The price of the lockdown - the effects of social distancing on the Indian economy and business during the COVID-19 pandemic

The decision on immediate lockdown in India put economic, social and religious activities to a grinding halt. The paper examines the impact of the lockdown and social distancing policies on economic activities in India, using a multivariate econometric model for the data collected in the period from 1st January to 31st August 2020. While the social distancing policy is captured in terms of internal movement, domestic travel and international travel restrictions, its effect on the economic activity and the business activity is captured through stock prices, purchasing managers’ index and the exchange rate. Confirmed COVID-19 cases and related deaths are also used as the independent variables. The results reveal a significant negative impact of social distancing policies on the economic activity and the business activity, the stock market and the exchange rate. Furthermore, the economic stimulus provided by the Government could not bring a positive influence on the stock market

Sectoral effects of monetary policy shock: evidence from India

This paper analyzes the effect of monetary policy shock on the aggregate as well as on the sectoral output of Indian economy using reduced form vector auto regression (VAR) model. We find that the impact of a monetary policy shock at the sectoral level is heterogeneous. Sectors such as, mining and quarrying, manufacturing, construction and trade, hotel, transport and communications seems to decline more sharply than aggregate output in response to a monetary tightening. We also augment the basic VAR by including three channels- credit channel, exchange rate channel and asset price channel of the monetary policy, and analyze the sector specific importance of each of the channel. The channels through which monetary policy is transmitted to the real economy are found to be different for every sector. In most of the cases, multiple channels are responsible for the changes in the aggregate and sectoral output to the monetary policy shock. These results clearly indicate the need for a sector specific monetary policy in India

Sectoral effects of monetary policy shock: evidence from India

This paper analyzes the effect of monetary policy shock on the aggregate as well as on the sectoral output of Indian economy using reduced form vector auto regression (VAR) model. We find that the impact of a monetary policy shock at the sectoral level is heterogeneous. Sectors such as, mining and quarrying, manufacturing, construction and trade, hotel, transport and communications seems to decline more sharply than aggregate output in response to a monetary tightening. We also augment the basic VAR by including three channels- credit channel, exchange rate channel and asset price channel of the monetary policy, and analyze the sector specific importance of each of the channel. The channels through which monetary policy is transmitted to the real economy are found to be different for every sector. In most of the cases, multiple channels are responsible for the changes in the aggregate and sectoral output to the monetary policy shock. These results clearly indicate the need for a sector specific monetary policy in India

Does Financial Integration Reduce Output Volatility? New Evidence from Cross-Country Data

We examine the effect of financial integration, measured based on both volume and equity, on output volatility using five‐year non‐overlapping annual average data windows for sixty countries over the 1971–2015 period. We construct aggregate‐ as well as sub‐panels based on income and region. Financial integration reduces output volatility in aggregate and income panel, but not in all regions. Foreign direct investment (FDI) and foreign portfolio investment (FPI) reduces output volatility in developed countries, but only FDI reduces output volatility in developing countries. Financial regulatory architecture should aim at attracting FDI and macroeconomic and structural reforms to reap the benefits of FPI flows

The dynamic inefficiency of financial capitalism

We show that the interest rate cannot both coordinate the savings plans of borrowers and lenders and equal the marginal product of capital.

Governance, urbanization, and pollution: a cross-country analysis of global south region

This paper investigates the impact urbanization, industrialization, corruption, human development, energy consumption, and foreign direct investment (FDI) on carbon dioxide (CO2) emissions of 61 developing economies of the global south region of Asia, Africa, and Latin America during the period 1990–2015. The empirical results show that the effect of corruption on CO2 emissions is indeed heterogeneous and contradictory. Specifically, results exhibit that due to immature economic system, and policy paralysis, corruption penetrates the developing economies, and eventually cause carbon emission and pollution. Furthermore, results reveal that FDI guided by clean development mechanism and involved in emission reduction projects in the developing economies play a predominant role to curb the CO2 emission, pollution, and environmental degradation

A comparison of 48MeV Li3+ ion, 100MeV F8+ ion and Co-60 gamma irradiation effect on N-channel MOSFETs

N-channel MOSFETs were irradiated by 48MeV Li3+ ions, 100MeV F8+ ions and Co-60 gamma radiation with doses ranging from 100krad to 100Mrad. The threshold voltage (VTH), voltage shift due to interface trapped charge (ΔVNit), voltage shift due to oxide trapped charge (ΔVNot), density of interface trapped charge (ΔNit), density of oxide trapped charge (ΔNot), transconductance (gm), mobility (μ) of electrons in the channel and drain saturation current (ID Sat) were studied as a function of dose. Considerable increase in ΔNit and ΔNot, and decrease in VTH, gm and ID Sat were observed in all the irradiated devices. We correlated the degradation of μ with the ΔNit and the effect of ΔNot is found to be negligible for degrading the μ. The maximum degradation was observed for the devices irradiated with Co-60 gamma radiation when compared with those irradiated with ions, since gamma radiation can generate more trapped charge in field oxide when compared to the high energy ions