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Book Review on "From Cowrie to Crypto – Blockchain and the Future of Money"

Vibhor Verma

Volume 41, Issue 2 (July 2020 to December 2020)

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HOLIDAY EFFECT IN SELECT ASIAN STOCK MARKETS

Anuradha Agarwal, Krishan Lal Dahiya and Poonam Gupta

Volume 40, Issue 2 (July 2019 to December 2019)

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This study seeks to examine the existence of holiday effect in two Asian Stock Markets, Singapore and India. India and Singapore seem to have similar traditions. Many Hindus, being the citizen of Singapore celebrate Diwali and worship Buddhism, which was preached by King Siddhartha (then part of India). Keeping in mind this fact, the daily closing prices and stock returns are regressed to investigate the existence of pre-holiday and post-holiday effect in the two countries and during the common holidays from a period of 1992 to 2018. It was found that in both the countries the pre-holiday effect did not exist. It had been replaced by the post-holiday effect. Even though Singapore is developed, the post-holiday return was found to be significant in this country. Among the specific holidays, the New Year and the Good Friday could attract the attention of investors at 10% significance level in post-holiday period. As for India, none of the holidays but the trading days not-corresponding a holiday provided significant return at 10% level in post and pre-holiday analysis. The post-holiday effect was however found in the form New Year effect in India at 5% significance level. The Common holiday like Deepwali did not achieve the returns significant enough at 5% or 10% level, neither in the pre-holiday period nor in the post-holiday.

BOOK REVIEW OF LEAPFROGGING TO POLE-VAULTING CREATING THE MAGIC OF RADICAL YET SUSTAINABLE TRANSFORMATION

Vibhor Verma

Volume 40, Issue 1 (January 2019 to June 2019)

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We use energy that is environmentally harmful, finite in supply and dangerously concentrated in the hands of a few. On the demand side our energy requirements are shooting up, especially because of the rising standard of living in the developing world.

TRENDS AND PATTERN OF REMITTANCES FROM ABROAD TO INDIA

Tarun Manjhi

Volume 38, Issue 2 (October 2017 to March 2018)

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India has been largest recipient of remittances for long time. Remittances play important role in economic development of any country particularly under developed and developing countries because it is an important and stable source of foreign exchange reserve and external finance. Apart from minimising gap between demand and supply of capital, it also facilitates consumption of different kinds of goods and services to migrants` households. This paper broadly tries to analyse change in trends and patters of inflow of remittances in India and changes in source of Indian remittances over period of time.

Aspects of Returnee Emigrant Workers from the Gulf: An Empirical Study

Rajeev Kumar

Volume 41, Issue 1 (January 2020 to June 2020)

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The paper explores the behavioural and other aspects of the returnee emigrants who worked for at least one year in any one of the six member countries of the Gulf Cooperation Council (United Arab Emirates, Saudi Arabia, Kuwait, Oman, and Bahrain and Qatar) in the last ten years. The paper is based upon a field survey conducted in nine districts of the Western Uttar Pradesh. Primary focus of the paper is on the decision of the returnee emigrants and their households in terms of remitting money while abroad, return and utilisation of remittance by their family. Apart from that the paper also tries to explore various other issues like financing of the initial cost of migration and occupational choices upon return.

TOTAL FACTOR PRODUCTIVITY IN CEMENT INDUSTRY

Meetakshi Pant

Volume 39, Issue 2 (July 2018 to December 2018)

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Total factor productivity (TFP) is a variable which accounts for the effects in total output that is not caused by traditionally measured inputs. TFP is a real variable and also independent in nature. Residual profit increases due to TFP growth. Profit is based on the ordinary economic calculation of cost and revenue but TFP growth is not anticipated so any gain and loss in terms of TFP growth is a return over and above the expected potential profit in the long run. Total factor productivity growth (TFP) is the best-known measure of productivity. TFP is a costless growth. It is disembodied technological progress; therefore, it cannot be attributed to any single factor of production. TFP is also dynamic as it can only be captured over a period of time. The focus of this study is on the Indian cement industry, which is the second largest producer in the world after China. The time period for this study is 26 years, i.e. from 1991 to 2016. It is observed that there is significant productivity growth in more than 60 percent of cement companies. The sign of TFP is negative in almost 77% of the companies under study. It depicts that the malleability of technologies needs to be kept in mind. It is on account of the rigidities in the case of the cement industry that real factor productivity is negative. It also appears that under such circumstances even the costless growth alternative of TFP is not available because TFP is the practice of technology but if the technology is rigid, it is not possible to have positive TFP growth.

Book Review on "Unfreeze: How to Create a High Growth Economy after the Pandemic"

Surinder Kaur and Parminder Kaur

Volume 41, Issue 2 (July 2020 to December 2020)

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DYNAMIC LINKAGES BETWEEN US AND INDIAN EQUITY MARKETS: AN EMPIRICAL STUDY

Asha Rani and Sunaina Kanojia

Volume 40, Issue 2 (July 2019 to December 2019)

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In this study, we attempt to investigate the dynamic linkages between US and Indian equity market particularly after the Global Financial Crisis. The daily closing value of total return indices from both the equity markets is examined for a period of more than 15 years ending March 2019. These indices are not found to be co-integrated. An analysis of returns from these equity markets using ADCC-GARCH model reveals the linkage between the volatilities of the two markets. However, the degree of these association between the volatilities are time-varying and has been found to have reduced for past three years paving the way for equity investors of both the markets for seeking the advantage of international diversification.

BOOK REVIEW OF AN INTRODUCTION TO ECOLOGICAL ECONOMICS

Annavajhula J.C. Bose

Volume 40, Issue 1 (January 2019 to June 2019)

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Like Mother Nature gives us free-of-charge many vital things in support of our life, this book is a freely downloadable public good meant for harmoniously connecting humankind with Nature. Robert Costanza and Herman Daly are the two economists among the authors, who can be taken as the famous founders and proponents of Ecological Economics as a new, transdisciplinary branch of heterodox economics, that rose in the mid-1980s. For these authors, economics is embedded in the broader ecosystem that supports all human activity, and so there are both limits for economic growth and opportunities to improve long-term human well-being...

COST EFFICIENCY OF SCHEDULED COMMERCIAL BANKS: EMPIRICAL EVIDENCE FROM INDIA

Aparna Bhatia and Megha Mahendru

Volume 38, Issue 2 (October 2017 to March 2018)

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The paper endeavours to assess the Cost Efficiency (CE) scores of all Scheduled Commercial Banks operating in India. In order to have comprehensive vision the cost efficiency is evaluated across ownerships well to identify the best performing and worst performing banking sector. The study also determines the nature of Return to Scale (RTS) of the Indian banking industry. Further, the paper recognizes the number of banks operating as leaders and laggards according to Cost Efficiency and its component scores. The results of Data Envelopment Analysis (DEA) suggest that Indian Scheduled Commercial Banks have never achieved full Cost Efficiency score of 1 in any of the years from 2002-03 to 2012-13. The sector-wise findings highlight that Foreign Sector Banks are the most cost efficient banks followed by Private Sector Banks and at last the Public Sector Banks.