Economic Studies - Research Publications

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    Assessing Financial Integration of BRICS Equity Markets an Empirical Analysis, Emerging Economics Studies
    (Sage Publication, 2017) Parakash, Vineesh; Nauriyal, D.; Kaur, Sandeep
    This article examines the degree of financial integration among the equity markets of Brazil, Russia, India, China, and South Africa (BRICS) by using monthly data collected for the period 2005–2014. The study employs Johansen cointegration test, vector error correction model (VECM), and Granger causality test which confirm the existence of relationship in the short and long run among the equity markets of BRICS. Further results exhibit that there exists cointegration or a long-run relationship among the equity markets, but weak cointegration, though the results of Granger causality test do not display existence of any causality among market pairs such as China–Brazil, Russia–Brazil, South Africa–Brazil, Russia–China, and South Africa–India. The results indicate that even though the financial integration among the equity markets of BRICS is on ascendance, it is yet incomplete. This work suggests harmonization of laws, regulations, and operations based on international principles and appropriate regulatory supervision among BRICS nations in order to minimize the risk of financial integration, besides further relaxing restrictions on capital account for expedited financial integration.
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    Technological Intensity of Indian Exports and the Performance of Emerging Asian Economies
    (Sage Publication, 2018) Fayaz; Kaur, Sandeep
    The increasing share of technological-intensive products in the world trade has recognized technology and technological capabilities as a major factor for competitiveness and growth. Notably, the emerging countries are progressively becoming the exporters of the products that are technologically more intensive. Thus, the current study presents an analysis of Indian exports and the performance of emerging Asian economies in terms of technological intensity over the period 1980–2016. The study shows that the exports of all the said emerging economies have a large technological base owing to their significant investments in R&D and open-door policies. While the figures of India also show a steady though slow technological upgradation from low-tech to medium-tech and high-tech exports but when compared to the standards of these emerging economies, they are low. Thus, in order to increase the technological intensity of its exports, there is a need to invest more in high-tech and medium-tech R&D activities and overcome the technological barriers. There is also a need to devise the policies that would make a favorable environment for attracting more outward-oriented foreign direct investment (FDI).
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    Brexit and India: Analyzing the Implications
    (New Delhi Publishers, 2018) Kaur, Sandeep
    Since both EU and UK are of paramount importance to Indian economy, Brexit has a significant impact on Indian Economy. In view of this, the present book aims at disclosing the possible impact of Brexit on the Indian economy in particular. The book is divided into three parts: India-UK Bilateral Trade, India-UK Trade in Services and Political and Economic relations between India and UK. Further, the book disseminates knowledge and information on the various themes particularly India-UK bilateral trade (merchandise and services), FDI etc.
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    India’s Trade with Central Asia: Trends and Prospects
    (IACD- Institute of Asian Culture and Development, 2011) Kaur, Sandeep
    Although the countries of Central Asia have been integrated in the global economy, their economic relations with India have been declined significantly. India’s BOT with all Central Asian countries (except Uzbekistan) had been favourable during 1993- 2009. Indian exports as well as imports from Central Asia are highly concentrated around few commodities during same period. Moreover, the Central Asia’s role in selected Indian exports as well as imports was not so strong and in fact negligible. There has been found very low trade of India with Central Asian countries. This is due to many reasons but lack of economic and financial sector reforms in some of these countries is one of the basic reasons. The other factors of this low trade are lack of direct transport links, poor infrastructure, inadequate banking facilities and tax structure, competition by Russia, China and USA etc. India can increase trade relations with Central Asia and also can play a multi- dimensional role in the development of these former Soviet Republics. Recently these economies have grown up; therefore good economic relations of India with Central Asia can boost their trade.
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    Determinants of Export Services of USA with its Asian Partners: A Panel Data Analysis
    (Ala-Too International University, Bishkek, 2011) Kaur, Sandeep
    Trade in services has accounted for 20 per cent of global trade. Despite the increasing importance of services trade in global economy, there has been limited research on service trade which uses determinants driving such trade. The present paper has examined the export potential in service sector of USA with its Asian trade partners (Japan, China, India, Singapore, South Korea and Hong Kong) by taking into account geographic, economic and other features. The approach is based on gravity model, widely used to analyze trade in goods and has more recently been applied to service sector. Being a nature of study is of panel data i.e. for 9 years (2000-2008) and six cross sections, the study used panel data methodology. The study revealed that USA has export potential in services for India and Japan. Regarding the convergent and divergent economies, USA had convergence in exports with three Asian countries (Hong Kong, India and Korea) and divergence with three Asian countries (Japan, China and Singapore). There is a large scope for export expansion for Hong Kong, India and Korea.
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    AN ANALYSIS OF ACTUAL AND POTENTIAL EXPORTS OF PAKISTAN WITH SAARC COUNTRIES: A PANEL DATA ANALYSIS
    (Applied Economics Research Centre (AERC), 2011) Kaur, Sandeep; Nanda, Paramjit
    Among the SAARC countries, India, Bangladesh and Sri Lanka had a share of 2.1 per cent, 1.4 per cent and 0.9 percent respectively, in the total exports of Pakistan. Therefore, it becomes imperative to study Pakistan's export potential in relation to SAARC countries. It was further recorded that all SAARC countries' trade including Pakistan is intense with one or two markets during the study period. Therefore, the present study aims at finding whether Pakistan has the potential to export to these nations by using gravity model. Pakistan's export potential to SAARC nations (Bangladesh, Bhutan, India, Maldives, Nepal and Sri Lanka) was calculated with the help of gravity model of exports using panel data methodology (pooled model, fixed effect model and random effect model) by employing the data over time period 1981-2005. To find out the convergence and divergence of Pakistan's exports to SAARC members, speed of convergence has been used. The study revealed that, there was presence of convergence in Pakistan's exports with SAARC countries; in other words, actual Pakistan's exports to SAARC countries converged towards the estimated export potential. The study also found that among SAARC countries, Pakistan's net export potential exists for Bhutan, India, Maldives and Nepal. Bhutan, Maldives and Nepal are not only far away from Pakistan but they do not have any common borders with Pakistan. Therefore, Pakistan needs facility for transit trade with Maldives, Nepal and Bhutan, through India to realized its export potential.
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    CHANGING PATTERN OF INDIA’S HIGH TECHNOLOGY EXPORTS: A STUDYOF COMPETITIVENESS OF PHARMACEUTICAL PRODUCTS
    (Shri Ram College of Commerce, 2016) Manisha; Kaur, Sandeep
    Export earnings of India have increased substantially over the years. For active participation in the global trading system export diversification is essential. Export diversification plays a main part in the economic growth of the developing countries. These countries try to improve place at the global level by increase its exports by exporting high technology products. India is no exception to this. The present study makes trying to look at the strength of pharmaceutical exports in India’s high technology exports with the US and Russian Federation with the help of different indices like Revealed Comparative Advantage (RCA), Revealed Symmetric Comparative Advantage (RSCA) and Intra-Industry Trade (IIT) during 1991-2012. The empirical result of the study revealed that India has the maximum comparative advantage in pharmaceutical products with the US and Russian Federation. Further, the result of the study also highlights the positive impact of TRIPS on India’s pharmaceutical exports. The study also finds that domestic companies are more R and D oriented than foreign companies. For India to become a top player in the international business of pharmaceutical sector, the government of India needs to sustain foreign investments in pharmaceuticals sector so that it would help to meet the practical knowledge and to generate employment.
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    MIGRATION AND BILATERAL TRADE FLOWS: EVIDENCE FROM INDIA AND OECD COUNTRIES
    (Euro-American Association of Economic Development Studies, 2015) Kaur, Sandeep
    Migration from developing countries to developed countries is not a new phenomenon. The causes of migration has been well explained by many authors. The rate of population growth and the proportion of youth in the population, their education and training, employment opportunities, income differentials in society, communication and transportation facilities, political freedom and human rights and the level of urbanization are the important causes of migration (Samuel and George 2002). According to Kaur (2013), among developing countries, South Asia is considered the hub of migrant workers because of populated countries like India, Bangladesh etc. These migrant workers help make up for the shortage of labour in the developed world and their remittances are major sources of foreign exchange reserves for South Asian countries. The study revealed that during the study period (1980-2010), remittances did not result in a reduction in poverty. Although remittances are considered as a tool of poverty reduction, the slow trickle down effects in these countries may be the one of the reasons for the negative relation.