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This study aims to examine the impact of fiscal deficit, exchange rate and trade openness on current account deficit (CAD). The study tried to empirically investigate the ‘twin deficits hypothesis’ and ‘compensation hypothesis’ in the Indian context.

Autoregressive distributed lagARDL) bound test approach was used by taking annual time series data from 1978 to 2021. The estimates confirm a significant long-run and short-run relationship between dependent variables, i.e. CAD and independent variables such as the fiscal deficit, exchange rate and trade openness.

The results show that positive shocks of all explanatory variables significantly affect the CAD. CAD and fiscal deficit are significantly associated, as the coefficient of fiscal deficit is positive and significant. The study also found that exchange rate and trade openness significantly affect the CAD. The coefficients of exchange rate and trade openness are positive and significant. The findings show that an increase in CADs results from liberal trade policies that help domestic industries grow their trade and expansionary fiscal policy, leading to a higher fiscal deficit. The negative and significant error correction term suggests that short-run disequilibrium converges to long-run equilibrium at a speed of 19.2%. The findings validate the ‘twin deficits hypothesis’ and ‘compensation hypothesis’ in the Indian context.

It can be inferred from the study that liberal policy to promote economic growth and trade openness should be designed and promoted judiciously. An excessive liberalised approach may impact other macroeconomic variables such as current account balances. Integrating the domestic market with global markets poses a big challenge for countries like India that aspire to penetrate global markets. Furthermore, the Indian policy makers should rigorously work and promote the policies such as Fiscal Responsibility and Budget Management (FRBM) as reduction in fiscal deficits, trade imbalances will also be reduced.

This study contributes to the existing literature on ‘twin deficit’ and trade openness by giving new evidence on the trilemma between designing sustainable fiscal policy by spending wisely without imperilling the country's global presence and CAD.

The purpose of this study is to investigate the impact of COVID-19 on some fiscal and monetary indicators in the Kingdom of Saudi Arabia.

The research relied on data, studies and reports issued by the International Monetary Fund, Arab Monetary Fund, Saudi Central Bank, Investing Website and the World in Data Website.

Many sectors have been affected by the COVID-19 pandemic, which outbreak has been associated with a high cost, in addition to increased inflation and prices, a result that was confirmed by the increase in consumer price indices for different sectors. The general consumer price index for the second period rose above that of the first period, while an upward shift occurred in the curve depicting the Saudi Riyal exchange rate against the United States (US) dollar during the second period above that of the first period, only in slope, due to outbreak of the pandemic. Impact of the number of daily new cases infected with COVID-19 was the highest on the opening and closing price indices of the food retail sector, the pharmaceutical sector and the transportation sector; while impact of the number of daily deaths by COVID-19 was the highest on the opening and closing price indices of the banking sector, the general index and the investment and finance sector. In addition, impact of the daily reproduction rate of COVID-19 was the highest on the opening price indices of the energy sector, the food production sector and the transportation sector.

The research aims to demonstrate measures taken by the Kingdom of Saudi Arabia through fiscal and monetary policies.

The COVID-19 pandemic is still an ongoing global pandemic. The virus was first identified in Wuhan City in China at the beginning of December 2019. At the end of January 2020, the World Health Organization (WHO) declared that the outbreak of the virus represented a public health emergency, and later, on March 11, 2020, WHO declared the situation had transformed into a pandemic. Until January 17, 2022, the pandemic had caused more than 328 million cases and 545 million deaths, while 188 million of the cases had recovered. It is worth mentioning that the pandemic caused several social and economic disruptions, including a global economic recession; shortages in goods, supplies and equipment due to consumers' panic and thus tendency to buy; besides causing other disruptions like the negative impacts on health, as well as political, cultural, religious and sport events that influenced economic policies, including both the fiscal and monetary policies of world countries (Wikipedia, 2022).

Social implications steps that taken to reduce the impacts of the COVID-19 pandemic, in addition to measuring the impacts of the COVID-19 pandemic (as the main event next to which other events fade up) on some of the fiscal and monetary indicators for the Kingdom of Saudi Arabia.

The research aims to demonstrate measures taken by the Kingdom of Saudi Arabia through fiscal and monetary policies to mitigate the impacts of the COVID-19 pandemic, in addition to measuring the impacts of the COVID-19 pandemic (as the main event next to which other events fade up) on some of the fiscal and monetary indicators for the Kingdom of Saudi Arabia.

Early evidence suggests that coronavirus disease 2019 (COVID-19) caused a sharp deterioration in fiscal accounts worldwide. This paper empirically assesses the fiscal impact of previous pandemics and epidemics.

Using a large sample of 170 countries from 2000 to 2018, this study relies on Jordà's (2005) local projection method to trace pandemics' short- to medium-term dynamic impact on several fiscal aggregates.

This paper shows that (qualitatively) similar responses to those observed more recently with COVID-19 have characterized the effects of previous pandemics. While the fiscal effect has been economically and statistically significant and persistent, it varies; pandemics affect government expenditures more strongly than revenues in advanced economies, while the converse applies to developing countries. The author also finds that asymmetric responses depend on whether a country is characterized as a chronic fiscal surplus or deficit type. Another factor that generates an asymmetric fiscal response is the prevailing phase of the business cycle the economy was in when the pandemic shock hits.

This paper's findings provide a lower bound to what the current COVID-19 pandemic will inflict on countries’ fiscal situation. That said, the set of pandemics and epidemics used in this paper are geographically more concentrated and did not affect all countries in such a systemic and synchronized manner as did COVID-19 more recently.

This is the first paper to explore the fiscal side of this type of health-related shocks, as most of the literature has focused on the more traditional macroeconomic effects.

This paper aims to determine whether local governments (LGs) use non-consolidated municipally owned companies (MOCs), excluded from public sector entities and, consequently, from sub-national debt to avoid fiscal debt limits. This paper contributes to the literature by analysing the fiscal debt rule’s impact on the off-budget municipal activities in total and separate in different types of local government units.

This paper uses difference-in-differences and the system general method of moments model with the Blundell–Bond estimator for dynamic panel data analysis of MOCs owned by 866 Polish municipalities in 2010–2018.

This paper shows that the MOCs’ revenues support limited local public debt capacity by indebtedness restrictions imposed on municipalities in 2014. As a result, less indebted municipalities have higher off-budget revenues. The tightening of fiscal rules related to sub-sovereign indebtedness increased off-budget activities, but that effect is much stronger in rural and rural–urban municipalities than in urban municipalities and big cities.

This paper contributes to the literature by exploring the fiscal debt rule’s impact on the off-budget municipal activities in total and separate in different types of local government units. In this paper, the authors combine theories relating to private and public finance; this is a novel approach and one that is also necessary – as, in fact, the worlds of public and private actors intersect – as exemplified by the existence of MOC.

The study examines the impact of socio-economic governance on economic growth in Nigeria. It measures socio-economic governance from the perspective of fiscal policy, using indicators such as investment in education, research and development (R&D) and health.

This study employs the Autoregressive Distributive Lag (ARDL) Bound Testing method to achieve its objective.

The study finds that socio-economic policies aimed at increasing investment in education are crucial for Nigeria’s long-term economic growth. Additionally, investment in R&D positively impacts economic growth. However, the study reveals that investment in health negatively affects economic growth in Nigeria in the long run. This suggests that if a country overinvests in health, it may divert resources from other vital sectors such as education, infrastructure and R&D, which can hinder overall economic growth. The short-run parameter is, however, not statistically significant in this study.

The study’s originality lies in its exploration of the relationship between socio-economic governance and economic growth in Nigeria, specifically from a fiscal policy perspective. It highlights the importance of investing in education and R&D for long-term economic growth. Additionally, the finding that overinvestment in health may have a negative impact on long-term economic growth provides valuable insight for policymakers in Nigeria and other developing countries. Overall, this study’s findings can be beneficial for policymakers and researchers interested in the intersection between socio-economic governance and economic growth in developing countries.

Using cross-country data on the 1,000 largest global banks for 2019, the paper aims to examine the response of bank risk and returns to the pandemic.

The author employs weighted least squares (WLS) techniques for the purposes of analysis.

The findings suggest that banks with Islamic windows increased their riskiness in response to the pandemic, although there was not much impact on profitability. Additionally, the author categorizes banks based on certain major characteristics and find that these findings are manifest primarily for well-capitalized and less liquid banks.

Research as to the impact of the pandemic on banks' balance sheets has been an unaddressed area of research. By focusing on a large sample of banks across countries with both Islamic and conventional banking presence, the analysis sheds light on the balance sheet response of banks to the pandemic, an aspect that has not been addressed earlier.

This research's main objective is to investigate the relationship between consumption expenditure and consumer confidence in the USA and to study their effects on US economic revivalism during and after the coronavirus disease 2019 (COVID-19) shock.

The authors use Michigan's monthly Consumer Sentiment Index and its five components from January 1978 to April 2020. The study is unique in quantifying the potential variations in US consumer confidence due to COVID-19 under different scenarios, by providing a projection until December 2021. It also estimates the time needed for recovery and offers guidance to policymakers on ways to contain the negative impacts of COVID-19 on the economy by restoring consumer confidence.

All scenarios show a gradual recovery of consumer confidence and consumption expenditure. This study recommends expansionary policies to encourage consumption expenditure to generate additional demand and boost economic growth and job creation.

Though this study is limited to the US consumer confidence index, it offers significant implications for marketers, customers and policymakers of other developed economies. The authors recommend expansionary economic policies to boost consumer confidence, raise economic growth and result in job creation.

The study is unique in quantifying the potential variations in US consumer confidence due to COVID-19 under different scenarios; by providing a projection until December 2021. It also estimates the time needed for recovery and guidance for policymakers on ways to contain the COVID-19 shock negative impacts on the economy by restoring consumer confidence.

Although Asia's rise in the global economy is increasingly recognized, international business (IB) interactions between Japan and India remain under-commented. These interactions are especially salient due to the United Nations Sustainable Development Goal 17 (UN SDG 17), which focuses on partnerships. This study updates and analyzes the strategic orientation of Japanese multinational enterprises (MNEs) in India.

Following a subjectivist approach, this study employs a constructivist epistemology. Utilizing mixed methods, it obtains primary data from interviews and informal conversations with senior personnel from Japan and India and secondary data from archives. These data then undergo manual organic thematic analysis.

The study reveals instances of Japanese MNEs diverging from traditional ethnocentric orientations, such as senior management's growing commitment to India. The findings also indicate that the transformation to a polycentric orientation remains incomplete.

The study uncovers themes impeding a polycentric transformation, offering insights for strengthening international partnerships and emphasizing the necessity of prioritizing local demands and cultural expectations.

Clues to strengthening IB contribute to attain UN SDG 17, especially given the advanced-emerging characteristics of the Japan–India dyad.

This study’s research makes a novel contribution to the literature on international strategic orientations by providing insights into a rare dyad – namely, Japanese MNE expansion in India. It is also a valuable and timely addition consistent with current beyond-China business diversification trends.