Department of Economics and Finance
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Item Economic Development and Environmental Degradation: A Study of Indian Situations(Lambert, 2011) Mohapatra, Geetilaxmi; Giri, Arun KumarItem Fiscal Sustainability in Major South Asian Economies: Evidences from Panel Data Analysis(JECD, 2018) Giri, Arun Kumar; Mohapatra, GeetilaxmiThe 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.Item Does accessibility to water and sanitation improves household wellbeing in India?(A Diva Enterprises Ltd, 2019-03) Mohapatra, Geetilaxmi; Giri, Arun KumarThe 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 deteriorationItem Horticultural Prospect and Potential in India(Indian Society of Agricultural Economics, 2008-07) Giri, Arun KumarThe 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 PradeshItem The Role of Globalization and Institutional Quality on Finance- Growth Nexus:Empirical Evidences from India(TA Pai Management Institute, 2016) Giri, Arun KumarThe 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.Item Do Globalization and Institutional Reforms Matter for Financial Structure in Selected Asian Countries? A Panel Data Approach(DUNCKER UND HUMBLOT, 2019) Giri, Arun Kumarhis 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 promoteItem How Livelihood Diversification and Institutional Credit Help to Improve Household Well-Being in India?(Asian Economic and Financial Review, 2019) Giri, Arun Kumar; Mohapatra, GeetilaxmiUsing 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.Item Dynamics of poverty and its determinants in rural India: Evidence from longitudinal farm households(Wiley, 2021-02) Giri, Arun Kumar; Mohapatra, Geetilaxmihis 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.Item Do Institutional Quality and Trade Openness Influence Economic Growth? An Empirical Evidence from India(Springer, 2022-03) Giri, Arun Kumar; Mohapatra, GeetilaxmiThe 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.Item 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, ByomakeshThis 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