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Authors:Chen Kong San, Lee Chin Pages: 250 - 278 Abstract: South Asian Journal of Macroeconomics and Public Finance, Volume 12, Issue 2, Page 250-278, December 2023. This study aimed at investigating the nexus between government debt and its determinants in the context of sustainable economic growth for 97 countries over the period from 2004 to 2018 by employing a panel data quantile regression and comparing it across a fixed-effects model and a generalized method of moments (GMM) model. The different touches of debt on economic growth were analysed. The quantile regression estimates revealed that government debt has various impacts on economic growth, relying on the degree of economic performance. Government debt negatively affects economic growth across all the quantiles. More interestingly, the quantile regression estimates indicated that in countries with a very low level of real GDP per capita growth, government debt has a stronger pernicious effect on economic growth compared to upper-middle and high-income countries. Hence, our results provided insightful information for policy makers in designing appropriate fiscal policies particularly for low- and lower- middle-income countries to mitigate the negative effect on economic growth, and it should be maintained at a low and reasonable level to promote sustainable economic growth.JEL Classification: E61, E62, E63, H63, O4, O40 Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2023-11-23T04:24:44Z DOI: 10.1177/22779787231207218 Issue No:Vol. 12, No. 2 (2023)
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Authors:Geeta Duppati, Rachita Gulati, Neha Matlani, Ploypailin Kijkasiwat Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. This article examines the relationship between ownership, leverage, and performance for Chinese small and medium enterprises (SMEs). Our study sheds light on how institutional ownership affects the performance of Chinese SMEs. We use agency and the pecking order perspective as background theories for analysing the relationships between institutional ownership, capital structure, and firm performance. We use a range of regression estimations for robustness checks and include Quantile regression, static and dynamic panel regression models, and a two-step system Generalized Method of Moments (GMM) approach to explore data covering 2009–2015. Our findings show that institutional investor’s ownership affects the performance of Chinese SMEs positively and significantly. The negative relationship between leverage and performance indicates the dominance of family ownership in Chinese SMEs, where firms rely more on retained earnings for financing, which aligns with the pecking order theory (POT) perspective. The results also suggest that institutional ownership could mitigate agency issues in Chinese SMEs. Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2023-11-09T03:34:56Z DOI: 10.1177/22779787231196361
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Authors:Utpal Kumar De, Christopher P. P. Shafuda Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. An analysis of the performance and efficiency of the Namibian government’s interventions after the end of the colonial era has been made in this study for the period 1990 to 2015. Using the Afonso et al. public sector performance (PSP) and public sector efficiency (PSE) method and the Stochastic frontier analysis (SFA), the findings reveal a sluggishly improving efficiency in the public sector in Namibia. However, some performance indicators showed significant improvement, while others did not record any substantial improvement. Progress is recorded in government efforts and programmes to reduce inequality and poverty, but the outputs moved at a plodding pace. Programmes and policies to reduce unemployment failed to produce the expected outcomes. Additionally, technical progress has been very slow since independence, as reflected by the technical efficiency parameter. The findings suggest a need to improve the public sector’s performance and efficiency to ensure stability and accelerate growth in the previously colonized economies with the same features as Namibia.JEL Classification: H00, H11, H89, L38 Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2023-11-09T03:33:56Z DOI: 10.1177/22779787231204698
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Authors:Fernanda Andrade de Xavier, Pranab Mukhopadhyay Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. This paper examines the possibility of using fiscal devolution in India to achieve the Sustainable Development Goals. We propose alternative weights and criteria to see how allocation between states would change if the Finance Commission of India (FC) used a framework that incentivizes achievements in social and environmental outcomes. Two different proposals are examined—one where level values of the female–male ratio, female literacy rate and forest cover are used to decide allocations and another where incremental values are used. The advantage of the second proposal is that it reduces historical bias. We calculate the alternative allocation that would emerge using these proposals and compare it with the actual allocation for the last three Finance Commissions—XIII to the XV. We find that the reallocation among the states incentivizes better performers and also help India achieve the goals for sustainable development.JEL Classification: H77, Q56, Q58 Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2023-07-17T08:23:22Z DOI: 10.1177/22779787231168771
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Authors:Nandita Bhattacharjee, Ambika Prasad Pati Abstract: South Asian Journal of Macroeconomics and Public Finance, Ahead of Print. The development of shadow banks, their exaggerated growth rate and the activities outside the regulatory purview gained prominence. Their activities have the ability to disrupt financial stability. India is one of the countries that has registered the highest growth rate. Therefore, the article attempts to identify the SBs that can threaten the economy by applying market-based measures, applying both traditional and modern approaches. The analysis is based on 11 years of the daily stock return of the companies listed on the National Stock Exchange. The risk emitters in the study period are identified along with the directionality of the risk that can lead to a spill over effect in an economy. Also, the various measurement approaches applied in the study are compared and found that conventional measures underestimate the risk that adds up to the leverage and can pose a greater risk in times of the systemic event. These findings have better implications as informed decisions can be taken by the investors, and the regulators can take preventive steps to curb financial instability.JEL Classifications: G230, F650, G01 Citation: South Asian Journal of Macroeconomics and Public Finance PubDate: 2022-07-11T11:02:43Z DOI: 10.1177/22779787221107716
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