Department of Economics and Finance
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Item 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 Impact of Inflation on Financial Development: Evidence from India(IPE, 2016-09) Giri, Arun KumarFinancial development is considered an important driver of economic growth, but high level of inflation impedes the ability of the financial sector to allocate resources effectively. This paper examines the impact of inflation on financial development in Indian economy for the period of 1970-2012. To test for stationarity, the study uses Ng- Perron unit root tests. The long- and short-run dynamics are obtained by using auto-regressive distributed lag (ARDL) approach to co-integration and Granger causality is used to examine the direction of the causal link among the variables. The empirical evidence indicates that there is a significant, and negative relationship between inflation and both banking sector development indicator both in the short and long run. The empirical findings reveal that high trends of inflation impede the performance of financial markets. The degree of trade openness promotes development of the financial sector.Item Establishing finance-growth linkage for India: a financial conditions index (FCI) approach(Emerald, 2019-11) Giri, Arun KumarThe global financial crisis of 2008 emphasized the need for monetary policy authorities to have a more comprehensive view of the conditions prevailing in the economy before deciding their policy stance. The purpose of this paper is to outline the construction of a financial conditions index (FCI) and investigate the possible co-integrating relationship between the economic growth and FCI.Item Financial Development and Economic Growth: Evidence from Indian Economy(IJARS, 2012) Giri, Arun Kumar; Mohapatra, GeetilaxmiThis paper examines the relationship between financial development and economic growth in India from 1970-71 to 2008-09. Using a multi-variable VAR model, the competing hypothesis of supply-leading versus demand-following hypothesis is tested empirically. The results from Johansen and Juselius co integration test supports for the existence of long run equilibrium relationship exist among variables of financial development and economic growth for Indian economy. Further, the results from Granger causality tests based on vector error-correction models (VECM) suggests unidirectional causality running from financial development to economic growth. This result supports the supply leading hypothesis for Indian economy during the sample period. This finding highlights the importance of financial development in India’s recent growth.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 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 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 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 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, 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.