The results suggest that the economic growth proxied by per capita GDP has a positive and significant effect on CO2 emissions, while the curvilinear relationship between economic growth and per capita carbon emissions (using the square term of per capita GDP) is found to be insignificant and negative in all the model specifications. The study reveals that among the financial indicators, only the financial market development (proxied by its GCI score) is discovered to have a positive and significant impact on emissions, whereas the relationship with other indicators under study remains contentious. The study also focuses on the causality linkage for G4 nations to find out the impact of emissions on the competitiveness of the nations and vice versa. The results show that a unidirectional causal relation is found only in the case of Germany, where the global competitiveness of the nation is significantly influenced by the level of carbon emissions existing in the country, whereas India, Brazil and Japan lack both bidirectional and unidirectional causal relationship between global competitiveness and per capita carbon emissions for the time period considered in the current study. The study highlights the relevance of making climate change policies the mainstream goal for global governance through increased carbon spacing.

In the second paper, “The Impact of External and Internal Market Forces on Inflation in India: An Empirical Investigation”, the authors, Rajesh Sharma, Pradeep Kautish and D Suresh Kumar, have examined the impact of external and internal determinants of inflation in India using the time series data for the period 1978-2015. The results of the Autoregressive Distributed Lag (ARDL) bounds model suggest that in the long run, deficit financing is significantly deflationary, as excessive deficit financing may help in supplying the goods for long-run consumption. The study also reveals that the short-run impact of deficit financing is found to be positive and significant, as in the short run, excessive money supply puts extra pressure on the available goods. The findings further reveal that oil consumption has a direct impact on domestic prices. The study shows that the relationship between deficit financing and the domestic price is found to be negative and significant, whereas the impact of foreign direct investment on domestic price is found to be inconclusive in the long run.

In the last paper, “The Impact of Domestic and External Shocks on Macroeconomy: A Structural Macroeconometric Model and Simulation Analysis for India”, the authors, Sajad Ahmad Bhat and Debasish Acharya, have analyzed the impact of domestic and external shocks on the Indian economy by constructing, estimating and simulating an eclectic macroeconometric model for the period 1981-82 to 2015-16. The findings reveal that rainfall and oil price shocks are found to reduce the real output both at aggregate and sectoral levels, leading to increase in general price level. With regard to their impact on external and fiscal sectors, rainfall shock is found to have minimal impact, whereas oil price shock is found to have significant impact. The study also reveals that domestic and external shocks have significant impact on the external sector.