We investigate whether income inequality affects subsequent growth in a cross-country sample for 1965-90, using the models of Barro (1997), Bleaney and Nishiyama (2002) and Sachs and Warner (1997), with negative results. We then investigate the evolution of income inequality over the same period and its correlation with growth. The dominating feature is inequality convergence across countries. This convergence has been significantly faster amongst developed countries. Growth does not appear to influence the evolution of inequality over time. Outline

https://www.econstor.eu/bitstream/10419/81822/1/02-28.pdf

Economic growth and income inequality

The impact of COVID-19 on the stock market crash risk in China

COVID–19 media coverage and ESG leader indices

Dynamic spillovers between energy and stock markets and their implications in the context of COVID-19

Spillovers in higher moments and jumps across US stock and strategic commodity markets

On the efficiency of foreign exchange markets in times of the COVID-19 pandemic.

During crises, stock market volatility generally rises sharply, and as consequence, spillovers are identified across markets. This study estimates the volatility spillover among twelve European stock markets representing all four regions of Europe. The data consists of 10,990 intraday observations from 2 December 2019 to 29 May 2020. Using the methodology of Diebold and Yilmaz, we use static and rolling windows to characterize five-minute volatility spillovers. Our results show that 77.80% of intraday volatility forecast error variance in twelve European markets comes from spillovers. Furthermore, the highest gross directional volatility spillovers are found in Sweden and the Netherlands, while the minimum spillovers to other stock markets are observed in the stock markets of Poland and Ireland. However, German and Dutch markets transmit the highest net directional volatility spillovers. Splitting the whole sample in pre- and post-pandemic declaration (11 March 2020) we find more stable spillovers in the latter. The findings reveal important information about European stock market interdependence during COVID-19, which will be beneficial to both policy-makers and practitioners.

Intraday Volatility Spillovers among European Financial Markets during COVID-19

Investigating the causal relationship between transport infrastructure, economic growth and transport emissions in Pakistan

Shadow economy encompasses wide array of activities that influence the official economy and government policies, either directly or indirectly. In this paper we estimate the shadow economy of Pakistan using currency demand approach with two econometric approached, i.e. one using Auto Regressive Distributed Lag (ARDL) model and two with Engel Granger two step approach. Additionally, we use a variant of currency demand approach where along with tax variable we include unemployment rate and intensity of government control as indicator variables of shadow economy, for the first time in case of Pakistan. The average shadow economy of Pakistan estimated from 1973-2015 as percentage of GDP is 26.41, 25.29, and 26.11 from Models 1, 2, and 3 respectively. Furthermore, we analyzed interaction between the official and shadow sector using ARDL model. Our results show a significantly increasing shadow economy in Pakistan with positive impact on the official sector in long run while negative impact in the short run. This again is a novelty in our paper where we observe short and long run impacts separately along with dynamic simulations to show Pakistan’s GDP per Capita in the absence of shadow economy.

Shadow Economy in Pakistan: Its Size and Interaction with Official Economy

We explore the interaction of the informal sector with the formal economy for a developing economy, that is, Pakistan. Estimation results are obtained via autoregressive distributed lag (ARDL) boun...

https://journals.sagepub.com/doi/pdf/10.1177/2277978719898975

Khurrum S. Mughal

Papers

On the efficiency of foreign exchange markets in times of the COVID-19 pandemic.

Intraday Volatility Spillovers among European Financial Markets during COVID-19

Investigating the causal relationship between transport infrastructure, economic growth and transport emissions in Pakistan

Shadow Economy in Pakistan: Its Size and Interaction with Official Economy

How Informal Sector Affects the Formal Economy in Pakistan? A Lesson for Developing Countries: