Range Volatility Spillover across Sectoral Stock Indices during COVID-19 Pandemic: Evidence from Indian Stock Market

The study examines volatility spillover across sectoral stock indices from one Emerging Market Economies, viz. India during COVID-19 pandemic. Our contributions are threefold: (a) incorporation of range volatility during the pandemic, (b) comparative assessment of volatility spillover at the sectoral level, and (c) identify evidence of volatility spillover across different sectoral indices. Using daily historical price data for 11 sectoral stock indices during the first wave of the pandemic; we find that Range GARCH (1,1) performs better not only during the crisis but also during pandemic periods. The multivariate Range DCC model confirms evidence of volatility spillover across sectoral stock indices

Farmers And Rulers State Intervention In The 19th Century Deccan Country Side

After the British conquest of the Deccan, the new government was faced with the task of working out a viable land revenue system. Robert Keith Pringle who was a student of Malthus, tried to apply Ricardian theory of rent to several villages. The experiment was by and large a failure. This paper is an attempt to analyse Pringle's experiment and understand the causes of its failure. Mumbai University Econoics Department WP No. 95/3Deccan, British, Pringle, Malthus, Ricado, Ricardian, villages, rent,

Does the Market Matter? Economic History of an Indian Region in a Euro-Centric View

The 18th Century Deccan was a highly commercialised, market driven society, quite unlike the descriptions of "traditional" Indian societies in the literature. In many ways, this society was similar to those of north-Western Europe during the same period. At the same time, there were critical differences. One important difference was that of the state formation process. By the 18th century, European nations had succeeded in developing strong centralised state apparatuses. On the other hand, the state formation processes were much more open ended in the Deccan, which had interesting implications for differences in the structure of economic change in the two societies [Economics Dept. WP No.UDE15/3/2004].State formation, markets, political entrepreneurship

Economic Well-Being And Political Action

If one were to look at the process of economic development as one where individuals experience improvements in the scope of the choices that they can meaningfully exercise and are reasonably free to develop their latent abilities, without suffering from limitations of birth, sex, caste, creed, language, class, etc, then social development becomes tantamount to economic development. Adopting this broader view of economic development, means a commitment to seeing economic policies largely in terms of their ability to relax the restrictions on individual choice. What are the dynamics of making economic policy work towards the goal of a broader conception of economic development? This paper argues that politics of the deprived, based on an identity of the deprived as deprived, is central to the successful operation of such policy.deprived, development, individual choice, gloablisation, malnutrition, undernutrtion, education

Economic Backwardness in History: Deviation from a Eurocentric Theme

This paper aims to demonstrate that the economic behaviour of ordinary men and women in the pre-colonial Deccan was as much ‘capitalistic’ as that of similar agents in contemporary Europe. The difference in the economic trajectories of the two societies can be reduced to different sets of state building institutions. State building in the Deccan was a much more accommodative and open process than in many parts of Europe. Further, the ecology of the Deccan has its own peculiar characteristics. These basic differences structured incentives for economic agents in such a way that different sets of actions became economically rational in these two systems. Consequently, it would not be correct to view the pre-colonial political economy of the Deccan as being ‘non-capitalistic’ in some way. At most, one can argue that economic agents in 18th century Europe acted in a fashion different from those in the 18th century Deccan, because their incentives were structured differently, not because they responded to different sets of motives.incentives, capitalist, non capitalistic, economic history, pre-colonial political economy, Deccan, 18th century,capitalist, non-capitalist development,Economics, backwardness, political, economic agents, europe

Quietly They Die: A Study of Malnourishment Related Deaths in Mumbai City

The attention of the media and planners has been focussed almost exclusively on rural and tribal malnutrition. However, malnutrition among urban children, particularly the economically vulnerable slum population has been almost entirely neglected, with the exception of a very few studies. A sample of 1000 households in eight kaccha settlements in Mumbai has been chosen for the study. Five of these settlements are in the Eastern suburbs whereas the other five are in the Western suburbs. This sample was taken in November -December 2002. In the study incidence of malnourishment among children under the age of five has been captured.media, planners, Mumbai city, malnutrition, children, economically, suburbs, kaccha settlements, vulnerable slum population, tribal, rural, planners, urban, households, school, workforce, girls, boys, younger groups, healthy activities, weight, height, sex, age,

Causality between Prices, Output and Money in India: An Empirical Investigation in the Frequency Domain Causality between Prices, Output and Money in India: An Empirical Investigation in the Frequency Domain

Abstract: Whether money supply Granger causes, 'output and prices' has been intensively investigated in the Indian context. However, the question involves settling of the issue over the short -run, business cycle as well as in the long -run, because the behavior of the Phillips curve depends upon whether a long -run or a short -run relationship is being investigated. In this paper, we examine the issues using a bivariate methodology developed b

How justified is abandoning money from monetary policy? Evidence from dynamically simulated ARDL

AbstractThe stable money demand function is a crucial policy tool of the monetary policy of any central bank, which links the monetary sector of an economy to its real sector. Notably, after the global financial crisis of 2007–08, the role of money has come to be envisaged as an essential issue while formulating and conducting the monetary policy, especially at zero lower bound. It is crucial to know whether money demand is stable for inferring a sound monetary policy. To this end, the present study examines the short- and long-run money demand relationship and its stability in India from 2006:Q3 to 2019:Q4. The study has employed a dynamically simulated autoregressive distributed lag (ARDL) cointegration approach, which shows a well-specified and stable money demand in India after incorporating the inflation forecast variable as one of the essential determinants along with other covariates. Furthermore, the dynamically simulated impulse response also supports the economic relationship among variables. The current finding of stable money demand implies a policy implication in terms of focusing on monetary aggregate, in the ongoing flexible inflation targeting framework, as one of the essential information or indicator variables, which acts as a long-term assessment of short-term interest rate setting behaviour to achieve the macroeconomic goals