Browsing by Author "Mishra, P.K."

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Determinants of Economic Growth: Empirical Evidence from India
(2017) Kaur, H; Mishra, P.K.
Do Banking and Financial Services Sectors Show Herding Behaviour in Indian Stock Market Amid COVID-19 Pandemic? Insights from Quantile Regression Approach
(SAGE Publications Ltd, 2021-07-24T00:00:00) Mishra, P.K.; Mishra, S.K.
In India, the coronavirus (COVID-19) pandemic-induced country-wide regulatory lockdown and consequential supply-chain disruptions and market instability have all posed serious challenges before the regulators and policymakers. Amid the pandemic, the stock market showed return volatilities primarily due to the unexpected investors� behaviour. One of the behavioural biases is herding, which has the power to wreck the market equilibrium and shatter the market efficiency. Given that the pandemic has generated unprecedented spirals of uncertainties across the globe, thereby creating interruptions in the pattern of stock market investment decisions, this study examined the herding behaviour of 54 stocks of banking and financial services sectors listed in the national stock exchange. In the quantile regression framework, the study provides evidence of the presence of herding for public sector banking and financial services under the bull market conditions during the pandemic in the 90th quantile of the return distribution. This finding has implications for the mispricing of financial assets in these sectors. So, the study suggests removing information asymmetry among the market participants and devising policy initiatives for ensuring market stability. � 2023 Association of Asia Scholars.
Does Tourism Foster Economic Growth in BRICS Region? Empirical Evidence over 1995-2019
(ASERS Publishing House, 2022-12-02T00:00:00) Mishra, P.K.; Sahoo, Debasis; Rout, Himanshu B.; Chaini, S.R.; Kumar, Pradip
In the BRICS region, international tourism is considered a significant contributor to employment, forex earnings, and gross domestic product. In this context, this study examined the impact of tourism on the growth of BRICS economies by employing PMG based ARDL panel data analysis technique over an augmented neo-classical growth model during a period from 1995 to 2019. The results support a positive impact of international tourism on the growth of BRICS nations when their levels of human development are controlled in the long run. So, this study adds another feather to the extant empirical evidence of the tourism-led growth hypothesis in the BRICS region. Therefore, the policies of tourism sector development/expansion can supplement in achieving an elevated real economic growth in BRICS economies. � 2022 by ASERS� Publishing. All rights reserved.
Economic growth, structural change and intersectoral linkages in SAARC economies
(Asociacion Euro-Americana de Estudios del Desarrollo, 2017) Mishra, P.K.; Mall, M.; Pradhan, B.B.
In this globalized and liberalized era, studies concerning global economic interdependence have occupied a central place. Specifically, the issue of assessing the extent to which the economic growth of each member nation in a regional cooperation can influence the growth of other members, has recently attracted the attentions of academicians, researchers and policy makers as well. Despite the fact that SAARC (South Asia Association for Regional Cooperation) has been constituted in 1985 for promoting peace, stability and progress in the region, yet it has to produce notable outcomes. On the basis of the argument that structural changes in an economy can foster its economic growth and influence de facto economic integration across member nations, this paper investigates the sectoral interdependencies in SAARC economies. This study adds to extant literature by interpreting macroeconomic interdependence in terms of intersectoral linkages. The study found that the partner countries of SAARC demonstrate different trend patterns of economic growth fostered by different patterns of structural transformations. In a panel framework, the study provides the evidence of long-run equilibrium relationship between the agriculture, industry and services sectors among SAARC countries. The analysis found the evidence of causal relationship running from industrial and services sectors to the agricultural sector in the long-run. There is also the evidence of short-run bidirectional causality between agricultural and services sectors, and between industrial and services sectors. Additionally, short-run unidirectional causality is observed running from industrial sector to agricultural sector. The estimation of long-run elasticities concludes the existence of strong positive long-run intersectoral linkages between the three sectors in the SAARC region which would be helpful in utilizing each other's economic potential, business environment, and legal frameworks that may facilitate mutual trade and better sectoral integration.
Empirical evidence on nexus between financial markets in India: An ARDL bounds test approach
(Serials Publications, 2017) Mishra, P.K.; Verma, J.K.; Mishra, S.K.
In the aftermath of global financial crisis, the study of the relationship between financial markets has become a moot point in the finance literature. In the literature, there is no much theoretical and empirical consensus on the interrelationship between the indicators of financial markets. Thus, it is imperative to conduct an empirical investigation of the causal relationship between financial markets in an emerging market economy like India. The application of ARDL bounds test provides the evidence of the existence of the long-run equilibrium relationship between the money and capital markets, and also between foreign exchange and money markets in India. However, no causal relationship runs from foreign exchange and capital markets to the money market in the long-run. This finding is very important in the context of inflation and interest rate structure in India. ? Serials Publications Pvt. Ltd.
International Tourism and Economic Growth: Empirical Evidence from BRICS Countries
(Africa Journals, 2022-01-11T00:00:00) Mishra, P.K.; Rout, Himanshu B.; Sahoo, Debasis
The aim of the study was to examine the tourism-growth nexus in the context of BRICS nations. For this purpose, the augmented neo-classical growth framework has been employed a panel data model approach over the sample period spanning from 1995 to 2019. The estimation was conducted using PMG based ARDL regression. The results lend support to the tourism-led growth hypothesis when the capital formation and human development exert a positive impact on the long-run real economic growth in BRICS economies. So, the policies meant for tourism sector development can contribute to long-run economic growth through an increase in the share of gross capital formation in the gross domestic product and with the help of improved human development. Therefore, the policy focus should be on infrastructure development, the promotion of investment opportunities, and the development of healthcare and education in BRICS countries. The use of a macroeconomic framework in the analysis is the novelty of this study. � 2021 AJHTL /Author(s). All Rights Reserved.
International Tourism, Financial Deepening and Economic Growth: Insights from Southern African Countries
(ASERS Publishing House, 2023-06-24T00:00:00) Mishra, P.K.; Rout, Himanshu B.; Sahoo, Debasis; Kumar, Pradip; Chaini, S.R.
The impact of tourism development on financial development via its effects on economic growth and country openness in Southern African countries for the period 1995 to 2019 was examined relying on pooled mean group-based estimation of panel ARDL regression, and the results lend supports to the tourism-led financial development hypothesis in these countries in the long-run. The findings infer that the development of the travel and tourism sector can spur financial development as the former by contributing to output, employment and income warrant an enhanced role of the financial sector. � 2023 The Author(s). Published by ASERS Publishing 2023.
Is the Impact of COVID-19 Significant in Determining Equity Market Integration? Insights from BRICS Economies
(SAGE Publications Ltd, 2022-01-21T00:00:00) Mishra, P.K.; Mishra, S.K.
This article examined the impact of the unanticipated outbreak of global public health crisis, COVID-19 pandemic, on the equity market performances and on the degree of integration of these markets in BRICS bloc. The empirical analyses lend support to the weakened equity market integration in the BRICS economies amid the pandemic, and the key driving forces include the rate of inflation, the real rate of interest, real exchange rate and composite leading indicator in the long-run, and trade performance and composite leading indicator in the short-run. The implications on the one hand, indicate increased opportunities for international portfolio diversification, and on the other hand, suggest for controlling the macroeconomic uncertainties of inflation, interest rate and exchange rate fluctuations during global health crisis to promote stable economic conditions for ensuring equity market integration in the long-run. � 2022 Emerging Markets Forum, Washington DC.
Nexus between anthropogenic activities and GHGs emission in India: An empirical analysis
(Primrose Hall Publishing Group, 2020) Mishra, S.K; Sarangi, M.K; Mishra, P.K.
The worst consequences of environmental degradation are realised all across the globe and environmental sustainability is, thus, the call of the day. Consumption and production activities to fulfil human wants pollute all the means of sustainability through exhaustion and overexploitation of scarce natural resources. This empirical study tries to establish the nexus between anthropogenic activities and GHGs emissions, using ARDL based bound test for India over a period of 44 years spanning 1971 to 2014. The study reveals that fertility rate, population density, Economic Growth, and consumption of primary energy have a positive and statistically significant impact on the emission of GHGs both in the short and longrun. � 2020 Primrose Hall Publishing Group.
Poverty in Multidimensional Perspective: Policy Insights from Selected North Indian Districts
(SAGE Publications Ltd, 2020-11-21T00:00:00) Mishra, P.K.; Kumar, Sandeep; Arif, Mohd.; Niyazi, Atta-Ula; Kaur, Kiranpreet
This article examined the multidimensional aspects of poverty in selected North Indian districts using the Alkire�Foster counting method of estimating poverty incidence and intensity. Whereas more than half of the sample households are found to be vulnerable to poverty, about a quarter of households are observed to be in the grip of poverty in these districts. Among the dimensions of deprivations, education, standard of living and economic and social security are critical in contributing to multidimensional poverty and vulnerability. In these dimensions, people are mostly deprived of fuel for cooking, sanitation, ownership assets, informal jobs and social security measures. Therefore, the policymakers ought to be proactive in understanding the socio-economic structure of these districts to formulate inclusive distributive policies as appropriate area wise. However, policies such as urbanization, promotion of technical/vocational education, initiation of micro and small entrepreneurial activities completing and supplementing to farm activities and introducing measures of social protection can help people come out of the tragedies of poverty. � 2022 Association of Asia Scholars.
Stock markets� responses to COVID-19 in developing countries: evidence from the SAARC region
(Inderscience Publishers, 2022-05-18T00:00:00) Mishra, P.K.; Mishra, S.K.
This study examined the stock markets� responses to the unprecedented outbreak of the COVID-19 pandemic in SAARC countries. The results support these countries� surge in stock market return volatilities amid the rapid spread of the COVID-19 infection caused by investors� pessimistic sentiments. The intensive media coverage of information related to the pandemic has weakened investors� sentiments and caused sudden market plunges in the SAARC region. During the pandemic, the performances of the stock markets in SAARC countries are found to be influenced by the number of COVID-19 confirmed and death cases, and movements in the fear index. The implication is that the stock markets of the SAARC region do not qualify to be semi-strong information efficient. This implication is important for investors. Copyright � 2022 Inderscience Enterprises Ltd.
Tourism and peace in economic development perspective of India
(ASERS Publishing House, 2017) Mishra, P.K.; Verma, J.K.
The importance of tourism as an instrument for revenue generation, employment creation and fostering economic growth is well established across the globe. Globally, tourism has been recognised as the largest service sector in terms of revenue generation and foreign exchange earnings. The sector also plays a crucial role in attaining the macroeconomic goal of growth with equity. Thus, tourism has been considered and observed to contribute to world peace. But this peace contribution depends on social and politic stability which in turn depends on the economic development of a nation. So, in this paper an effort has been made to assess the role of tourism in India as an engine of peace oriented sustainable economic development. It is found that tourism has the potential to positively influence the sustainable development of the country. Therefore, it is imperative to chalk out appropriate plans and policies for promoting tourism as a means of achieving sustainable development and unending peace. ? 2017. ASERS Publishing. All rights reserved.
Tourism in Odisha: an engine of long run growth
(Conscientia Beam, 2016) Mishra, P.K.; Rout, H.B.; Sangmitra
In this globalized era, travel and tourism has become an indispensable economic activity world over. It has the potential to strengthen the socio-economic foundation of a nation. It has the capability to disseminate the peace message across the globe. It is well-known for job creation, foreign exchange earnings, revenue and income generations, and developing socio-economic infrastructures. Thus, it is critical for unemployment reduction, poverty alleviation, inequality reduction, and bringing up balanced regional development. It is instrumental for achieving inclusive and sustainable growth of a nation like India and her States. It is with this backdrop, this paper is an attempt to assess the role of tourism in Odisha, an eastern State of India, as an engine of long-run economic growth. In recent years, tourism has grown considerably due to the availability of good infrastructure facilities, favorable government policies, improvement of existing tourist locations, development of new tourist destinations and strong growth of hotel and restaurant industry in the State. This is reflected in the growing number of both domestic and foreign tourists to the State. In a multivariate framework, the use of multiple regression model over the period spanning from 1990-91 to 2011-12 provides the evidence of the positive contribution of the tourism sector to the economic growth of Odisha thereby justifying the role of tourism as an engine of long term growth of the State. Hence, the government of Odisha should formulate plans and policies such that tourism activities are promoted to lead a stable and sustainable growth of the State.
Tourism, governance and economic growth in india
(ASERS Publishing House, 2021-03-29T00:00:00) Mishra, P.K.; Rout, Himanshu B.; Chaini, S.R.
This research work studied the relationship between tourism, governance quality and economic growth in India. It has been argued that the contribution of tourism sector expansion to the real economic growth significantly depends on the quality of governance that is prevalent in the country. The study empirically supports the existence of tourism-led growth hypothesis in Indian context while business confidence, economic freedom and regulatory quality have positive influences, and government effectiveness and corruption control have negative impacts on the economic growth over the sample period. Therefore, the study recommends for promoting polices which ensure business confidence, economic freedom and regulatory quality in the country. It is also suggested that the policies which ensure government effectiveness and control corruption be revisited, reframed, if required, and implemented more stringently along with the polices for effective monitoring and assessment. � 2021 by ASERS� Publishing. All rights reserved.
Trend and progress of tourism in India: An empirical analysis
(Serials Publications, 2016) Rout, H.B.; Mishra, P.K.; Pradhan, B.B.
The importance of tourism in India can by no means be underestimated. It helps the tourists to get use to with the culture, customs and conventions, language and mode of living of the people at destination. The most important benefits of tourism include job creation, foreign currency earnings, infrastructure development, poverty eradication, inequality reduction and balanced regional development. In addition, tourism is critical for increasing world peace. Thus, we have studied the trend and progress of tourism in India over the period spanning from 1995 to 2015. All tourism indicators except total contribution of travel and tourism to employment have been showing an increasing trend in India over the sample period. All these have been possible due to the constructive efforts made by the Centre and State governments over years. The government of India understands the importance of tourism in building a vibrant sustainable economy in the long-run. Thus, from time to time increasing importance has been attached to this service sector. Several plans, policies, projects, and schemes have been launched for the development of tourism sector activities in India. India is therefore, hopeful to accrue the benefits of multiplier effects of tourism in coming days. IJER � Serials Publications.