ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Stock Market Development in India

This paper addresses an important question of what happened to the Indian stock market following financial liberalisation. Considering three stock market indicators, viz, size, liquidity and volatility, and applying two time series trend break techniques of Perron on monthly data of Bombay Stock Exchange, it has been found that the Indian stock market grew and became more liquid after liberalisation. However, in respect of volatility the market had not exhibited any significant changes.

Educational Expenditure of Large States

Utilising the pooled data for 15 large Indian states over the period 1992-93 to 1997-98, this study employs panel data models to estimate the normative (average) levels of expenditure on primary, secondary and higher education. The findings of the study reveal that the actual spending on educational services in low income states is lower than their 'needs'. This finding implies that the existing fiscal equalisation mechanism has not been effective in offsetting the revenue and cost disabilities of the poorer states in India.
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