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The study aims to compare India's public health expenditure at the international and state levels. The paper also empirically examines the regional disparities in NRHM spending across the 21 selected states of India.

The tools of absolute β-and σ-convergence are used in the analysis to test the regional convergence. The average annual growth rate across the states is the dependent variable for β-convergence, and time is the second dependent variable but is used for s-convergence. In contrast, the initial value of NRHM expenditure and the coefficient of variation of NRHM expenditure are used as independent variables, respectively. Descriptive statistics are also used for the study. The data are annual and cover the panel from 2007 to 2020.

The study attests to the hypothesis of β-and σ-convergence for the selected states in the period mentioned. The observed convergence in NRHM expenditure is due to the shift in the government's attention from the non-high focus high focus states to high states through the national rural health mission policy. The coefficient of variation across the states also shows a declining trend and provides the robustness of the σ-convergence.

As far as the literature is concerned, none of the existing studies examines the convergence of a public health expenditure scheme like the National Rural Health Mission across the Indian states by applying the techniques of β-and σ-convergence. The novelty of the study is using the newly updated dataset and validating the convergence hypotheses in the National Rural Health Mission expenditure case.

The strategic partnership between China and ASEAN has resulted in significant financial reforms at the country and regional level. The scale and pace of these changes call for systematic assessments of their bearing on the development and integration of financial markets in this region. The purpose of this paper is to investigate the level of financial integration of the equity markets in China and ASEAN4 countries (Indonesia, Malaysia, Philippines, and Thailand) for the period 2004-2014.

The authors use the β and σ convergence, dynamic conditional correlation, and wavelet correlation to assess the degree, trend, and change across different time scales of the integration of China-ASEAN4 equity markets. Using two measures of change in return per unit risk and variance, we assess the difference in diversification benefits between an equity portfolio China-ASEAN4 and China-EU.

The authors find that financial integration across China-ASEAN4 equity markets fluctuated between a moderate level before and after the recent crisis and a higher level during the crisis. The results indicate that investors achieve higher diversification benefits from a cross-industry than a cross-country investment strategy within this region.

Future research should investigate whether local factors and existing cultural and political differences explain the weak to moderate level of integration of China and emerging ASEAN equity markets.

A good understanding of the degree and evolution of the regional financial integration may be used by investors to allocate capital efficiently when adding ASEAN4 equities to a portfolio of Chinese equities.

Systematic assessments of the regional financial integration contribute to the effort to mitigate the ensuing cross-border financial contagion during crises.

The authors argue that that the increase in correlations of CHINA-ASEAN4 equity markets during the recent crisis does not reflect a permanent shift in the dynamic of the dominant markets in the region. While investors achieve higher diversification benefits from a cross-industry than a cross-country investment strategy within this region, the diversification benefits are lower for long-term than short-term investors.

This survey of the literature on the convergence of carbon dioxide (CO₂) emissions informs researchers on areas for future research by summarizing the countries examined, the types of convergence tested and the methodological approaches undertaken.

This survey examines peer-reviewed empirical studies of CO₂ emissions convergence with respect to country coverage and alternative approaches to test for various types of convergence.

For large multicountry studies, the support for convergence is quite limited. However, studies focused exclusively on a subset of countries defined by income classification, geographic region or institutional structure reveal the finding of convergence is more prevalent. Studies at the subnational level have primarily been in the cases of the US and China with the exception of two studies across industry sectors in Portugal and Sweden.

This study focuses exclusively on peer-reviewed published studies.

This study is relevant to the design of mitigation strategies to reduce CO₂ emissions and the assumption of convergence underlying climate change models.

As a major component of greenhouse gas emissions, CO₂ emissions is of global importance in its impact on the environment and climate change.

This study provides the most recent and comprehensive survey of the empirical literature on the convergence of CO₂ emissions.

The purpose of this paper is to answer one important question: in the aftermath of a systemic banking crisis, can the expected deviations in credit supply, liquidity, and other bank characteristics become entrenched in that they do not converge back to “normal”?

Using a panel data set of commercial banks in the Mercosur during the period 1990-2006, the authors analyze the impact of crises on four sets of financial indicators of bank behavior and outcomes – profitability, maturity preference, credit supply, and risk taking. The authors employ convergence methodology – which is often used in the growth literature – to identify the evolution of bank behavior in the region after crises.

A key finding of the paper is that bank risk-taking behavior is significantly modified leading to prolonged reduction of intermediation to the private sector in favor of less risky government securities and preference for high levels excess liquidity well after the crisis. This can be attributed to the role played by macroeconomic and institutional volatility that has nurtured a relatively high level of risk aversion in banks in the Mercosur.

To the best of the authors’ knowledge, using convergence methodology is a relatively novel approach in this area. An added advantage of using this approach over others currently used in the literature is that the authors can empirically quantify the rate of convergence and the institutional and macroeconomic factors that condition the convergence. Moreover, the methodology allows one to identify – in some hierarchical order – factors that condition persistent deviation from “normality.” The lessons learned from the Mercosur case study are useful for countries that suffered systemic banking crises in the aftermath of the global financial crisis.

Agriculture diversification acts as income enhancing as well as distress mitigating strategy. India has witnessed rise in per-capita income which in turn has increased the demand for food particularly high-valued food items but agricultural production has failed to keep pace with the growing demand. The purpose of this paper is to examine spatio-temporal variations in agricultural diversification (AD) in India. Second, the authors try to identify the determinants of AD. Third, the authors examine the convergence hypothesis with reference to agriculture diversification across Indian states.

The study is based on the panel data constituting 20 major states of India during 1990–1991 to 2013–2014. It uses Simpson Diversification Index to measure AD. The heteroskedasticity-corrected panel regression model is applied to find out the determinants of AD. The fixed-effects model is used to examine β-convergence in AD across the sample states. Alternative time series models are applied to examine σ-convergence in AD.

The rising per-capita income and urbanization are driving dietary diversity towards high-valued crops and providing ample opportunity for AD. But poor and inadequate cold storage facility and rising cost of cultivation are posing major hindrance to it. Small land holding and road length have negatively influenced AD which is contrary to the traditional wisdom. The study found divergence in diversification and rising inequality in diversification.

The study is based on secondary data. A primary study to complement this could have been better. It is only based on one country.

Food inflation has serious adverse effect on the society at large. It is necessary to promote AD for controlling food price inflation. Minimum support price provided by the government should be extended to all crops; otherwise, it will fuel inflation. Given the fact fragmentation of land holding is adversely affecting AD, community based farming and consolidation of farm land should be the way forward to improve farmers’ income as well as reduce risk.

To best of the authors’ study, this is the first study that examines determinants of AD and convergence in AD during the high growth period of India.

The purpose of this paper is to test the extent of convergence in rents and yields in the European real estate office market.

The paper uses the concepts of beta‐convergence and sigma‐convergence to evaluate empirically the hypothesis of rent and yield convergence in seven European office markets during the period 1982‐2009. Because of the introduction of a single currency in January 1999, the analysis is carried out sequentially, first for the overall sample period and then the periods before and after the introduction of the single currency.

The results indicate that, irrespective of the time period considered, there is not enough statistical evidence of beta‐convergence in either rents or yields but evidence of significant sigma‐convergence in rents and yields in the European office markets under review. Additionally, some evidence is found that the introduction of the single currency in 1999 has led to increasing signs of convergence, especially in the Continental European markets.

The results show that the real estate office markets in Europe are not fully integrated and so indicate that diversification across Europe is still a viable investment strategy.

This is the first paper to use beta and sigma convergence tests on European office market data.

Comparing conventional data envelopment analysis (DEA) model with contemporary Seiford and Zhu model, this study aims to evaluate the technical efficiency (TE) of Indian banks from 1998/99 to 2016/17 in the presence of non-performing loans (NPLs).

To examine TE, this study has considered a novel approach, i.e. linear monotone decreasing transformation as suggested by Seiford and Zhu (2002), which treats undesirable output as a desirable output in the framework of Charnes, Cooper and Rhodes (CCR)-based output-oriented DEA approach. In particular, to remove the biasness from the estimated efficiency scores, Simar Wilson (1998, Algorithm #1) has been applied, which is perhaps the first attempt in this kind of literature till now. This study further tries to investigate the notion of sigma and unconditional β-convergence in TE using two-step system generalized method of moments model in dynamic panel framework.

Treatment of NPLs using conventional DEA model misinterprets the TE scores, while a true picture emerges when the NPLs are correctly accounted as an undesirable output in banks’ loans production process. Efficiency has declined during the crisis years, but it recovered immediately after the crisis years in India. However, a sudden and steep deterioration in efficiency scores has been seen from 2013 till the most recent study period. Public sector banks and old private banks have reported higher average efficiency scores than new private banks (NPBs) and foreign banks (FBs) in India. However, FBs are the only commercial banks that maintained their efficiency levels during crisis years in India. This study also saw the persistence and presence of σ-convergence phenomena in TE for Indian banks, reflecting the ability to reach up to “Catch-up” phenomenon owing to the lower dispersion and persistence of convergence in TE by the Indian banks.

The actual efficiency score can only be estimated when the NPL will be considered as an undesirable output rather than a desirable output when designing the loan production process of banks. Although the ownership clusters of all commercial banks in India need to formulate stricter policies to increase the level of assets quality and efficiency, but, NPBs need to pay some more efforts in this direction. This study’s outcome has the potential to provide useful information for regulators and policymakers, which suggests that in which direction or in which clusters improvement are needed to raise the level of asset quality and technical efficiency in the coming years.

For a long time, there has been the existence of trade-offs between researchers, like which is the best model for accounting for NPLs? Traditional or contemporary? Thus, our study aims to add knowledge to the limited stock of NPL modelling in the efficiency literature. Dynamic convergence in TE scores in Indian banks has yet not to be tested, which is another novelty of the study.

This paper reviews one of the crucial issues in the recent growth literature concerning the hypothesis of cross country convergence of levels and growth rates of income per capita implied by the neo‐classical growth model, both in the Solow‐Swan and Rampsey‐Cass‐Koopmans versions. The alternative endogenous growth models, consistent with permanent income inequality, are considered. Convergence to a common income level versus divergence is discussed from a theoretical point of view. Then, empirical tests of the convergence property are presented. What emerges is that Barro type regressions and their findings about “conditional” convergence are questionable and cannot be used to give a definitive response on this issue.

Like the cross-country convergence or divergence analysis in incomes to address the global phenomenon, the same analysis is also required to be done in the case of a group of states within a national territory. Further, it is also required to see whether convergence or divergence in incomes of the states is attributable to the convergence or divergence in their allocations of bank credits. Thus, this chapter aims at examining whether the selected major states in India are converging or diverging in the allocations of bank credit, and if so, what will be the magnitudes of decreases or increases in the level of disparities and inequalities in credit allocations. This study concludes that there is a clear diverging tendency of credit allocations of the states of India during the post-reform period so far as the absolute convergence hypothesis of the neoclassical theory is concerned. Further, in terms of the framework of σ convergence, the study observes that all phases of the Indian economy have produced converging paths of the inter-state credit allocations, and the path becomes diverging during the post-reform phase. Based on the quantifications of the magnitudes of disparities and inequalities in terms of CV, C4 concentration, HHI and Gini values, this study thus reveals that there are significant increases in the levels of disparities and inequalities in the allocations of credit to the states from the pre-reform to the post-reform phases. Therefore, the persistence of divergence in income or rising income inequality during the phase of the major reform program in India may be due to the persistence of divergence and rising inequality in the allocation of bank credit.

This paper investigates the development of efficiency and the progress of banking integration in the European Union by checking for convergence among banks of European and Eurozone countries as well as contrasting the results with those of United States banks.

Initially, we employ the two-stage semi-parametric double bootstrap DEA method, which absorbs the effects of possible integration barriers in the measurement of efficiency. Afterwards, we apply a panel data model, in order to investigate the process of banking integration by testing for convergence and for convergent clusters in banking efficiency.

Our main findings show that the bank efficiency of the US is considerably higher than that of the Eurozone and the European Union. Although there is no evidence of convergence across the banking groups, our results indicate the presence of club convergence. We also conclude that the US banking system is closer to convergence than the Eurozone and the European Union banks. Nevertheless, this outcome is subject to change in the future due to the fact that Eurozone and European Union banks' speed of convergence is higher than that of US banks.

Our survey is unique in trying to check for convergence while controlling for country-specific and bank-specific factors that affect the efficiency of European and Eurozone banks. Moreover, recent literature does not compare the convergence of efficiency of Eurozone, European and US banking. Finally, in our paper special consideration was given to the comparison of commercial, cooperative and savings banks, as subsets of our banking groups.