Debashis Acharya

Debashis Acharya
University of Hyderabad | UoH · School of Economics

PhD

About

51
Publications
28,161
Reads
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415
Citations
Additional affiliations
December 2013 - present
University of Hyderabad
Position
  • Professor
June 2009 - November 2013
University of Hyderabad
Position
  • Professor (Associate)
April 2003 - May 2009
Indian Institute of Technology Madras
Position
  • Professor (Assistant)

Publications

Publications (51)
Article
Full-text available
This article traces the history of regulatory response to cryptocurrencies in India and discusses the future of cryptocurrencies in India. Published by EMERiCs-KIEP
Chapter
In this chapter we make an attempt to examine convergence in monthly per capita expenditure (MPCE) of Indian households utilising data obtained from the National Sample Survey Organisation(NSSO) over the period 1993–94 to 2011–12, for 17 major Indian states. In the process, a probable existence of the rural urban dichotomy in convergence is also be...
Article
Full-text available
This paper attempts a re-examination of the relationship between the output volatility and economic growth using an annual data set for select 67 countries for the period 1978 to 2017 spanning over 40 years. Towards this objective cross section and panel, regressions are estimated for different country groups namely developing, industrial, high fin...
Article
Full-text available
This article examines the relationship between Inflation targeting (IT) and financial instability from 1990 to 2015 for Asian economies. To measure financial instability, a multidimensional financial conditioning index is calculated following the ECB's approach. Using a fixed effects panel data model the study finds that adoption of IT policy in As...
Article
Full-text available
Inflation targeting (IT) has been popular in emerging economies despite its early adoption in advanced countries. This paper seeks to find out whether the presence of the IT regime for the Asian countries enhance credibility of the central banks. The study makes use of two episode methods in the calculation of sacrifice ratio for the period 1970–20...
Chapter
In this chapter, we make an attempt to examine the health system productivity changes and health expenditure productivity changes for 17 major Indian states in the post-reform period. The time period of 2004–2005 to 2014–2015 is chosen owing to consistent availability of data. Further, an attempt is made to see if the states’ income growth has any...
Article
Full-text available
Purpose The purpose of this paper is to examine the price–volume relationship in the bitcoin market to validate near-stock properties of bitcoin. Design/methodology/approach Daily data of bitcoin returns, returns volatility and trading volume (TV) are utilized for the period August 17, 2010–April 16, 2017. Linear and non-linear causality tests are...
Article
Full-text available
The present study is an attempt to assess the ‘probability of incurring loss’ of manufacturing firms in India during different phases of business cycles. We use data on a sample of 87 manufacturing companies for the period from 2002 to 2014 (comprising 1131 firm years). We use the panel logit model with the dependent variable derived from the retur...
Article
Full-text available
Purpose The purpose of this paper is to assess the dynamic impact of financial inclusion on economic growth for a large number of developed and developing countries. Design/methodology/approach This study uses some panel data models such as country-fixed effect, random effect and time fixed effect regressions, panel cointegration, and panel caus...
Article
This article examines the sectoral impact of disinflationary monetary policy by calculating the sacrifice ratios for several Organisation for Economic Co-operation and Development (OECD) and non-OECD countries. Sacrifice ratios calculated through the episode method reveal that disinflationary monetary policy has a differential impact across three s...
Article
Full-text available
This paper attempts a sectoral estimation of sacrifice ratios for India. Two Structural VAR models are estimated using quarterly data for the period 1997–98 Q1 to 2016–17 Q1. The empirical findings suggest that the real cost of disinflation policy is not negligible in India. The estimate of sacrifice ratios in terms of real GDP range from 0.16 to 0...
Chapter
This chapter analyses technical efficiency of the Indian life insurance industry comprising 13 life insurance companies for the period 2002–2003 to 2014–2015. Data envelopment analysis (DEA) is employed to measure technical efficiency, and Malmquist productivity index is used to measure productivity change. The results imply that deregulatory effor...
Chapter
This chapter traces the origin of Indian life insurance and discusses its evolution in different phases, distinguishing the pre-liberalization era from the post-liberalization phase. The present state of life insurance in India is discussed in terms of indicators like insurance penetration and density. A comparative picture is drawn with reference...
Chapter
In this chapter, an attempt is made to find out the important factors determining profitability of life insurance companies in India and examine the role of efficiency discussed in the previous chapter. Towards this objective, panel data models are employed to examine the efficiency–profitability relationship. The model employs return on assets as...
Chapter
This chapter makes an attempt to assess the dynamic macroeconomic performance (DMEP) of fifteen major Indian States using three macro indicators viz., gross state domestic product (GSDP), fiscal deficit as percentage of the GSDP and price measured by the GSDP deflator. Keeping in mind consistency in data availability and the post-liberalization per...
Article
Full-text available
This paper makes an attempt to assess the state of competition in the Indian life insurance industry for the period 2000-01 to 2014-15 highlighting the nature of competition after the economic reforms in the economy. The study is based on secondary data of the insurance companies for the period 2000-01 to 2014-15. A set of concentration measures su...
Book
This book traces the development and analyses the performance of life insurance industry in India, since inception of this sector, using different business indicators over the years. It discusses the evolution and changing features of the Indian insurance industry in 3 phases: phase I from 1818 to 1956, phase II from 1956 to 2000 (known as the nati...
Article
Full-text available
Purpose – The purpose of this paper is to investigate empirically the price discovery and volatility spillovers in Indian spot-futures commodity markets. Design/methodology/approach – The study has used four futures and spot indices of Multi-Commodity Exchange, Mumbai. The study also employs vector error correction model (VECM) and bivariate expon...
Article
Full-text available
This paper examines the long-run relationship between FDI inflows, FDI outflows and gross fixed capital formation, in a dynamic panel of 22 Asian, Latin American and other emerging market economies. Employing panel cointegration and causality tests, we find a mixed picture of these relationships across the three sub-samples. It is observed that a p...
Article
The liquidity effect of money supply increases, as policy-oriented measures, would generally lead to a decline in interest rates. This is the direct effect. However, such money supply increases lead to a sum of the direct effect plus the positive indirect price and income effects. In sum, the net effect may be positive leading to a net increase and...
Technical Report
Full-text available
This study is a collaboration of six MRAP professors and two CMF researchers. The study involves researchers interviewing 32 MFIs across 7 states to understand practitioners' outlook towards the strengths and weaknesses of some of the Malegam Committee recommendations and Reserve Bank of India (RBI) regulations. The researcher also acknowledges wit...
Article
Common indicators of business and monetary conditions, the lagged mutual fund- risk premium and the market- risk premium are used to predict mutual fund returns for a time horizon of one-day. In isolation, each of the four predictors significantly forecast mutual-fund returns from April 2008 to March 2011 for Indian market. The indicator of monetar...
Article
Purpose – The purpose of this paper is to test a discrete time asset pricing model where a non‐marketable asset (human capital), along with other factors predicting stock returns, explain risk return relationship. The paper will add to the literature on risk return relationship with human capital by investigating the hypothesis that human capital i...
Article
Full-text available
Purpose – The purpose of this paper is to construct a robust macroeconomic performance (MEP) index of the State economies of an emerging market economy, i.e. India. Design/methodology/approach – Two variants of data envelopment analysis (DEA) models – radial and non-radial – are proposed to construct the macroeconomic policy performance of 22 India...
Article
Full-text available
Common indicators of business and monetary conditions, the lagged mutual-fund-risk premium and the market-risk premium are used to predict mutual-fund returns for a time horizon of one-day. In isolation, each of the four predictors significantly forecast mutual-fund returns from April 2008 to March 2011 for Indian market. The indicator of monetary...
Article
Full-text available
In this article, the relationship between international prices of primary commodities and domestic inflation in India has been explored empirically for the period 1994 to 2007. For this purpose a commodity price index with international price quotations and domestic WPI weights has been constructed. The empirical results show that cointegration bet...
Article
Full-text available
In this article, an atheoretic model is built to explain and forecast inflation, using variables that capture domestic as well as foreign influences on inflation. In all, five specifications of models are estimated, one with only domestic variables and four with one of the foreign price variables, namely, Commodity Price Index (COMM), US Producer P...
Technical Report
Full-text available
This study addresses a set of related questions in public policy: How well are we spending the public resources on health care? Are the benefits of public spending reaching the poor? Is public spending on health care becoming more or less pro-­‐poor over time? What factors might be contributing to the pro-­‐ poor or pro-­‐rich nature of public spen...
Article
This paper proposes a set of alternative DEA-based money indices that are proved to be both theoretically and empirically competing monetary aggregates since they perform as good as the Divisia aggregates. Based on all the results concerning causality, forecasting and money demand, we conclude that DEA money aggregates prove to be at least competin...
Article
Full-text available
The question whether increased openness on trade account creates a favorable atmosphere for inflation reduction has been examined in the present study. The empirical results employing quarterly data over the 21-year period from 1984-85 to 2004-05, indicate that while trade openness has significantly contributed to the disinflation process, the decl...
Article
Full-text available
This paper empirically examines the properties of a new weighted monetary aggregate, Currency equivalent monetary aggregate (CEMA) for India using the components of a broad monetary aggregate NM3 recommended by the working group on Money Supply, Analytics and Methodology of Compilation, Reserve Bank of India (RBI, 1998). The empirical properties of...
Article
This paper attempts to classify hundred mutual funds employing cluster analysis and using a host of criteria like the 1 year total return, 2 year annualized return, 3 year annualized return, 5 year annualized return, alpha, beta, R-squared, sharpe's ratio, mean and standard deviation etc. The data is obtained from Valureserachonline. We do find evi...
Article
Full-text available
Radial and non-radial DEA models are distinguished on the basis of the presence of slacks. Viewing slacks as a possible source of inefficiency, this paper makes an empirical attempt to assess the relative strengths of these two sets of models in examining the total factor productivity change and its components using both unadjusted and heteroscedas...
Article
Data envelopment analysis (DEA) was used to investigate the efficiency of a set of district hospitals in the state of Tamil Nadu. These facilities naturally provide primary and secondary care, but are also expected to function as health centres, addressing mostly preventive medicine, hygiene and other public health issues. This study aime...
Article
This paper attempts an empirical evaluation of Divisia moneyary aggregates for India ,constructed using four assets, viz, currency with the public, net demand deposits with banks, net time deposits with banks, and post office savings deposits. The performance of these aggregates in relation to simple sum aggregates is evaluated in terms of some sta...
Article
The objective of the paper is to highlight the basic features of the theoretical and empirical approaches to money definition and bring together evidence drawn from the previous works. Accordingly, the various approaches to weighted monetary aggregates are discussed in detail and a critical evaluation of all the approaches presented. Studies focusi...
Article
The developments in the Indian financial sector since the late 1980s affected the efficacy of the existing monetyary aggregates in explaining the monetary conditions in general and in providing insights into the state of liquidity in the economy in particular. Taking note of the above, the working group on money supply, analytics and methodology of...
Article
This paper applies Varian's(1982,1983) non-parametric tests to obtain weakly separable monetary assets for aggregation. Using annual data (1970-1996) it was found that the official monetary aggregates M2, M3 and M4 are theoretically admissible. Some new separable groups were also obtained in the process for this period suggesting construction of al...
Article
Full-text available
This paper analyses the cyclical fluctuations of economic growth in India emphasizing upon the service sector for the period 1952 to 2006. Using Hodrick and Prescott (HP) Filter method, we estimate the trend components and cyclical components of real GDP, agriculture, services and industry. The results show that service sector is subject to less cy...

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