This document analyzes the relationship between nighttime luminosity data from satellites and economic activity measures in India. It finds that night light data correlates reasonably well with national GDP growth and other macroeconomic indicators. Quarterly night light growth also tracks GDP growth. At the state level, night lights correlate strongly with gross state domestic product. While the relationship is statistically significant, the elasticity of night lights to GDP is smaller than estimates from global studies. The document concludes that night light data can supplement GDP data in India by providing information at disaggregated levels and high frequencies.
SOFT INNOVATION RESOURCES: ENABLER FOR REVERSAL IN GDP GROWTH IN THE DIGITAL ...IJMIT JOURNAL
This document summarizes a study on how soft innovation resources have enabled a reversal in GDP growth in Finland. The study finds that in Finland, soft innovation resources like trust and utilization of untapped resources have substituted for intellectual property products and created uncaptured GDP. This uncaptured GDP disseminated into tangible capital investments and removed structural impediments, leading to GDP growth. In contrast, Singapore has remained dependent on intellectual property products for growth. The study provides evidence that Finland's shift to leverage soft innovation resources rather than focus only on research and development has helped overcome economic stagnation and the productivity paradox in the digital economy.
This document provides an overview and background of a project report analyzing the poolability of data from the 67th round of the National Sample Survey in Delhi, India. It conducted surveys of unincorporated non-agricultural enterprises excluding construction. The report analyzes whether central and state sample data can be pooled to provide more precise estimates. It describes the survey methodology, definitions, economic indicators analyzed for poolability, and tests used to assess poolability. The goal is to determine if pooling the two datasets can increase sample size and precision of estimates, especially at sub-state levels.
Government Spending and People Welfare; in Southeast Sulawesi, Indonesiatheijes
Developing countries use government spending to influence the level of welfare. In addition to the more decentralized the management of expenditure, these countries have also been systematically shifting the composition of government spending on priority items to boost economic growth, to items having a direct effect on the level of welfare. Using time series data from 2001 to 2011, the study tested the association of various types of government spending to the level of welfare of the people at the local level. Model multivariate timeseries autoregressive integrated moving average is applied to test the association between variables. The study's findings indicate that government spending is positively associated with the level of prosperity. However, not all positively associated, even not all types of government spending were significantly associated with the level of prosperity. Shopping transfer positively associated only with an index of human development, poverty reduction, and the net enrollment rate of primary education; spending on goods and services positively associated only with the physical quality of life index; while the general government expenditure only positively associated with gross domestic product per capita.
This study examined the relationship between interest rate and economic growth in Nigeria, using secondary time series panel data for the period 1985 – 2014. Data was collected from various issues of the Central Bank of Nigeria Statistical Bulletin and the National Bureau of Statistics. The study employed Augmented Dicker-Fuller (ADF) unit root tests as well as Johansen co-integration test followed by Error Correlation Model (ECM) approach. The ADF unit root test results indicated that the variables are all stationary at first difference. The variables were integrated of order one (1) which implies that the null hypothesis of non-stationary for all the variables of interest is rejected. The Johansen co-integration test result revealed the existence of two co-integrating relationship between the variables at 5% level of significance. The study proceeded to perform the ECM approach and found that interest rate is inversely related to economic growth, but the relationship is statistically insignificant. The recommended that monetary authorities should adopt appropriate polices that would promote and stimulate economic growth in Nigeria.
This thesis aims to test the Burnside and Dollar (2000) hypothesis that aid is more effective in countries with good economic policies than poor policies. The author constructs a policy index using current account balance, inflation, and trade openness and tests the impact of an interaction between aid and policy on growth in developing countries from 1980-2007. The main findings are that aid has a negative impact on growth and there is no significant relationship between the aid-policy interaction term and growth. The author argues these differences from Burnside and Dollar's findings may be due to natural resource exploitation, policy index specification, and differences in sample size and income groups between the studies.
Investigating The Relationship Between Gross Domestic Product (GDP) and House...IJSB
Abstract
This study examines the matter of trends (level and slope), cycle and irregular components in the Gross Domestic Product (GDP) and Household Consumption Expenditure (HCE) of two SAARC (South Asian Association for Regional Cooperation) countries: Nepal and Pakistan. SAARC countries produce GDP (PPP) US$ 9.9 trillion and GDP (Nominal) US$ 2.9 trillion and constitute 9.12% of global economy as of 2015. The mentioned two countries from this region are selected due to their importance in the SAARC region and their challenges during last few decades i.e. Political crisis and natural disasters. In this study the multivariate unobserved components model is used to decompose the GDP and HCE and examine the relationships between these two variables of Nepal and Pakistan. The time period of this study is 1970-2014 and Kushnirs statistical data is employed. The maximum likelihood smoother is employed in the trend plus stochastic cycle methodology of Koopman et al. (2009) to estimate the model. It is found here that there have no deficiencies in the diagnostics of normality, auxiliary, prediction, and forecast. And residual diagnostics also present that it is nicely fitted with this model. Empirical results clearly show that there have strong correlations between the GDP and HCE in irregular components in both the countries of Nepal and Pakistan. Finally, in both slope and cycle, the correlations between GDP and HCE of Nepal and Pakistan are found perfectly positive in the short and long run.
Download original form http://ijsab.com/wpcontent/uploads/2017/02/101.pdf
This document provides an analysis of the demand for residential real estate in Istanbul, Turkey. It begins with information about the data source, which is a monthly housing market survey conducted by Nielsen for ING Bank Turkey between December 2009 and October 2010. It then reviews the social and economic conditions in Istanbul compared to other cities in the survey. Istanbul has a large population of over 9 million, with higher levels of education and income compared to national averages. However, it also has higher unemployment. The document goes on to analyze demographic characteristics of the survey sample and present results of the housing survey regarding economic assessments, buying intentions, and financing preferences.
This document provides details about the National Survey on Household Income and Expenditure conducted in 2004-2005, including:
1. The background and motivation for the study, including gaps in previous household income data collection in India.
2. The methodology used, which was informed by international best practices and involved a multi-stage stratified sampling approach across rural and urban areas in 24 states.
3. Descriptions of the survey coverage, sample design, data collection process, and analysis that would be conducted.
SOFT INNOVATION RESOURCES: ENABLER FOR REVERSAL IN GDP GROWTH IN THE DIGITAL ...IJMIT JOURNAL
This document summarizes a study on how soft innovation resources have enabled a reversal in GDP growth in Finland. The study finds that in Finland, soft innovation resources like trust and utilization of untapped resources have substituted for intellectual property products and created uncaptured GDP. This uncaptured GDP disseminated into tangible capital investments and removed structural impediments, leading to GDP growth. In contrast, Singapore has remained dependent on intellectual property products for growth. The study provides evidence that Finland's shift to leverage soft innovation resources rather than focus only on research and development has helped overcome economic stagnation and the productivity paradox in the digital economy.
This document provides an overview and background of a project report analyzing the poolability of data from the 67th round of the National Sample Survey in Delhi, India. It conducted surveys of unincorporated non-agricultural enterprises excluding construction. The report analyzes whether central and state sample data can be pooled to provide more precise estimates. It describes the survey methodology, definitions, economic indicators analyzed for poolability, and tests used to assess poolability. The goal is to determine if pooling the two datasets can increase sample size and precision of estimates, especially at sub-state levels.
Government Spending and People Welfare; in Southeast Sulawesi, Indonesiatheijes
Developing countries use government spending to influence the level of welfare. In addition to the more decentralized the management of expenditure, these countries have also been systematically shifting the composition of government spending on priority items to boost economic growth, to items having a direct effect on the level of welfare. Using time series data from 2001 to 2011, the study tested the association of various types of government spending to the level of welfare of the people at the local level. Model multivariate timeseries autoregressive integrated moving average is applied to test the association between variables. The study's findings indicate that government spending is positively associated with the level of prosperity. However, not all positively associated, even not all types of government spending were significantly associated with the level of prosperity. Shopping transfer positively associated only with an index of human development, poverty reduction, and the net enrollment rate of primary education; spending on goods and services positively associated only with the physical quality of life index; while the general government expenditure only positively associated with gross domestic product per capita.
This study examined the relationship between interest rate and economic growth in Nigeria, using secondary time series panel data for the period 1985 – 2014. Data was collected from various issues of the Central Bank of Nigeria Statistical Bulletin and the National Bureau of Statistics. The study employed Augmented Dicker-Fuller (ADF) unit root tests as well as Johansen co-integration test followed by Error Correlation Model (ECM) approach. The ADF unit root test results indicated that the variables are all stationary at first difference. The variables were integrated of order one (1) which implies that the null hypothesis of non-stationary for all the variables of interest is rejected. The Johansen co-integration test result revealed the existence of two co-integrating relationship between the variables at 5% level of significance. The study proceeded to perform the ECM approach and found that interest rate is inversely related to economic growth, but the relationship is statistically insignificant. The recommended that monetary authorities should adopt appropriate polices that would promote and stimulate economic growth in Nigeria.
This thesis aims to test the Burnside and Dollar (2000) hypothesis that aid is more effective in countries with good economic policies than poor policies. The author constructs a policy index using current account balance, inflation, and trade openness and tests the impact of an interaction between aid and policy on growth in developing countries from 1980-2007. The main findings are that aid has a negative impact on growth and there is no significant relationship between the aid-policy interaction term and growth. The author argues these differences from Burnside and Dollar's findings may be due to natural resource exploitation, policy index specification, and differences in sample size and income groups between the studies.
Investigating The Relationship Between Gross Domestic Product (GDP) and House...IJSB
Abstract
This study examines the matter of trends (level and slope), cycle and irregular components in the Gross Domestic Product (GDP) and Household Consumption Expenditure (HCE) of two SAARC (South Asian Association for Regional Cooperation) countries: Nepal and Pakistan. SAARC countries produce GDP (PPP) US$ 9.9 trillion and GDP (Nominal) US$ 2.9 trillion and constitute 9.12% of global economy as of 2015. The mentioned two countries from this region are selected due to their importance in the SAARC region and their challenges during last few decades i.e. Political crisis and natural disasters. In this study the multivariate unobserved components model is used to decompose the GDP and HCE and examine the relationships between these two variables of Nepal and Pakistan. The time period of this study is 1970-2014 and Kushnirs statistical data is employed. The maximum likelihood smoother is employed in the trend plus stochastic cycle methodology of Koopman et al. (2009) to estimate the model. It is found here that there have no deficiencies in the diagnostics of normality, auxiliary, prediction, and forecast. And residual diagnostics also present that it is nicely fitted with this model. Empirical results clearly show that there have strong correlations between the GDP and HCE in irregular components in both the countries of Nepal and Pakistan. Finally, in both slope and cycle, the correlations between GDP and HCE of Nepal and Pakistan are found perfectly positive in the short and long run.
Download original form http://ijsab.com/wpcontent/uploads/2017/02/101.pdf
This document provides an analysis of the demand for residential real estate in Istanbul, Turkey. It begins with information about the data source, which is a monthly housing market survey conducted by Nielsen for ING Bank Turkey between December 2009 and October 2010. It then reviews the social and economic conditions in Istanbul compared to other cities in the survey. Istanbul has a large population of over 9 million, with higher levels of education and income compared to national averages. However, it also has higher unemployment. The document goes on to analyze demographic characteristics of the survey sample and present results of the housing survey regarding economic assessments, buying intentions, and financing preferences.
This document provides details about the National Survey on Household Income and Expenditure conducted in 2004-2005, including:
1. The background and motivation for the study, including gaps in previous household income data collection in India.
2. The methodology used, which was informed by international best practices and involved a multi-stage stratified sampling approach across rural and urban areas in 24 states.
3. Descriptions of the survey coverage, sample design, data collection process, and analysis that would be conducted.
DEVELOPMENT OF THE MAIN DIRECTIONS FOR INCREASING THE INVESTMENT ATTRACTIVENE...IAEME Publication
The research objective: In modern conditions, one of the priorities of encouraging
investment is to increase the investment attractiveness of the regions and the country
as a whole. This, in turn, necessitates the identification of challenges and prospects for
investing in regions, as well as analyzing investment activities and, accordingly,
assessing the entities’ investment attractiveness.
The purpose of the study is to determine the level of investment attractiveness of the
Republic of Sakha (Yakutia) (RS (Ya)) and identify the main directions for its
improvement.
Research method: Statistical and econometric methods for assessing investment
attractiveness based on the calculation of the integral index of investment
attractiveness.
Key findings: In the course of the study, strengths (resource potential) and
weaknesses (poor infrastructure), opportunities (development of other components of
the potential) and threats (economic mono-specialization) of investment attractiveness
of the RS (Ya) were identified based on the SWOT analysis to determine the main
directions for increasing the level of region’s investment attractiveness. The level of the
RS (Ya) investment attractiveness was also identified using the investment
attractiveness index calculated by the authors: the RS (Ya) occupies the second position
in terms of investment attractiveness among the subjects of the Far Eastern Federal
District (FEFD
Factors Affecting the Investment Climate and the Role of Investments in Econo...ijtsrd
This article analyzes the factors affecting the investment climate on the example of the Uzbekistan’s economy. The article also discusses the economy of Uzbekistan and the investments attracted to it. Based on the analysis, proposals have been developed to increase the volume of investments in the Uzbekistan’s economy. Avazov Nuriddin Rustam Ugli | Begalova Durdona Baxodirovna "Factors Affecting the Investment Climate and the Role of Investments in Economic Development (In the Case of Uzbekistan)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38559.pdf Paper Url: https://www.ijtsrd.com/economics/development-economics/38559/factors-affecting-the-investment-climate-and-the-role-of-investments-in-economic-development-in-the-case-of-uzbekistan/avazov-nuriddin-rustam-ugli
The Asia Pacific Capital Markets report provides an in-depth look at the performance of the region’s property markets, examining the economic backdrop, key occupier markets, investment performance and trends affecting the geographies across the region.
The document is a term project analyzing the health of U.S. household consumer finances using data from the 2007 Survey of Consumer Finances. It examines household income, net worth, assets, and debt. The analysis finds that median income increased while mean income decreased, indicating a wider income distribution. Income is influenced by factors like age, education, and race. Those with college degrees earn much more than those with only high school diplomas. White households earn almost double what non-white or Hispanic households earn. The analysis also looks at different types of household debt like housing debt, education debt, and credit card balances.
The U.S. economy is improving at a modest but positive pace, and business experts expect that trend to continue into next year and beyond. This was a theme echoed by several speakers Oct. 3 at a McCombs event called “The Economy in 2014: The Year of the Rebound?”
See the summary and video: The U.S. economy is improving at a modest but positive pace, and business experts expect that trend to continue into next year and beyond. This was a theme echoed by several speakers Oct. 3 at a McCombs event called “The Economy in 2014: The Year of the Rebound?” - See the summary and video: http://www.texasenterprise.utexas.edu/2013/10/17/finance/2014-year-rebound
Highlights
Jay Hartzell, professor of finance, University of Texas at Austin McCombs School of Business
“There are roughly three ways to get out of the debt problem: You grow your way out, you tax your way out, or you print money,” Hartzell said. “The growth forecast is not very strong for the next few years. It’s not clear we have the political will to tax our way out of it. So that leaves inflation, which many people have concerns about.”
Tyson Tuttle, CEO of Silicon Labs
Tuttle said a surge in investment in connected smart devices is driving a transformation of the tech industry. He expects low-cost, low-power devices to enable home and industrial automation, development of efficient smart grid and mobile technologies, and the advent of “big data.” “All of this is going to be enabled by new types of devices, chips and applications that people haven’t even thought of before."“This is going to create a lot of opportunities for startups, software creators, infrastructure providers, and certainly in our world.”
Daniel Nelson, CEO and founder of Datical
“By the end of 2014, there will be a glut of failed startups — and this is a really good thing, because they’re supposed to fail. The real question is, after those startups fail, what do those founders do?” Nelson said. “The virtuous cycle of entrepreneurism starts with failure. It starts with failing, learning, and trying again — and then failing, learning, and trying again.
Dennis McWilliams, CEO and founder of Apollo Endosurgery
“No other state, even California and New York, can compare to the resources we have in Texas for early-stage investment in new technologies,” McWilliams said. “We really are becoming a global economy of healthcare, and innovation that’s happening here in Texas is moving around the world.”
Q1 2011 Manpower Employment Outlook Surveynwhitebdm
This document summarizes the results of a survey of over 18,000 employers in the United States about their hiring outlook for the first quarter of 2011. Some key points:
1) The seasonally adjusted net employment outlook for the US is +9%, suggesting a slight increase in hiring compared to the previous quarter and year.
2) Hiring outlooks are positive across all regions, with the Midwest and South having the strongest prospects. The West saw the biggest quarterly increase in outlook.
3) 11 of 13 industry sectors expect to add jobs, including mining, manufacturing, transportation, retail, and services. Construction and government expect stable employment.
4) The Midwest outlook is strongest at +10
Analysis of Budget Realization to Assess the Effectiveness and Efficiency of ...ijtsrd
This study aims to assess the effectiveness and efficiency of the performance of the regional government of the Gowa Regency Tourism and Culture Office in 2017 2019. The types of data used in this research are qualitative and quantitative data. The data sources used are primary and secondary data. The analytical method used is descriptive quantitative. The results showed that the level of effectiveness of the Department of Tourism and Cultures budget management during the 2017 2019 fiscal year. can be said to be very effective, because by having an average effectiveness ratio above 100 . Meanwhile, the level of efficiency of budget management for the Tourism and Culture Office during the 2017 2019 fiscal year can be said to be less efficient, because the average efficiency ratio is above 90 percent. Supardi Yanto | Nur Fatwa Basar | Sitti Muliana "Analysis of Budget Realization to Assess the Effectiveness and Efficiency of Performance in the Department of Tourism and Culture of Gowa Regency, South Sulawesi" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38597.pdf Paper Url: https://www.ijtsrd.com/economics/accounting/38597/analysis-of-budget-realization-to-assess-the-effectiveness-and-efficiency-of-performance-in-the-department-of-tourism-and-culture-of-gowa-regency-south-sulawesi/supardi-yanto
Definition of investment strategy for sustainable development of regional eco...SubmissionResearchpa
This article is discussed that the theoretical foundations of determining the investment strategy for sustainable development of the region’s economy, as well as the current situation, analysis and future plans. by Rakhimberdiev Oybek Alisher ugli 2020. Definition of investment strategy for sustainable development of regional economies. International Journal on Integrated Education. 2, 4 (Mar. 2020), 108-115. DOI:https://doi.org/10.31149/ijie.v2i4.241. https://journals.researchparks.org/index.php/IJIE/article/view/241/234 https://journals.researchparks.org/index.php/IJIE/article/view/241
This document discusses possible paths for adjusting global imbalances, specifically the large US current account deficit. It uses the NiGEM global econometric model to analyze scenarios. One scenario involves a gradual rise in risk premia on US assets, inducing exchange rate movements that permanently change real exchange rates and reduce US absorption. Coordinated policy to raise demand in countries like China and Japan could help the adjustment while easing impacts on the US. The analysis finds nominal exchange rate shifts alone have only transitory effects, and long-term improvement requires real changes to absorption.
The document provides definitions and concepts for technical terms used in National Sample Surveys (NSS) conducted in India. It discusses the sampling design used in NSS including definitions for sampling unit, domain of study, state/union territory, and region. It also defines rural and urban areas as adopted in the latest population census. The document aims to document definitions of terms used in NSS to promote standardization and help both NSS workers and data users.
48 variable macroeconomics on stock return 25 ags 2019Aminullah Assagaf
This study examines the effect of macroeconomic variables (inflation, interest rates, money supply, exchange rates) on stock returns of companies listed on the Indonesia Stock Exchange from November 2016 to June 2018. Using multiple linear regression analysis on monthly data, the study found that macroeconomic variables have a significant effect on stock returns. Specifically, changes in inflation rates, interest rates, money supply, and the Rupiah exchange rate influence the overall stock price index and company stock returns in Indonesia. The results indicate macroeconomic conditions impact stock market performance.
The document discusses outsourcing of jobs from the United States to countries like India. It provides perspectives from economists who argue that outsourcing is beneficial for the US economy by lowering costs for consumers and making companies more efficient. However, outsourcing has become a political issue in the US due to rising unemployment. While some job losses are due to outsourcing, the document estimates this only accounts for about a quarter of total US job losses, with the rest due to other economic factors like corporate restructuring. The document also discusses benefits of outsourcing for both the US and countries receiving the outsourced jobs, like increased income and efficiency.
IRJET - Reducing of Economic Uncertainty during Recession in IndiaIRJET Journal
1. The document discusses reducing economic uncertainty in India during recessions. It analyzes India's economic policy uncertainty index over time.
2. Economic policy uncertainty was highest in India in 2011-2012 but has decreased significantly in recent decades. Since 2015, India's economic uncertainty has declined while most major countries have seen increases in uncertainty.
3. The document recommends that policymakers take proactive measures to provide clear policies and reduce ambiguity in implementation. It also suggests monitoring the economic policy uncertainty index at high levels on a quarterly basis.
- Time: 2014
- Organization: College(undergraduate)
- Class: Cost and Benefit Analysis (Economics)
- Project description: Final class project from Cost and Benefit analysis course. This is a 10 page word document. Includes research and application on 9 steps of CBA.
Monetary Policy and Trade Balance in NigeriaYogeshIJTSRD
Nigeria apex bank Central Bank of Nigeria CBN has continued to battle with the job of reviving the ailing economy and putting it on the path of growth. The economy has witnessed unprecedented job loss, rising poverty level, accelerating inflation, sluggish economic growth and disequilibrium in the balance of trade. The study therefore examine the effect of monetary policy on trade balance in Nigeria. Specifically the study ascertained the extent to which inflation, demand deposit, liquidity ratio, exchange rate and interest rate have influenced trade balance in Nigeria using an econometric regression model of the Ordinary Least Square OLS . From the result of the OLS, it is observed that monetary policy rate, demand deposit, liquidity ratio and exchange rate have a significant positive impact on foreign trade in Nigeria. This means that increases in monetary policy rate, demand deposit, liquidity ratio and exchange rate, will lead to increase in foreign trade in Nigeria. On the other, inflation rate and interest rate has a significant negative impact on foreign trade in Nigeria, meaning that as inflation rate and interest rate increases, will be bring about a decline in foreign trade in Nigeria. Based on the findings of this study, the study recommends that the government should employ a contractionary monetary policy to fight inflation by reducing the money supply in the country through decreased bond price. inflation, demand deposit, liquidity ratio, exchange rate and interest rate have influenced trade balance in Nigeria. The government should intervene in the foreign exchange market in order to build reserves for themselves or provide them to the bank to help stabilize the exchange rate. The government should strive to improve trade performance in the short and long run. They should also reduce government spending and tax capital inflow. Edokobi, Tonna David | Okpala, Ngozi Eugenia | Okoye, Nonso John "Monetary Policy and Trade Balance in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45080.pdf Paper URL: https://www.ijtsrd.com/management/public-sector-management/45080/monetary-policy-and-trade-balance-in-nigeria/edokobi-tonna-david
This document is the Fall 2016 edition of the Greater New Haven Economic Activity Report published by the New Haven Economic Performance Laboratory. It contains economic analyses and data series for the Connecticut and New Haven regions conducted by University of New Haven students and faculty. The report finds that while economic conditions continue to improve overall, the New Haven region's recovery continues to lag other parts of New England and the nation. It includes analyses of topics like the housing market, employment, GDP, and consumer prices.
Lee and Thampapillai_2016_External Debt in Macroeconomics_A ReviewKelvin Lee
This document summarizes the treatment of external debt in economics literature. It discusses three main categories: 1) Development of indicators to quantify external debt, most commonly expressed as a ratio of debt to GDP or debt service to GDP. While widely used, these indicators have limitations. 2) Theoretical analyses where external debt is modeled explicitly. Approaches vary in whether models are static or dynamic. 3) Empirical analyses also explicitly include external debt, differing in whether underlying models are linear or nonlinear. A key theme is assessing external debt's impact on economic performance, with mixed, context-specific results.
The document discusses a study examining the macroeconomic determinants of foreign and domestic non-listed real estate fund flows in India from 2005-2017. The study uses autoregressive distributed lag modeling and error correction modeling to analyze quarterly time series data. The findings indicate that domestic fund flows are positively impacted by real GDP and the performance of listed real estate stocks, while foreign fund flows are positively impacted by the exchange rate, listed real estate stock performance, and domestic fund flows. The results provide implications for policymakers and real estate market participants regarding attracting investment flows in the Indian real estate sector.
The relationship between amman stock exchange (ase) market and real gross dom...Alexander Decker
This document summarizes a study that investigated the relationship between Amman Stock Exchange (ASE) market development and Real Gross Domestic Product (GDP) in Jordan from 1999-2012. Statistical analyses including correlation, regression, and time series techniques were used. The results showed:
1) The industrial sector showed a strong positive relationship with GDP, while other ASE sectors did not correlate significantly with GDP.
2) Simple regression showed ASE market indicators did not affect GDP individually, but multiple regression showed ASE sectors together affected GDP.
3) Stepwise regression identified the industrial sector as having a strong positive effect on GDP, while the insurance sector had a negative effect.
4) Only the industrial sector significantly affected
An Application of Logit Regression on Socio Economic Indicators in Gujaratijtsrd
The use of real time evaluation technologies to think about human behavior in a social setting is known as social experiences. This can be refined by examining a social gathering of individuals, reviewing a subset of data insights, and assessing a large amount of data relating to people and their behavior in a quantitative manner. In this study researcher examined Socio Economics indicators like Education, Health and Employment in Gujarat he also used Logit Regression as a statistical tool. It will be found that the most of the Sub Indicators are positively impact on Logit Regression model. Dr. Mahesh Vaghela "An Application of Logit Regression on Socio Economic Indicators in Gujarat" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42573.pdf Paper URL: https://www.ijtsrd.comother-scientific-research-area/other/42573/an-application-of-logit-regression-on-socio-economic-indicators-in-gujarat/dr-mahesh-vaghela
ANALYSIS OF GROWTH AND ECONOMIC STRUCTURE IN DOMPU DISTRICT 2014-2020AJHSSR Journal
ABSTRACT:This study aims to (1) analyze economic growth in Dompu Regency in 2014-2020; (2) analyze
the economic structure of Dompu Regency in 2014-2020. This research is descriptive research with a
quantitative approach. The object of this research is Dompu district, West Nusa Tenggara province. This study
uses secondary data from 2014-to 2020 from the Central Statistics Agency of Dompu Regency. The results
showed that the economic growth of Dompu district, West Nusa Tenggara province in 2014-2020 fluctuated,
where in 2015-201, it increased, while in 2018-2019, it decreased. Even in 2020, the economic growth of the
Dompu district became minus, caused by the case of covid. -19. Meanwhile, the economic structure of Dompu
Regency in 2014-2020 is still in the agriculture, forestry, and fishery sectors, followed by the wholesale and
retail trade sector; car and motorcycle repair, government administration sector, defense and compulsory social
security, construction sector, and the rest are outside the four sectors above which contribute below five percent.
KEYWORDS: economic growth, economic structure, Gross Regional Income.
DEVELOPMENT OF THE MAIN DIRECTIONS FOR INCREASING THE INVESTMENT ATTRACTIVENE...IAEME Publication
The research objective: In modern conditions, one of the priorities of encouraging
investment is to increase the investment attractiveness of the regions and the country
as a whole. This, in turn, necessitates the identification of challenges and prospects for
investing in regions, as well as analyzing investment activities and, accordingly,
assessing the entities’ investment attractiveness.
The purpose of the study is to determine the level of investment attractiveness of the
Republic of Sakha (Yakutia) (RS (Ya)) and identify the main directions for its
improvement.
Research method: Statistical and econometric methods for assessing investment
attractiveness based on the calculation of the integral index of investment
attractiveness.
Key findings: In the course of the study, strengths (resource potential) and
weaknesses (poor infrastructure), opportunities (development of other components of
the potential) and threats (economic mono-specialization) of investment attractiveness
of the RS (Ya) were identified based on the SWOT analysis to determine the main
directions for increasing the level of region’s investment attractiveness. The level of the
RS (Ya) investment attractiveness was also identified using the investment
attractiveness index calculated by the authors: the RS (Ya) occupies the second position
in terms of investment attractiveness among the subjects of the Far Eastern Federal
District (FEFD
Factors Affecting the Investment Climate and the Role of Investments in Econo...ijtsrd
This article analyzes the factors affecting the investment climate on the example of the Uzbekistan’s economy. The article also discusses the economy of Uzbekistan and the investments attracted to it. Based on the analysis, proposals have been developed to increase the volume of investments in the Uzbekistan’s economy. Avazov Nuriddin Rustam Ugli | Begalova Durdona Baxodirovna "Factors Affecting the Investment Climate and the Role of Investments in Economic Development (In the Case of Uzbekistan)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38559.pdf Paper Url: https://www.ijtsrd.com/economics/development-economics/38559/factors-affecting-the-investment-climate-and-the-role-of-investments-in-economic-development-in-the-case-of-uzbekistan/avazov-nuriddin-rustam-ugli
The Asia Pacific Capital Markets report provides an in-depth look at the performance of the region’s property markets, examining the economic backdrop, key occupier markets, investment performance and trends affecting the geographies across the region.
The document is a term project analyzing the health of U.S. household consumer finances using data from the 2007 Survey of Consumer Finances. It examines household income, net worth, assets, and debt. The analysis finds that median income increased while mean income decreased, indicating a wider income distribution. Income is influenced by factors like age, education, and race. Those with college degrees earn much more than those with only high school diplomas. White households earn almost double what non-white or Hispanic households earn. The analysis also looks at different types of household debt like housing debt, education debt, and credit card balances.
The U.S. economy is improving at a modest but positive pace, and business experts expect that trend to continue into next year and beyond. This was a theme echoed by several speakers Oct. 3 at a McCombs event called “The Economy in 2014: The Year of the Rebound?”
See the summary and video: The U.S. economy is improving at a modest but positive pace, and business experts expect that trend to continue into next year and beyond. This was a theme echoed by several speakers Oct. 3 at a McCombs event called “The Economy in 2014: The Year of the Rebound?” - See the summary and video: http://www.texasenterprise.utexas.edu/2013/10/17/finance/2014-year-rebound
Highlights
Jay Hartzell, professor of finance, University of Texas at Austin McCombs School of Business
“There are roughly three ways to get out of the debt problem: You grow your way out, you tax your way out, or you print money,” Hartzell said. “The growth forecast is not very strong for the next few years. It’s not clear we have the political will to tax our way out of it. So that leaves inflation, which many people have concerns about.”
Tyson Tuttle, CEO of Silicon Labs
Tuttle said a surge in investment in connected smart devices is driving a transformation of the tech industry. He expects low-cost, low-power devices to enable home and industrial automation, development of efficient smart grid and mobile technologies, and the advent of “big data.” “All of this is going to be enabled by new types of devices, chips and applications that people haven’t even thought of before."“This is going to create a lot of opportunities for startups, software creators, infrastructure providers, and certainly in our world.”
Daniel Nelson, CEO and founder of Datical
“By the end of 2014, there will be a glut of failed startups — and this is a really good thing, because they’re supposed to fail. The real question is, after those startups fail, what do those founders do?” Nelson said. “The virtuous cycle of entrepreneurism starts with failure. It starts with failing, learning, and trying again — and then failing, learning, and trying again.
Dennis McWilliams, CEO and founder of Apollo Endosurgery
“No other state, even California and New York, can compare to the resources we have in Texas for early-stage investment in new technologies,” McWilliams said. “We really are becoming a global economy of healthcare, and innovation that’s happening here in Texas is moving around the world.”
Q1 2011 Manpower Employment Outlook Surveynwhitebdm
This document summarizes the results of a survey of over 18,000 employers in the United States about their hiring outlook for the first quarter of 2011. Some key points:
1) The seasonally adjusted net employment outlook for the US is +9%, suggesting a slight increase in hiring compared to the previous quarter and year.
2) Hiring outlooks are positive across all regions, with the Midwest and South having the strongest prospects. The West saw the biggest quarterly increase in outlook.
3) 11 of 13 industry sectors expect to add jobs, including mining, manufacturing, transportation, retail, and services. Construction and government expect stable employment.
4) The Midwest outlook is strongest at +10
Analysis of Budget Realization to Assess the Effectiveness and Efficiency of ...ijtsrd
This study aims to assess the effectiveness and efficiency of the performance of the regional government of the Gowa Regency Tourism and Culture Office in 2017 2019. The types of data used in this research are qualitative and quantitative data. The data sources used are primary and secondary data. The analytical method used is descriptive quantitative. The results showed that the level of effectiveness of the Department of Tourism and Cultures budget management during the 2017 2019 fiscal year. can be said to be very effective, because by having an average effectiveness ratio above 100 . Meanwhile, the level of efficiency of budget management for the Tourism and Culture Office during the 2017 2019 fiscal year can be said to be less efficient, because the average efficiency ratio is above 90 percent. Supardi Yanto | Nur Fatwa Basar | Sitti Muliana "Analysis of Budget Realization to Assess the Effectiveness and Efficiency of Performance in the Department of Tourism and Culture of Gowa Regency, South Sulawesi" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38597.pdf Paper Url: https://www.ijtsrd.com/economics/accounting/38597/analysis-of-budget-realization-to-assess-the-effectiveness-and-efficiency-of-performance-in-the-department-of-tourism-and-culture-of-gowa-regency-south-sulawesi/supardi-yanto
Definition of investment strategy for sustainable development of regional eco...SubmissionResearchpa
This article is discussed that the theoretical foundations of determining the investment strategy for sustainable development of the region’s economy, as well as the current situation, analysis and future plans. by Rakhimberdiev Oybek Alisher ugli 2020. Definition of investment strategy for sustainable development of regional economies. International Journal on Integrated Education. 2, 4 (Mar. 2020), 108-115. DOI:https://doi.org/10.31149/ijie.v2i4.241. https://journals.researchparks.org/index.php/IJIE/article/view/241/234 https://journals.researchparks.org/index.php/IJIE/article/view/241
This document discusses possible paths for adjusting global imbalances, specifically the large US current account deficit. It uses the NiGEM global econometric model to analyze scenarios. One scenario involves a gradual rise in risk premia on US assets, inducing exchange rate movements that permanently change real exchange rates and reduce US absorption. Coordinated policy to raise demand in countries like China and Japan could help the adjustment while easing impacts on the US. The analysis finds nominal exchange rate shifts alone have only transitory effects, and long-term improvement requires real changes to absorption.
The document provides definitions and concepts for technical terms used in National Sample Surveys (NSS) conducted in India. It discusses the sampling design used in NSS including definitions for sampling unit, domain of study, state/union territory, and region. It also defines rural and urban areas as adopted in the latest population census. The document aims to document definitions of terms used in NSS to promote standardization and help both NSS workers and data users.
48 variable macroeconomics on stock return 25 ags 2019Aminullah Assagaf
This study examines the effect of macroeconomic variables (inflation, interest rates, money supply, exchange rates) on stock returns of companies listed on the Indonesia Stock Exchange from November 2016 to June 2018. Using multiple linear regression analysis on monthly data, the study found that macroeconomic variables have a significant effect on stock returns. Specifically, changes in inflation rates, interest rates, money supply, and the Rupiah exchange rate influence the overall stock price index and company stock returns in Indonesia. The results indicate macroeconomic conditions impact stock market performance.
The document discusses outsourcing of jobs from the United States to countries like India. It provides perspectives from economists who argue that outsourcing is beneficial for the US economy by lowering costs for consumers and making companies more efficient. However, outsourcing has become a political issue in the US due to rising unemployment. While some job losses are due to outsourcing, the document estimates this only accounts for about a quarter of total US job losses, with the rest due to other economic factors like corporate restructuring. The document also discusses benefits of outsourcing for both the US and countries receiving the outsourced jobs, like increased income and efficiency.
IRJET - Reducing of Economic Uncertainty during Recession in IndiaIRJET Journal
1. The document discusses reducing economic uncertainty in India during recessions. It analyzes India's economic policy uncertainty index over time.
2. Economic policy uncertainty was highest in India in 2011-2012 but has decreased significantly in recent decades. Since 2015, India's economic uncertainty has declined while most major countries have seen increases in uncertainty.
3. The document recommends that policymakers take proactive measures to provide clear policies and reduce ambiguity in implementation. It also suggests monitoring the economic policy uncertainty index at high levels on a quarterly basis.
- Time: 2014
- Organization: College(undergraduate)
- Class: Cost and Benefit Analysis (Economics)
- Project description: Final class project from Cost and Benefit analysis course. This is a 10 page word document. Includes research and application on 9 steps of CBA.
Monetary Policy and Trade Balance in NigeriaYogeshIJTSRD
Nigeria apex bank Central Bank of Nigeria CBN has continued to battle with the job of reviving the ailing economy and putting it on the path of growth. The economy has witnessed unprecedented job loss, rising poverty level, accelerating inflation, sluggish economic growth and disequilibrium in the balance of trade. The study therefore examine the effect of monetary policy on trade balance in Nigeria. Specifically the study ascertained the extent to which inflation, demand deposit, liquidity ratio, exchange rate and interest rate have influenced trade balance in Nigeria using an econometric regression model of the Ordinary Least Square OLS . From the result of the OLS, it is observed that monetary policy rate, demand deposit, liquidity ratio and exchange rate have a significant positive impact on foreign trade in Nigeria. This means that increases in monetary policy rate, demand deposit, liquidity ratio and exchange rate, will lead to increase in foreign trade in Nigeria. On the other, inflation rate and interest rate has a significant negative impact on foreign trade in Nigeria, meaning that as inflation rate and interest rate increases, will be bring about a decline in foreign trade in Nigeria. Based on the findings of this study, the study recommends that the government should employ a contractionary monetary policy to fight inflation by reducing the money supply in the country through decreased bond price. inflation, demand deposit, liquidity ratio, exchange rate and interest rate have influenced trade balance in Nigeria. The government should intervene in the foreign exchange market in order to build reserves for themselves or provide them to the bank to help stabilize the exchange rate. The government should strive to improve trade performance in the short and long run. They should also reduce government spending and tax capital inflow. Edokobi, Tonna David | Okpala, Ngozi Eugenia | Okoye, Nonso John "Monetary Policy and Trade Balance in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45080.pdf Paper URL: https://www.ijtsrd.com/management/public-sector-management/45080/monetary-policy-and-trade-balance-in-nigeria/edokobi-tonna-david
This document is the Fall 2016 edition of the Greater New Haven Economic Activity Report published by the New Haven Economic Performance Laboratory. It contains economic analyses and data series for the Connecticut and New Haven regions conducted by University of New Haven students and faculty. The report finds that while economic conditions continue to improve overall, the New Haven region's recovery continues to lag other parts of New England and the nation. It includes analyses of topics like the housing market, employment, GDP, and consumer prices.
Lee and Thampapillai_2016_External Debt in Macroeconomics_A ReviewKelvin Lee
This document summarizes the treatment of external debt in economics literature. It discusses three main categories: 1) Development of indicators to quantify external debt, most commonly expressed as a ratio of debt to GDP or debt service to GDP. While widely used, these indicators have limitations. 2) Theoretical analyses where external debt is modeled explicitly. Approaches vary in whether models are static or dynamic. 3) Empirical analyses also explicitly include external debt, differing in whether underlying models are linear or nonlinear. A key theme is assessing external debt's impact on economic performance, with mixed, context-specific results.
The document discusses a study examining the macroeconomic determinants of foreign and domestic non-listed real estate fund flows in India from 2005-2017. The study uses autoregressive distributed lag modeling and error correction modeling to analyze quarterly time series data. The findings indicate that domestic fund flows are positively impacted by real GDP and the performance of listed real estate stocks, while foreign fund flows are positively impacted by the exchange rate, listed real estate stock performance, and domestic fund flows. The results provide implications for policymakers and real estate market participants regarding attracting investment flows in the Indian real estate sector.
The relationship between amman stock exchange (ase) market and real gross dom...Alexander Decker
This document summarizes a study that investigated the relationship between Amman Stock Exchange (ASE) market development and Real Gross Domestic Product (GDP) in Jordan from 1999-2012. Statistical analyses including correlation, regression, and time series techniques were used. The results showed:
1) The industrial sector showed a strong positive relationship with GDP, while other ASE sectors did not correlate significantly with GDP.
2) Simple regression showed ASE market indicators did not affect GDP individually, but multiple regression showed ASE sectors together affected GDP.
3) Stepwise regression identified the industrial sector as having a strong positive effect on GDP, while the insurance sector had a negative effect.
4) Only the industrial sector significantly affected
An Application of Logit Regression on Socio Economic Indicators in Gujaratijtsrd
The use of real time evaluation technologies to think about human behavior in a social setting is known as social experiences. This can be refined by examining a social gathering of individuals, reviewing a subset of data insights, and assessing a large amount of data relating to people and their behavior in a quantitative manner. In this study researcher examined Socio Economics indicators like Education, Health and Employment in Gujarat he also used Logit Regression as a statistical tool. It will be found that the most of the Sub Indicators are positively impact on Logit Regression model. Dr. Mahesh Vaghela "An Application of Logit Regression on Socio Economic Indicators in Gujarat" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42573.pdf Paper URL: https://www.ijtsrd.comother-scientific-research-area/other/42573/an-application-of-logit-regression-on-socio-economic-indicators-in-gujarat/dr-mahesh-vaghela
ANALYSIS OF GROWTH AND ECONOMIC STRUCTURE IN DOMPU DISTRICT 2014-2020AJHSSR Journal
ABSTRACT:This study aims to (1) analyze economic growth in Dompu Regency in 2014-2020; (2) analyze
the economic structure of Dompu Regency in 2014-2020. This research is descriptive research with a
quantitative approach. The object of this research is Dompu district, West Nusa Tenggara province. This study
uses secondary data from 2014-to 2020 from the Central Statistics Agency of Dompu Regency. The results
showed that the economic growth of Dompu district, West Nusa Tenggara province in 2014-2020 fluctuated,
where in 2015-201, it increased, while in 2018-2019, it decreased. Even in 2020, the economic growth of the
Dompu district became minus, caused by the case of covid. -19. Meanwhile, the economic structure of Dompu
Regency in 2014-2020 is still in the agriculture, forestry, and fishery sectors, followed by the wholesale and
retail trade sector; car and motorcycle repair, government administration sector, defense and compulsory social
security, construction sector, and the rest are outside the four sectors above which contribute below five percent.
KEYWORDS: economic growth, economic structure, Gross Regional Income.
Study Conducted by Laveesh Bhandari and Aarti Khare, Indicus Analytics May 2002.
The economic geography of India has been changing in line with a changing economy in the post-reform period. This paper uses sub-State (regional) level data to study economic growth in the post reform period. Using the latest available data (for the late nineties) at the sub-State-level we find that a very clear break is observable between the eastern and western parts of India. That is, the western part of India has had an increase in its share in the economy as against the eastern part that has lost out during this period.
Unlike others, this study covers all the 78 regions in 35 States of India. The smaller States that are generally left out in State level studies are covered here. This allows us to generate a comprehensive picture of the geographical profile of India and how it is changing. We find some evidence that regions that have a predominantly natural resource based economy are not growing as fast. We also find some evidence that regions that contain important river systems have not performed as well. Other issues are identified as well.
This study finds that much more work is required and is possible with available data. It concludes by identifying a research agenda on the geographical profile of the post-reform Indian economy
An Application of Tobit Regression on Socio Economic Indicators in Gujaratijtsrd
The use of factual estimation frameworks to consider human behavior in a social environment is known as social insights. In this study researcher examined. Socio Economics indicators like Education, Health and Employment in Gujarat he also used Tobit Regression as a statistical tool. It will be found that the most of the Sub Indicators are positively impact on Tobit Regression model. Dr. Mahesh Vaghela "An Application of Tobit Regression on Socio Economic Indicators in Gujarat" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-6 , October 2021, URL: https://www.ijtsrd.com/papers/ijtsrd46309.pdf Paper URL : https://www.ijtsrd.com/mathemetics/statistics/46309/an-application-of-tobit-regression-on-socio-economic-indicators-in-gujarat/dr-mahesh-vaghela
The year 2010 saw major economies registering modest growth and India on a balanced growth path. India story gained primacy at the beginning of 2010, with the changing market scenarios across the world.
The outlook is more or less stable across sectors over the
months. The optimism of early 2010 was further
strengthened due to a positive economic outlook, but the
recent political developments marked with scandals have
made an impact on the overall business confidence, albeit
marginal. Employment generation has remained stable and
upbeat in most of the sectors. However, continuous
inflation, price of raw materials and intermediate industrial
products, scams involving ministers and so on have created
some caution in the minds of entrepreneurs. The
movement of skilled workforce within the sector continued
during the 4th Quarter of 2010. The change in
employment across sectors is given in the table below.
The employment scenario during any specific time period
needs to be viewed from the perspective of various
activities and at several fronts, for a considerable period.
This section has presented the estimated employment
numbers with expectations for different sectors of the
Indian economy. It also lists some of the issues that might
have an impact on the employment scenario, either directly
or indirectly. This will help correlate between the trends
observed regarding employment and economic as well as
political fundamentals.
The BFSI sector is expected to add 116,240
jobs in 2011.
The stable and positive sentiment at the economic front continues
to help the BFSI sector to grow further during the 4th Quarter of
2010. Responses from the BFSI companies indicate that almost
similar condition will prevail during the first two quarters of 2011
as well as for the entire year. The sector is cautiously optimistic
about growth of employment numbers.
The raise of Repo and Reverse Repo rates by RBI on 25th January
2011 has caused an increase of Repo rate by 175 basis points and
Reverse Repo rate by 225 basis points, since March 2010. CRR has
increased by 100 basis points during the same time.
Inflation has remained a cause for concern over the past months
and is expected to continue for a few more months to come.
However, the response to structural causes of inflation needs to be
through reallocation of resources across sectors. Short term
measures like interest rate hikes, though manage to contain
inflation to a moderate level are not strong enough to sustain
growth. .
The recent RBI report on the Micro Finance sector has
recommended several checks to resolve the issues and improve
transparency. However, observations have also been made
regarding the “Recovery Culture” in the financial sector and its
adverse effects on the customers. This is an important observation
made by RBI, in view of the recent measures taken by the Andhra
Pradesh Government to regulate the recovery of loans from the
small borrowers by the MFIs. However, the drive towards financial
inclusion will certainly play a positive role in employment
generation in this sector.
Bank credit to commercial sector is increasing steadily, which is
one of the major driving forces for the banking sector in the
country.
Insurance sector, both life and general, has witnessed a positive
sentiment in the 4th Quarter as compared to the previous ones
and is expected to do better in coming months.
The Education, Training and Consulting sector
is expected to add 107,500 jobs in 2011.
Education sector continued to contribute significantly to the
employment base of the country during the last Quarter of 2010.
The sector is expected to grow at similar rate during the first
couple of Quarters of 2011. However, the expectation regarding
growth for the entire calendar year of 2011 is slightly lower
compared to the first two Quarters of the year.
The regulatory ambiguity still remains the biggest impediment that
holds back the sector’s transformation into one of country’s
largest industry
Estimated Regional Disparity for Northern Bangladeshiosrjce
IOSR Journal of Humanities and Social Science is a double blind peer reviewed International Journal edited by International Organization of Scientific Research (IOSR).The Journal provides a common forum where all aspects of humanities and social sciences are presented. IOSR-JHSS publishes original papers, review papers, conceptual framework, analytical and simulation models, case studies, empirical research, technical notes etc.
Public Expenditure and Economic Growth in Chhattisgarh State An Analytical Studyijtsrd
The study examines the structure, direction, and pattern of government expenditure and economic growth in Chhattisgarh State from 2001 to 2020, the study attempts to establish a logical relationship between the variables. The study statistically evaluated the relationship between the variables by using the least square method of regression analysis. Our empirical findings shows that the economy of Chhattisgarh is exhibiting an upward trend and pattern of economic growth and in the same way the variables are highly associated, and the regression analysis reveals that expenditure and economic growth have a positive cause and effect relations in the reference of the state. Mr. Subhrajeet Behera | Dr. Manisha Dubey "Public Expenditure and Economic Growth in Chhattisgarh State: An Analytical Study" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-5 , August 2022, URL: https://www.ijtsrd.com/papers/ijtsrd51797.pdf Paper URL: https://www.ijtsrd.com/economics/other/51797/public-expenditure-and-economic-growth-in-chhattisgarh-state-an-analytical-study/mr-subhrajeet-behera
Assessment on economic growth of development indicators in aseanAlexander Decker
1) The document analyzes the relationship between economic growth and development indicators like mortality rate, life expectancy, and unemployment rate in 5 ASEAN countries from 1980 to 2010 using panel data analysis.
2) It reviews literature showing economic growth is linked to lower unemployment through Okun's Law and increased income is associated with lower mortality rates.
3) The study aims to determine if there is a long-term relationship between economic growth and the selected development indicators in ASEAN countries, as predicted by economic theory.
Progressive India in Output and Employmentectijjournal
Keeping in view, the limitations present in literature, we try to analyze for, the pattern of growth of output and employment and its determinants in Organised Manufacturing Sector in India. States which contribute to more than eighty percent of the total output and employment in India are considered. We use Gross Value Added and Total Output for the indicator measuring for Output. Total persons engaged and Labour Index are the indicators for Employment. This is one of our major contributions to literature. The research design of the study is based on secondary data. The findings reveal the impact of New Economic Policy across India as a whole and the impact of Global financial crisis across selected states. Liberalization has been able to make a significant positive impact while Global financial crisis had no effective impact. Employment growth has been positive after liberalization. This has also been observed through structural breaks. Over the period of Study, there has been increase in the number of states with a rising growth rate. Output Elasticity of employment has proved the job creating capability of each state as of India as a whole. In addition to these, we have observed the effect of determinants of output and employment growth across States. Thus, our work is a concise study on the two main parameters of the Indian economy which shall enrich the existing literature as well as policy makers for progressive development and a sustainable development of our nation.
A study regarding analyzing recessionary impact on fundamental determinants o...Alexander Decker
This document analyzes the impact of fundamental factors on stock prices in India during normal and recessionary periods. It summarizes previous literature that found variables like earnings per share, price-earnings ratio, dividend per share, and book value significantly impacted stock prices. The study aims to compare how these fundamental factors influence stock prices for BSE 200 companies during normal vs. recession periods using panel data techniques. Preliminary results found earnings per share positively impacted prices during normal periods, while price-earnings ratio and growth negatively impacted prices during the recession. The study seeks to provide insights on investment decisions.
A study regarding analyzing recessionary impact on fundamental determinants o...Alexander Decker
This document analyzes the impact of fundamental factors on stock prices in India during normal and recessionary periods. It finds that during normal periods from 2000-2007, earnings per share had a positive and significant impact on stock prices, while coverage ratio had a negative impact. During the recession from 2007-2009, price-earnings ratio positively and significantly impacted stock prices, while growth had a negative effect. Overall, the study aims to compare the influence of fundamental factors like book value, dividends, earnings, etc. on stock prices during different economic conditions in India.
Running head ECONOMIC DEVELOPMENT 1ECONOMIC DEVELOPMENT 8.docxtodd271
Running head: ECONOMIC DEVELOPMENT 1
ECONOMIC DEVELOPMENT 8
Economic Development
Student’s Name
Institutional Affiliation
History and Brief Backdrop of Indonesia
1. The introduction of indonesia’s econ history is too long. We only need to include a brief and clear background.
2. I think the majority of this paper is still displaying the facts rather than analyze them. Can you have more analysis of the facts you have? We need to focus on analyzing date we have and having our own conclusion rather than displaying facts and quoting others’ words. This paper is not a reading report of others’ research paper.
3. Can you have a main topic to focus on discussing rather than generally introducing the whole economy?
4. The paper should be
a. BRIEF intro of indonesia’s history of econ as a background knowledge
b. Choose a topic to focus on discussing and explain why it is important to the development of econ of Indonesia
c. Grab datas from reliable website like http://hdr.undp.org/en/countries and use the model and concepts to analyze the meaning of the statistics, and how do they reflect the econ situation of Indonesia
d. Base on your analyze, identify the current problem of Indonesia and come up proper and realistic solutions to solve them.
e. Explain why your solutions would be effective by estimating the expected benefits with the concepts and model on my list, and present the whole process of calculation and analyzing.
f. Explain how the country can execute the solutions you suggest, what resource they can use to do that etc.
Indonesia is one of the largest Southeast Asian countries with promising and sizeable economic growth in the region. The government is home to over 270 million people, making it the fourth largest country in terms of the population worldwide. According to Jomo (2019), Indonesia has the largest economy in South East Asia with a GDP of close, slightly over $ 863 billion, and records the highest economic growth of 6% in the region in the last few years. Jomo (2019) asserts that Indonesia, in recent years, has been recording a higher economic development during the global financial crisis than other Great 20 countries. The country has been able to achieve this economic prospects because of its sound macroeconomic policy. The faster economic growth and development of Indonesia has made economic analysts suggest that it will soon be a member of the BRIC group of leading in emerging markets.
To understand Indonesia's economic growth performance, one needs to understand the driving factors behind the economic story. Yudhistira & Sofiyandi (2018) suggest that Indonesia's good economic performance is attributed to the growth of the potent power of consumption, exports, and investments. They further point out that high export is because Indonesia is endowed by abundant natural resources and an increase in international commodity prices. In regards to investments, the country has set and implemented economic.
Role of Development Finance Institutions in Developing the Nigerian Agricultu...AJHSSR Journal
ABSTRACT : This study investigates the role of development finance institutions (DFIs) in agricultural
sector development in Nigeria. African Development Bank (AfDB), World Bank and International Development
Association (IDA) were the underlying DFIs while agriculture value added formed the basis for measuring
agricultural sector development. Data on the variables were sourced from World Development Indicators (WDI)
and analyzed using error correction mechanism (ECM). The unit root test results indicate that all the variables
are not stationary. However, they become stationary after first differencing and as such they all integrated of
order one. The cointegration test results revealed that the variables have long run relationship. The result
showed that the first and second lag of agriculture value added impacted negatively on its current. One-period
lag of AfDB loan has significant positive relationship with current value of agriculture value added. The result
showed that agriculture value added increased by 0.079 percent due to 1 percent increase in lag of AfDB loan. It
was also found that the lagged values of World Bank and IDA loans exert significant negative impact on
agriculture value added. The Parsimonious ECM revealedthat the model has an adjustment speed of 59.2
percent. Based on the findings, it is recommended that policymakers should prioritize the allocation of AfDB
loans into productive sectors of the economy with particular emphasis on agriculture with a view to driving the
development process in the real sector.
Keywords:Development finance, agriculture sector, Institutions, African Development Bank, World Bank and
value addition
An Econometric Modeling of Development Process using Artificial Neural Networ...IJERDJOURNAL
This paper develops an econometric model of development in India using artificial neural networks. The model has two sub-models: 1) an economic model relating GDP to agriculture, industry, services and HDI and 2) a human development model relating HDI to education index, health index and GDP. The models are implemented using neural network tools in MATLAB. Validation results show coefficients above 0.99, indicating the models successfully capture the relationships between economic and human development indicators in India. The models can be used to estimate the impact of changes in economic sectors on GDP and HDI to inform policy planning.
Estimating the stock of public capital in 170 countries May 2021.pdfAbdelmalekBOUMDIR1
Estimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of puEstimating the stock of public capital in 170 countries May 2021.pdfEstimating the stock of public capital in 170 countries May 2021.pdf
TRENDS IN THE PER-CAPITA NSDP OF INDIAN STATES IN THE POST REFORM PERIODIAEME Publication
The present study tries to compare the growth experiences of the various states of the country using the values of Per Capita Net State Domestic Product at Constant Prices (NSDP) for the period from 1993-94 to 2016-17 (both years inclusive) by analyzing the trends in the Per-capita NSDP of the various states of the country and examining whether the states with lesser Per-capita NSDP at the beginning of the study period is able to catch up with the ones with higher Per-capita NSDP. The study has found that the Per Capita NSDP values of Indian states (belonging to various groups according to NSDP) have diverged over the years and the lesser performing states within the groups couldn’t increase their Per-capita NSDP value enough to converge with that of the best performing states in their groups exhibiting the unbalanced nature of economic growth across the various states of India during the study period.
This document discusses a study examining the link between institutions and industrial development across Indian states. It analyzes three major components of institutions: legal institutions, state intervention, and political institutions. The study uses data on state GDP growth and industrial development levels across states to empirically test the significance of each institutional component in explaining variations. The results suggest state intervention significantly explains GDP growth variation, while all three institutional components highly significantly explain differences in industrial development levels across Indian states. The study aims to analyze the role of different institutional components in state-level industrial development using regression analysis.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
South Dakota State University degree offer diploma Transcriptynfqplhm
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[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. Night-time Luminosity: Does it Brighten
Understanding of Economic Activity in India?
Anupam Prakash,Avdhesh Kumar Shukla, Chaitali Bhowmick and
Robert Carl Michael Beyer*
In view of the growing popularity of night-time luminosity as a measure of
economic activity, this study explores the scope for using such data as a supplement
for gross domestic product (GDP) in the Indian context. We found that night-light
data exhibit reasonably robust correlataion with GDP and other important
macroeconomic indicators like industrial production and credit growth at the
national level. Quarter-on-quarter growth of night lights tracks growth of GDP
reasonably well. Even after controlling for seasonal factors, the relationship of night
lights with value-added in agriculture and private consumption expenditure turns out
to be statistically significant. In addition, night lights are strongly correlated with
gross state domestic product (GSDP). The elasticity of night lights with respect to
GSDP (i.e., the so-called inverse Henderson elasticity) is found to be statistically
significant, though relatively smaller in magnitude than similar estimates available
at the global level.
JEL Classification : E58, O33, O47, R11
Keywords : Night lights, luminosity, satellites, economic growth,
Henderson elasticity, GDP
Introduction
Night-light data, which provide a numerical measure of brightness of
the earth during the night, is a direct result of human activities and hold
enormous potential in economic analysis (Basihos, 2016; Doll et al., 2006;
* Anupam Prakash, Avdhesh Kumar Shukla and Chaitali Bhowmick are working in the Department of
Economic and Policy Research, Reserve Bank of India and Robert Carl Michael Beyer is an economist at
the office of the chief economist for the South Asia region at the World Bank. The authors express sincere
thanks to an anonymous referee for valuable suggestions. The views expressed in the article are those of
the authors and do not represent the views of the Reserve Bank of India or the World Bank.
Reserve Bank of India Occasional Papers
Vol. 40, No. 1, 2019
2. 2 RESERVE BANK OF INDIA OCCASIONAL PAPERS
Donaldson and Storeygard, 2016; Forbes, 2013; Henderson et al., 2012).
Night-light data are found to be particularly useful in countries where the
quality of official statistics on gross domestic product (GDP) are released
with some time-lag, which also get revised several times subsequently. As
is the practice in most other countries, initial releases or advance estimates
of GDP in India are often revised, and the estimates are improved gradually
through successive revisions with the progressive increase in data coverage.
The average absolute revisions in India’s GDP growth numbers since the
financial year (FY) 2004-05 has been around 0.7 percentage points (Prakash
et al., 2018; World Bank, 2017). The state level data on gross state domestic
product (GSDP) are often published with a substantial lag. Further, district-
level GDP data are not compiled for all the districts, and even if they are
compiled, it is not done on a regular basis. This has encouraged analysts and
policymakers to supplement the National Accounts Statistics (NAS) with new
and innovative data sources including the use of big data to produce better
estimates. In recent years, economists are increasingly turning to data from
satellite images as a supplementary measure of economic activity that could
help assess the state of the economy before revised estimates of GDP become
available (Chakravarty and Dehejia, 2017; World Bank, 2017; Henderson
et al., 2012).
From a policymaking perspective, night-light data can be useful in
several ways. First, policies regarding the allocation of resources through
various schemes require detailed information at a disaggregated level, which
in most cases may not be available in the form of hard data. In India, for
example, the Reserve Bank of India (RBI) performs several developmental
roles viz., promoting banking habits through financial outreach programmes,
encouraging small savings, or making provision of credit facilities to
agriculture, industry and other priority sectors, besides its principal function
as a central bank (Subbarao, 2013). A proper assessment of the impact of
such initiatives is often hindered due to lack of adequate information at
disaggregated level. Given the high degree of spatial granularity, night lights
could serve as a useful proxy indicator for measuring economic activity
across regions in India. Second, with the availability of high frequency night-
light data since April 2012, it could be used as an additional lead indicator to
improve short-term projections of economic activity.
3. Night-time Luminosity: Does it Brighten 3
Understanding of Economic Activity in India?
In a large and geographically diverse country like India, a careful
exercise is also required to understand the relationship between night lights
and other economic variables. This study primarily complements findings
of previous studies by Beyer et al. (2018), Bundervoet et al. (2015) and
Henderson et al. (2012) in investigating the relationship between night lights
and economic activity in the case of India. In addition to an analysis based
on annual data, we analyse quarterly night-light data and their relationship
with GDP and other crucial macroeconomic variables, such as industrial
production and credit growth. Furthermore, we apply, for the first time,
the methodology developed by Henderson et al. (2012) at the subnational
level in India to study the long-run relationship between night lights and
state-level economic activity for the period from 1992 to 2017. The paper
is structured as follows. Section II presents a brief review of the relevant
literature. Section III provides a description of the night-light data. Section
IV examines the salient features of the night-light data in the Indian context
and its behaviour vis-à-vis GDP and other macro-economic variables.
Econometric analysis using state-level data is presented in section V. Section
VI concludes the paper.
Section II
A Brief Survey of Related Literature
The application of satellite data in understanding issues of social
sciences traces back at least to the early 2000s, and therefore is not of a
recent origin. One can document numerous studies using such data on topics
as diverse as population dynamics, urbanisation, use of natural resources,
regional disparities, poverty, inequality, distribution of wealth, relationship
between wealth and health indicators, pollution research, and so on (Asher
et al., 2017; Economic Survey, Government of India, 2016-17; Donaldson
and Storeygard, 2016; Hodler et al., 2014). Night-light data have also been
used to examine the impact of various events, for example, major natural
catastrophes, policy actions or outbursts of conflict (Beyer et al., 2018;
Chodorow-Reich et al., 2018; Bundervoet et al., 2015). In this section, we
present a brief survey of the literature which links luminosity with economic
output and growth, particularly in the Indian case.
4. 4 RESERVE BANK OF INDIA OCCASIONAL PAPERS
Night lights and Economic Growth
In a seminal paper, Henderson et al. (2012) use night lights as a tool to
augment the GDP series of 188 countries, and motivate research employing
night-light data in the field of economics. The elasticity of night lights with
respect to GDP, popularly known as the Henderson elasticity, is estimated
empirically in a panel regression framework with GDP as a dependent
variable and night lights as an explanatory variable along with other relevant
variables. The coefficient of night lights is the inverse of Henderson elasticity
and it is statistically significant. Henderson et al., (2012) also show how
the spatial granularity of the night-light data can provide new insights. For
example they find that growth in coastal areas of sub-Saharan Africa was
against expectation and lower than growth in hinterland.
Luminosity as a proxy of output has also been used to compare the
quality of statistical data across countries, both at the country level and at the
‘1° latitude × 1° longitude grid-cell level’ for the period from 1992 to 2008
(Chen and Nordhaus, 2011). Luminosity adds little value for countries with
high-quality statistical systems, but is useful in countries with low statistical
capacity. Another study comes to a similar conclusion and argues that the
measurement of GDP per capita in middle- and low-income countries is less
precise and, therefore, night lights can play an important role in improving
GDP aggregates of these economies (Hu and Yao, 2018). Interestingly, in
the case of China, night lights adjusted GDP growth was found to be lower
than the official estimates (Zhou and Zeng, 2018). Similarly, night-light
data have been used to compare the accuracy of GDP per capita reported in
national accounts vis-à-vis income measures based on surveys in India and
Angola, where national accounts data were found to be superior compared
with income estimates derived from household surveys (Pinkovskiy and
Sala-i-Martin, 2015).
The spatial granularity of night-light data is found to be very useful for
regional studies. For example, night lights have been used to map regional
economic activity in 11 European Union (EU) countries and the United
States (US), for which a strong positive relationship has been found between
night lights and GDP across a range of spatial scales (Doll et al., 2006). For
Turkey, night lights were used to estimate the gross provincial product (GPP)
5. Night-time Luminosity: Does it Brighten 5
Understanding of Economic Activity in India?
from 2001 onwards, a period for which no official estimates are available
(Basihos, 2016). Similarly, the subnational GDP of Kenya and Rwanda were
estimated using night-light data (Bundervoet et al., 2015). The correlation
between GDP and night lights has also been examined for the Metropolitan
Statistical Areas (MSA) of Florida (Forbes, 2013). For these areas, strong
correlations with different measures of economic activity within each MSA
allow to detect even specific industries contributing most to the variance of
night lights.
However, a few studies indicate that night lights may not be a good
proxy for sub-regional GDP. Bickenbach et al. (2016), for example, tested
a hypothesis like the one in Henderson et al. (2012) for long-term growth
rates of GDP at the subnational level for Brazil, India, Europe and the US.
They conclude that growth elasticities are not stable across the geographies
of each country or region. Addison and Stewart (2015) also argue that growth
elasticities of night lights with respect to economic activity are too small and
unstable over time limiting their utility for any practical use.
Withthenight-lightdatabecomingavailableatamonthlyfrequency,some
new applications focusing on short-term growth became possible. Bhadury
et al. (2018) use night-light data and other high frequency information in
a nowcasting model and illustrate that the inclusion of night lights reduces
the early nowcast errors in the ‘trade, hotels, transport, communication and
services related to broadcasting’ sub-sector of India's gross value added
(GVA) estimates.
Literature Related to India
In India, the relationship between night lights and GDP has been
explored at the district level, for which reliable estimates of economic activity
are not available. Bhandari and Roychowdhury (2011) use a multinomial
regression technique to establish that differences in GDP at the district level
are largely captured by night lights. In their case, non-linear models provide
better results than linear models, which tend to underestimate GDP in the
urban areas and overestimate GDP in areas dominated by agriculture and
forestry activities.
Another interesting application of night-light data in India is to test for
inter and intra-regional convergence/divergence. Chakravarty and Dehejia
6. 6 RESERVE BANK OF INDIA OCCASIONAL PAPERS
(2017) show that intra-state divergence across districts is as significant
as inter-state divergence. Their analysis reveals that ten out of the twelve
largest states exhibit divergence at district-level within the states. Chanda
and Kabiraj (2018) employ night-light data to study the divergence of Indian
districts both at the aggregate district level as well as along the rural and
urban dimension for the period from 2000 to 2010. Contrary to the results
reported by other studies such as Chakravarty and Dehejia (2017), Kalra
and Sodsriwiboon (2010) and Bandyopadhyay (2012), Chanda and Kabiraj
(2016) find evidence of both absolute and conditional convergence in rural
areas, but not in the urban areas.
InmostofthestudiesrelatedtoIndia,nightlightshavebeenusedasaproxy
for economic activity at the state level or district level. However, to the best of
our knowledge, there are hardly any studies which examine the relationship
for a longer time horizon after controlling for various state-specific and
time-varyingeffects.Secondly,giventherangeofeconomic,socialandcultural
diversity among Indian states, this study is also a first attempt to understand
whether state-specific factors such as sectoral composition, population
and income levels have any significant impact on the relationship between
night lights and GDP. The objective is to develop a coherent understanding
of the nature of the relationship between night lights and GSDP in the Indian
context which might provide further direction for future studies in this area
in terms of choice of variables and model specification.
Section III
A Brief Description of the Data
Night-light Data
Night-light data are basically the visible lights emanating from the
earth captured by satellites from outer space. For the period 1992 to 2013,
night-light data are publicly available on an annual basis as a by-product of
the Defence Meteorological Satellite Program (DMSP) of the United States
Department of Defense, which includes a main weather sensor Operational
Line Scan System (OLS). It captures night lights daily between 8.30 p.m.
to 9.30 p.m. In addition to lights emanating from economic activity, it
may also detect lights originating from gas flaring, shipping fleets, auroral
7. Night-time Luminosity: Does it Brighten 7
Understanding of Economic Activity in India?
activity, forest fires, etc. Therefore, the National Oceanic and Atmospheric
Administration (NOAA) has developed an algorithm which allows it to
identify stable lights by removing sunlit, glare, and moonlit (Addison and
Stewart, 2015). Luminosity is measured by a digital number on a linear
scale between 0 and 63. The numbers are then aggregated to arrive at the
sum of lights for a geographical location. Night-light intensity for an area
is then obtained by dividing the sum of light by total size of the area. One
limitation of this data is that there is an upper limit of 63, which implies that
in case a number 63 gets assigned, any further growth in the light would not
be captured. For South Asia, however, this is not a problem as only very few
metropolitan areas are that bright.
From April 2012 onwards, a new data product became available at
monthly frequency from a different satellite programme called the Suomi
National Polar Partnership Satellite with a Visible Infrared Imaging
Radiometer Suit (SNPP-VIIRS). Apart from being available at a higher
frequency, this data-set has some improved features compared to the
DMSP-OLS data. For example, as the unit of measurement is nanowatt, there
is no upper limit in the case of DMSP-OLS data. The data available in the
public domain still include some temporary lights and background noise.
Hence, we use cleaned VIIRS night-light data based on Beyer et al. (2018)
in this study.
Advantages and Limitations of the Night-light Data
There are some major advantages of night-light data as a measure of
economic activity. First, as the data are available at monthly frequency, it
provides a useful alternative for data that come with a lag. Second, it gives
more freedom to researchers due to their availability beyond state borders.
Third, it is available at a more granular level. Besides, one major advantage of
night-light data is that one can altogether escape the difficulty of measuring
informal activities as it captures economic activities regardless of whether it
is formal or informal. Moreover, there is no scope for subjective interference
and the cost of acquisition is also less. Finally, measurement errors of official
GDP estimates are uncorrelated with the errors resulting from physical
conditions affecting luminosity record quality.
8. 8 RESERVE BANK OF INDIA OCCASIONAL PAPERS
Despite several advantages, night-light data are, however, no silver
bullet for solving all issues related to the measurement of economic activity.
The data are noisy and the relationship between night lights and economic
activity is also not homogenous. Night-light intensity depends on various
exogenous and endogenous factors such as the level of electricity generation,
the sectoral composition of output, and the existing level of development.
All these factors tend to vary across time and space. For example, at the
global level, the responsiveness of night lights intensity to changes in the
manufacturing sector are found to be larger than that of changes in the services
sector. For South Asian countries, however, the opposite result is observed
(World Bank, 2017). In addition, for South Asian countries, night lights seem
to be a poor indicator of activity of the agricultural sector, as agricultural
activities mostly take place during the day and hence may emit less light.
Therefore, one may expect that night lights may not be a good indicator of
economic activity in rural areas with higher share of agricultural output.
Moreover, electricity generation capacity emerges as a major determinant
of night-light intensity of any region. At early stages of development, when
power sector infrastructure develops at a fast pace, night lights growth tend
to be high. In more developed regions, where power infrastructure is already
in place, the rate of growth of night lights may be lower. In view of the above
considerations, one needs to carefully assess various other time-specific and
region-specific factors.
Other Data used in the Study
Along with night-light data, official statistics such as real GDP, real
GSDP, sectoral GVA, and the Index of Industrial Production (IIP) published
by the National Statistical Office (NSO), as well as real money and credit
data published by the RBI are used in our study. For the panel regression
analysis, we use real net state domestic product (NSDP) at factor cost up to
2010-11 and real net state value added (NSVA) at basic prices from 2011-12
onwards, as historical time series data on GSDP are not available.
One caveat is that while GDP and GSDP data are available on a financial
year basis (April to March), the annual night-light data prior to 2013 are
available on a calendar year basis (January to December)1. This problem
1 The Indian financial year runs from April to March. In this study, the year containing the first nine
months of the financial year is denoted as financial year. Hence, if data pertain to the period April to March
2011–12, then it is denoted as 2011.
9. Night-time Luminosity: Does it Brighten 9
Understanding of Economic Activity in India?
is overcome for the later years (i.e., 2013 onwards), for which monthly
night-light data are available.
Section IV
Night lights and GDP:An Assessment at the National Level
This study examines some basic features of night-light data and its
relationship with GDP and other macroeconomic variables. We first examine
a few standard time series properties of the annual night-light data for India
from 1992 to 2017, followed by an examination of the quarterly data from
2012 onwards. Both the natural logarithm of GDP2 and the sum of night
lights portray a linear upward trend (Chart 1). A closer look at the growth
trajectory separately for each decade of the period covered in this study
suggests that the long-run average growth in real GDP and night lights moved
in close proximity to each other (Table 1). For the overall period (1992 to
2017), average annual growth in GDP and night lights were 6.5 per cent and
7.1 per cent, respectively.
Quarterly figures of night lights from the first quarter of 2012 to
the second quarter of 2017 have been generated from the monthly VIIRS
night-light data. The quarter-on-quarter (q-o-q) movement in GDP clearly
depicts a seasonal pattern with a peak in October to December quarter and
2 The back-series data at 2011-12 base for the period 2004-05 to 2011-12 released by the NSO have been
used in this study. All amounts are in rupees crore (1 crore = 10 million).
10. 10 RESERVE BANK OF INDIA OCCASIONAL PAPERS
a trough in April to June (Chart 2). The seasonal movement in night lights
captures the seasonal variations in GDP quite closely. Prima facie, it turns
out that night lights track both trend and seasonal variations in GDP.
Next, we examine how night lights relate to other macroeconomic
variables in India. Night lights exhibit strong correlation with some other
major macroeconomic variables as well. Table 2 presents the correlation
coefficient matrix of night lights, GDP, non-agricultural GDP, industrial
production (general, electricity, and manufacturing), money and credit
growth.
The correlation coefficient between night lights and overall GDP is
0.75 and with non-agricultural GDP it is 0.55, both the coefficients being
statistically significant at the 5 per cent level. Night lights also relate
reasonably well to industrial production. The correlation of night lights with
Table 1:Average Annual Growth Rates in GDP and Night Lights
(in per cent)
Variable 1993–2002 2003–2012 2013–17 1992–2017
GDP 5.8 7.0 7.1 6.5
Night lights 6.1 8.5 6.6 7.1
Source: NSO, DMSP-OLS and VIIRS.
11. Night-time Luminosity: Does it Brighten 11
Understanding of Economic Activity in India?
money supply and credit flows is also strong and statistically significant.
Strong and statistically significant correlation coefficient of night lights with
some important macroeconomic indicators further strengthens the case for
night lights to qualify as an indicator of economic activity.Though correlation
between night lights and other macroeconomic variables is strong in levels, it
is significantly weaker with regards to growth rates.
As established above, q-o-q growth of night lights track q-o-q growth
of GDP reasonably well. However, one may suspect that night lights and
GDP may both be driven by seasonality and time-trend factors. To control for
seasonality, following Wooldridge (2012), we regress q-o-q GDP growth and
q-o-q night-light growth on quarterly dummies, and then regress the residuals
of the GDP growth regression equation on the residuals of the night-light
regression equation. The coefficient of this regression equation reveals the
impact of night lights on q-o-q GDP growth rate. Next, we include a time trend
in the regression. We regress quarterly GDP, GVA and GVA of agriculture
and allied activities, as well as private final consumption expenditure on
q-o-q growth rate of night lights (Tables 3a and 3b).
Table 2: Correlation Matrix (June 2012 – December 2017)
Variables Night
lights
GDP Non-
agri
GDP
IIP-
Gen
IIP-E IIP-M Real
M4
Real
credit
Night lights 1
GDP 0.75* 1
Non-agri GDP 0.55* 0.94* 1
IIP-Gen 0.75* 0.99* 0.91* 1
IIP-E 0.56* 0.89* 0.96* 0.84* 1
IIP-M 0.72* 0.98* 0.91* 0.99* 0.84* 1
Real M4 0.66* 0.98* 0.96* 0.95* 0.94* 0.94* 1
Real credit 0.68* 0.98* 0.95* 0.96* 0.93* 0.95* 0.99* 1
*: Indicates statistically significant at 5 per cent level.
Note: Correlation coefficients between the variables are calculated at levels.
Source: NSO, the RBI and VIIRS.
12. 12 RESERVE BANK OF INDIA OCCASIONAL PAPERS
In all the cases, the coefficient of night lights is statistically significant
with a positive sign. The results for GVA as well as agriculture and allied
activities are particularly interesting as they suggest a stronger relationship
with night lights. The coefficient of night lights for agriculture is positive and
higher in magnitude than that of GDP. This finding is against the hypothesis
that night lights may not adequately capture the changes in agricultural growth.
Table 3a: Regression Results of Residuals of Q-o-Q GDP Growth and its
Components on Residuals of Night lights after Controlling Seasonality
Variables GDP GVA Agriculture
and Allied
Activities
PFCE
Residuals of night lights 0.088*** 0.074*** 0.196*** 0.067*
(0.016) (0.014) (0.038) (0.035)
Constant 0.000 0.000 -0.000 0.000
(0.206) (0.217) (0.458) (0.428)
Observations 22 22 22 22
R-squared 0.463 0.358 0.464 0.103
***: p<0.01; **: p<0.05; *: p<0.1.
Note: The figures in parentheses are robust standard errors.
Table 3b: Regressions Results of Residuals of Log of GDP and its
Components over Residuals of Log of Night lights after Controlling
Seasonality and Time-trend
Variables GDP GVA Agriculture
and Allied
Activities
PFCE
Residuals of night lights 0.039** 0.043** 0.152*** 0.004
(0.018) (0.020) (0.047) (0.023)
Constant 0.000 -0.000 0.000 0.000
(0.002) (0.002) (0.004) (0.003)
Observations 23 23 23 23
R-squared 0.101 0.132 0.254 0.001
***: p<0.01; **: p<0.05; *: p<0.1.
Note: The figures in parentheses are robust standard errors.
13. Night-time Luminosity: Does it Brighten 13
Understanding of Economic Activity in India?
In the case of private final consumption expenditure (PFCE), we also observe
a positive and statistically significant coefficient. A possible explanation of
these results is that agricultural production is the major determinant of India’s
consumption demand. Additionally, harvesting seasons also coincide with
major Indian festivals when use of night lights increases. Overall, the results
show that night lights do have statistically significant predictive power for
economic activity in India even after controlling for seasonal factors.
Section V
Econometric Analysis at the Level of States
In this section, we examine whether night lights provide any insights on
the behavior of macroeconomic variables at the sub-national level. A scatter
plot of the logarithm of gross state value added (GSVA) and the logarithm of
night lights for 32 states and union territories for the financial year 2015-16
indicates a strong positive relationship between the two variables (Chart 3).
These observations yield a high correlation coefficient of above 0.7 between
GSVA and night lights. For other years too, we find very similar results.
The above discussions suggest that based on night-light data for a given
state, one can predict GSVA for that state. The efficiency of the prediction
may, however, depend on state-specific characteristics. We, therefore,
examine if there exists a relationship between the prediction errors, defined
as the national account estimate minus the prediction based on night lights,
14. 14 RESERVE BANK OF INDIA OCCASIONAL PAPERS
and state-specific characteristics, viz., the population density, the income
level, and the share of agriculture in GSVA. Scatter plot of errors from the
predicted GSVA and state characteristics are given in Chart 4.
Interestingly, the prediction error rises with population density
which means that in more densely populated states, predictions based on
night lights alone will result in an under-estimation of GSVA. With increase
in population density, the amount of GSVA per unit of light increases.
15. Night-time Luminosity: Does it Brighten 15
Understanding of Economic Activity in India?
In other words, in more densely populated states, each unit of GSVA is
associated with lesser night lights compared to sparsely populated states. The
relationship between the prediction error and the population density is found
to be significant at 1 per cent level.
Regarding the per capita income levels and shares of agriculture
in GSVA, none of them systematically affects the prediction errors.
The scatter plots indicate that the amount of GSVA per unit of light does
not increase with income per capita and hence gives some confidence that
night lights can approximate GSVA across all states in India, independent
of the income level. For the share of agriculture in GVA, there is a weak
relationship wherein with a higher share of agriculture, the prediction
based on night lights tends to over-predict GSVA. However, this
relationship is not statistically significant, which indicates that night lights
are able to predict economic activity independent of the sector generating the
value added. This is in line with the regression results presented in Table 3.
It reassures that the amount of night lights and economic activity at the
state level are strongly correlated. However, to use night lights as a credible
measure of economic activity, one needs to establish that the changes in
economic activity translate into changes in night lights. The question,
therefore, is whether more economic activity in a state is associated with more
night lights and, if so, then how strong this relationship is. In other words, we
are interested in the elasticity of night lights with respect to changes in state
economic activity.
Following the methodology developed by Henderson et al. (2012), we
estimate a panel regression for Indian states which will provide the elasticity
of night lights with respect to state level economic activity. We estimate
different variants of the following baseline model:
ln(Yc,t) = a+bc + ct + δ ln(lintensityc,t) + εc,t (1)
where ln(Yc,t) is the natural logarithm of economic activity of state c in
year t, measured at constant prices, ln(lintensityc,t) is the natural logarithm
of light brightness per km2, bc represents state fixed effect, ct represents a
year fixed effect, and εc,t is the random error component. The state fixed
16. 16 RESERVE BANK OF INDIA OCCASIONAL PAPERS
effect controls for differences among states in terms of cultural specificities,
sectoral composition, etc.The time trend captures sensor ageing and changing
technologies.3
We estimate the above model, first for the sub-period from 1992 to 2013
using only the clean annual data from the DMSP-OLS series. Next, we use a
spliced series of night lights that extend the DMSP-OLS series with VIIRS
data following Beyer et al. (2018). This allows us to estimate the model for
the full sample period from 1992 to 2017.
The results are presented in Table 4. The first variant of the model, given
in Column 1, does not include a time trend. Since both series have increasing
trends (as described above), the coefficient is very high. In the second variant
of the model given in Column 2, we include a time trend, which makes this
regression identical to the one specified above and the one estimated for the
world by Henderson et al. (2012). The coefficient of night lights is 0.15 and
it is statistically significant at the 10 per cent level. The magnitude of the
coefficient is only half of what Henderson et al. (2012) find for the world
and the one that Beyer et al. (2018) find for South Asia. Next, we include the
squared night lights as a variable to account for the possibility of a non-linear
relationship. While the squared term itself is not statistically significant, it
strengthens the significance of the linear coefficient of night lights to the 5
per cent level. Even though we do not find a significant relationship between
the income level and the errors from predicting NSDP based on night lights,
the elasticity may still depend on the income level. Indeed, it has been argued
that the elasticity increases with higher income levels, at least for low and
medium income regions (World Bank, 2017). To account for this possibility,
we next include an interaction term of night lights and per capita NSDP.
Results, reported in Column 4, are found to be in line with the hypothesis
that the relationship strengthens with higher income per capita.
The model is estimated for the full sample period (1992-2017) and
the results are reported in Columns 5 to 8 in Table 4. They suggest that the
relationship between economic activity and night lights measured by DMSP-
3 For more explanations regarding the usefulness of this regression specification, please refer to Hender-
son et al. (2012).
17. Night-time Luminosity: Does it Brighten 17
Understanding of Economic Activity in India?
Table4.HendersonElasticityforIndianStates
Item1992–2013
DMSP-OLS
1992–2017
DMSP-OLS&VIIRS
(1)(2)(3)(4)(5)(6)(7)(8)
Nightlights0.835***0.149*0.180**0.175**0.874***0.1080.1200.154*
(0.0369)(0.0831)(0.0826)(0.0724)(0.0421)(0.0900)(0.0825)(0.0788)
Nightlightssquared0.01310.00598
(0.0117)(0.0133)
Nightlights # NSDPpercapita0.870***0.656***
(0.220)(0.192)
Constant5.971***5.583***5.552***5.587***5.999***5.582***5.567***5.602***
(0.00772)(0.0418)(0.0558)(0.0404)(0.0136)(0.0432)(0.0623)(0.0431)
TimetrendNOYESYESYESNOYESYESYES
StatefixedeffectsYESYESYESYESYESYESYESYES
Observations673673673670785785785782
R-squared0.6490.9450.9460.9540.7130.9500.9510.957
Numberofstates3232323232323232
***:p<0.01;**:p<0.05;*:p<0.1.
Note:Thefiguresinparenthesesarerobuststandarderrors.
18. 18 RESERVE BANK OF INDIA OCCASIONAL PAPERS
OLS and night lights measured by VIIRS may be different. The coefficient
for night lights in Columns (6) and (7) are not statistically significant
even at the 10 per cent level. This may very well be due to a change in the
relationship caused by the switch from DMSP-OLS to VIIRS. However, when
the interaction term between lights and income per capita is included in the
model, the coefficient turns out to be statistically significant again. So far,
VIIRS data exists only for five years and hence no separate relationship can
be estimated using just VIIRS data. In the future, as more data from VIIRS
become available, it will be interesting to test for a structural break in this
relationship.
Furthermore, the long-run relationship between NSDP and night lights
are analysed using panel cointegration tests to check robustness of earlier
results. The Im-Pesaran-Shin unit root test for both NSVA and night lights
confirms the presence of unit roots and thereby non-stationarity in both the
series (Table 5). We, therefore, perform panel cointegration test covering data
for 28 states4 and union territories for the period 1992-93 to 2016-17 in order
to examine whether the covariance between NSVA and night lights remained
constant over time. Both the Kao test and the Pedroni test (which are based
on the Engle-Granger two-step cointegration test) for cointegration reject
the null hypothesis of no cointegration and therefore confirm existence of a
long-run relationship between NSVA and night lights (Table 6).
After finding a long-run relationship (at levels) between state
economic activity and the sum of night lights, we briefly analyse the
4 States and union territories for which data are not available for the entire period are excluded from the
analysis.
Table 5: Panel Unit Root Test Results
Method: Im-Pesaran-Shin unit-root test - Number of periods: 25
H0: All panels contain unit root
Ha: Some panels are stationary
Variable t-statistic* p-value
Night lights -0.7482 1.0000
NSVA 3.8574 1.0000
*Critical values at 1 per cent, 5 per cent and 10 per cent are -1.820, -1.73 and -1.690, respectively.
19. Night-time Luminosity: Does it Brighten 19
Understanding of Economic Activity in India?
relationship between annual GSDP growth and night-light growth.
Scatter plot of annual growth rates of the sum of night lights and of state
GDP depicts that correlation is close to zero and statistically not significant
(Chart 5).
Table 6: Panel Cointegration Test Results
Kao’s Residual Cointegration Test results
Statistic Value p-value
Modified Dickey–Fuller t -1.3592 0.0870
Dickey–Fuller t 0.0683 0.4728
Augmented Dickey–Fuller t 3.6279*** 0.0001
Unadjusted modified Dickey–Fuller t -1.5553* 0.0599
Unadjusted Dickey–Fuller t -0.0507 0.4798
Pedroni’s Residual Cointegration Test results
Modified Phillips–Perron t -3.2064*** 0.0007
Phillips–Perron t -3.9759*** 0.0000
Augmented Dickey–Fuller t -4.4904*** 0.0000
Westerlund Cointegration Test Results
Variance ratio -0.7924 0.2141
***: p<0.01; **: p<0.05; *: p<0.1.
20. 20 RESERVE BANK OF INDIA OCCASIONAL PAPERS
We further plot the average annual growth rates of the sum of night
lights and NSVA (Chart 6). Among major states, night lights grew the most
during this period in Bihar, Chhattisgarh, Uttar Pradesh and Odisha. However,
economic activity in these states grew at a much slower pace. The national
capital region Delhi, Gujarat and Haryana recorded the fastest GDP growth
during this period, but the night lights growth in these states was found to be
relatively low. The high growth in night lights observed in relatively poorer
states perhaps reflects the catching up process i.e., the progress being made
in terms of electrification of unelectrified households.
21. Night-time Luminosity: Does it Brighten 21
Understanding of Economic Activity in India?
Section VI
Conclusion
The analyses presented in this study confirm that night lights are a
reasonably robust indicator of economic activity in India as it tracks both
trend growth and seasonal variations in GDP reasonably well. In addition,
the relationship of night lights with quarterly GDP and its components
(viz., GVA-agriculture and allied activities and PFCE) is found to be
statistically significant even after controlling for seasonality and time trend.
The state-level analysis showed the presence of a long-run cointegrating
relationship between night lights and GDP. The prediction precision of
state income using night lights may, however, depend on state specific
characteristics. For densely populated states, the prediction of economic
activity based on night lights alone tends to underpredict the level of activity.
For India, we find a statistically significant inverse Henderson elasticity, the
magnitude of which is about half of what Henderson estimated at the global
level. However, annual growth rates of income of the states and night lights,
are found to be uncorrelated.
Notwithstanding the presence of a statistically significant relationship
between night lights and GDP, there are certain limitations of using night-
light data for economic measurement. First, given that it is just a rough
approximation of economic activity, it should be considered at best as an
additional indicator and not a substitute. Second, although night lights
correlate strongly with GDP, the correlation weakens substantially when
growth rates are considered, which suggests that one needs to be careful while
using night-light data for analysing short-term events. The existing literature
finds similar result for other countries as well (World Bank, 2017). Third,
night lights as a proxy for economic activity do not distinguish between value
added in different sectors.
Despite its limitations, the findings of this study suggest that night-light
data can be a useful source of information for valuable macroeconomic
analysis and research in India, as it is in other countries.
22. 22 RESERVE BANK OF INDIA OCCASIONAL PAPERS
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