http://dspace.dtu.ac.in:8080/jspui/handle/repository/21712 2026-09-07T10:05:28Z http://dspace.dtu.ac.in:8080/jspui/handle/repository/23079 Title: DO EXPENDITURES ON SOCIAL OBLIGATIONS PUSH INDIAN HOUSEHOLDS TOWARD DEBT CYCLING? EVIDENCE FROM A CORRELATED RANDOM EFFECTS ANALYSIS Authors: VISHWAKARMA, RIYA; Kumar, Virender (SUPERVISOR) Abstract: The practice of debt cycling is incurring new debt to pay back existing debt obligations which has emerged as a pervasive and structurally embedded feature of Indian household finance, yet the role of culturally mandated social obligation expenditure in initiating and perpetuating this debt cycle remains scarcely understood. While existing literature documents the scale of ceremonial and social expenditure among Indian households and its association with indebtedness, the empirical evidence of causality using rigorous panel data econometrics is less. Using the longitudinal data from the Centre for Monitoring Indian Economy’s Consumer Pyramids Household Survey (CPHS) spanning 2020 to 2024, covering more than 1,80,000 households, we examine the effect of social obligation expenditure on the probability of debt cycling by estimating a Correlated Random Effects Probit model with the Mundlak device, which controls for the time-invariant unobserved household heterogeneity while retaining the full sample and all the time-invariant regressors. The study finds that social obligation expenditure significantly and robustly increases the probability of household debt cycling, with the effect operating primarily through a delayed repayment stress mechanism. Thus, expenditure on social obligations create large and unavoidable liquidity shocks that are structurally incompatible with fixed loan repayment schedules, particularly for households with volatile incomes, triggering new borrowing to service existing debt in the following period. This calls for community level interventions to reduce the arms race in social obligation spending and broader income stabilisation schemes targeting the high income-volatility that the study identifies as the dominant proximate driver of household debt cycling in India. 2026-06-01T00:00:00Z http://dspace.dtu.ac.in:8080/jspui/handle/repository/23060 Title: HOW DOES GLOBALIZATION IMPACT THE ADOPTION OF GREEN TECHNOLOGIES BY COUNTRIES? Authors: RATHI, SHAIFALI; Kumar, Virender (SUPERVISOR) Abstract: Globalization unfolds itself continuously in the form of economic integration, policy transfer across borders, cultural exchange, and dissemination of technological advancements in the new digitalized times. Mitigating climate change requires the development and implementation of environmentally friendly technologies and the use of innovative measures. This paper examines how different types of globalization influence and affect the adoption of green technologies. We use country-level data for the globalization index (KOF), development of environmentally related technologies by total technologies(ET), carbon dioxide emissions per capita interaction with globalization, environmental taxes as a percentage of total tax revenue of government(TAX), environmentally related ODA as a percentage of total allocated ODA (ODA), mortality by exposure to ambient ozone(OZO) and total energy supply index(TES) for 81countries for the years 1990 to 2019 and using advanced panel data modelling. The various globalizations are separately examined which include trade, finance, informational and interpersonal globalizations. The empirical results show that globalization can positively and significantly influence the introduction of green technologies in all countries. The results are quite robust when using different alternative model specifications. The results of this study also show how the adoption, collaboration, acceleration and transfer of green technologies between economies worldwide can be promoted and accelerated. 2024-05-01T00:00:00Z http://dspace.dtu.ac.in:8080/jspui/handle/repository/23056 Title: HOW ECONOMIC AND POLITICAL INSTABLITY AFFECT FOREIGN PORTFOLIO INVESTMENT FLOWS TO EMERGING MARKET ECONOMIES? DO FOREIGN EXCHANGE RESERVES MATTER? Authors: ARSHIYA; Kumar, Virender (SUPERVISOR) Abstract: Foreign Portfolio investments are short term investment made by the portfolio investors and are highly sensitive to the developments and uncertainties that take place in a country and potentially causing economic or political instability. The study involves data of 16 emerging economies ranging from the time period 2010-2023. The study focuses on analysing the joint effect of both the instabilities on FPI inflows. The novel contribution of the work is analysing how foreign exchange reserves buffer the negative effect of instabilities on FPI flow. The methodology used is Driscoll-Kraay panel estimator, adjusting for the three issues that arise simultaneously, serial correlation, cross sectional dependence and heteroskedasticity. The main results reveal that economic instability significantly deteriorates FPI inflow in an emerging economy. However, political stability attracts portfolio investment as it builds investors’ confidence through quality governance and institutional working. The study further reveals countries with higher reserve dampen the negative effect of economic instability. The implications of these findings are relevant for policy of reserve management, macroeconomic stabilisation policy and strategy to build investor’s confidence to invest in a country’s assets. 2026-06-01T00:00:00Z http://dspace.dtu.ac.in:8080/jspui/handle/repository/23052 Title: IMPACT OF EASE OF DOING BUSINESS ON FDI INFLOWS Authors: BHATI, ARYAN; MISHRA, RATNAM (SUPERVISOR) Abstract: The research paper investigates the correlation between ease of doing business indicators and Foreign Direct Investment (FDI) inflows by utilizing panel data from 188 countries during the period of 2014-2018. The analysis concentrates on ten variables that represent different facets of the business regulatory environment, such as construction permits, access to credit, trade regulations, and contract enforcement. By drawing insights from existing literature, the study delves into how these indicators influence FDI inflows and reviews previous studies on the topic. The results indicate that certain ease of doing business indicators, such as construction permits, access to credit information, trading across borders, and resolving insolvency, have a significant positive impact on FDI inflows. Conversely, other indicators like legal rights index for obtaining credit, paying taxes, and enforcing contracts, exhibit insignificant or negative effects. This underscores the nuanced relationship between ease of doing business and FDI inflows, which varies across different indicators. The study challenges the notion that ease of doing business indicators universally attract FDI inflows, underscoring the significance of considering additional factors like wage rates, labor skills, infrastructure, and political stability. Despite data limitations and country heterogeneity, the research contributes to the ongoing discussion on the role of the business environment in FDI attraction. Future research avenues could involve comparative analyses between developed and developing countries to further elucidate the dynamics of ease of doing business indicators and their impact on FDI inflows. 2024-06-01T00:00:00Z