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The primary objective of the paper is to examine the asymmetric Cointegration and asymmetric causality between financial development and poverty alleviation on annual data in Indian context over the period from 1980 to 2019.

First nonlinearity test by Brooks et al. (1999) is applied to ascertain the nonlinear behavior of the variables used. Once the nonlinear behavior of variables is confirmed, asymmetric and nonlinear unit root tests by Kapetanios and Shin (2008) are applied to check for the order of integration of selected variables. Next, nonlinear autoregressive distributed lag model (NARDL) is employed to analyze the asymmetric Cointegration. Finally, Hatemi-j- asymmetric causality tests is applied to work out the direction of asymmetric causality.

The empirical findings document the existence of asymmetries in the short-run as well as long-run between poverty and financial development. The asymmetry reveals that negative financial development shocks leave a more profound impact on poverty alleviation than their positive equivalents. The findings of Wald's test also confirm the presence of asymmetric Cointegration. The asymmetric cumulative dynamic multipliers used to examine the behavior of asymmetries and adjustments with respect to time lend credence to the results calculated using NARDL estimator. This result exhibits the robustness of the model. Furthermore, the result emanating from recently introduced asymmetric causality test reveals a unidirectional asymmetric causality between negative shocks in financial development and poverty. The findings of the present study necessitate the need for investigating asymmetric and nonlinear effects in finance–poverty nexus, which existent literature has completely neglected, in order to have relevant policy conclusions.

The study used “Per capita consumption expenditure” as a measure for poverty due to lack of continuous time series data on headcount ratio. In future, researchers can extend this study by incorporating headcount ratio as a measure of poverty in their respective works. There is further scope of research on this issue by finding out the impact of formal and informal sources of credit on poverty separately. A panel data study for developing countries over a period of time could further confirm/negate the findings of the present study.

To the best of the authors’ knowledge none of the studies in Indian context has scrutinized asymmetric and nonlinear impact of financial development on poverty. To dredge up asymmetric structures at work, the authors have used the highly celebrated NARDL estimator. To enrich the existent body of knowledge along the lines of asymmetric (nonlinear) linkages, the authors have also used recently introduced asymmetric causality test by Hatemi-j-(2012) to find out the direction asymmetric causality.

The purpose of this paper is to examine the non-linear impact of defence spending on economic growth for the USA, the UK and Russia by using quarterly frequency from 1992 to 2014.

The unit root property is tested by ADF and PP unit root test. Further, BDS test is applied to test the linear independence. To verify the results of BDS test, we apply short and long-run symmetry test. The cointegration non-linear relationship is examined by NARDL approach. Further, Multipliers predict the speed of adjustments by considering the nonlinearity.

The short and long-run symmetry test confirms the existence of asymmetry in all countries. Further, asymmetric cointegration is confirmed through Wald statistics of Pesaran and Banerjee for all countries. The long-run asymmetric coefficient predicts negative and significant impact of defence spending on economic growth for the USA and the UK, but, these impacts were positive and significant in the case of Russia. The multiplier effect of defence spending on economic growth confirms the findings of NARDL model.

This study contributes in existing literature by applying newly developed non-linear ARDL approach, including a Wald test for long and short-run symmetry, asymmetric cointegration and asymmetric long run parameters in case of the USA, the UK and Russia.

This study reexamines fiscal deficit sustainability in South Africa.

The study applies three cointegration testing approaches, namely testing for multiple structural changes in a cointegrated regression model, time-varying cointegration test and asymmetric cointegration test.

The results point to the existence of a level relationship between government revenue and spending. In addition, the long-run equilibrium relationship between government revenue and spending in South Africa is found to be characterized by breaks. As such, assuming a constant cointegrating slope may be misleading. Results from time-varying cointegration and an estimation of a cointegrated two-break model indicate that cointegrating coefficient has been time-varying but has remained less than 1 for the entire study period, indicating that fiscal deficits have been weakly sustainable. This finding is also confirmed by the results from an estimated asymmetric error correction model.

In view of the findings, authorities should put in place policies to improve the fiscal budgetary stance and reinforce the sustainability of the fiscal deficits in South Africa. Among other things, South Africa could undertake reforms to state-owned companies to reduce their reliance on public funds, slow down the pace of the public sector wage growth and devise effective economic measures to boost long-term growth. In addition, tax compliance and other revenue collection measures should be enhanced for additional tax revenue.

The contribution of this study is twofold; first, the study uses a long series of annual data spanning over a century, from 1913 to 2020. Indeed, cointegration is better modeled using long spans of time series data. Second, to examine the existence of a level relationship between spending and revenue, the study uses cointegration tests which allow capturing time-variation in the cointegrating slope coefficient, and accounting for asymmetries in the relationship between government spending and revenue. It is important to allow for time-variation in the cointegrating slope coefficient, especially when it has been hardly treated in the empirical literature on fiscal deficit sustainability. Allowing for time-variation in the cointegrating slope coefficient helps us to analyze fiscal deficit sustainability by periods of time. Indeed, the degree of fiscal sustainability can change from one time period to another.

The purpose of this paper is to analyze the influences of real share prices on aggregate consumption for Malaysia with the focus on whether there is asymmetry in the long‐run relation of the two variables.

The paper specifies aggregate consumption to depend on real income and real share prices. Alternatively, imposing long‐run budget constraint, the paper specifies the relation between aggregate consumption and real share prices as ratio to real income. Then, it applies an asymmetric cointegration and error correction modeling.

The cointegration tests indicate the presence of a long‐run relation between consumption‐income ratio and share price‐income ratio. More interestingly, while changes in share prices exert short‐run causal influences on Malaysia's private consumption, evidence is found for the adjustments of consumption – income ratio to the long‐run equilibrium path only when it is above its long‐run value. The paper interprets the finding as suggesting downward revisions in the consumption patterns when there are adverse shocks in share prices and, accordingly, supports the existence of especially negative wealth effect for Malaysia.

Owing to data limitations, the paper relies on aggregate consumption and aggregate income data. It acknowledges that the sum of non‐durable consumption and flow‐of‐services from durable purchases and labor income are more appropriate measures of, respectively, consumption and real income.

The findings have important implications for understanding consumption behavior in a developing country and can provide insight on the effectiveness of monetary policy.

This paper aims to examine the dynamic interactions between monetary and financial variables in the Indian context.

In this paper, the authors have applied a recently developed asymmetric autoregressive distributed lag (ARDL) model by Shin et al. (2014), for detecting nonlinearities focusing on the long-run and short-run asymmetries among economic variables.

The results point toward the presence of asymmetric reaction of stock prices to changes in interest rate and exchange rate in full sample, as well as in pre-crisis. However, no asymmetry was found in the post-crisis period. The results further suggest that tight monetary policies appear to retard the stock prices, more than easy monetary policies that stimulate them.

The findings of the study can be helpful in understanding the policy transmission mechanism through asset price channel.

To the best of the authors’ knowledge, this is the first study that examines the interactions between monetary and financial variables in the Indian context in an asymmetric framework. The findings of this study are quite interesting and are different from several existing studies in the literature.

The primary purpose is to investigate the dynamic relationships among urbanization, energy use and environmental pollution in the context of India from 1971 to 2018. The paper also examines the validity of Environmental Kuznets Curve (EKC) hypothesis in the present Indian context.

The study uses a nonlinear autoregressive distributed lag cointegration test (Shin et al., 2014) to investigate the dynamic relationship among the mentioned variables. The Wald test is also used to statistically check the presence of asymmetry. Additionally, the VECM test is applied to examine the causality among the variables.

This study documents that urbanization in India is good for environment in the long run, whereas energy consumption is bad for the environment. It also finds that positive and negative shocks of energy and urbanization exert asymmetric impacts on ecological footprint. Furthermore, the results could not validate the EKC hypothesis for India.

The outcome of the study suggests designing an environmental policy which considers the nonlinearity of the investigated relationships and bearing in mind the use of comprehensive indicator like ecological footprint is equally important to address the wide-ranging problem of the environment. Policy reorientation towards the production and consumption of green energy, investment in research and development, and use of efficient technology is very crucial to achieve sustainable outcomes in the long run.

In this study, the researchers use the ‘ecological footprint’ variable to obtain a more accurate and comprehensive assessment of environmental deterioration. The mentioned dynamic relationships are investigated using an improved methodology of the NARDL model, which assumes the asymmetric impact of the explanatory variables on the response variable. The novelty of this study lies in examining the non-linear impact of urbanization and energy on ecological footprint which is inadequately addressed in the context of Indian economy.

The purpose of this paper is to examine the effect of crude oil prices on the Nigerian exchange rate with emphasis on discriminating between the effects of positive and negative changes in oil price on exchange rate.

The authors used monthly time series data from 1996:1 to 2019:6 and adopted two oil price measures, namely, Brent crude and West Texas Intermediary prices. For analysis, the authors used stepwise least squares to estimate a non-linear ARDL (NARDL) model and Wald tests to determine cointegration and the presence of asymmetric effects.

The findings showed that positive and negative Brent crude price changes significantly affect exchange rates differently in nominal terms, both in the long-run and short-run. However, the differences were purely in terms of effect size because the exchange rate decreased for both negative and positive oil price changes.

Whilst empirical research on asymmetries in the effect of oil price on exchange rate abounds, little evidence exists in Nigeria’s case. Although some studies previously tested for asymmetric oil price effects on the Nigerian currency, the approach used did not estimate long and short-run effects or test of long-run and short-run asymmetries. This paper fills this methodological gap using monthly using the NARDL approach. The NARDL approach provided the advantage of estimating effects for the long-run and short-run and testing for asymmetries in both time spans.

This paper aims to empirically examine the influence of macroeconomic and socioeconomic factors on improving financial inclusion in India, with a specific focus on two distinct indicators of financial inclusion.

This study has used a time-series data set covering the years 1996 to 2022, using a nonlinear autoregressive distributed lag methodology. This approach allows for the examination of both short- and long-run effects of key macroeconomic and socio-economic indicators, including GDP per capita growth, remittance inflows and the income share held by the lowest 20% of the population on the growth of two financial inclusion indicators: the number of commercial bank branches and ATMs per 100,000 adults.

Model-1 investigates how commercial bank branch growth affects financial inclusion. Positive remittance inflow growth and a rise in the income share of the bottom 20% both lead to increased financial inclusion in both the short and long term, with the effects being more pronounced in the long run. Conversely, negative effects of remittance inflow growth and a decline in GDP per capita growth lead to reduced financial inclusion, primarily affecting the long run. Focusing on ATM growth, Model-2 reveals that positive remittance inflow growth has the strongest impact on financial inclusion in the short term. While income share growth for the bottom 20% and GDP growth also positively influence financial inclusion, their effects become significant only in the long run. Conversely, a decline in GDP per capita growth hinders financial inclusion, primarily affecting the short run.

This study fills a gap in research on macroeconomic and socioeconomic factors influencing financial inclusion in India by examining the impact of GDP per capita growth, remittance inflows and the income share held by the lowest 20% of the population, an area relatively unexplored in the Indian context. Second, the study provides comprehensive distinct results for different financial inclusion indicators, offering valuable insights for policymakers. These findings are particularly relevant for policymakers working toward Sustainable Development Goal 8.10.1, as they can use the results to tailor policies that align with SDG objectives. Additionally, policymakers in other developing nations can benefit from this study’s findings to enhance financial inclusion in their respective countries.

The paper aims to analyse the impact of economic and governance factors on remittance inflows to India from the UK, USA and UAE. India is globally recognised as the largest recipient of remittances.

Using a comprehensive time series data set spanning 1996 to 2022, the authors use an innovative non-linear autoregressive distributed lag model approach to examine the influence of economic growth, corruption control and employer availability in the three source countries on remittance inflows to India.

The results indicate that in the UAE, changes in economic growth and corruption control directly affect remittance outflows. However, the presence of employers in the UAE has minimal impact on remittance outflows to India. Regarding the UK, fluctuations in economic growth primarily drive remittance outflows to India. The effect of corruption control and employment opportunities on remittance outflows is marginal. In the USA, economic growth does not notably impact remittance outflows, whereas corruption control and employment opportunities significantly influence the outflows to India.

These findings have important implications for policymakers. Analysing macroeconomic factors from key remittance-sending nations offers valuable insights for Indian policymakers and their international counterparts to enhance remittance inflows. The study focuses on three countries that collectively contribute to about 50% of India's remittances, providing a unique contribution compared to the usual country-specific or regional focus in existing literature. Finally, leveraging these findings, NITI Aayog, an organisation dedicated to achieving India's sustainable development goals, can effectively monitor macroeconomic indicators related to significant remittance-sending countries.

The purpose of this paper is to empirically analyze the impact of remittance inflows on sustained economic growth in India.

This study has taken a time series dataset for the period of 1976–2021, and a nonlinear autoregressive distributed lag model technique (NARDL) has been applied to check the impact of remittance inflows along with other control variables, including broad money and service sector performance, on the sustained economic growth of India.

The results of the study indicated that in both the short and long runs, any positive shock in remittance inflows has a positive impact on the economic growth of India, while negative shocks do not affect economic growth.

The economic policymakers of India can use the findings of the study by implementing remittance-friendly policies. Moreover, NITI Aayog, the body working toward achieving sustainable development goals (SDGs) in India, can also use this study as a reference while making strategies to achieve SDG.

Economic growth has always been an area of interest among economists, researchers and policymakers. However, achieving sustained economic growth requires an analysis of those factors that themselves have sustained performance over a long period of time and have the potential to sustain it over the upcoming years. This study has taken remittance inflows as one such factor and investigated its impact on the sustained economic growth of India. At present, there is an evident gap in the literature that very little attention has been given to sustained Indian economic growth. Moreover, there is no study available in which the nonlinear impact of different variables has been tested on the economic growth of India.