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The infrastructure of a country has significant effects on both the lives of its citizens and its place in international markets. As such, it is imperative to develop policies to promote the quality of a nation’s infrastructure. The Handbook of Research on Economic, Financial, and Industrial Impacts on Infrastructure Development is a pivotal reference source for the latest scholarly research on various initiatives and policies developed to enhance the current infrastructure of modern nations. Including the role of economics, finance, and multiple industry perspectives, this book covers a range of pertinent topics such as R&D initiatives, foreign direct investment, and trade liberalization, and this publication is an ideal reference source for researchers, academics, practitioners, and students interested in recent trends in infrastructure development.
This book addresses the key challenges of balancing economic growth, poverty alleviation, and environmental protection in the development of major physical infrastructure, ranging from transport to energy.
The paper investigates the empirical link between financial development and economic growth in India. The major objective of this paper is to highlight the structural changes in the Financial Policies, which mainly comprises money and banking sector, during the reform policy promotes economic growth, and financial development and stability. The achievements of these objectives require that financial conditions are such that allocative efficiency is ensured. For this monetary policy should be supplemented by financial sector reforms. We examine theoretically and empirically the McKinnon-Shaw model in India. According to McKinnon, a basic complementarity exists between money and physical capital. The model predicts that a high real investment and promote economic growth. The view stands in sharp contrast with the Neo Classical and Keynesian view which contend that lowering the interest rate will stimulate investment and economic growth. Using time-series data for India for the period of 41 years (1971-2012) i.e. testing unit roots, Co-integration developed by Johanson & Jusilius (1991) and to detect the Causality and to short run and long run dynamics we use the VECM methodology. It traces the positive relationship empirically between Financial Development, GDP, real interest rates, nominal Deposit Rate, Trade Openness in India. Results support continued financial development with effective macroeconomic management. Therefore, this study concludes that policy measures for infrastructure improvements should be taken into account to make financial sectors more vibrant to invigorate economic growth.
This paper reviews the linkages between infrastructure and economic development based on both formal empirical research and informal case studies. The main thesis is that economic benefits result from investments in infrastructure only to the extent that they generate a sustainable flow of services valued by consumers. Thus, an analysis of infrastructures' contributions to growth must look at the impacts of services as actually perceived, not at indirect indicators that measure only aggregate provision of infrastructure capital. The paper notes that macro and industry level research , although having its limitations, suggest a positive and statistically significant relationship between infrastructure and economic output. However the conclusions derived from this research (most of which derives from developed countries) provide little specific guidance for policy. To gain more practical insights about how infrastructure contributes to economic growth and to improved quality of life, and to understand the welfare costs of inadequate or unreliable infrastructure, it is necessary to look at microeconomic evidence. Particularly interesting illustrations of these relationships are to be found in developing countries where there is wide variance in the availability and quality of infrastructure.
This study examines the long-run relationship between the financial development, investment and economic growth for the Indian economy during the period from 1971-72 to 2010-11 by applying Lee and Strazicich (2003 and 2004) unit root test that allows for endogenously determined structural breaks in the series, Gregory and Hansen (1996) cointegration technique that also allows for endogenously determined structural breaks in the relationship and Autoregressive Distributed Lag (ARDL) model of Pesaran and Shin (1999). The empirical results indicate that financial depth, measured as ratio of total bank deposit liabilities to lagged GDP, share of investment in GDP, and real deposit rate have a long-run equilibrium relationship with both economic development measured by real GDP and its one period relative growth rate. However, the relationship between financial depth and economic growth is found to be insignificant. In other words, the estimated results support the view of Lucas (1988) that financial development does not matter for economic growth.
Studies the question of achieving and sustaining high rates of growth and economic development in India.
Obtaining the ultimate objective of economic growth depends largely on the availability of infrastructure in the economy. New developments in finance also play an important role in enhancing economic prosperity in a country. Strategic Infrastructure Development for Economic Growth and Social Change explores different avenues of research in the areas of corporate governance, socioeconomic conditions, modern business infrastructure, business automation, strategic financial management, and financial aspects of modern businesses. This reference work discusses practical applications, skills, practices, and strategies involved in economic and business growth, and overall economic development. Academicians, practitioners, professionals, and researchers will benefit from the topics discussed in this book.