Democracy, Trade Openness and Economic Growth: A Cross-Country Study

Author: Anupama George Institute of Economic Growth, New Delhi

The 1970's and 1980's saw a spurt of positive movement in the sphere of political systems. More than 30 countries shifted from authoritarian to democratic political systems. But in the recent few years, the post-1970s wave of democratisation has slowed or been reversed. In some respects the trend was made worse by the post-2008 economic crisis. Countries have shown a decline in some aspects of governance, political participation and media freedoms, and a clear deterioration in attitudes associated with, or that are conducive to, democracy in many countries1 . But we also see that many of such countries portray signs of economic growth. To see, for example, countries like China and Singapore, despite having regressed in democracy still show increasing level of economic growth. As against this, there are also countries from South America and the Middle Eastern region which have shown improvements in democracy as well as in the economic growth levels. Many studies of political economy of growth are abound with contradictory hypotheses and findings. Therefore, whether democracy promotes economic growth or hinders it is a debatable question. One of the reasons for such ambiguous results could be the impact of international trade undertaken by these countries on both economic growth and democracy, though the nature of relationship might be indirect or direct.

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An Event Study on the impact of RBI's Monetary Policy Announcements and Demonetization on the NSE Bond Indices

Author: Dr. Velmurugan PS Asst. Professor, Dept. of Commerce, Pondicherry University Mohammad Irshad VK PhD Research Scholar, Dept. of Commerce, Pondicherry University

Central banks are mindful about their ableness to control financial asset prices using monetary policies. They use this ability to moderate oscillations in the economy. During recessions, they try to avoid deflationary factors by reducing interest rates, which will lead to the hike in asset prices and create an encouraging effect on the economy. When bond yields fall, it will make borrowings cheaper for corporations and the government, and it will motivate to spend more. Central bank's monetary policy announcements are mainly aimed to determine interest rates. Subsequently, interest rates fixes the risk-free rate of return. Also, the risk-free rate of return has a huge impact on the demand for all types of financial securities, especially on bonds. If interest rates are low, bond yield also will move down, because there will be an increased level of demand for bonds. This increased demand for bond will make the price of bonds rising and its yield falling. The inverse also can happen. If the risk-free rate of return goes up, money moves from financial assets to the investment opportunities with guaranteed returns. So, if the risk-free rate of return moves up, it will make financial assets less attractive.

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Environmental Implications of Agricultural Development in Odisha State

Author: Suvangi Rath1*, PrangyaParamita Sahoo2, Khitish Kumar Sarangi3, Kalakada Kareemulla4

Agriculture is a major and integral component of the Indianeconomy with a contribution of about 18% to the GDP of the country and employment to over 55 per cent of the population (Source:Economic Survey, Odisha 2017-18). Odisha, the south-eastern state of India has 47% of its population living under poverty and 85% of the state’s population live in villages (Source:EAS, TRIPTI, 2007). Agriculture is the state's dominant sector with a contribution of nearly 20 per cent to the Net State Domestic Product (NSDP). About 73 per cent of total main workers are engaged in agriculture including 44.3 per cent cultivators and 28.7 per cent agricultural laborer (Source: Economic Survey, Odisha 2017- 18).

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Dynamics of development in tribes: A district level analysis of Gujarat state

Dr. Nasheman Bandookwala Associate Professor, Shanti Business School, Ahmedabad, Gujrat

Development is defunct, redundant and incomplete if half of the millions of the population remain voiceless, undervalued and underutilized. Sen, recognizes that increase of income alone has at best uneven and at worst detrimental impacts on the majority of a country‟s population, and radical redistributive measures are necessary for the poor to benefit from growth. These measures are offered by Human Development Index (HDI), in Human development report published by UNDP since 1990. Development marks removal of poverty, tyranny, poor economic opportunities, systematic social deprivation and poor public facilities. Removal of these factors results into equality in opportunities and enlarging of capabilities. Although, passionate attention of authorities has been initiated towards this direction - a lot needs to be done yet. Moreover, penetration in this regard in terms of social groups opens up a diverse dynamics. The inclusive development that outlines equality in opportunities, loses its sheen when marginalised social groups are analysed and synthesized. The present study attempts to evaluate and address development discourse – with human development at its centre for schedule tribes (ST) across the districts of Gujarat. Voluminous work has been done at international, national and state level in this direction but serious dearth is experienced at district level. Recognizing this gap the present study is initiated to ameliorate the understanding about development dynamics of tribes in Gujarat.

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Mergers and acquisitions of international banking. Penetration strategy in emerging economy of Mexico

Jose G. Vargas-Hernandez M.B.A.; Ph.D. Carlos Enrique Suarez Medina

Implementing strategies according to Luna (2010) are designed from the highest administrative controls addresses large corporates, which is the design of an action plan covering all corporate levels. Taking this idea, strategies designed by financial large corporate to grow and develop, they are designed and planned from the top levels of its leadership. At the stage of penetration of new markets it is paramount and as part of the strategy, to have people who are motivated, who know how the business that are committed to the company, having the ability to make modifications based on the situations they encounter, they can create a corporate culture (David, 2013).

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Demonetization and its impact on the Indian Economy

Ajit Kumar Sahu1 and Poonam Rani2

Demonetization is referred to an instrument to economic policy which used as debarring currency as a form of legal tender. In common words, a currency unit unable to find its legal tender position when new comes into the circulation. India’s position is 79th among 176th countries in the Corruption Perception Index 2016 declared by the Transparency International Organization and 88th rank in terms of black money (The Hindu July 02, 2017). There are some factors which generate illegal activities like social crime, terrorists, Maoists and currency storage etc. Therefore, demonetization policy in India on November 8, 2016. Finance Minister ArunJaitley said that to introduced demonetization policy mainly that India is a high cash economy and that scenario needed to be changed in order to give blow to black economy or more specifically parallel economy.

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