Does the Feldstein–Horioka puzzle exist among South Asian countries? A regime‐switching approach

A plethora of literature has been undertaken to study the validity of the Feldstein–Horioka (FH) puzzle. However, divergent views continue to persist in the FH puzzle literature. This study explores the empirical validity of the FH puzzle in the case of South Asian countries using annual data from 1960 to 2017. Both panel data approach and Markov‐switching regression approach are used to empirically analyze the FH puzzle. The results of the cointegration test confirm the long‐run relationships between saving and investment in the selected South Asian countries. The results of Markov‐switching regression confirm that the saving‐retention coefficient has shifted from high to low values and also from low to high values. Thus, the FH puzzle exists for a particular time period and mostly depends on the regime shifts in the South Asian countries. The results of panel fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methods also confirm that FH puzzle holds for the South Asian countries. Therefore, the study suggests that any saving promotion policies are desirable for enhancing investment among the South Asian regions.     

The Contribution of Commonwealth Armed Forces in UN Peacekeeping: The Case of Bangladesh

Abstract

Bangladesh is one of the top troop contributing countries to UN Peacekeeping Operations. This paper traces the antecedents and history of the Bangladesh Armed Forces and follows Bangladesh’s participation in various peacekeeping operations over the past 25 years including Rwanda, Sierra Leone and Democratic Republic of Congo.     

Assessing the (eco)macroeconomic performance index of India: A data envelopment analysis approach

The prime objective of this article is to construct a robust macroeconomic performance (MEP) index of the Indian economy using the data envelopment analysis (DEA) approach. Seven major macro indicators, namely, economic growth, employment rate, terms of trade, inflation rate, fiscal deficit, pollution, and climate change are used to compute MEP and Eco‐MEP indices of the Indian economy from 1980–1981 to 2018–2019. Overall, both the MEP and Eco‐MEP index scores have quite similar best performing years worst performing years, and have also captured the major events that affected adversely the Indian economy during the past decades. The trend in the overall performance of the Indian economy was better in the 1980s and the 1990s but has deteriorated since 2000. The autoregressive distributed lag bounds testing approaches to cointegration methods are used to test the robustness/utility of these indices. The estimated results show that MEP and Eco‐MEP have a positive impact on private investment, foreign investment inflows, foreign direct investment, and a negative effect on the current account deficit. Hence, the suggested composite MEP index is stable, robust and truly captures the economic performance of India. The constructed MEP composite index may be used by foreign investors, rating agencies, private investors, and policymakers for their planning and decision‐making processes.     

The Supreme Court of India and International Law: A Topsy-Turvy Journey from Dualism to Monism

Liverpool Law Review - In the relationship between international law and national law, the normative framework enshrined in the Indian Constitution is of formal dualism. Thus, international law...     

CHINA’S WATER PROBLEMS

This article looks at the problems facing China in regard of its water supply and usage. It considers China's available water resources and their uses, the growing water pollution, and the water management system adopted by China to secure the country's future. This includes small and large-scale projects, dams, the South-to-North Water Diversion Project/South-North Water Transfer Project (SNWDP/SNWTP) or <italic>Nanshuibeidiao</italic>, and the Sponge Cities Initiative. It also looks at some of the policy issues and relevant legislative frameworks developed to respond to the problem. This article argues that despite the measures taken by the Chinese government, water remains an area of concern for China.     

The Impact of Resource Inflows on Child Health: Evidence from Kwazulu-Natal,South Africa, 1993–98

This paper investigates changes to the health status of young children (aged 0–5 years) in the Kwazulu-Natal province of South Africa during 1993–98. In our estimation we explicitly take into account the potential endogeneity of household resources in affecting child health. In particular, we examine whether the effect of resources is differentiated by the source, the age and the sex of the recipient. Finally, we also take into account the panel structure of the data and conduct (household level) fixed effects estimation of the determinants of child health. The estimation results show that the state of child health has experienced marked improvement following the dismantling of apartheid. Our results point to the role of household resources and health infrastructure availability in improving the health status of children.     

INDIA-CHINA BOUNDARY DISPUTES: AN OVERVIEW

This article traces the development of the Sino-Indian Boundary problems from their origins during the “Great Game” period during the British Empire in India to the present day. The article looks at both the Western and Eastern Sectors, and traces the development of the various putative frontiers (the Johnson-Ardagh/ Macartney-MacDonald Lines and the McMahon Line respectively). The article looks at recent tensions which have arisen over the frontier areas, as well as the prolonged but unsuccessful attempts to solve the disputes, and considers what moves might be necessary to bring a final resolution of the problems.