Informatics Publishing Limited

Joydeep Biswas ¹

Affiliations
1 Examinations Branch, University of North Bengal, Darjeeling – 734 013, West Bengal, IN

Abstract

Does the market-oriented "finance leads to economic growth" strategy have any merit in the emerging markets? This paper studies the effect of stock market and banking sector development on economic growth in 10 emerging economies. Using Granger-causality tests, the present study finds little evidence of a causal relationship going from stock market development to economic growth. Findings of the present study show that for most of the emerging markets there are unidirectional and/or bi-directional causality that runs from economic growth to financial sector.

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Malay Kanti Roy ¹, Hirak Ray ¹, Joydeep Biswas ²

Affiliations
1 Department of Commerce, University of North Bengal, IN
2 Department of Commerce, School of Professional Studies, Sikkim University, Gangtok, Sikkim-737102, IN

Abstract

The ‘consensus’ finding of the research on the relationship between financial development and economic growth is that financial development has apositive, monotonic effect on growth. The present paper proposes that the relationship between financial sector development and the level of real per capita GDP may not be uniform across countries. We empirically explore the causal link between the banking sector, stock market and real per capita GDP in 22 sample countries. To this effect, first we construct weighted average indices for measuring banking sector and stock market development and then relative importance of the variables objectively measured using the technique of Principal Component Analysis. Finally, were late two variables, one each from banking sector and stock market, to the real per capita GDP. The empirical investigation is carried out in a vector autoregression (VAR) framework based on the theory of cointegration and error-correction representation. Our finding neither fully supports the view "that finance leads to economic growth" nor does it totally subscribe to the opinion that finance is "an inconsequential sideshow". The role of banking sector is more prominent as a causal factor for economic performance.

Keywords

Banking Sector, Stock Market Development, Economic Growth, Principal Component Analysis, VAR, Granger Causality Test.

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Lingam Naveen ¹, Joydeep Biswas ², Rabi N. Subudhi ³

Affiliations
1 Assistant professor, Biju Patnaik Institute of Information Technology and Management Studies (BIITM), Bhubaneswar, IN
2 Assistant Professor, KIIT School of Management, KIIT University, Bhubaneswar, IN
3 Senior Professor, KIIT School of Management, KIIT University, Bhubaneswar, Odisha, IN

Abstract

Considered as one of the chaar-dhaams(holiest four) of India, Puri is famous for being the adobe of Lord Jagannath. It is the most visited destination in the state of Odisha. It serves as a get-away spot and a place with highest religious importance for the residents of Odisha. Due to widespread pandemic, lockdowns and outbound restriction, Puri along with its tourism stakeholders have suffered an unprecedented decline in footfall. Travellers have shown travel avoidance behaviour coupled with lack of travel intentions across the globe in the current situations. This study identifies the factors which influence the post-pandemic Puri travel intentions through an empirical approach. An extended TPB model was proposed with predictors like attitude, subject norms, perceived behavioural control and past Puri travel behaviour regressed against the criterion. A statistical data analysis was performed using SPSS on a sample data of 327 respondents to verify the hypothesis. The study will help the tourism partners and collaborators along with Odisha government to devise and implement strategies to attract existing and new travellers of Odisha and re-flourish the sector as a whole. It will also guide researchers of tourism to assess domestic travel with a different perspective in light of pandemic.

Keywords

Pandemic, Odisha, Travel, Puri, travel intention, post-pandemic travel

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