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Income Inequality in India: Causes, Consequences, and Lessons from Developed Economies
Full text linkEconomy of India is growing rapidly, but income inequality remains the major concerns. The study focuses on understanding the patterns, causes, consequences, and effects of income inequality in India. In terms of income equality, Japan and Germany are the global giants; hence, the study also analyses how India can learn from their experiences in achieving inclusive growth. The research uses secondary data such as Gini Coefficient, per capita income, and wealth distribution. To explain the relationship between economic growth and inequality, the Kuznets Curve theory is applied. The role of human capital (education, skills, and productivity) is highlighted as a key factor in reducing inequality. The Findings show that inequality in India is driven by unequal access to education, healthcare, and technology. India’s major resources and wealth are concentrated among the top 1% of the population. The research provides insights into how Japan and Germany reduced inequality through strong education systems, social welfare, and industrial inclusion. The study suggests that India can reduce income inequality by improving the quality of education and skill development, encouraging rural entrepreneurship, adopting progressive taxation policies, and promoting digital inclusion to ensure equal access to economic opportunities. The study concludes that reducing inequality is essential for achieving sustainable and inclusive growth in India
Comment on Saif’s Survey of Pakistan Construction Industry on the China-Pakistan Economic Corridor
Full text linkThe historic strategy of global resource imperialism, implemented by the 2013 Belt and Road Initiative from the People's Republic of China, has set a new competitive landscape for economic development worldwide, and the China-Pakistan Economic Corridor is a priority case study for the impacts of rapidly modernizing local transportation networks, energy infrastructure, and the economy. It is essential to track local attitudes towards these government programs, as in the research by Saif, Meixia, and Saleem (2023) from Dalian Jiaotong University, which provides survey results from construction industry participants in Pakistan during this ongoing massive infrastructure investment program
Domestic Transportation Infrastructure and Gains from Trade in the Vertical Linkages
Full text linkUsing a two-country Melitz model, we analyze how China's massive railway expansion generates trade gains via vertical linkages. Domestic gains stem from both a composition effect in which improved domestic market access enabled by railway encourages downstream firms to source more inputs domestically and hence raise the domestic value added ratio (DVAR), and a scale effect in which better market access boosts the output level. Intermediate good producers in the foreign country also benefit despite the composition effect, as the scale effect associated with expanded demand from Chinese firms dominates. We test the theoretical predictions with panel data on Chinese manufacturing firms in 2000-2007, addressing endogeneity using a control function approach. Our main empirical findings confirm: (1) Improved upstream access increases exporters' DVAR (explaining 11.57% of its interquantile variation) along with higher value added and revenue; (2) Better access to downstream buyers boosts upstream intermediate producers' value added, profits, and revenue; (3) Foreign intermediate good producers benefit from increased import varieties and quantities of Chinese firms
Detecting Stablecoin Failure with Simple Thresholds and Panel Binary Models: The Pivotal Role of Lagged Market Capitalization and Volatility
Full text linkIn this study, we extend research on stablecoin credit risk by introducing a novel rule-of-thumb approach to determine whether a stablecoin is ``dead" or ``alive" based on a simple price threshold. Using a comprehensive dataset of 98 stablecoins, we classify a coin as failed if its price falls below a predefined threshold (e.g., \$0.80), validated through sensitivity analysis against established benchmarks such as CoinMarketCap delistings and \cite{feder2018rise} methodology. We employ a wide range of panel binary models to forecast stablecoins' probabilities of default (PDs), incorporating stablecoin-specific regressors. Our findings indicate that panel Cauchit models with fixed effects outperform other models across different definitions of stablecoin failure, while lagged average monthly market capitalization and lagged stablecoin volatility emerge as the most significant predictors—outweighing macroeconomic and policy-related variables. Random forest models complement our analysis, confirming the robustness of these key drivers. This approach not only enhances the predictive accuracy of stablecoin PDs but also provides a practical, interpretable framework for regulators and investors to assess stablecoin stability based on credit risk dynamics
Early state formation in a Malthusian economy
Full text linkThis study develops a Malthusian growth model with early state formation and interstate competition. It explores how states' tax capacity and provision of productive public goods shape population dynamics and interstate competition. Each state has an optimal tax rate, increasing in the elasticity of agricultural output with respect to public goods. Without interstate competition, population either converges to a Malthusian trap or grows steadily depending on this elasticity. With interstate competition, states either coexist or only one survives. Population of any surviving state first rises and then falls with its tax rate, capturing the rise and fall of the state
بررسی عملکرد مدیریت سرمایه گذاری در وزارت تعاون، کار و رفاه اجتماعی: شواهدی جدید از هلدینگ¬های تابعه
Full text linkThis study investigates static and dynamic risk spillovers among selected assets associated with holdings affiliated with the Ministry of Cooperatives, Labor, and Social Welfare in Iran, employing the Time‑Varying Parameter Vector Autoregression (TVP‑VAR) model proposed by Antonakakis et al. (2020) during the period April 15, 2020 to April 22, 2025 . In addition, the framework of Broadstock et al. (2022) is applied to evaluate portfolio risk management efficiency, determine optimal asset weights, and compute portfolio hedge ratios based on three innovative strategies: Minimum Variance Portfolio (MVP), Minimum Correlation Portfolio (MCP), and Minimum Connectedness Portfolio (MCoP).
The results reveal that Vasandogh acts as the principal transmitter and Shasta as the main receiver of volatility within the network. The analysis of cumulative portfolio returns further shows that, compared to the other two approaches, the MVP strategy delivers superior performance in optimizing cumulative returns, particularly under conditions of market instability. However, the negative dynamic cumulative returns observed in the other two strategies indicate ineffective risk management within the investment policies of the Ministry.
Moreover, results related to hedge ratios demonstrate that hedging efficiency is significant only in portfolios where Shasta is included as a long‑term asset, whereas other portfolio combinations lack meaningful hedging effectiveness.
Accordingly, it can be concluded that a revision of the institutional functions of the Ministry’s affiliated holdings in the financial market is essential to enhance the resilience of financial portfolios and to consider divesting loss‑making holdings as a fundamental policy priority
Конкуренција и доминирање на тржишту осигурања у Србији: матрица SV за период 2018–2024. године
Full text linkSerbian: Чланак истражује конкуренцију и доминирање на тржишту осигурања у Србији (без Косова и Метохије). Примењен је метод матрице SV (Strenght - Variety), а потребни показатељи прерачунати су на основу укупне наплаћене премије осигурања осигуравајућих компанија, према подацима Народне банке Србије за период 2018–2024. Резултати су показали релативно висок укупни степен концентрације (CRSV), као и релативно малу диференцијацију унутар доминантне групе (HTSV). Поред тога, запажа се јасна тенденција смањења оба кључна индикатора који дефинишу матрицу SV: CRSV и HTSV, што показује приближавање квадранту RO матрице SV, односно јачање улоге конкуренције и унутар доминантне групе као и у односу на остале учеснике на тржишту.
English: The article investigates competition and dominance in the insurance market in Serbia (excluding Kosovo and Metohija). The SV (Strength - Variety) matrix method was applied, and the required indicators were calculated based on the total insurance premiums collected by insurance companies, according to data from the National Bank of Serbia for the period 2018–2024. The results showed a relatively high overall degree of concentration (CRSV), as well as relatively low differentiation within the dominant group (HTSV). In addition, a clear tendency to decrease in both key indicators that define the SV matrix: CRSV and HTSV is observed, which shows an approach to the RO quadrant of the SV market, i.e. a strengthening of the role of competition both within the dominant group and in relation to other market participants
Bayani Chronicles: A 3D Mobile Game on the Lives and Legacies of Philippine national Heroes
Full text linkIn the digital age, traditional approaches to history education often fail to sustain student engagement and foster knowledge retention. This study presents Bayani Chronicles: A 3D Mobile Game on the Lives and Legacies of Philippine National Heroes, a capstone project designed to merge cultural learning with interactive digital entertainment. Developed using the Unity game engine, the project transforms Philippine history lessons into immersive experiences through quest-based storytelling, open-world exploration, and interactive mini-games. Guided by game-based learning theories and the Agile development model, the study employed developmental and experimental approaches. Data were collected from three respondent groups: students and teachers from Jose Abad Santos High School – Manila, and representatives of the National Historical Commission of the Philippines (NHCP). Evaluation using the ISO/IEC 25010 quality framework showed that the game achieved an overall “Above Average” rating across eight quality criteria, with particularly strong scores in usability, functional suitability, and educational value. Students emphasized the game’s ability to sustain interest and improve comprehension, teachers recognized its promise as a supplemental teaching tool, and NHCP representatives affirmed its historical accuracy and cultural relevance. These findings suggest that 3D mobile games can serve as innovative platforms for education, fostering both meaningful learning outcomes and renewed appreciation of national heritage
Determinantes del cierre de proyectos de inversión pública en Perú: Un enfoque jerárquico ponderado
Full text linkThis study analyzes the determinants of public investment project completion in Peru, using a weighted hierarchical logit model to control for heterogeneity at the macro-regional and institutional function levels. The dependent variable is project completion, while the explanatory variables include selection in the Transitory Complementary Provision (DCT), financial progress, project typology, level of government, use of Form 12B, and the Multiannual Investment Programming (PMI).
The results show that financial progress and the use of Form 12B significantly increase the probability of project completion, with marginal effects of 0.32 and 0.18, respectively. In contrast, selection under the DCT and the existence of the PMI are associated with lower probabilities of completion, indicating that planning or resource allocation alone does not guarantee effective execution. Additionally, projects under the National and Regional governments have a higher likelihood of completion compared to local government projects, while smaller projects, such as PIP Minor and Investment Projects, face greater challenges in successfully reaching completion. IOARR projects, on the other hand, show completion outcomes comparable to PIP Major projects, without statistically significant differences.
These findings highlight the importance of financial execution, management tools, and institutional capacity for the success of public investment projects, providing relevant empirical evidence for improving project management and investment prioritization within the framework of Peru’s public investment system
Retail Price Ripples
Full text linkMuch like small ripples in a stream, which get lost in the larger waves, small changes in retail prices often fly under the radar of public perceptions, while large price changes appear as marketing moves associated with demand and competition. Unnoticed, these could increase consumers’ out-of-pocket expenses. Indeed, retailers could boost their profits by making numerous small price increases or by obfuscating large price increases with numerous small price decreases, thereby bypassing the consumer’s full attention and consideration, and triggering consumer fairness concerns. Yet only a handful of papers study small price changes. Extant results are often based on a single retailer, limited products, short time span, and legacy datasets dating back to the 1980s and 1990s – leaving their current practical relevance questionable. Researchers have also questioned whether the reported observations of small price changes are artifacts of measurement errors driven by data aggregation. In a series of analyses of a large dataset (almost 79 billion weekly price observations from 2006 to 2015, covering 527 products, and about 35,000 stores across 161 retailers), we find robust evidence of asymmetric pricing in the small (APIS), where small price increases outnumber small price decreases, but no such asymmetry is present in the large. We also document the reverse phenomenon (APIS-R), where small price decreases outnumber small price increases. Our results are robust to several possible measurement issues. Importantly, our findings indicate a greater current relevance and generalizability of such asymmetric pricing practices than the existing literature recognizes