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Economics
The IUP Journal of Applied Economics

Oct'14
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Causes of Deforestation and Policies for Reduced Emissions (REDD+): A Cross-Country Analysis
50
Financial Development as an Instrument of Economic Growth in India: Evidence from Cointegration and Causality Analysis
50
Estimating Volatility Pattern in Stock Markets: The Indian Case
50
Investors’ Perceptions on Trading Volume and Stock Return Volatility in Indian Stock Market
50
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Causes of Deforestation and Policies for Reduced Emissions (REDD+): A Cross-Country Analysis

--Richard J Culas

Deforestation is transformation of forestland for various land uses. Policies aimed at Reducing Emissions from Deforestation and Forest Degradation (REDD+) can provide a way for tackling global warming and climate change. A spatial model of deforestation is considered for designing effective REDD+ policies in view of internalizing the external costs of deforestation. The causes of deforestation can be classified at different levels. In this study, the causes are considered at two levels: the direct (endogenous) and the indirect (exogenous) causes. An econometric model, recursive in nature, is estimated in two stages for analyzing the interactions between the direct and the indirect causes. At the first stage, the direct causes are regressed on the indirect causes by Seemingly Unrelated Regression (SUR) method to account for the correlations between the direct causes. At the second stage, the SUR estimates of the direct causes are used for the regression of a deforestation equation. The results are discussed in relation to Asian, African and Latin American regions to provide an understanding of the mechanism for deforestation process at two levels. The spatial model presented, along with the regression results, can effectively provide guidance for designing REDD+ policies.

© 2014 IUP. All Rights Reserved.
Article Price : Rs.50

Financial Development as an Instrument of Economic Growth in India: Evidence from Cointegration and Causality Analysis

--Sachin Kumar

This paper tries to trace the relationship between finance and growth. There are several indicators which represent the degree of financial intermediation such as M3, Real Rate of Interest (RR) and economic growth. In this paper, we have used Time-series methodology such as Unit Root (ADF and Phillips-Perron Tests), Cointegration (developed by Johansen and Juselius), and Granger Pairwise causality. We have checked the presence of unit roots in the data, and all the three variables—Financial Development, RR and Growth Rate—are found to be integrated at first difference. Secondly, Johansen cointegration test results confirm the presence of long-run equilibrium relationship among the variables. Finally, the Granger causality supports the hypothesis of ‘Finance-led Growth’ indicating that the finance is a leading sector in India and is poised for development. This result supports the supply-leading hypothesis for Indian economy for the sample period. These findings have important implications for the conduct of economic policies in India.

© 2014 IUP. All Rights Reserved.
Article Price : Rs.50

Estimating Volatility Pattern in Stock Markets: The Indian Case

--Saheli Das, Archana Kulkarni and Bandi Kamaiah

This paper examines the volatility pattern in Indian stock markets during the time period January 1, 2011 to March 31, 2014 using the daily closing prices of two stock indices, S&P BSE Sensex and CNX Nifty. This paper uses asymmetric GARCH models like Exponential GARCH (EGARCH) and Threshold GARCH (TGARCH) to explain the volatility. Considering the minimum values of Akaike Information Criterion (AIC) and Bayesian Information Criterion (BIC), TGARCH model is found to be a superior model for return volatility over EGARCH. The findings suggest that there is no volatility persistence as well as leverage effect in the data during the period under consideration.

© 2014 IUP. All Rights Reserved.
Article Price : Rs.50

Investors’ Perceptions on Trading Volume and Stock Return Volatility in Indian Stock Market

--Mahender, Shalini Aggarwal and H L Verma

The present study aims to examine the investor’s perception on trading volume and stock return volatility in Indian stock market using a structured questionnaire. Statistical tools like factor analysis, ANOVA and Cronbach’s alpha are used to analyze data with the help of SPSS. The main findings show that out of the nine dimensions determined, on the basis of age, there is a significant difference in the response of the respondents in the case of tactics. On the basis of education, there is a significant difference in the response of the respondents in the case of cause-effect relationship and risk management. In all demographic profiles, there is no significant difference in trading volume and stock return volatility. The main implication of this study is for the investors and portfolio managers, as a majority of the respondents show strong willingness to use trading volume and stock return volatility as an informational tool. Therefore, this study suggests that a new approach to investment ought to be evolved which should aim at using trading volume and stock return volatility as information indicators.

© 2014 IUP. All Rights Reserved.
Article Price : Rs.50

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Travails of Global Economy: A Way Forward to Unravel

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Automated Teller Machines (ATMs): The Changing Face of Banking in India

Bank Management
Information and communication technology has changed the way in which banks provide services to its customers. These days the customers are able to perform their routine banking transactions without even entering the bank premises. ATM is one such development in recent years, which provides remote banking services all over the world, including India. This paper analyzes the development of this self-service banking in India based on the secondary data.

The Information and Communication Technology (ICT) is playing a very important role in the progress and advancement in almost all walks of life. The deregulated environment has provided an opportunity to restructure the means and methods of delivery of services in many areas, including the banking sector. The ICT has been a focused issue in the past two decades in Indian banking. In fact, ICTs are enabling the banks to change the way in which they are functioning. Improved customer service has become very important for the very survival and growth of banking sector in the reforms era. The technological advancements, deregulations, and intense competition due to the entry of private sector and foreign banks have altered the face of banking from one of mere intermediation to one of provider of quick, efficient and customer-friendly services. With the introduction and adoption of ICT in the banking sector, the customers are fast moving away from the traditional branch banking system to the convenient and comfort of virtual banking. The most important virtual banking services are phone banking, mobile banking, Internet banking and ATM banking. These electronic channels have enhanced the delivery of banking services accurately and efficiently to the customers. The ATMs are an important part of a bank’s alternative channel to reach the customers, to showcase products and services and to create brand awareness. This is reflected in the increase in the number of ATMs all over the world. ATM is one of the most widely used remote banking services all over the world, including India. This paper analyzes the growth of ATMs of different bank groups in India.
International Scenario

If ATMs are largely available over geographically dispersed areas, the benefit from using an ATM will increase as customers will be able to access their bank accounts from any geographic location. This would imply that the value of an ATM network increases with the number of available ATM locations, and the value of a bank network to a customer will be determined in part by the final network size of the banking system. The statistical information on the growth of branches and ATM network in select countries.

Indian Scenario

The financial services industry in India has witnessed a phenomenal growth, diversification and specialization since the initiation of financial sector reforms in 1991. Greater customer orientation is the only way to retain customer loyalty and withstand competition in the liberalized world. In a market-driven strategy of development, customer preference is of paramount importance in any economy. Gone are the days when customers used to come to the doorsteps of banks. Now the banks are required to chase the customers; only those banks which are customercentric and extremely focused on the needs of their clients can succeed in their business today.

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