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Authors:Nana Kwame Akosah, Imhotep Paul Alagidede, Eric Schaling Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. The study develops a standard New Keynesian model to examine how monetary authority reacts to both domestic and external shocks as well as how its policy decision impacts the general macroeconomy in developing African economy. Using Bayesian estimation techniques and a Ghanaian dataset, the article also seeks to determine the best-suited monetary policy rule for Ghana and countries with similar characteristics. The basic finding is that a forward-looking Taylor rule—where authority reacts to one-period-ahead inflation deviation from target alongside the current output gap—is the most appropriate monetary policy rule for Ghana. Another salient finding is that variations in output are mainly driven by price markup, labour supply, monetary policy and productivity shocks across the forecast horizons. In addition, the dominant determinants of inflation are exchange rate risk premium and price markup shocks. Collectively, the article also unveils that monetary policy responses to macroeconomic shocks are broadly in line with conventional economic theory. There is also conspicuous evidence that the general equilibrium model with representative consumers is practically suitable for monetary policy analysis in Ghana, as contractionary monetary policy impulse is able to contemporaneously induce disinflation and output contraction. Given the strong evidence of a large segment of the unbanked population in Ghana, the findings in this study could be verified based on a model that allows for the co-existence of optimizing and non-optimizing consumers.JEL Classification: B41, C5, C11, D11, D21, D41, D42, E2, E12, E43, E52, E58, F31, F41 Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2024-06-09T01:33:23Z DOI: 10.1177/22779787241253638
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Authors:Fatma Abdelkaoui, Ali Sidaoui, Feriel Nasser, Meriem Bouzidi Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. This research study investigates the impact of cryptocurrency on economic growth in 10 countries across Asia during past period 2013–2020. For this purpose, the sample included a range of economies with the highest number of Bitcoin usages or transactions. For this purpose, the sample included a range of economies with the highest number of Bitcoin usages or transactions, according to recent international rankings. With specific empirical means on panel data modelling, we attempted to show that economic growth, was influenced negatively by the cryptocurrency ‘Bitcoin’, and we concluded that this instrument leads to an increase in the inflation rate in a country according to the quantity theory of money and leads to a disorder in the monetary policy of a country. Our framework shows that the economic growth proxy was substantially influenced positively by economic indicators such as technology, investment and education but negatively by the high rate of participation, which caused an increase in unemployment. Our empirical results offer insights and insist on the importance of the intervention of the authorities to oversee and control the use of the cryptocurrency Bitcoin to avoid its negative effects and implement a strategy that overcomes these effects from a macroeconomic perspective.JEL Classification: E22, E24, E42, F43, E44, E52 Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2024-05-23T07:23:18Z DOI: 10.1177/22779787241245780
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Authors:Shreya Pal Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. Drawing inspiration from Feldstein and Horioka’s (1980) (FH) puzzle, our study elucidates the impact of remittances and Foreign Direct Investment (FDI) on domestic savings and investment in two disparate yet globalized developing regions: Latin America and the Caribbean and South Asia. Utilizing an extensive dataset spanning from 1984 to 2021 and employing diverse methodologies, including Dynamic System generalized method of moment, Driscoll–Kraay standard error, fully modified ordinary least squares, and dynamic ordinary least squares, our findings reveal that remittances exert a positive influence on both domestic investment and savings across both regions. However, South Asia predominantly directs remittance inflows towards investment, while Latin America and the Caribbean exhibit a propensity towards saving these funds. As for FDI, the primary developing region predominantly channels these funds into investment, whereas the lower region prioritizes savings. The impact of control variables manifests varied effects across both regions. Ultimately, our study underscores the pivotal role of foreign remittances in supporting investment and savings, underscoring the profound influence of economic growth on these dynamics. This accentuates the imperative for governments to proactively allocate financial resources to optimize economic growth and fortify financial frameworks. Moreover, focused strategies are indispensable for adeptly managing foreign inflows while navigating external shocks such as international repayments, external debt, and aid. Additionally, enhancements in monetary and fiscal policies are imperative to sustain competitive interest rates and foster stable macroeconomic conditions, thereby fostering conducive environments for both public and private domestic savings.JEL Classification: F24; F3; P33; C23; O18 Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2024-05-17T05:03:21Z DOI: 10.1177/22779787241245779
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Authors:Anita Rath Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. M. Govinda Rao. Studies in Indian Public Finance. Oxford University Press, 2022, 250pp., ₹1,495. ISBN: 9780192849601. Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2024-03-31T12:04:34Z DOI: 10.1177/22779787241236659
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Authors:Samahita Phul First page: 70 Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. This article builds a Structural Vector Autoregressive model and employs non-recursive identification restrictions to examine the effectiveness of the Monetary policy transmission mechanism in India during the Flexible Inflation Targeting regime (2016–2023). The results indicate that policy rate shocks have a significant negative impact on domestic output and prices during this regime. The findings further, reveal evidence of an exchange rate puzzle during the Flexible Inflation Targeting regime. Our results give credence to the RBI’s move towards a Flexible indicator targeting approach as all the macroeconomic variables of interest, that is, Domestic output and inflation produce plausible estimates in response to a monetary policy shock.JEL Classification: C32, E52, E5, E52, F41 Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2024-05-28T04:21:49Z DOI: 10.1177/22779787241245237
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Authors:Jitender Singh, Arup Mitra Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. This note assesses the relationship between labour productivity and employment in the framework of the unobserved component model as well as the vector autoregressive model. In the case of the organized/formal manufacturing sector in India, the transitory increase in productivity is seen to reduce the man-days in the short run, though it is not statistically significant. Permanent shock to productivity decreases labour inputs permanently, and vice versa and their association is also statistically significant. Incentivizing the firms to expand their activities, diversify production and process secondary products may help restore employment in the face of a permanent productivity shock.JEL Classification: C11, C32, E32 Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2023-12-11T12:37:54Z DOI: 10.1177/22779787231209612
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Authors:Subhomay Saha, Chaitali Sinha, Shrabani Saha Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. This article is an attempt to provide a critical review of the present process of agricultural marketing in India in the wake of the recent discontent amongst the farmers that took place with the passing of the three controversial farm laws in September 2020 and giving respite to the agrarian community of the country by repealing of these new laws in November 2021. The old agricultural system of India needs to be changed. The three farm laws that were passed were of the intention to modernize the Indian agricultural market by encouraging investment and increasing competition. However, there was a country-wide protest from the farmers as they were sceptical that these laws would ultimately withdraw or reduce the security net provided by the states and put them in a vulnerable position. The present review takes a deeper dig into the present agricultural marketing situation of India in the context of the new farm laws and tries to critically evaluate the situation.JEL Classification: Q13 Q15 Q18 Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2023-12-11T12:37:05Z DOI: 10.1177/22779787231209169
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Authors:Hrushikesh Mallick Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. The study explores the determinants of indirect tax mobilization across various groups of Indian states based on their major, minor categories and more and less industrialized attributes. It observes a strongly positive but differential impact of per capita RGSDP on own tax revenue efforts of various state groups. Information and Communication Technology use is only helping major less and minor more producer states in augmenting their tax revenues, whereas it results in decreased revenues for major more and minor less producing state groups including all the states in a group. This implies use of Information and Communication Technology has been less effective for most Indian states in augmenting their tax revenues. The governance quality results in loss of tax revenues in major and minor less producer states, while it has no effect on major more producer including all minor and all states together. This implies a weak role of governance in taxation. We observe differential impact of tax regimes for different state panels, which has significant policy relevance.JEL Classification: H11, H21, H27, H77 Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2023-12-09T03:48:31Z DOI: 10.1177/22779787231210743
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