An appraisal of the impact of international trade on economic growth of India- through the ARDL approach

Purpose: The study examines the impact of international trade on economic growth of India by using the Autoregressive Distributive Lag Model (ARDL) technique. The study further adopts Trade Openness Index to analyze the growing integration of India’s external trade with the outside world. Design/Methodology/Approach: The study employs the Augmented Dickey Fuller (ADF) Test for unit root and Autoregressive Distributive Lag Model (ARDL) cointegration approach which entails the Wald Test, Long run OLS estimation test, Error Correction and short Run relationship estimation test, as well as the short run Causality test. The data on the variables of model and Trade Openness Indicator were sourced from the various data sources of the Handbook of Statistics on the Indian Economy and the UNCTAD, World Bank Databases. The Data for the index and the model is collected and analysed for the period of 1991 to 2017. Findings: The analysis of the Augmented Dickey fuller (ADF) test for unit root shows that the series were of different order, I(1) and I(0), hence the Autoregressive Distributive Lag Model (ARDL) co-integration technique was employed by the study. The long run relationship of the underlying variables is detected through the F-statistic (Wald test) which shows that the series are co-integrated. Long run relationship estimates presents a positive and significant relationship between exports and domestic investment with GDP. The analysis presents that the relationship between the variables imports and exchange rate with GDP was found to be negative, but statistically insignificant and the speed of adjustment term (Error Correction Term) was also found to be significant. Short run causality result reveals the presence of short run causality between exports, domestic investment and exchange rate to GDP. Practical Implications: The paper concludes a positive relationship between international trade and economic growth and supports the ideology of mercantilism to encourage exports through trade promotion and increased participation of India in the world markets. Originality/Value: The authors conclude a positive impact of international trade on India’s economic growth and long run relationship estimates present a positive and significant relationship between exports and domestic investment with GDP. Further analysis on implications on bilateral treaties and tariffs would add value to the current study.peer-reviewe

Frequency-Doubling of Femtosecond Pulses in “Thick” Nonlinear Crystals With Different Temporal and Spatial Walk-Off Parameters

We present a comparative study on frequency-doubling characteristics of femtosecond laser pulses in thick nonlinear crystals with different temporal and spatial walk-off parameters. Using single-pass second harmonic generation (SHG) of 260 fs pulses at 1064 nm from a high-average-power femtosecond Yb-fiber laser in 5-mm-long crystals of β-BaB2O4 (BBO) and BiB3O6 (BIBO), we find that for comparable values of temporal and spatial walk-off parameters in each crystal, the optimum focusing condition for SHG is more strongly influenced by spatial walk-off than temporal walk-off. It is also observed that under such conditions, the Boyd and Kleinman theory commonly used to define the optimum focusing condition for frequency-doubling of cw and long-pulse lasers is also valid for SHG of ultrafast lasers. We also investigate the effect of focusing on the spectral, temporal, and spatial characteristics of the second harmonic (SH) radiation, as well as angular acceptance bandwidth for the SHG process, under different temporal and spatial walk-off conditions in the two crystalsPeer ReviewedPostprint (author's final draft