Papers by Bhaskar Goswami
Asian Journal of Research in Business Economics and Management, 2015
Private sector mutual funds entered the Indian mutual fund industry after the economic reform in ... more Private sector mutual funds entered the Indian mutual fund industry after the economic reform in 1991. Consequently, different private asset management companies launched various schemes and by the end of the decade the industry was flooded with different schemes. Against this backdrop, the criteria of selecting mutual fund became more complex in context of accommodating both return and risk measurement. For this reason fund managers are more concern to retain the investors’ confidence. The goal of this paper is to compare the performance of equity and debt oriented mutual fund schemes based on risk- return relationship model and measures.
Reforms and terms of trade volatility in an agriculture dependent economy
Global Business Review
This article investigates the factors that influence foreign portfolio investment (FPI) inflows t... more This article investigates the factors that influence foreign portfolio investment (FPI) inflows to various sectors in India from February 2012 to July 2020. We find evidence that in the short-run FPI inflows in India have a significant positive relationship with the index of industrial production (IIP), foreign direct investment (FDI) and market capitalization (MC) while a significant negative relationship with the US dollars exchange rate (DEXR) and real effective exchange rate (REER). The results of the panel autoregressive distributed lag (ARDL) approach show that sectoral FPI inflows to the various sector in India have a significant negative relationship with interest rate differential (IRD), MC and the US DEXR in the long run. However, in the long run, it has a significant positive relationship with international liquidity (IL) and REER. In addition, we observe that for all sectors the interest rate differential boosts FPI inflows in India except for new economy sectors. The po...
The Pakistan Development Review, 2021
Current account imbalance and concomitant macroeconomic instability in emerging market economies ... more Current account imbalance and concomitant macroeconomic instability in emerging market economies have been major issues of recent macroeconomic modelling. This paper addresses these issues by asking how international interdependence has impinged on key macroeconomic variables and policy options. There are three assets: domestic bonds, foreign bonds and money. Domestic bonds and foreign bonds are imperfect substitutes due to presence of risk premium. The striking features of the model include endogenous risk premium and balance sheet effect on investment demand due to exchange rate depreciation. We use a simple open economy structuralist macro model that explains the interaction between current account adjustment and exchange rate dynamics. The balance sheet effect and the risk premium together explain how fiscal expansion or monetary expansion may have both short run and long run contractionary effect on the output level with worsening current account balance in the short run. JEL C...
Domestic workers are the most vulnerable group of informal workers who work to supplement their h... more Domestic workers are the most vulnerable group of informal workers who work to supplement their household income. They work for survival, hypothesis being that, women work to make up the difference between subsistence requirements and the total earnings of the family. They lack education or skill, work for long hours and perform specific tasks in several households. They have no leave rules or security benefits as they are excluded from the ambit of labour legislation. They are susceptible to serious health problems that often go unattended. Health issues results in a toll on their consumption expenditure and they are in a constant fear of losing job. The present study is based on a primary survey of 300 domestic workers conducted in the district of South 24Parganas, West Bengal, India for a period of six months from January 16 to June 16. The choice of the district was prompted by the inter-linkage between the growth and expansion of the city of Kolkata in her southern part, existe...
Financial Innovation, 2017
Background: This paper examines the pattern of the volatility of the daily return of select commo... more Background: This paper examines the pattern of the volatility of the daily return of select commodity futures in India and explores the extent to which the select commodity futures satisfy the Samuelson hypothesis. Methods: One commodity future from each group of futures is chosen for the analysis. The select commodities are potato, gold, crude oil, and mentha oil. The data are collected from MCX India over the period 2004-2012. This study uses several econometric techniques for the analysis. The GARCH model is introduced for examining the volatility of commodity futures. One of the key contributions of the paper is the use of the β term of the GARCH model to address the Samuelson hypothesis. Result: The Samuelson hypothesis, when tested by daily returns and using standard deviation as a crude measure of volatility, is supported for gold futures only, as per the value of β (the GARCH effect). The values of the rolling standard deviation, used as a measure of the trend in the volatility of daily returns, exhibits a decreasing volatility trend for potato futures and an increasing volatility trend for gold futures in all contract cycles. The result of the GARCH (1,1) model suggests the presence of persistent volatility and the prevalence of long memory for the select commodity futures, except potato futures. Conclusions: The study sheds light on significant characteristics of the daily return volatility of the commodity futures under analysis. The results suggest the existence of a developed market for the gold and crude oil futures (with volatility clustering) and show that the maturity effect is only valid for the gold futures.
The Indian Economic Journal, 2021
It is now a recognized fact that the earning from a single source does not provide a sufficient m... more It is now a recognized fact that the earning from a single source does not provide a sufficient means of survival for a majority of poor households in developing countries. Accordingly, most of the poor households depend on a diverse portfolio of activities and income sources. This study is based on a primary survey of 334 female domestic workers in the district of South 24 Parganas, West Bengal, India from January to June 2016. The results of intensity of poverty show that 49% of these households are multi-dimensionally poor with 36.4% intensity of poverty. The severity and acuteness of deprivation is addressed by diversification into non-agricultural employment. The wage of the female domestic worker is not only an important determinant of livelihood strategy it is also a motivating factor for diversification. Large sections of the male workforce diversify into various non-farm activities such as manufacturing and construction in the secondary sector or hotel and restaurant, trans...
The paper analyses the different sources of commodity price fluctuation and their attendant macro... more The paper analyses the different sources of commodity price fluctuation and their attendant macroeconomic implications for developing countries in terms of the over(under)shooting hypothesis under perfect foresight. We construct two-sector, open economy macromodel to examine effects of different shocks on commodity price, employment and wage. The paper explores the nature of interlinkage in a dual economy structure which is open to international trade.
The paper is a humble attempt to address the issues related to agricultural commodity futures mar... more The paper is a humble attempt to address the issues related to agricultural commodity futures market in India. An empirical analysis is carried out in terms of 10(ten) agricultural commodity futures (Chana, Jute, Kapas, Pepper, Wheat, Rice, Potato, Yellow peas, Sugar and Urad) for the period 2004–2012. The study reveals that in an environment of persistent inflation in the economy coupled with global recession, agricultural commodity futures market is not a favourite destination for the investors to put in their savings.
Commodity Futures Trading in India had experienced an explosive growth, both in volumes and value... more Commodity Futures Trading in India had experienced an explosive growth, both in volumes and value over the years among all contracts. Till date, different studies were undertaken on the price volatility, stabilization, causality between futures and spot prices etc. Despite these, there is no consensus on the characteristics of return from the different kinds of commodity futures. This paper provides a comparative analysis of risk-return on different groups of commodity futures and the groups are Agricultural commodity futures, Metals, Energy and Oil & Oil related commodity futures. Thus the paper attempts to study the performance of these futures in the presence of risk-free assets and inflation.
The interconnected issues of commodity price fluctuation, unemployment and balance of trade devel... more The interconnected issues of commodity price fluctuation, unemployment and balance of trade developments are of critical importance in times of globalization. The present paper addresses these issues in terms of a monetary dependent economy macro model that applies to a large class of emerging market economies that export their primary products. However, there exists a manufacturing sector that produces non-traded goods using imported capital goods as an input. Moreover, in such an emerging economy, the stocks of primary commodities constitute a widely used financial asset, among other assets. Thus, the price of these primary commodities behaves as an asset price, which has significant implications for the nature of the interlinkage between the real sector and the financial sector of the economy. In an absence of any capital account transactions, and under a fixed exchange rate regime, the paper examines the effects of supply shock, devaluation, capital flow and fiscal policy on maj...
Journal of economics and international finance, 2011
The issue of food crisis and agricultural price volatility were of critical importance in times o... more The issue of food crisis and agricultural price volatility were of critical importance in times of globalization. The present paper examined the potential benefits of trade in agricultural products and analyses the macroeconomic implications of commodity price volatility in the context of agricultural trade liberalization. The reference frame was an emerging market economy with a strong presence of agricultural sector. Key words: Commodity price volatility, agricultural trade liberalization.
Indian Journal of Economics and Development, 2019
Objectives: To assess the significance of paid domestic work as an important income earning activ... more Objectives: To assess the significance of paid domestic work as an important income earning activity for poor households and to explore the linkage between women employers and female domestic workers. Methods/Analysis: The study was conducted on 334 domestic workers and 154 employers between January and June 2016 in the district of South 24 Parganas, West Bengal, India. The employers were classified into working (104) and non-working (50). The selection of the district was spurred by the development of south Kolkata on the one hand and the significant role of manual labour in the process of urbanisation on the other. While studying the labour supply determinants, wage was taken as a dependent variable for the linear regression analysis to capture the factors responsible for the choice of decision. Based on their need for domestic workers, a comprehensive distinction was made between the working and non-working employers. Findings: With growing urbanization and economic growth, life has become more challenging giving much impetus to education and employment of women. This has led many women to join workforce. The breakup of the traditional joint family system and increased involvement of educated women in the formal labour market necessitates organising all work inside the home through domestic workers. Disadvantaged females do domestic work in the middle-class and upper-middle-class households in urban and suburban areas, releasing employers to join work. The study reveals that insecurity of work and unstable income of the household head is an important reason for the choice of domestic work apart from other determinants like illiteracy and lack of skill. On the demand side, we see that distinct strategies are adopted by distinct households. A segment of the employers is guided by reliance while others hire domestic workers because they are used to domestic assistance, or it has something to do with status and peer pressure. Novelty/Improvement: We believe that this study will provide better insights on determining factors that contribute to the linkage between the 'Mistress' and the 'Maid'.
The Indian Journal of Labour Economics
This paper deploys the information of 300 female domestic workers who work to make up the differe... more This paper deploys the information of 300 female domestic workers who work to make up the difference between subsistence requirements and the total earnings of the family. The determinants of monthly income of the workers are age, type of work, total family members, per-capita monthly household income, year of schooling and number of houses serviced. Low wages, low level of education, less control over assets and income, verbal and physical abuse and the absence of social security are reflected in their weak bargaining power which results in a low level of empowerment. Women’s earnings do not always ensure empowerment, especially when the wages are low. Meaningful legal safeguards, welfare measures and other provisions for empowerment must be inducted in modern society to reduce injustices, deprivations and indignities towards female domestic workers.
The Indian Journal of Labour Economics
Paradigm
Female domestic workers (FDW) are one of the most vulnerable segments of a society facing adverse... more Female domestic workers (FDW) are one of the most vulnerable segments of a society facing adverse social domination and economic discrimination. The present article aims at investigating to what extent the participation of poor women in economic activities empowers them. The study amalgamates data collected from 334 female domestic workers living in different areas of South 24 Parganas district of West Bengal through a semi-structured questionnaire during a period of 6 months from January 2016 to June 2016. This district was chosen on the basis of existing inter-linkage between the growth and expansion of the city of Kolkata in her southern part, existence of a large number of Bangladeshi migrants in South 24 Parganas ( Kumar, 2010 ), evidences of large scale commuting of unorganized workers ( Roy, 2003 ) and the expanding informal market where the supply of manual labour comes from the fringes of the district. The article tries to explore the different dimensions of empowerment fro...
Research Journal of Humanities and Social Sciences
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Papers by Bhaskar Goswami