Browsing by Author "Bhowmik, Roni"

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An Analysis of Trade Cooperation
(PLoS ONE, 2021-12-22) Bhowmik, Roni; Zhu, Yuhua; Gao, Kuo
China-ASEAN are the two huge markets in trade world, they can bring out greater dynamism from within their economies and contribute to regional economic development. This study explores the present situation on the trade between the Central region of China and ASEAN through empirical assessment and try to find the potential effects and trade flows between them. Firstly, we analysis the trade integration index, HM index, explicit comparative advantage index, and trade complementarity index. Finally, we use the gravity model of international trade and data on 2006–2018. The bilateral trade relations between the central region and ASEAN are getting closer, but the central region has not yet become the major trade area of ASEAN countries in the Chinese market. The bilateral economic development level plays a positive role in promoting the export trade between the Central region and ASEAN, while the bilateral distance plays a negative role in difficulty. The empirical results show that trade potential between the Central region and Indonesia and the Philippines is huge, and there is still opportunity for the development of the trade potential with Thailand. The trade prospective with Malaysia, Singapore and Vietnam is limited, and new approaches need to be developed to achieve further trade cooperation.
Applying A Dynamic ARDL Approach To the Environmental Phillips Curve (EPC) Hypothesis amid Monetary, Fiscal, and Trade Policy Uncertainty in the USA
(Scopus, 2021) Bhowmik, Roni; Syed, Qasim Raza; Apergis, Nicholas; Alola, Andrew A; Gai, Zeyu
It is well known that unemployment and environmental degradation are two critical issues across the globe. However, there is an extended dearth of literature that explores the nexus between unemployment and environmental degradation. Kashem and Rahman (Environ. Sci. Pollut. Res. 27(101): 31153–31170, 2020) put forward the Environmental Phillips Curve (EPC) hypothesis, which depicts a negative relationship between unemployment and environmental degradation. This study further explores the validity of the EPC hypothesis in the case of the USA. It also investigates the impact of monetary policy uncertainty (MU), fiscal policy uncertainty (FU), and trade policy uncertainty (TU) on carbon dioxide emissions. To this end, the analysis employs the novel methodology of the dynamic ARDL model. The results document that EPC does not hold in the short run, but it does in the long run. Furthermore, both in the short and long run, MU escalates CO2 emissions, while FU plunges emissions in both the short and long run. Finally, TU does not alter the level of CO2 emissions.
Applying a Dynamic Ardl Approach to the Environmental Phillips Curve (Epc) Hypothesis Amid Monetary, Fiscal, and Trade Policy Uncertainty in the USA
(Daffodil International University, 2022-02-04) Bhowmik, Roni; Syed, Qasim Raza; Apergis, Nicholas; Alola, Andrew A; Gai, Zeyu
It is well known that unemployment and environmental degradation are two critical issues across the globe. However, there is an extended dearth of literature that explores the nexus between unemployment and environmental degradation. Kashem and Rahman (Environ. Sci. Pollut. Res. 27(101): 31153–31170, 2020) put forward the Environmental Phillips Curve (EPC) hypothesis, which depicts a negative relationship between unemployment and environmental degradation. This study further explores the validity of the EPC hypothesis in the case of the USA. It also investigates the impact of monetary policy uncertainty (MU), fiscal policy uncertainty (FU), and trade policy uncertainty (TU) on carbon dioxide emissions. To this end, the analysis employs the novel methodology of the dynamic ARDL model. The results document that EPC does not hold in the short run, but it does in the long run. Furthermore, both in the short and long run, MU escalates CO2 emissions, while FU plunges emissions in both the short and long run. Finally, TU does not alter the level of CO2 emissions.
Do Economic Policy Uncertainty and Geopolitical Risk Surge CO2 Emissions? New Insights From Panel Quantile Regression Approach
(Daffodil International University, 2022-01-04) Syed, Qasim Raza; Bhowmik, Roni; Adedoyin, Festus Fatai; Alola, Andrew Adewale; Khalid, Noreen
In recent times, economic policy uncertainty (EPU) and geopolitical risk (GPR) are increasing significantly where the economy and environment are affected by these factors. Therefore, the goal of this paper is to investigate whether EPU and GPR impede CO2 emissions in BRICST countries. We employ second-generation panel data methods, AMG and CCEMG estimator, and panel quantile regression model. The conclusions document that most of the variables are integrated at I (1), and there exists co-integration among considered variables of the study. Moreover, we note that EPU and GPR have a heterogeneous effect on CO2 emissions across different quantiles. EPU adversely affects CO2 emissions at lower and middle quantiles, while it surges the CO2 emissions at higher quantiles. On the contrary, geopolitical risk surges CO2 emissions at lower quartiles, and it plunges CO2 emissions at middle and higher quantiles. Furthermore, GDP per capita, renewable energy, non-renewable energy, and urbanization also have a heterogeneous impact on CO2 emissions in the conditional distribution of CO2 emissions. Based on the results, we discuss the policy direction.
Does Environmental Policy Stringency Alter the Natural Resources-emissions Nexus? Evidence from G-7 Countries
(Elsevier, 2024-05-25) Bhowmik, Roni; Sharif, Arshian; Anwar, Ahsan; Syed, Qasim Raza; Cong, Phan The; Ngo Ngan Ha
Natural resource management is indispensable keeping in view their positive economic impacts as well as their detrimental environmental consequences. To achieve certain SDGs, it is inevitable to manage natural resources through effective policies that help to inhibit adverse environmental impacts. Based on this approach, the current empirical analysis aims to probe whether environmental policy stringency intensifies, meagres, and/or halts the abysmal environmental impact of natural resources in G-7 countries (United Kingdom, United States, Canada, Italy, France, Japan, and Germany) for the period from 1990 to 2020. To that end, we rely on the second-generation panel data approaches and panel quantile regression. The outcomes reveal that natural resources increase carbon dioxide emission whereas the synergy of natural resources and environmental policy stringency plunges emissions across the quantiles. These findings suggest adoption of a strict environmental policy for attaining the targets of SGD-08 (economic growth), SDG-09 (innovations), SDG-11 (sustainable cities), SDG-12 (responsible consumption of natural resources), and SDG-13 (climate action).
Does environmental policy stringency alter the natural resources-emissions nexus? Evidence from G-7 countries
(Scopus, 2024-09) Bhowmik, Roni; Sharif, Arshian; Anwar, Ahsan; Syed, Qasim Raza; Cong, Phan The; Ha, Ngo Ngan
Natural resource management is indispensable keeping in view their positive economic impacts as well as their detrimental environmental consequences. To achieve certain SDGs, it is inevitable to manage natural resources through effective policies that help to inhibit adverse environmental impacts. Based on this approach, the current empirical analysis aims to probe whether environmental policy stringency intensifies, meagres, and/or halts the abysmal environmental impact of natural resources in G-7 countries (United Kingdom, United States, Canada, Italy, France, Japan, and Germany) for the period from 1990 to 2020. To that end, we rely on the second-generation panel data approaches and panel quantile regression. The outcomes reveal that natural resources increase carbon dioxide emission whereas the synergy of natural resources and environmental policy stringency plunges emissions across the quantiles. These findings suggest adoption of a strict environmental policy for attaining the targets of SGD-08 (economic growth), SDG-09 (innovations), SDG-11 (sustainable cities), SDG-12 (responsible consumption of natural resources), and SDG-13 (climate action).
Does Sectoral Energy Consumption Depend on Trade, Monetary, and Fiscal Policy Uncertainty? Policy Recommendations Using Novel Bootstrap ARDL Approach
(Springer, 2023-09-19) Bhowmik, Roni; Durani, Farah; Sarfraz, Muddassar; Syed, Qasim Raza; Nasseif, Ghadah
Since the inception of the twenty-first century, there has been a profound upsurge in economic policy uncertainty (EPU) with several economic and environmental impacts. Although there exists a growing body of literature that probes the economic effects of EPU, the EPU-energy nexus yet remains understudied. To fill this gap, the current study probes the impact of disaggregated EPU (i.e., monetary, fiscal, and trade policy uncertainty) on energy consumption (EC) in the USA covering the period 1990M1-2020M12. In particular, we use sectoral EC (i.e., energy consumed by the residential sector, the industrial sector, the transport sector, the electric power sector, and the commercial sector) in consort with total EC. The findings from the bootstrap ARDL approach document that monetary policy uncertainty (MP) plunges EC, whereas trade (TP) and fiscal policy uncertainty (FP) escalate EC in the long run. On the contrary, there is a heterogeneous impact of FP and MP across sectors in the short run, while TP does not affect EC. Keeping in view the findings, we propose policy recommendations to achieve numerous Sustainable Development Goals.
Effect of Chinese outward FDI on youth unemployment in sub-Saharan Africa
(Scopus, 2024-07-17) Liu, Junqi; Nwagu, Ellis Chukwumerije; Liu, Rongbing; Wang, Qi; Debnath, Gouranga Chandra; Bhowmik, Roni
This paper investigates the effect of Chinese outward foreign direct investment (FDI) on youth unemployment in sub-Saharan Africa (SSA) by using a modified labour demand model to identify the investment sources that are helpful for reducing youth unemployment in the region. The model is applied to a panel of 42 countries for the period 2003–2021 using random-effect, and generalized method of moment (GMM) estimators for robustness check. Our results suggest that Chinese FDI has direct short-term reducing effect on youth unemployment in SSA. The direction of China’s capital investment to infrastructure development and other labour-intensive activities leads to immediate reduction in youth unemployment. However, overtime, due to absence of linkages with domestic firms, and thus lack of demand effects, Chinese FDI becomes insignificant for employment creation. Our results also indicate that Other FDI does not lead to significant reduction in youth unemployment both currently and overtime. Our analysis gives partial support to the argument that the impact of Chinese FDI may differ from those of developed countries. Finally, we could not find evidence that the effect of FDI on employment depends on host country human capital and institutional quality. Several specifications of the empirical model are tested, and explanations are provided for the results. Policy implications are highlighted, especially the need to attract more job absorbing FDI and improve domestic absorptive capacity.
Effect of Chinese outward FDI on youth unemployment in sub-Saharan Africa
(MDPI, 2024-07-22) Liu, Junqi; Nwagu, Ellis Chukwumerije; Liu, Rongbing; Wang, Qi; Debnath, Gouranga Chandra; Bhowmik, Roni
This paper investigates the effect of Chinese outward foreign direct investment (FDI) on youth unemployment in sub-Saharan Africa (SSA) by using a modified labour demand model to identify the investment sources that are helpful for reducing youth unemployment in the region. The model is applied to a panel of 42 countries for the period 2003–2021 using random-effect, and generalized method of moment (GMM) estimators for robustness check. Our results suggest that Chinese FDI has direct short-term reducing effect on youth unemployment in SSA. The direction of China’s capital investment to infrastructure development and other labour-intensive activities leads to immediate reduction in youth unemployment. However, overtime, due to absence of linkages with domestic firms, and thus lack of demand effects, Chinese FDI becomes insignificant for employment creation. Our results also indicate that Other FDI does not lead to significant reduction in youth unemployment both currently and overtime. Our analysis gives partial support to the argument that the impact of Chinese FDI may differ from those of developed countries. Finally, we could not find evidence that the effect of FDI on employment depends on host country human capital and institutional quality. Several specifications of the empirical model are tested, and explanations are provided for the results. Policy implications are highlighted, especially the need to attract more job absorbing FDI and improve domestic absorptive capacity.
Emerging Stock Market Reactions to Shocks During Various Crisis Periods
(Daffodil International University, 22-09-13) Bhowmik, Roni; Debnath, Gouranga Chandra; Debnath, Nitai Chandra; Wang, Shouyang
This study investigates granger causal linkages among six Asian emerging stock markets and the US market over the period 2002–2020, taking into account several crisis periods. The pairwise Granger causality tests for investigating the short-run causality show significant bi- and uni-directional causal relationships in those markets and evidence that they have become more internationally integrated after every crisis period. An exception is Bangladesh with almost no significant short-term causal linkages with other markets. For understanding, how the financial linkages amplify volatility spillover effects, we apply the GARCH-M model and find that volatility and return spillovers act very inversely over time. However, market interface is weak before the crisis periods and becomes very strong during the financial crisis and US-China economic policy uncertainty periods. The US market plays a dominant role during the financial crisis and COVID-19 periods. Further analysis using the VAR model shows that a large proportion of the forecast variance of the Asian emerging stock markets is affected by the S&P 500 and that market shock starts to rise notably from the 1 to 10 period. The overall findings could provide important policy implications in the six countries under study regarding hedging, trading strategies, and financial market regulation.
Graduate Students’ Behavioral Intention of Toward Social Entrepreneurship
(Sustainability (Switzerland), 2021-06-04) Tu, Bingyan; Bhowmik, Roni; Hasan, Md. Kamrul; Asheq, Ahmed Al; Rahaman, Md. Atikur; Chen, Xia
In prior studies, several researchers have adopted entrepreneurial orientation (EO) in determining students’ intention toward entrepreneurship, although the application of EO is scant in determining intention toward social entrepreneurship in existing literature. Hence, in consideration of this research gap, the current study empirically examines the influence of the dimensions of social entrepreneurial orientation (SEO): social vision, social proactiveness, innovativeness, and risk-taking motive on graduate students’ entrepreneurial intention toward social entrepreneurship-based business start-up. An online-based survey method was used to collect data from a sample of 465 students purposively who were studying at different universities in Bangladesh. A PLS-based SEM was applied to analyze the data and examined the proposed relationships in the conceptual model. The findings reveal that Graduate students’ social proactiveness, innovativeness, and risk-taking motive significantly affect their social entrepreneurial intention. However, students’ social vision does not have direct influence but has indirect influence on social entrepreneurial intention through their social entrepreneurial attitudes. The research contributes to the body of knowledge in the existing social entrepreneurship literature as well as provides practical implications for the policymakers, practitioners, and stakeholders working toward flourishing of social-based entrepreneurship, venture, and start-up.
Investigating the Environmental Kuznets Curve hypothesis amidst geopolitical risk
(Scopus, 2021) Hashmi, Shabir Mohsin; Bhowmik, Roni; Lotz, Roula Inglesi-; Syed, Qasim Raza
Environmental concerns have become one of the top inevitable issues the world has been facing nowadays. Human-induced carbon emissions are the main reasons behind these environmental issues and to reduce them and mitigate their consequences, policymakers globally explore their drivers and determinants continuously. Although several socio-economic factors have been explored that affect the level of emissions, relatively less attention has been paid to geopolitical risk (GPR). Over the past few decades, the world has witnessed a significant rise in GPR with economic and environmental impacts. However, the existing body of literature on the GPR-environment nexus documents the contrasting conclusion, which might cause inconvenience while proposing environmental protection policies. Therefore, the present study reinvestigates the impact of GPR on carbon emissions at the global level. The findings document that, in the short run, a 1% rise in GPR impedes emissions by 3.50% globally. On the contrary, a 13.24% rise in emissions is fostered by a 1% increase in GPR in the long run. Also as was expected, we report that energy consumption leads to higher global emissions in both the short and long run. Next, this study also validates the existence of the environmental Kuznets curve (EKC) hypothesis at the global level. Based on these aforementioned outcomes, we propose several policy recommendations to curb global carbon emissions via GPR accomplish, thus, a few sustainable development goals.
Is the Emerging Asian Stock Markets Really Predictable Based on the Operations and Information Management?
(International Journal of Supply Chain Management, ExcelingTech Publishers, 2019) Bhowmik, Roni; Wang, Shouyang
This paper examines the weak-form of market efficiency for six emerging Asian markets by using daily, weekly and monthly indices data based on the information management. The returns are not normally distributed, because they are negatively skewed and leptokurtic, and also found conditional heteroscedasticity. Findings suggest that none of the sample markets follow Random-walk and hence all are weak-form efficient markets except South Korean Markets. Additionally, short-term variants of the technical trading rules have better predictive ability than long-term variants. The results also reveal that these markets do not follow the same trend; the prices predictability is not analogous in all the sample markets.
Stock Market Volatility and Return Analysis
(Scopus, 2020) Bhowmik, Roni; Wang, Shouyang
In the field of business research method, a literature review is more relevant than ever. Even though there has been lack of integrity and inflexibility in traditional literature reviews with questions being raised about the quality and trustworthiness of these types of reviews. This research provides a literature review using a systematic database to examine and cross-reference snowballing. In this paper, previous studies featuring a generalized autoregressive conditional heteroskedastic (GARCH) family-based model stock market return and volatility have also been reviewed. The stock market plays a pivotal role in today’s world economic activities, named a “barometer” and “alarm” for economic and financial activities in a country or region. In order to prevent uncertainty and risk in the stock market, it is particularly important to measure effectively the volatility of stock index returns. However, the main purpose of this review is to examine effective GARCH models recommended for performing market returns and volatilities analysis. The secondary purpose of this review study is to conduct a content analysis of return and volatility literature reviews over a period of 12 years (2008–2019) and in 50 different papers. The study found that there has been a significant change in research work within the past 10 years and most of researchers have worked for developing stock markets.