM20_20 using trimmed mean For this we have evaluated these measures of core inflation in India based on new series of WPI (1993–94 =100). These measures were tested for volatility and unbiasedness and co- integration with headline inflation. The co-integration test statistics confirm long run relationship between the core inflation measures and headline inflation. The study found that the exclusion based measures are more appropriate for inflation targeting purposes and the measures based on the trimming may be better for identifying the underlying trends and also in providing a robust forecast of future inflation rates in India.
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    https://www.indianjournals.com/ijor.aspx?target=ijor:jiw&volume=40&issue=2&article=005
    (Indian Association for Research in National Income & Wealth, 2018) Giri, Arun Kumar; Mohapatra, Geetilaxmi
    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.
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    Information arrivals, stock price variability and market efficiency in Indian stock market
    (ISAE, 1984) Giri, Arun Kumar
    NB-Figures in brackets indicate percentages across the categories. cultivators owning land within the deep tubewell command area belonged only to the marginal and small size-group of farmers. The presence of the medium and large size-group of farmers was not observed. The medium and large category of farmers although existed a few years back, have now been reduced to marginal and small farmers. Out of 150 owner farmers, 77 per cent belonged to the marginal category cultivating 53.29 acres, constituting 59 per cent of the total area of 90.83 acres under the deep tubewell. The small farmers constituted only 23 per cent and cultivated 41 per cent of the land. The average size of owned land of the marginal and the small farmers within the deep tubewell command area was 046 acre and 1.10 acre respectively.