1,721,028 research outputs found
Economic Development and Consumption Patterns in Asian Countries
No full textThis book analyzes consumption patterns in Asian countries that are at different stages of economic development and highlights the similarities and disparitiesof consumption patterns across countries using a system-wide framework. In a departure from previous studies in the literature which mainly present only single-country analysis, this book aims to provide a comprehensive analysis of cross-country consumption patterns considering several Asian countries, using the most recent consumption expenditure data for aggregate commodity groups. In comparing consumption patternsacross countries, the book use unit-free measurements such as budget shares and changes in logarithms of price and quantities, thus avoiding problems associated with exchange rate conversions. The book also analyses the dynamic behaviour in the consumption patterns of the Asian consumers. The findings of this book will be invaluable to researchers in development economics as well as policymakers in the formulation o fiscal policy or other types of economic control.No Full Tex
Energy poverty in Sri Lanka
No full textUnderstanding energy poverty is fundamental to any efforts to alleviate it. This paper, using the latest (2016) Sri Lankan Household Income and Expenditure survey data, examines the incidence, intensity, inequality, and determinants of energy poverty in Sri Lanka, by constructing the Multidimensional Energy Poverty Index (MEPI). The MEPI is calculated using a set of seven key indicators representing multiple dimensions of energy and assigning weights by using the Principal Component Analysis (PCA). Sri Lankan households, on average, are experiencing a moderate level of energy poverty (with MEPI of 0.431) where the lack of access to modern cooking fuel is the largest contributor to energy poverty. Results of this study revealed notable differences in energy poverty by gender, age, ethnicity, and income group of the head of the household and by sub-national location of the household. Significant differences in inequality in energy poverty were also observed by sub-national location and income. While energy-poor households are not necessarily always income-poor, income and other socio-demographic and geographical factors are strongly associated with energy poverty in Sri Lanka. The findings of this study raise alarms for the possible adverse implications on health and education attainment of the energy-poor. Overall, the results provide valuable policy insights into one of the most neglected dimensions of the post-war development policy agenda in Sri Lanka, in particular, and other developing countries, in general.Full Tex
Global power and Stock market co-movements: A study of G20 markets
No full textIt is well understood that a handful of countries such as members of G7 and G20 influence the direction of the trade policy of nations across the world. Such influence places significant pressure on other countries to adapt their own policies to suit G7 and G20 as these two groups of countries control international agencies such as the World Bank and the United Nations. This influence is also evident from the deliberations of G7 and G20 member countries and how such more powerful nations seem to shape and influence the global economic agenda. This study aims to investigate the relationship between global power (as measured by the global power index GPI) and globalisation (as measured by the co-movements of stock markets time varying correlations). Previous studies have investigated various factors influencing stock market correlations; however, the relationship between GPI and stock market correlations has not been addressed thus far. To investigate this relationship, we created an index of correlations of each stock market with other stock markets in G20 countries. Our empirical results indicate that GPI has a positive and statistically significant impact on the stock market correlations in G20 nations. This is the first study to establish such relationship between GPI and change in relative stock market performance. In the past changes in relative stock market returns were mainly attributed to the economic factors and relative volatility of the underlying stock markets. As such this study makes an important contribution to body of knowledge by developing a theoretical argument to show how change in relative global power, influences changes in stock market correlations via changes in relative risk premium and returns. The findings of the study have implications for the development of global policies as global power influences stock market co-movements. The findings of this study may also have implications for investors who aim to construct globally diversified portfolios.Full Tex
Determinants of Private Investment in Sri Lanka
No full textPrivate investment plays a vital role in reducing poverty and fostering economic growth in developing countries through job creation and capital formation. This study investigates the key determinants of private investment in Sri Lanka over the period 1977–2019, employing the autoregressive distributed lag model. The findings indicate that economic growth, credit to the private sector and the real interest rate exert a significant and positive influence on private investment. Conversely, political instability caused by war, foreign direct investment and public investment negatively affect private investment. The error correction term is –0.93, signifying a rapid adjustment towards long-run equilibrium following a short-run shock. These results suggest that policymakers should leverage interest rate management and improved access to credit as mechanisms to boost private investment. Furthermore, ensuring political stability is essential to creating an investor-friendly environment that supports sustained private sector development and long-term economic progress in Sri Lanka.No Full Tex
A new approach to analyse conditional demand: An application to Australian energy consumption
No full textLaitinen et al. (1983) proposed an extension to the Working's (1943) Model which allows the marginal share to be a linear function of the corresponding budget share. In this paper, we derive the conditional (within a group of goods) version of Laitinen's Generalized Working's Model which is an important and useful generalization of the popular Working's Model with respect to the conditional case. We then use the new model to analyse the Australian energy consumption patterns conditionally for electricity, gas, petrol, and diesel using the most recent ABS Household Expenditure Survey 2015–2016 data. We found some interesting energy consumption patterns in Australia at (a) states/territories (b) remoteness of location and (c) income group levels. The results indicate that energy, as a group, is a necessity for all Australian households irrespective of their income and where they live. Within specified energy group, electricity is a necessity and petrol and diesel are luxuries for households across Australia and households of all income groups. Gas switches between being a necessity or a luxury based on the state/territory and level of remoteness. This is an appealing result that illustrates the valuable property of the Generalized Working's Model whereby a good can switch from a luxury to a necessity and vice versa, something that is ruled out in the original Working's Model.No Full Tex
Introduction: Sustainability and development: Perspectives from India
No full textWith an impressive economic growth rate averaging around 7.0 percent during 2003–2004 to 2019–2020, India is currently the fifth largest economy in the World. The growth has enabled India to make remarkable progress in absolute poverty reduction and make significant strides in its progress towards achieving Sustainable Development Goals. However, several crucial sectors of importance from the Human Development perspective, namely, health and education, continue to receive lower than desired level of attention. Over the period 2014–2015 to 2019–2020, the expenditure on education sector marginally improved from 2.8 to 3.1 percent of the gross domestic product (GDP), but remained well below the desired level of about 6 percent of GDP. The health sector over the same period improved its share from 1.2 to 1.6 percent of GDP, but the allocation in this sector too stayed below the recommendations of the 15th Finance Commission. The manifestation such under-allocation is reflected through worrying trends across various human development dimensions including close to 35 percent of the children in India suffering from malnutrition. It is also reflected in continuing under performance of India in the global human development index rankings. Equally concerning is India’s below par achievement in terms of gender equality. As per the World Economic Forum’s latest Global Gender Gap Report 2021, India slipped as many as 28 positions and ranked 140 among 153 countries. Among South Asian countries, only Pakistan and Afghanistan had lower achievements than India in bridging the gender gap. The gender gap is contributed among other dimensions by low levels of female labor force participation rates and significant gap between men and women in terms of the income earned. Further, the growing population, growing urbanization and higher consumption needs pose serious concerns regarding the sustainability of the impressive economic growth. The Covid-19 pandemic aggravated the already decelerating economic growth and pushed the GDP growth rate to negative digits. This has also put constraints on fiscal space to shape-up fast and effective recovery. The economic recovery is expected to take time and the impact of pandemic will be felt more acutely on the informal sector. All this will further hamper India’s developmental aspirations.Full Tex
Financial Flows and Economic Growth: A Comparative Analysis Between South Asia and Developing Countries
Full text linkThis study undertakes a comparative analysis of the impact of international financial flows—specifically foreign aid, foreign direct investment (FDI) and remittances—on economic growth in South Asia (SA) and 45 other developing countries, using panel data for the period 1980–2016. The study also analyses the indirect influences of financial flows on growth mediated through key transmission channels, including political stability, trade openness and human capital (HC) for both groups. On controlling endogeneity, the results indicate that foreign aid discourages growth both in developing countries and SA. However, FDI and remittances promote growth in the two groups of countries, while their impact is higher in SA. Investigation of transmission channels reveals multiple significant roles of financial flows in impacting economic growth. Exploring the dynamic roles of international financial flows, the findings of the study offer a deeper understanding and insights to policymakers in the developing world.Full Tex
Remittances, Foreign Aid, and Economic Growth in Bangladesh: An Empirical Analysis
No full textThis chapter addresses the issues of remittances, foreign aid, and economic growth of Bangladesh. In many developing countries, including Bangladesh, remittance inflows from emigrants and migrant workers and foreign aid play a significant role in their economic development. In terms of remittance flows and economic growth, Bangladesh is performing at the same or slightly better level than other countries in the region such as India, Pakistan, and Sri Lanka. During 2011–2015, on average, Bangladesh had received remittances US89.2 for every Bangladesh person (very much higher than India US84.9 person, and many times lower than Sri Lanka USD2.2 billion (equivalent to US16.3 per person) and Sri Lanka (US$23.6 per person). This chapter analyzes the causal link between remittances, foreign aid, and economic growth as well as other determinants of remittances in Bangladesh using annual time series data for the period 1980–2018 by employing the Granger causality test under a VAR framework. Granger causality results reveal that there is a uni-directional causality from foreign aid, GDP growth, human capital, and migration to remittances. The estimation results show that exchange rate, GDP growth, migration, and trade openness have a positive significant effect on remittance flows, while foreign aid, FDI, and political instability have a negative significant effect on remittances. This chapter also discusses several policy issues arising from the results of the analysis in relation to remittances in association with its determinants.No Full Tex
Demographic Dynamics of South Asia
No full textThe composition of the population and labour force in the South Asian region has changed notably during the last several decades. This chapter examines the general demographic trends and the effects of population growth on economic development in South Asia. Overall, there has been a declining trend in population in South Asia, where the average annual population growth rate during 1995-2005 was 1.8 per cent, and in 2015-2022, it was 1.0 per cent per annum. A similar trend is seen in Southeast Asia during the same period. The declining fertility rates in the region are the main reason for the drop in population growth rates. Rapid urbanization, increased female labour force participation, increased female median age at marriage, and higher costs of raising children, as well as government policies on curbing population growth, have substantially contributed to the declining fertility rates in the region. In addition, there have been notable structural changes in labour force participation in all these countries, where the labour force participation in the agriculture sector has substantially dropped while that in the service sector has increased in all countries. South Asian countries have substantially lower female labour force participation than Southeast Asian countries.No Full Tex
Agriculture and Rural Development
No full textThis chapter discusses some highlights of agriculture and rural development in the South Asian region. Cropping contributes more than 80 per cent of the value added to agriculture in South Asia, with rice and wheat accounting for more than three-quarters of the value added to cropping. Therefore, the increase in food grain production is the primary source of agricultural growth in the four countries studied. The food crop volume and productivity experienced high fluctuations during the last several decades. In all countries under consideration, the land under irrigation, land under cereal cultivation, and fertilizer use increased over this period. Sri Lankan agricultural production was adversely impacted by the ban on the import of agrochemicals in April 2021. This resulted in a reduction of major export goods and a notable growth in rice imports. The fertilizer ban was revoked in November 2021.No Full Tex
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