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  • © 2022

Studies in International Economics and Finance

Essays in Honour of Prof. Bandi Kamaiah


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  • Provides a contemporary view of the Indian as well as global economy

  • Employs the latest time series and financial modelling methods

  • Covers different aspects of international economics, financial markets, and macroeconomics

Part of the book series: India Studies in Business and Economics (ISBE)

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USD 129.00
Price excludes VAT (USA)
  • ISBN: 978-981-16-7062-6
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Hardcover Book
USD 169.99
Price excludes VAT (USA)

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Table of contents (33 chapters)

  1. Front Matter

    Pages i-xxiv
  2. Macroeconomics

    1. Front Matter

      Pages 19-19
    2. A New Keynesian AD-AS Model for India, Incorporating the Effect of Covid-19 Pandemic

      • Naoyuki Yoshino, K. U. Gopakumar, Rajendra N. Paramanik, Farhad Taghizadeh-Hesary, Ma. Laarni Revilla, K. E. Seetha Ram
      Pages 21-41
    3. Monetary Policy Accommodation and Banking Risk: An Indian Perspective

      • Amaresh Samantaraya, Mausumi Mohanty
      Pages 97-115
    4. Understanding the Performance of Core Inflation in India

      • Naresh Kumar Sharma, Priyanka Sahu
      Pages 117-144
    5. Do Absorptive Capacities Matter for FPI-Growth Nexus? Evidence from Cross-Country Analysis

      • Pravakar Sahoo, Ranjan Kumar Dash, Yoon Jung Choi
      Pages 145-164
    6. Corruption and Economic Growth: Empirical Evidence from BRICS Nations

      • Ashmita Kesar, Pabitra Kumar Jena
      Pages 183-202
    7. Changing Contours of Union–State Relations

      • M. Govinda Rao
      Pages 203-216
    8. Does FDI Induce Knowledge Spillovers? Evidence from Indian Pharmaceutical Industry

      • Ramesh Jangili, N. R. V. V. M. K. Rajendra Kumar, N. Srinivasa Rao
      Pages 235-251
    9. India’s Service Sector Exports: Trends, Challenges and Policy Road Map

      • Geethanjali Nataraj, Ashwani Bishnoi
      Pages 253-282

About this book

This festschrift volume presents discussions on contemporary issues in international economics and finance. It is aimed to serve as a reference material for researchers. There are two broad sections of the book -- International Macroeconomics and International Finance. The chapters in the International Macroeconomics section discuss critical topics like aggregate level macro model for India with a new Keynesian perspective, balance of payments, service sector exports, foreign exchange constraints for import demands, foreign direct investment and knowledge spill over, the relationship between forex rate fluctuation and investment, Institutional quality-trade openness-economic growth nexus, currency crises and debt-deficit relationship in the BRICS countries in the backdrop of COVID-19. Apart from these, various analytical issues related to macroeconomic policies are also covered in this section. The topics discussed includes the nature of forex market interventions, the issue of disinvestment and privatization, changing nature of fiscal policy, the inflation-growth nexus, macroeconomic simulation modelling, measuring core inflation, central bank credibility, monetary policy, inflation targeting, Infrastructure, trade, unemployment and inequality nexus. In the International Finance section, topics such as COVID-19 induced financial crisis, commodity futures volatility, stock market connectivity, volatility persistence, determinants of sovereign bond yields, FII and stock market volatility, cryptocurrency price formation, financialization of Indian commodity market, and a Keynesian view of the financial crisis are discussed.  Overall, thirty two chapters in the volume discuss cutting edge research in the areas of the two sections. 

A tour de force... a lucid guide to some of the diverse and complex issues in International Macroeconomics and Finance. This collection of scholarly works is a fitting tribute to respected Prof. Bandi Kamaiah and his enviable academic contributions.

-          Prof. Y V Reddy, Former Governor, Reserve Bank of India 

This volume comprising thoughtful essays by our leading scholars on some of important policy issues that India is facing is indeed a rich tribute to Professor Bandi Kamaiah . This book will greatly benefit the academic community as well as our policy makers.

-          Prof. Vijay Kelkar, Chairman, 13th Finance Commission of India; Chairman, India Development Foundation, Mumbai, India 

Noted economists from India and abroad gather to apply the rigorous searchlight that Professor Bandi Kamaiah used so effectively in his career. Major current topics in macroeconomics and international finance are effectively explored in the volume.

-          Prof. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai, India;  and Member, Monetary Policy Committee of Reserve Bank of India 

This volume of 32 papers in macroeconomics, international economics, and international finance is intended as a tribute to the eminent econometrician , Prof B Kamaiah. Post-graduate students and researchers will find much valuable literature in the volume, which is a fitting tribute to Prof Kamaiah. The editors and authors deserve rich compliments.

-          Prof. K L Krishna, Former Director, Delhi School of Economics, New Delhi, India 

I am so happy to hear that Dr. Kamaiah's colleagues and ex-students are bringing out a special volume of articles in his honor. Nothing can be more appropriate. Dr. Kamaiah, being a man of tremendous publications, deserves this tribute.  I wish all the luck and success to the new book.

-          Prof. Kishore Kulkarni, Distinguished Professor of Economics, Metropolitan State University of Denver, USA


  • International Finance
  • Macroeconomics
  • Financial Markets
  • Analytical Finance
  • Capital Movements

Editors and Affiliations

  • Keio University, Tokyo, Japan

    Naoyuki Yoshino

  • Department of Humanities and Social Sciences (HSS), Indian Institute of Technology Patna, Bihta, India

    Rajendra N. Paramanik

  • Gulati Institute of Finance and Taxation (GIFT), Thiruvananthapuram, India

    Anoop S. Kumar

About the editors

Dr. Naoyuki Yoshino is Professor Emeritus at Keio University, Tokyo, Japan and from 2014 until 2020 he was Dean & CEO of the Asian Development Bank Institute (ADBI). He obtained his PhD from Johns Hopkins University (United States) in 1979 where his thesis supervisor was Sir Alan Walters, economic adviser to former British Prime Minister Margaret Thatcher. Dr. Yoshino has been a visiting scholar at the Massachusetts Institute of Technology (United States) and a visiting professor at various universities including the University of New South Wales (Australia), Fondation Nationale des Sciences Politiques (France), and University of Gothenburg (Sweden). He has also been an assistant professor at the State University of New York at Buffalo and an economics professor at Keio University (1990-2014). Dr. Yoshino's professional career includes membership in numerous government committees. He was named Director of the Japan Financial Services Agency's (FSA) Financial Research Center (FSA Institute) in 2004 and is now Chief Advisor. He was appointed as Chair of the Financial Planning Standards Board in 2007. He served as Chairperson of the Japanese Ministry of Finance's Council on Foreign Exchange as well as its Fiscal System Council (Fiscal Investment and Loan Program Section). Additionally, he was a Board Member of the Deposit Insurance Corporation of Japan and President of the Financial System Council of the Government of Japan. He was nominated for inclusion in Who's Who in the World for 2009, 2013 and 2020. He obtained honorary doctorates from the University of Gothenburg (Sweden) in 2004 and Martin Luther University of Halle-Wittenberg (Germany) in 2013. He also received the Fukuzawa Award in 2013 for his contribution to research on economic policy. He served as the T20 Japan, Lead-chair during Japan's Presidency of the 2019 G20 meetings. He was also the Lead Co-chair of the T20 Infrastructure and Financing Task Force and advising on the handover to Saudi Arabia's presidency in 2020 and Italy’s Presidency in 2021. He is nominated as Top 10 scholars in green finance based on recent publications by Energy Policy in 2021.

Dr. Rajendra N. Paramanik is Assistant Professor, economics and finance, IIT Patna. Prior to this he served as an assistant professor at BITS Pilani. He obtained his MA, M.Phil as well as PhD from University of Hyderabad and serves as reviewer of many international journals. He works on Macro-dynamic modeling and financial econometrics and has been invited as resource person for several workshops on Time Series Econometrics. His papers have been published in journals such as , Journal of Public Affairs (Wiley) , Journal of Global Entrepreneurship Research (Springer), Journal of Quantitative Economics (Springer) , Economic Annals, GeoJournal: Spatially Integrated Social Sciences and Humanities (Springer), International Journal of Entrepreneurship and Small Business (Inderscience) , Artha Vijnana, to name some. He also published research articles in edited volume of Springer, Taylor and Francis and Emerald. He writes editorial article for Hindu Business Line and he is passionate about Yoga and Poetry.

Dr. Anoop S Kumar is Assistant Professor, Gulati Institute of Finance and Taxation, Trivandram, India. Prior to this, he has served at Central University of Andhra Pradesh, Hyderabad, and BITS Pilani, India. His work has been published in journals such as Journal of Public Affairs, IUP Journal of Applied Economics, Journal of Financial Innovations, Singapore Economic Review, Indian Economic Review, Economic Annals, to name some.

Bibliographic Information

Buying options

USD 129.00
Price excludes VAT (USA)
  • ISBN: 978-981-16-7062-6
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Hardcover Book
USD 169.99
Price excludes VAT (USA)