Deepraj Mukherjee | Kent State University (original) (raw)

Papers by Deepraj Mukherjee

China’s Belt and Road Initiative, Jul 7, 2022

China’s Belt and Road Initiative

Journal of Global Economics, 2021

Environmental Science and Pollution Research

The present study is a novel attempt to unravel the connectedness of the green bond with energy, ... more The present study is a novel attempt to unravel the connectedness of the green bond with energy, crypto, and carbon markets using the S&P green bond index (RSPGB). We consider MAC global solar energy index (RMGS) and ISE global wind energy index (RIGW) as proxies of the energy market and use bitcoin and the European energy exchange carbon index (REEX) for the cryptocurrency and carbon market. Employing the Diebold and Yilmaz (2012), Baruník and Krehlík (2018), and wavelet coherence econometric techniques, we find that the energy market (RMGS) has the highest connectedness derived from other asset classes, and bitcoin (RBTC) has the least connectedness. Concurrently, we find that the risk transmission is heterogeneous in different scales as the short period has less connectedness than the medium and long run. We conclude that the overall diversification opportunity among green bonds, energy stock, bitcoin, and the carbon market is more in the short-run than in the medium and long-run...

Purpose-During recent times, the stock market has emerged as a major financial institution of an ... more Purpose-During recent times, the stock market has emerged as a major financial institution of an economy. Yet, crosscountry differences, in size and role of stock market, persist. The purpose of this paper is to investigate the correlation between cultural traits and the development of the stock market in a country. Considering multiple dimensions of culture, identified in the literature by Hofstede (1980/2001) and World Value Survey, the authors construct the hypotheses: trust, a key cultural trait, should positively influence stock market development; uncertainty avoidance, Hofstede's cultural dimension should negatively influence the development of the stock market; and individualism, an alternate cultural dimension of Hofstede's measures, should be positively correlated with stock market development. The crosscountry empirical analysis supports the hypotheses. The results hold for multiple measures of stock market development. Design/methodology/approach-This paper investigates the correlation between various cultural traits and the development of the stock market in a country. Specifically, the authors consider three different cultural trait measures. The authors consider a cross-sectional analysis of an extensive number of countries. While all explanatory variables of interest are considered over the period 2000-2007, the authors consider 2008 figures for the dependent variables of interest, financial development. Ordinary least squares is considered as the benchmark specification. Robust regression has been considered as part of robustness analysis. The authors mention throughout the paper that the results stress on significant association between the variables, only. Findings-The empirical results support the hypotheses. The first measure, trust, is positively associated with stock market development of a nation. Statistically, for one standard deviation rise in trust (1 SD ¼ 37.5), stock market capitalization will go up between 11 and 19 percentage points. Uncertainty avoidance, the second measure is negatively correlated and statistically, the impact is much greater. Finally, the third measure, individualism, is positively correlated with stock market development. Statistically, for one SD rise in individualism (SD ¼ 23.9), stock market capitalization will rise by 23 percentage points. Originality/value-Existing literature has stressed the role of cultural traitstrust, uncertainty avoidance, individualismin the promotion of entrepreneurship, innovation and growth. Since most startups need to raise capital in order to implement their new ideas, crosscountry heterogeneity in the strength of capital markets may lead to important differences in entrepreneurship and productivity growth across economies (

International Journal of Business & Economic Development, 2016

Contrary to the conventional belief of diminishing presence of informal entities in a more global... more Contrary to the conventional belief of diminishing presence of informal entities in a more globalized world, there has been an upsurge in the size of the informal economy in the recent decades. The article summarizes the factors behind the existence and persistence of such economy and explains the advantages of the informal economy in reducing transaction costs, in sidestepping the bureaucratic obligations, and in complementing the formal economy. The paper refutes the idea that the informal firms act as a weak substitute for the formal firms. The paper uses anecdotal evidence and highlights the linkages between the two sectors.

Huawei Goes Global, 2020

Huawei is not yet a major player in India’s competitive smartphone market. The company has a low-... more Huawei is not yet a major player in India’s competitive smartphone market. The company has a low-end brand, called the “Honor” brand in India, and they expect that the Indian smartphone market will use Huawei brand for high-end devices. Both brands had a combined market share of 3.4 percent in 2018. Huawei, by the end of 2018, has chartered out a three-year plan for the Indian market through its dual-brand strategy, backed by investments of over $100 million starting from 2019 with an expansion of local manufacturing activities. Will this global telecom giant become a major player in India? The current chapter explores the issue in light of the Sino-India relationship and the alleged security issues related to Huawei.

Recent decades have experienced a marked acceleration in the process of globalization. This remar... more Recent decades have experienced a marked acceleration in the process of globalization. This remarkable proliferation in globalization has been associated with significant consequences felt in economic, social and political well-being around the globe. In this context, this paper analyzes the role of economic globalization in improving different governance issues that are of particular importance for developing nations. We contribute to the literature by exploring the role of economic globalization, comprising of different aspects of internationalization like trade openness, FDI inflows, and portfolio investments, in affecting different dimensions of governance. While a large part of globalization implies greater trade and FDI inflows, it also implies integration of culture, ideas and vision. Keeping this in mind, we delve into the role of a different aspect of globalization where emergence of neo transnational capital played a pivotal role in changing different social mindsets acros...

International Journal of Strategic Business Alliances, 2021

Global Business Review, 2018

While many studies have shown that increased levels of economic globalization diminish the level ... more While many studies have shown that increased levels of economic globalization diminish the level of corruption among trading partners, there are studies that have raised doubts against this claim. In this article, we explore this relationship in a large sample of 138 countries and find that the effect of economic globalization on the level of corruption is not significant. The findings, however, are not indicative of the undesirability of economic globalization. In fact, we find that greater levels of economic development are associated with lower levels of corruption. Nevertheless, it does call for some precaution and monitoring as trade openness alone may not be the panacea for controlling corruption and other factors, for example, the importance of building of relevant institutions to curb corruption may need to be considered. Additionally, it is important to identify moderator and mediator variables that may change the strength and direction of the aforementioned relationship. W...

Economic Modelling, 2018

This paper explores the role of two facets of globalization-economic and social-in impacting diff... more This paper explores the role of two facets of globalization-economic and social-in impacting different governance indicators. Higher economic globalization emphasizes market-based policies, makes government more transparent and accountable and creates better adherence to global standards of governance. At the same time, higher social globalization that comes with the greater exchange of ideas and information as well as cultural integration, can make the populace more aware of international norms, can enhance freedom of expression via network building and exchange of ideas and can make the populace adhere better to rules in the society. Based on a sample of 142 countries over 1996 to 2013, the papers find that for economic globalization to have a beneficial impact on governance indicators, countries should have more than median levels of social globalization. Countries with low levels of social globalization fail to benefit from economic globalization. Thus, a better level of global governance is hidden in the right mix of cultural fusion along with higher labor and capital flows.

International Journal of Higher Education Management, 2019

Journal of Economic Development, 2016

Using a cross-national panel data, we investigate the combined effect of education attainment and... more Using a cross-national panel data, we investigate the combined effect of education attainment and a durable democratic system on the corruption levels of a nation. Higher levels of education foster a sense of ethical behavior and civic duty in the citizenry by raising awareness, which in turn, should reduce corruption. Decades-long tradition of democracy, on the other hand, increases government transparency and accountability as politicians have to seek reelection, and thus, stable democratic system should reduce political corruption. Our empirical results suggest that the combined effect of these variables reduces corruption significantly, and a durable democracy and education behave as complements in combating corruption. Additionally, our marginal estimates show that durability successfully enhances the effect of literacy in curbing corruption.

Economic Change and Restructuring, 2017

Economic Analysis and Policy, 2015

Using country-level panel data, this study tests whether a country’s decision to join a preferent... more Using country-level panel data, this study tests whether a country’s decision to join a preferential trade agreement (PTA) or existing participation in one affects its corruption levels. The sample for this study pertains mostly to first-generation PTAs that arose prior to the World Trade Organization (WTO). The results suggest that member nations that entered into pre-WTO PTAs exhibited higher levels of corruption. This claim is general and is not indicative of the undesirability of trade agreements. Nevertheless, the findings reveal interesting factors related to trade agreements in the pre-WTO period.

Journal of Entrepreneurship and Public Policy, 2015

Purpose – During recent times, the stock market has emerged as a major financial institution of a... more Purpose – During recent times, the stock market has emerged as a major financial institution of an economy. Yet, cross-country differences, in size and role of stock market, persist. The purpose of this paper is to investigate the correlation between cultural traits and the development of the stock market in a country. Considering multiple dimensions of culture, identified in the literature by Hofstede (1980/2001) and World Value Survey, the authors construct the hypotheses: trust, a key cultural trait, should positively influence stock market development; uncertainty avoidance, Hofstede’s cultural dimension should negatively influence the development of the stock market; and individualism, an alternate cultural dimension of Hofstede’s measures, should be positively correlated with stock market development. The cross-country empirical analysis supports the hypotheses. The results hold for multiple measures of stock market development. Design/methodology/approach – This paper investi...