Economic Studies - Research Publications
Permanent URI for this collectionhttps://kr.cup.edu.in/handle/32116/141
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Item 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.Item 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, PradipIn 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.Item 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.Item International Tourism and Economic Growth: Empirical Evidence from BRICS Countries(Africa Journals, 2022-01-11T00:00:00) Mishra, P.K.; Rout, Himanshu B.; Sahoo, DebasisThe 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.Item 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.Item 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.Item 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.Item 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, KiranpreetThis 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.Item 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.Item Determinants of Economic Growth: Empirical Evidence from India(2017) Kaur, H; Mishra, P.K.