Economic Studies - Research Publications
Permanent URI for this collectionhttps://kr.cup.edu.in/handle/32116/141
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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 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 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.Item Education and Skills as Catalyst for Sustainable Growth in India(Pedagogy of Learning, 2017) Mishra, P. K.; Mishra, S.K.Skill development plays an important role towards achieving faster, sustainable and inclusive growth and making the country’s youth employable. Countries with higher and better levels of skills adjust more effectively to the challenges and opportunities of growth in globalized world. In a developing country like India, the recent consensus among the economists, academicians, planners and policy makers is that education and skills can be mobilized for attaining sustainable development. The primary goal is to impart quality based and skill loaded education to all. This paper is an effort to provide empirical evidence for the relationship that exists between education/skills and economic growth in India. Using statistical tools, the study provides the evidence of the existence of strong association between education/skills and economic growth. However, for sustainability of this linkage well neat plans and policies are needed. The GoI has also been giving utmost importance to it in all its recent days’ schemes and programmes meant for upward mobility of the society at large.