“Long-term relationship exists between financial development and economic growth in India” : Study Prof. Naliniprava Tripathy, IIM Shillong
The economic and financial development in India deserves a well-calibrated policy response said Prof. Naliniprava Tripathy, Professor (Accounting & Finance), Indian Institute of Management, IIM Shillong, while delivering a Webinar on Financial Development and Economic Growth Nexus : Indian Experience organised by IIF College of Commerce and Management Studies, Greater Noida. Her research paper, co authored with Dr. Shekhar Mishra, Assistant Professor, C V Raman College of Engineering, Bhubaneshwar on “Financial Development and Economic Growth Nexus : Indian Experience” is published in Finance India Vol. XXXV No.2, June 2021 issue. The integration of economic growth and financial development is an important and has implications for international portfolio diversification, it is a topic of interest for practitioners’, researchers and policymakers today feels Prof. Tripathy.Prof. Saurabh Agarwal, Principal, IIF College of Commerce & Management Studies while welcoming Prof. Dr. Nalini Prava Tripathy in the Webinar said academic world would get immense value from the deliberations in the webinar. Prof. K.K. Panda, former Registrar, University of Delhi chaired the webinar.
According to Dr. Tripathy, the study explored the link between the financial development and economic development in India by employing correlation test, Granger causality test and Johannsen cointegration test from April 2003 to July of 2016. The study indicated that the increase or decrease of the exchange rate is having an impact on stock market volatility and the performance of stock market influences the total volume of trades. It also noticed that increase of industrial production leads to increase the volume of trades in the stock market and vice-versa. The unidirectional causality also found between inflation and industrial output, inflation and exchange rate, industrial production and exchange rate.
The study employed Johansen’s multivariate cointegration tests to examine if there exists a long-run cointegration between financial development and economic growth said Prof. Tripathy. The Johansen’s cointegration test indicates that there exists a long-term relationship between financial development and economic growth in India. Recursive Coefficient Estimates also confirm the long run stability relationship between financial development and economic growth in India.
According to Prof. Tripathy, the study has a significant impact on the global and institutional investors to make better investment decisions. The study also provide insights to the investors to formulate investment strategies in a better way to manage in broad market movements.
Future research are being carried out by including other market indicators such as oil price, real interest rate, money supply that are also highly visible and influencing the stock market development and economic growth said Prof. Tripathy.
Prof. Aman Agarwal, Secretary, IIFCCMS thanked Prof. Dr. Naliniprava Tripathy, Prof. K.K. Panda and the audience for excellent deliberations. The webinar was attended by over 620 students, parents, experts and academia from all over the country. The webinar was also relayed live through facebook.
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