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This study analyses the dynamics of consumption inequality among various occupational groups using household survey data from National Sample Survey (NSS). Three rounds of NSS data namely, the 50th (1993–1994), 61st (2004–2005), and 66th (2009–2010) were taken for the purpose of analysis. Various measures such as Gini coefficient, overlapping index, and raking matrices are estimated for the whole as well as the subgroups using ANOGI methodology. From the analysis, it is found that the level of overall inequality as well as the between‐group inequality is on the rise during the period of analysis. Further, the measures such as relative overlap index and ranking matrices give conclusive evidence that the difference between various groups in terms of consumption expenditure pattern is increasing over time. From the ranking matrices, it is seen that the last six groups, constituting households with occupation in the unorganized sector and low level organized workers falls below the 30th percentile of consumption expenditure distribution of the first group groups that consists of individuals holding to technical, administrative, managerial, and executive occupations. Worsening inequality across various occupational groups is a matter of concern, especially from the policy perspective. As economic growth without equitable distribution of income is not a desirable outcome.

We test the possible presence of weak‐form informational efficiency in the Indonesian forex (FX) market using daily bilateral exchange rate return of Indonesian Rupiah against U.S. Dollar from January 24, 2001 to March 29, 2019. First, we employ a battery of statistical tests including variance ratio tests, tests for linear dependence and Hurst coefficient on the full dataset as well as on four non‐overlapping sub‐samples of equal length. The tests provide a mixed result, whereas Hurst coefficient values identify long‐run persistence in the market. Based on this evidence, we test the possibility of adaptive nature of Indonesian FX market. The adaptive market hypothesis is tested using the newly proposed adaptive index (AI) in order to quantify the degree of information inefficiency in the Indonesian FX market at any given point. The AI values conclusively prove that Indonesian FX market is adaptive and periodically switches between states of efficiency and inefficiency. Moreover, various macroeconomic and financial events influencing Indonesian FX market efficiency are identified.

Manuscript type: An empirical analysis of the relationship between country-level governance and share markets in the Asia-Pacific region was carried out using dynamic value at risk (Dynamic VaR), mixed data sample (MIDAS) and exponential generalised autoregressive conditional heteroskedasticity (EGARCH) models. Research question/issue: Is there a relationship between a country's governance and stock market in terms of the level of returns and share price volatility? We hypothesise that stock returns for countries with higher levels of governance will have lower ex ante expected returns and less volatility than countries with lower levels of governance. Research findings/insights: It is evident from the empirical findings that there is still significant diversity in both corporate-level governance and country-level governance within the Asia-Pacific region. The results from using mixed data sample-autoregressive distributed lag (MIDAS-ADL) model correlation between world governance index (WGI) and the dynamic VaR suggest that the estimators of high frequency slope for India, China and Malaysia are negative. In addition, their t statistics show that the correlation is significant; meanwhile, their goodness of fit is also very high confirming the explanation power of MIDAS-AD model. Consequently, the capital market performances of India, China and Malaysia are negatively related to their corporate-level governance and country-level governance. However, China has a positive correlation between WGI and corporate-level governance and country-level governance. This uncommon phenomenon may be the result of its special political system and the segregation of the capital market and the real economy. Theoretical/academic implications: The linkage between country-level governance and volatility of stocks in Asia-Pacific markets indicates there is scope to reduce stock price volatility through enhanced national governance. Volatility as an indicator of risk reflects market uncertainty in terms of processing information signals to find the equilibrium return risk nexus. Consequently, researchers have to incorporate the data of different frequency into the same equation using robust methods. Practitioner/policy implications: Regulatory frameworks encompassing stock markets will benefit from a more focussed consideration of the way in which governance and risk are correlated. Findings from the generalised autoregressive conditional heteroskedasticity (GARCH) and VaR analysis are that stock market volatility is a suitable proxy for the governance of a country. As country governance indices are annual at best, volatility measures give more timely readings. An increase in volatility suggests there is a decline in national governance, and this has implications for those involved in trade, donor organisations and international lending agencies such as the World Bank.

This study empirically examines the asymmetric effect of federal transfers in India using a panel dataset of 18 states from 2000–2001 to 2019–2020. In mapping the asymmetric effect of federal transfers on subnational spending across the Indian states, we test it in the extended 'flypaper effect' framework, examining whether subnational expenditures respond in the same way to changes in federal transfers. To quantify the extent of the asymmetric effect on the subnational expenditure, we employed the panel non‐linear ARDL model. The results suggest that subnational spending has a greater asymmetric response to the increase in federal transfers than to a decrease. At the disaggregate level, ten out of 18 states have a fiscal replacement kind of asymmetric effect in any spending specifications. But only three validate it in the capital and development spending, and seven states validating in the non‐development expenditure on the revenue accounts. Replacing the cut in federal transfers with other revenue sources that prioritise non‐development spending over development spending is problematic.

A New Keynesian AD-AS Model for India, Incorporating the effect of Covid-19 Pandemic -- Indian Economics: Tragedy of a Forsaken Legacy -- Changing Contours of Union-State Relations -- Disinvestment and Privatisation of Central Public Sector Enterprises in India: Need And Progress -- Fiscal Stimulus and the Ghost of Keynes: An Evolutionary Chronicle -- The Global Financial Crisis and Discontent in Macroeconomics: A Revisit by a Pedestrian Keynesian -- Trade, Unemployment and Inequality in Product Variety Models - An Analytical Survey -- Evolution of Debt and Deficit in BRICS countries: Covid-19 shock and post-Covid prospects -- Do Absorptive Capacities matter for FPI-Growth Nexus? Evidence from Cross-country Analysis -- Corruption and Economic Growth: Empirical Evidence from BRICS Nations.