The Experts below are selected from a list of 126 Experts worldwide ranked by ideXlab platform
Jasoda Jena - One of the best experts on this subject based on the ideXlab platform.
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Petroleum Subsidies and Macroeconomic Variables in India
Journal of economics and sustainable development, 2020Co-Authors: Chittaranjan Nayak, Jasoda JenaAbstract:The Government of India has been subsidizing petroleum products, particularly diesel, kerosene under Public Distribution System and domestic Liquefied Petroleum Gas (LPG), where these products are sold below their market prices. It is argued that rising petroleum subsidies have contributed to fiscal pressures in India. The present paper attempts to compare the trend of petroleum subsidies with other forms of subsidies given by the Government of India, and then examine the impact of petroleum subsidies on key Macroeconomic Variables like Wholesale Price Index, GDP, gross investment, fiscal deficit and interest rate based on official data from 1992-93 to 2012-13. From a comparison with other components of gross subsidy, the study observes that it is not petroleum subsidy but food and fertilizer subsidies have grown at a sharper rate. From the use of Vector Autoregression (VAR) for the difference of logarithm of the Macroeconomic Variable like GDP, investment, interest rate, Wholesale Price Index and Fiscal Deficit, the study observes that the growth rate of petroleum subsidy has no significant impact on the growth rates of these Variables. On the contrary, petroleum subsidy has rather been Granger caused by some of the Variables like interest rate and fiscal deficit. On the basis of these observations, the obvious argument should be not to target petroleum subsidy singularly as a culprit for rising fiscal deficit and inflation. However, when we make a closer look on the amount of under-recoveries of the Oil Marketing Companies (OMCs), our argument favors periodic revision of prices of petroleum products partially accommodating the fluctuations in the crude petroleum prices without reducing subsidies for the consumers as given in cases of PDS kerosene and domestic LPG. JEL Classification Codes: C32, E60, H20, I38 Keywords: Petroleum Subsidy, under-recoveries, Macroeconomic Variables, VAR, India
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Petroleum Subsidies and Macroeconomic Variables in India
ISSN, 2014Co-Authors: Chittaranjan Nayak, Jasoda JenaAbstract:The Government of India has been subsidizing petroleum products, particularly diesel, kerosene under Public Distribution System and domestic Liquefied Petroleum Gas (LPG), where these products are sold below their market prices. It is argued that rising petroleum subsidies have contributed to fiscal pressures in India. The present paper attempts to compare the trend of petroleum subsidies with other forms of subsidies given by the Government of India, and then examine the impact of petroleum subsidies on key Macroeconomic Variables like Wholesale Price Index, GDP, gross investment, fiscal deficit and interest rate based on official data from 1992-93 to 2012-13. From a comparison with other components of gross subsidy, the study observes that it is not petroleum subsidy but food and fertilizer subsidies have grown at a sharper rate. From the use of Vector Autoregression (VAR) for the difference of logarithm of the Macroeconomic Variable like GDP, investment, interest rate, Wholesale Price Index and Fiscal Deficit, the study observes that the growth rate of petroleum subsidy has no significant impact on the growth rates of these Variables. On the contrary, petroleum subsidy has rather been Granger caused by some of the Variables like interest rate and fiscal deficit. On the basis of these observations, the obvious argument should be not to target petroleum subsidy singularly as a culprit for rising fiscal deficit and inflation. However, when we make a closer look on the amount of under-recoveries of the Oil Marketing Companies (OMCs), our argument favors periodic revision of prices of petroleum products partially accommodating the fluctuations in the crude petroleum prices without reducing subsidies for the consumers as given in cases of PDS kerosene and domestic LPG.
Puja Padhi - One of the best experts on this subject based on the ideXlab platform.
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The impact of Macroeconomic Fundamentals on Stock Prices revisited: An Evidence from Indian Data
Eurasian Journal of Business and Economics, 2012Co-Authors: Naik P. Kumar, Puja PadhiAbstract:The study investigates the relationships between the Indian stock market index (BSE Sensex) and five Macroeconomic Variables, namely, industrial production index, wholesale price index, money supply, treasury bills rates and exchange rates over the period 1994:04–2011:06. Johansen’s co-integration and vector error correction model have been applied to explore the long-run equilibrium relationship between stock market index and Macroeconomic Variables. The analysis reveals that Macroeconomic Variables and the stock market index are co-integrated and, hence, a long-run equilibrium relationship exists between them. It is observed that the stock prices positively relate to the money supply and industrial production but negatively relate to inflation. The exchange rate and the short-term interest rate are found to be insignificant in determining stock prices. In the Granger causality sense, Macroeconomic Variable causes the stock prices in the long-run but not in the short-run. There is bidirectional causality exists between industrial production and stock prices whereas, unidirectional causality from money supply to stock price, stock price to inflation and interest rates to stock prices are found.
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Interaction of Macroeconomic Factors and Stock Market Index: Empirical Evidence from Indian Data
SSRN Electronic Journal, 2012Co-Authors: Pramod Kumar Naik, Puja PadhiAbstract:The study investigates the relationships between the Indian stock market index (BSE Sensex) and five Macroeconomic Variables, namely, industrial production index, wholesale price index, money supply, treasury bills rates and exchange rates over the period 1994:04–2011:04. Johansen’s co-integration and vector error correction model have been applied to explore the long-run equilibrium relationship between stock market index and abovementioned Macroeconomic Variables. The analysis reveals that Macroeconomic Variables and the stock market index are co-integrated and, hence, a long-run equilibrium relationship exists between them. It is observed that the stock prices positively relate to the money supply and industrial production but negatively relate to inflation. The exchange rate and the short-term interest rate are found to be insignificant in determining stock prices. In the Granger causality sense, Macroeconomic Variable causes the stock prices in the long-run as well as in the short-run.
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Eurasian Journal of Business and Economics EJBE, 2012Co-Authors: Pramod Kumar Naik, Puja PadhiAbstract:The study investigates the relationships between the Indian stock market index (BSE Sensex) and five Macroeconomic Variables, namely, industrial production index, wholesale price index, money supply, treasury bills rates and exchange rates over the period 1994:04–2011:06. Johansen's co-integration and vector error correction model have been applied to explore the long-run equilibrium relationship between stock market index and Macroeconomic Variables. The analysis reveals that Macroeconomic Variables and the stock market index are co-integrated and, hence, a long-run equilibrium relationship exists between them. It is observed that the stock prices positively relate to the money supply and industrial production but negatively relate to inflation. The exchange rate and the short-term interest rate are found to be insignificant in determining stock prices. In the Granger causality sense, Macroeconomic Variable causes the stock prices in the long-run but not in the short-run. There is bidirectional causality exists between industrial production and stock prices whereas, unidirectional causality from money supply to stock price, stock price to inflation and interest rates to stock prices are found.
C. Dharshanaa - One of the best experts on this subject based on the ideXlab platform.
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Interrelationship between FII and Stock Market and their Causal Relationship with Selected Macroeconomic Variables in India
TSM Business Review, 2014Co-Authors: Palavesam Suganthi, C. DharshanaaAbstract:This paper tries to explore the causal relationship between Foreign Institutional Investment (FII) and Indian Stock Market Further, the paper examines whether they individually create impact on certain selected Macroeconomic Variable sand vice versa. Sensex is taken as a representative of Indian Stock Market Inflation as measured by Wholesale Price Index (WPI), national output as represented by Index of Industrial Production (IIP) and Exchange Rate are the three Macroeconomic Variables considered for the study. The monthly data of the selected Variables for the period from April 2005 to March 2013 is taken for the study. Correlation and Granger causality test have been used to study the causal relationship between FII & Sensex and their causal relationship with the Macroeconomic Variables. Our results show that a) there is a bidirectional relationship between FII and Sensex, FII and Exchange Rate b) there is unidirectional relationship between Sensex and IIP, Sensex and WPI, FII and IIP & FII and Exchange Rate and c) there is no relationship between FII and WPI.
Chittaranjan Nayak - One of the best experts on this subject based on the ideXlab platform.
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Petroleum Subsidies and Macroeconomic Variables in India
Journal of economics and sustainable development, 2020Co-Authors: Chittaranjan Nayak, Jasoda JenaAbstract:The Government of India has been subsidizing petroleum products, particularly diesel, kerosene under Public Distribution System and domestic Liquefied Petroleum Gas (LPG), where these products are sold below their market prices. It is argued that rising petroleum subsidies have contributed to fiscal pressures in India. The present paper attempts to compare the trend of petroleum subsidies with other forms of subsidies given by the Government of India, and then examine the impact of petroleum subsidies on key Macroeconomic Variables like Wholesale Price Index, GDP, gross investment, fiscal deficit and interest rate based on official data from 1992-93 to 2012-13. From a comparison with other components of gross subsidy, the study observes that it is not petroleum subsidy but food and fertilizer subsidies have grown at a sharper rate. From the use of Vector Autoregression (VAR) for the difference of logarithm of the Macroeconomic Variable like GDP, investment, interest rate, Wholesale Price Index and Fiscal Deficit, the study observes that the growth rate of petroleum subsidy has no significant impact on the growth rates of these Variables. On the contrary, petroleum subsidy has rather been Granger caused by some of the Variables like interest rate and fiscal deficit. On the basis of these observations, the obvious argument should be not to target petroleum subsidy singularly as a culprit for rising fiscal deficit and inflation. However, when we make a closer look on the amount of under-recoveries of the Oil Marketing Companies (OMCs), our argument favors periodic revision of prices of petroleum products partially accommodating the fluctuations in the crude petroleum prices without reducing subsidies for the consumers as given in cases of PDS kerosene and domestic LPG. JEL Classification Codes: C32, E60, H20, I38 Keywords: Petroleum Subsidy, under-recoveries, Macroeconomic Variables, VAR, India
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Petroleum Subsidies and Macroeconomic Variables in India
ISSN, 2014Co-Authors: Chittaranjan Nayak, Jasoda JenaAbstract:The Government of India has been subsidizing petroleum products, particularly diesel, kerosene under Public Distribution System and domestic Liquefied Petroleum Gas (LPG), where these products are sold below their market prices. It is argued that rising petroleum subsidies have contributed to fiscal pressures in India. The present paper attempts to compare the trend of petroleum subsidies with other forms of subsidies given by the Government of India, and then examine the impact of petroleum subsidies on key Macroeconomic Variables like Wholesale Price Index, GDP, gross investment, fiscal deficit and interest rate based on official data from 1992-93 to 2012-13. From a comparison with other components of gross subsidy, the study observes that it is not petroleum subsidy but food and fertilizer subsidies have grown at a sharper rate. From the use of Vector Autoregression (VAR) for the difference of logarithm of the Macroeconomic Variable like GDP, investment, interest rate, Wholesale Price Index and Fiscal Deficit, the study observes that the growth rate of petroleum subsidy has no significant impact on the growth rates of these Variables. On the contrary, petroleum subsidy has rather been Granger caused by some of the Variables like interest rate and fiscal deficit. On the basis of these observations, the obvious argument should be not to target petroleum subsidy singularly as a culprit for rising fiscal deficit and inflation. However, when we make a closer look on the amount of under-recoveries of the Oil Marketing Companies (OMCs), our argument favors periodic revision of prices of petroleum products partially accommodating the fluctuations in the crude petroleum prices without reducing subsidies for the consumers as given in cases of PDS kerosene and domestic LPG.
Pi-chu Wu - One of the best experts on this subject based on the ideXlab platform.
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The Relationship between Money Supply and Stock Prices
2008 3rd International Conference on Innovative Computing Information and Control, 2008Co-Authors: Ming-way Li, Pi-chu WuAbstract:The purpose of the present paper is to contribute further to the literature on stock market - Macroeconomic Variable linkages for developing economies and, specifically, for the country for Taiwan , Hong Kong, Singapore and Korean. Our results are broadly consistent with the general economic literature on Macroeconomic. Our results suggest that exists a long-run equilibrium relationship between Macroeconomic policies and stock prices for these four countries, stock prices do not necessarily adjust quickly and fully to the changes in either monetary or fiscal policy in the short run. This paper also represents an important step in addressing the issue of spillover identification between the Macroeconomic and the stock market.
