Department Of Economic Studies
Permanent URI for this communityhttps://kr.cup.edu.in/handle/32116/137
Browse
3 results
Search Results
Item Empirical Evidence on Money-Price Relationship in India: Cointegration and Causality Approach(Serial Publications Pvt.Ltd., 2017) Mishra, P. K.; Verma, J.K.In recent years, the study of the causal relationship between money supply and price level has attracted the attention of economists, researchers, and policy makers. This study shall be significant in deciding whether price stability is the primary objective of monetary policy in India. Using the sample data on consumer price index and broad money supply for the period 1950-51 to 2015-16, this study provides the evidence of long-run equilibrium relationship between money and general price level. It further suggests the existence of unidirectional causality running between money supply to general price level in the long-run. And, also confirms the presence of bidirectional causal relationship between money and price in the short-run. But it is very interesting. The causality from money supply to price is positive whereas in the reverse direction it is negative. Thus, any increase in money supply would raise the rate of inflation and hence, price stability should be considered as the primary objective of monetary policy in India. On the contrary, rising inflation can be controlled through curtailed money supply implementation of appropriate monetary policy in the country.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 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.