Search

Does financial inclusion through opening of bank accounts catalyze economic activity? We use the case study of a large-scale financial inclusion programme in India called Pradhan Mantri Jan Dhan Yojana (PMJDY) to investigate this question. We deploy a panel cointegration and causality framework on a sub-national dataset. Firstly, we establish that financial inclusion and economic activity share a long-term link. The variables move together and are in a long-run equilibrium relationship. Secondly, we find that the relationship between financial inclusion and economic activity experiences structural breaks clustered around the month in which demonetization of Indian currency was announced. Further, our analysis of causality directions shows that in the period before demonetization, an increase in economic activity causes an increase in the use of banking. Post-demonetization, the direction of the causal relationship between economic activity and banking reverses. An increase in banking transactions now causes a positive impact on economic growth. We discuss the likely channels through which causality operates and the possible reasons for reversal in the causality direction. We contend that financial inclusion through access to savings accounts does not impact economic growth in the short-term. Access to an account does not appear to be a sufficient condition. Post account openings, policies to encourage its usage have an important role to play in improving economic activity. To encourage account usage, policy makers could explore introducing incentives for a limited number of initial transactions, develop innovative savings products based on account usage patterns, and also use tax-breaks to encourage employers to pay salaries and wages to the bank account of employees.

This study revisits the relationship between energy and electricity consumption with economic activity for India applying threshold vector error correction model and non-linear ARDL methods to expl...

The ternary phase diagram of LiCl-KCl-NdCl3 system has been investigated by differential thermal analysis (DTA), followed by characterization of the coexisting phases in the solid state by x-ray diffraction, in order to understand the interactions in the NdCl3-LiCl-KCl ternary system. The results of these experiments showed that LiCl and K2NdCl5 form a non binary join section. This divides the LiCl-KCl-NdCl3 system into two quasi-ternary sections, namely (1) LiCl-KCl-K2NdCl5 and (2) LiCl-K2NdCl5-NdCl3 systems. Both are simple eutectic ternary phase diagrams. The ternary eutectic temperatures and eutectic compositions are determined to be 316 ± 3 °C and 53.9 mol.% LiCl-38.7 mol.% KCl-7.4 mol.% K2NdCl5 in the LiCl-KCl-K2NdCl5 quasi-ternary section, while the other eutectic temperature and composition are determined to be 376 ± 9 °C and 46.2 mol.% LiCl-32.5 mol.% K2NdCl5-21.3 mol.% NdCl3 in the LiCl-K2NdCl5-NdCl3 quasi-ternary section. A quasi-ternary peritectic reaction is observed at 37.7 mol.% LiCl-36.2 mol.% KCl-26.1 mol.% K2NdCl5 at 445 ± 1°C. The primary and secondary crystallization temperatures for the samples are deduced from the heating runs of DTA traces, and the phases responsible for the various thermal events are ascertained. Isothermal sections at chosen temperatures and polythermal liquidus projection with isothermal contours are drawn over the ternary phase field.

This study examines the return and volatility connectedness between the rare earth stock market and clean energy markets, world equity, base metals, gold, and crude oil. Using daily data from September 21, 2010 to August 28, 2020, a time-varying parameter vector autoregression (TVP-VAR) approach to connectedness is applied to uncover the dynamics of connectedness during the entire period and the COVID-19 pandemic period. Volatility connectedness is generally stronger than return connectedness. However, the return and volatility connectedness pattern varies over the full sample period, exhibiting a significant spike following the abrupt COVID-19 outbreak in February-March 2020. The rare earth index shows a close interdependence with the clean energy, world equity, and oil indexes during the outbreak of the pandemic, though it mostly remains a return and volatility receiver over the entire period. During the COVID-19 outbreak, the rare earth stock index becomes more central to the network of connectedness for both return and volatility, showing strong interdependence with clean energy and world equity. The volatility of the rare earth stock index exhibits a strong interdependence with that of crude oil prices. Our findings help investors understand diversification benefits and investment protection. They support policymakers in developing strategies for lessening import dependence on rare earth metals.

A comprehensive hydrogen detection system is developed to track steam leak into sodium by monitoring hydrogen in liquid sodium and in argon cover gas simultaneously and its performance is demonstrated. A fraction of hydrogen, generated from steam leaks, gets dissolved in liquid sodium while the other enters the cover gas and its relative distribution depends on the sodium temperature. Detectors for hydrogen in sodium and argon cover gas are deployed to track the hydrogen in liquid sodium and in cover gas to assess the extent of the steam leak.

This study investigates cointegration among gasoline demand, real price of gasoline and real GDP for India for the period 1971–1972 to 2012–2013. It also estimates short-run and long-run elasticity of gasoline demand with respect to its price and GDP. Johansen–Juselius and ARDL bounds test methods establish that gasoline demand, gasoline price and GDP are cointegrated. Regime shift cointegration tests with endogenous structural breaks, on the other hand, ascertain cointegration between gasoline demand and GDP. Gasoline demand is found to be highly elastic with respect to real income and real price in the long-run. However, in the short-run, price is inelastic. The study deviates from previous studies in two important aspects. First, price is found to be elastic in the long-run as opposed to being inelastic in both short term and long term as established in the previous studies. Second, income elasticity has declined in magnitude. These findings are quite intriguing and are consistent with policy changes in the Indian economy. The Toda–Yamamoto version of Granger causality tests establishes long-term unidirectional causality from real income to gasoline consumption. The study discusses possible reasons behind the empirical findings, and finally, a set of policy prescriptions are suggested to reduce the consumption of gasoline, which should have no adverse impact on economy in the long-run.

The pseudo-ternary phase diagram of LiCl-KCl-PrCl 3 has been investigated to understand the interaction of PrCl 3 with LiCl-KCl molten salt medium by differential thermal analysis (DTA) technique and characterization of the coexisting phases in the solid state using X-ray diffraction (XRD). The results of these experiments showed that the LiCl-KCl-PrCl 3 system consists of two quasi-ternary sections, namely (1) LiCl-KCl-K 2 PrCl 5 section which has a ternary eutectic temperature of 591 ± 4 K and approximate eutectic composition of 55.1 mol% LiCl-39.6 mol% KCl-5.3 mol% K 2 PrCl 5 and (2) LiCl-K 2 PrCl 5 -PrCl 3 section having a ternary eutectic temperature of 654 ± 7 K and approximate eutectic composition of 46.8 mol% LiCl-32.2 mol% K 2 PrCl 5 -21.0 mol% PrCl 3 . A pseudo-ternary peritectic reaction at 762 ± 1 K is observed at 22.3 mol% LiCl-39.6 mol% KCl-38.1 mol% K 2 PrCl 5. Isothermal sections at selected temperatures and the polythermal liquidus projection with isothermal contours are drawn over the ternary phase field.

This study evaluates techno-economic feasibility of adding 100 GW solar power in India by 2022. The study observes disproportionately high focus on SPV technologies and poor growth of CSP technologies in India. The study raises concerns on capacity addition targets based on large scale thin-film solar power plants, their economic feasibility and its repercussions on the grid and the environment. The study concludes that India's ambitious solar program based on imported cells, modules and other equipments would increase India's energy import dependence and, thereby, jeopardize its energy security. The current study, based on empirical evidences, advocates for revamping state-wise solar capacity addition targets based on solar energy potentials. It also advocates for greater emphasis on CSP technologies and de-centralized applications of solar power. India must create a robust domestic manufacturing base for solar cells, modules and other supporting equipments for self-reliance. The study finally campaigns for all supply and demand side options to bridge the burgeoning demand-supply gap of electricity.

The study investigates the dynamic relationship of global crude oil and gold price in a two-regime vector error-correction model with a single cointegrating vector and a threshold effect on error-correction terms as proposed by Hansen and Seo (2002) . The study is conducted with weekly spot prices of Brent crude oil and gold for the period January 2, 2009 to November 20, 2015. The empirical results suggest the effectiveness of threshold cointegration model over a linear cointegration model signifying non-linearity in long-term relationship between gold and oil price. It also establishes different long-run and short-run dynamics of gold and oil in two regimes, termed as ‘typical’ and ‘extreme’ regimes based on the threshold parameter. The study reveals a lead lag relationship between gold and oil price suggesting ‘gold’ as investors’ safe haven against inflation. This phenomenon, however, exists only in a typical regime. In contrast, in an extreme regime, with gold price dominating the market, investors’ are found to switch between gold and oil in order to diversify the portfolio risk. This indicates that the relationship between gold and oil price is non-linear and asymmetric. The study surpasses previous studies by establishing the fact that the relationship between gold and oil is regime dependent, and hence does not remain constant during the entire period of the study. The findings have important implications for policy makers and investors. The study also demonstrates robustness in empirical findings by maintaining profound statistical congruency.

Objective of this study is to empirically investigate the time varying co-movements between crude oil and Indian stock market returns both at aggregate and sector level. This study uses weekly closing prices for Brent Crude, BSE-Sensex and seven sector indices of Bombay Stock Exchange namely Automotive, Energy, Financial, Industrial, Metal, Oil & Gas and Power as data input. The data span of this study runs from January 1, 2006 to Feb 28, 2015, which encompasses the booming, recessionary and the recovering phase of global as well as Indian economy. The paper deploys VAR-DCC-GARCH framework. Three versions of GARCH namely standard, threshold and exponential and both symmetric and asymmetric versions of dynamic contemporaneous correlations have been used. Results of the study indicate that direct volatility spill over from oil market to Indian stock market is not significant at the aggregate level; however, it is significant in case of auto, power and finance sector. Parameter of dynamic correlations and volatility were significant thereby providing empirical evidence of the time varying differential dependence of Indian stock sector indices on oil price fluctuations. Outcomes of this study highlights that investors attempting to diversify their investments should always consider dynamic volatility and correlation linkages so as to maximize returns and minimize risk.

Molar heat capacities of two hydride ion conductors, namely, CaHCl and CaHBr, were measured by differential scanning calorimetry. The measured molar heat capacity data of these compounds as a function of temperature is given by the following expressions: From the above expressions, molar enthalpy increments, entropies and Gibbs energy functions of these compounds were derived and reported. SYNOPSIS CaHCl and CaHBr are hydride ion conducting solid electrolytes find application in electrochemical hydrogen meter to determine dissolved hydrogen concentration in liquid sodium. Heat capacity of CaHCl and CaHBr were measured using DSC and reported.

The study evaluates nonlinear price transmission mechanisms between clean energy stock and crude oil price in levels, mean, and error variances. We propose a novel way of combining a two-regime threshold vector error correction with the DCC-GARCH model to demonstrate a statistical coherency. The study advances the literature by examining the long-and short-term dynamics of these assets in their levels where the information of nonstationarity in the first moment of these assets is preserved, which generally disappears or becomes a random walk process in the return series. The combined model is then applied to derive a regime dependent dynamic hedging strategy, which has been complemented by a wavelet-based hedging strategy. The data spans from 2nd April 2004 to 10th July 2020 is divided into sub-periods to incorporate the financial crisis and ongoing COVID pandemic. Our findings suggest a nonlinear regime-dependent long-term connectedness among the assets in the first and second moments. The study affirms that the price transmission path between the two asset classes is nonlinear. The research indicates that the clean energy index emerges as the dominant influencer on the crude oil price over the post-crisis subsample. A nonparametric nonlinear causality further validates the theoretical rationale of an integrated model. While examining the impact of several control variables on the relationship between these assets, we find that policy uncertainty is an important thread which further demonstrates the prominence of clean energy stocks. Our findings are in accordance with the global focus of divestment in the non-fossil fuel energy sector. This study differs from previous studies in its apt application of statistical modelling techniques on the theoretical and empirical ground. The outcomes are encouraging for the global investors' and traders' communities as the integrated model has the potential to fetch higher returns compared to commonly used volatility-based models.

The ternary Bi–Mo–O system was investigated by long term equilibration studies followed by XRD analysis of the equilibrium phases. Existence of ten ternary compounds and a high temperature solid solution in the system were confirmed. Combining the partial phase diagrams of the system reported earlier, isothermal sections of Bi–Mo–O system at 773, 873 and 1023 ​K have been constructed and reported.

This study evaluates the potential impact of promoting non-fossil fuel energy on India’s economic growth in a regime based non-linear asymmetric framework. The empirical outcomes affirm regime-shift and asymmetric cointegrating links of the non-fossil fuel energy usage represented by combustible renewables & waste (CREW) and alternative & nuclear energy (ANEN) with the gross domestic product (GDP). The study establishes the existence of threshold cointegration between CREW and GDP. The causal links between CREW and GDP are regime variant and asymmetric, whereas the dynamics between ANEN and GDP are proven to be asymmetric and regime invariant. CREW and GDP supports a feedback hypothesis in a normal regime and a conservation hypothesis in a rare regime. The asymmetric causality between CREW and GDP validates an inverse feedback hypothesis and a negative growth hypothesis. A negative growth hypothesis is also ascertained between ANEN and GDP. The empirical findings convey meaningful insights for government and policymakers.

Increasing greenhouse gas emissions, exhaustibility and geo-politics induced price volatility of crude oil has magnified the importance of looking for alternative sources of energy. In this paper, we investigate the long term relationship of stock prices of alternative energy companies with oil prices in a multivariate framework. To this end, we use threshold cointegration tests, which endogenously incorporate possible regime shifts in long run relationship of underlying variables. In contrast to the findings of the previous study by Managi and Okimoto (2013), our results indicate presence of cointegration among the variables with two endogenous structural breaks. This study confirms that ignoring the presence of structural breaks in a long time series data, as has been done in previous study, can produce misleading results. In terms of causality, while the stock prices of alternative energy companies are impacted by technology stock prices, oil prices and interest rates in the short run, there is no causality running towards prices of alternative energy stock prices in the long run. The study discusses the possible reasons behind the empirical findings and concludes with a discussion on short run and long run investment opportunities for the investors.

This study examines the causal relationships between volatility and volume across spot and futures market for the 50 constituent stocks of the CNX NIFTY Index. Granger non-causality tests implemented using vector autoregression (VAR) and asymmetric VAR models indicate the presence of significant causal relations from both the spot and futures volume to both the spot and futures volatility. Bidirectional causal relationships between spot and futures volume were observed for almost all stocks but few stocks displayed a similar relationship between volatilities. The results highlight the importance of volume in absorbing information and its behaviour as the conduit of information.

This article explores nonlinear cointegration between international crude oil price and Indian stock market in a multivariate framework for the period January 2, 2003 to July 29, 2011 by threshold cointegration tests which determine the structural breaks endogenously. The tests reject any long-run equilibrium relationship among the variables for the entire data span. In order to get better insight, threshold cointegration tests have been applied on three sub-phases; prior (phase I) and post (phase III) to most volatile phase (phase II) spanning from July 2, 2007 to Dec 29, 2008. The tests suggest existence of cointegration in phase III only. Toda–Yamamoto version of Granger causality tests reveals that movements of international crude oil price have impact on Indian stock market in phases II and III with no feedback effect. The findings also suggest that global crude oil price is exogenously determined.

Activity of rare earth (RE) elements, Ce, Pr, Sm and Eu is measured in each of the cadmium rich binary alloys of RE, by making use of a molten salt based electrochemical cell. The binary alloy consists of a mixture of cadmium rich intermetallic compound and a liquid phase of known composition. Four independent cells are constructed; one for each of the rare earth elements and electromotive force (EMF) is measured as a function of temperature for each cell, respectively. Partial molar Gibbs energy of these rare earth metals in liquid cadmium is derived from the EMF output over a temperature range. Gibbs energy of formation of CeCd 11 , PrCd 11, SmCd 6 and EuCd 11 are deduced from the measured EMF values and the reported literature data on the solubility of rare earth elements in liquid cadmium.

The Indian telecom sector, post-liberalization, is characterized by the heavy dependence on the imports of telecom products, even though several policy initiatives have been taken by the government during the last three decades to reduce import dependence. This study investigates to what extent the policy measures adopted after 2012 have impacted the import, Foreign Direct Investment (FDI), and domestic manufacturing performance in the telecom sector. A series of non-linear time series techniques are employed to capture the complex dynamics among these variables. The outcomes of the study suggest that the import, FDI, and Index of Industrial Production (IIP) in the telecom sector share non-linear relationships that exhibit regime shifts, time-varying behavior, and asymmetry. The study highlights that the FDI drives the import and, in normal circumstances, FDI and imports have the potential to influence IIP in the telecom sector in the long-run. The findings indicate that the policy measures adopted by the government are justifiable as the import substitution strategies have the potential to get transmitted to the telecom sector in the future. Based on the empirical findings, the study proposes a set of policy measures, which should help the sector to grow intrinsically while lowering the import dependence.

This paper analyzes the cross-quantile dependence and causality between non-ferrous metals and clean energy indices by employing data from November 2003 to May 2019. Specifically, we utilize the time-varying copulas to examine the asymmetric connectedness among the assets. Based on the assessed dependence, we utilize the time-static and time-varying cross-quantilogram approach to evaluate the asymmetric dependence across different quantiles. Finally, we employ a Granger-causality in quantiles analysis to assess the causal relationship across different quantiles of the return distributions of the underlying assets. By utilizing time-varying copulas, we report that the conditional dependence between the assets is time-varying and asymmetric with the potential for tail dependence. Our results from the cross-quantilogram analysis provide further evidence that the interconnectedness is asymmetric across quantiles, and it increases with the increase in lags. In addition, we report that extreme market conditions positively influence the dependence structure. Finally, our findings from Granger-causality in quantiles indicate bidirectional causality among assets that intensifies with the increase in lag order. These findings are important for governmental policies that aim at mitigating the impact of climate change by transforming the global energy landscape towards clean and renewable energy sources.

India is the third-largest carbon emitter after the USA and China due to its over-reliance on low-efficiency coal-fired power plants. To reduce carbon emission, India has set up an ambitious target to harness power from renewable energy resources. To examine whether solar and wind are the least cost options to reduce carbon emission, the study estimates the cost of avoided carbon emission from thermal and renewable power generation in India. The study first estimates the Levelized Cost of Electricity Generation (LCOE). These LCOE estimates are then extended to calculate the avoided cost of carbon emission (CAC) from coal-based super and ultra-supercritical technologies along with solar, wind, and combined cycle gas-based power with respect to the subcritical power plant. The study also conducts sensitivity analysis and scenario building exercises. It establishes that super and ultra-supercritical power plants and not the solar or wind are the least-cost options for India to reduce its carbon emission. The study concludes with a set of important policy prescriptions.

Background Chemotherapy and targeted therapies have made important strides in cancer treatment yet they often fail and new therapies are still needed. Here, we employed a phenotypic screen to identify and analyze the mechanism of action of novel small molecules that interfere with critical pathways involved in tumor cell growth, using chemoresistant A375 melanoma cells as a model. Methods Cell culture studies were performed in ATCC-recommended media. Compounds, and compound libraries were obtained from Boston University or purchased commercially. Effects on A375 cell viability, proliferation and morphology were determined by Celigo Image Cytometer and viability staining. Anticancer activity of the lead compound was tested in a xenograft nude mouse model. Signaling and cell death pathways were analyzed by SDS-PAGE and immunoblotting, and/or fluorescence microscopy. Results After evaluating 4477 compounds, one hit compound CB533 was identified that caused significant reduction of A375 cell growth. CB533 is an unexplored 1,4-naphthoquinone (NQ) derivative which unlike 1,4-NQ, induced rapid cell death without generating reactive oxygen species (ROS). Structure-activity relationship analysis showed that a pyrrolidine in the 1,4-NQ nucleus in lead compound Pyr-1 yielded optimal activity. CB533 and Pyr-1 had growth-suppressing effects on a large variety of chemotherapy-resistant cancer cell lines in the nano to picomolar range. Pyr-1 also significantly reduced growth of MDA-MB-231 breast cancer cells in nude mice. Pyr-1 rapidly induced activation of major stress pathways and autophagy, which was efficiently blocked by ERK, and somewhat by PI3K inhibitors. Conclusion CB533 and lead Pyr-1 represent novel broad-spectrum, anticancer compounds that are up to 1000-fold more potent than plumbagin, a natural 1,4-NQ with known anticancer activity. Since the growth suppression activities of CB533 and Pyr-1 are unaffected by the chemotherapy resistance of cancer cells, these compounds have promising therapeutic potential. The pyrrolidine in the 3 position of the 1,4-NQ nucleus of Pyr-1 is a critical component of the pharmacophore. Pyr-1-induced cellular stress was mediated by an ERK, and to a lesser extent by an AKT-dependent pathway without involving apoptosis. Our data suggest that Pyr-1 derives its greatly enhanced antitumor activity via mimicking ROS-induced stress signaling without generating ROS, and likely committing cells to autophagy.

This study tries to explore cointegration and Granger causality of daily CER prices in European Energy Exchange and Multi Commodity Exchange (MCX) in India in a multivariate framework after controlling euro–rupee exchange rate and Inter-Bank Offer Rate, a measure of country specific risk. Both ARDL bounds tests and Johansen–Juselius maximum likelihood procedures fail to establish a cointegrating relationship among the variables indicating that an arbitrage opportunity exists between these two markets. The study, however, establishes a short-term Granger causality running from change in CER price in European Energy Exchange and exchange rate to Indian exchange. Generalised error variance decomposition of variables indicates that the price of CER at the Indian stock exchange is most endogenous in nature.

This study investigates cointegrating relationship between gold import demand, gold price and GDP for Indian economy during the period Q1’ 1998–1999 to Q3’ 2012–2013. It also estimates short-run and long-run elasticities of gold import demand with respect to gold price and GDP. Johansen–Juselius, ARDL bounds test and threshold cointegration tests suggest cointegrating relationship among the variables. Gold import demand is found to be moderately inelastic to unitary elastic with respect to gold price in the long-run with income elasticity being highly elastic suggesting that gold is a luxury commodity. In the short-run, however, gold demand demonstrates high elasticity with respect to its price. Granger causality shows that gold import demand causes an impact on the price of gold in the short-run, though in the long-run income and price have impacts on the demand for gold import. The result of the study is highly insightful and has many vital implications for the Indian economy and its economic policies. The findings suggest that regular hikes in custom duties on gold import may bring temporary relief to control gold import demand and the stress on current account deficit. Hence, financial inclusion along with the creation of simple but lucrative financial products and educating people about those products may lead to a long-term respite from the depletion of foreign exchange reserves significantly by creating an investment substitute of gold.

The study examines cointegrating relationship between energy consumption, urbanization and economic activity for India using threshold cointegration tests complemented by ARDL (Autoregressive Distributed Lag) bounds testing approach and Johansen–Juselius maximum likelihood procedure for cointegration for the period 1971–2008. Considering the rapid urbanization and growing energy demand in India in recent years, this study is highly pertinent and presents some important results which should guide the policy makers to develop long-term energy and urban policies in India. Threshold cointegration tests suggest the existence of long-run relationship among the variables having endogenous structural breaks or regime shifts. Toda–Yamamoto version of the Granger causality tests indicate unidirectional causality running from energy consumption to economic activity and economic activity to urbanization. The article elaborately discusses the possible reasons behind its empirical findings and prescribes ways and means to enhance energy supply. The findings of the study are critical and warn the need of designing and executing long-term energy and economic policies which judiciously address the issues of incessant urban migration in India to achieve a sustainable growth path. The study also advocates that the consequences of rapid urbanization should be an integral part of long-term energy planning in India.

Iron phosphate glass of composition 40 mol% Fe2O3–60 mol% P2O5 is generally prepared by melt quench technique using a mixture of Fe2O3 and NH4H2PO4 at 1423 K (labelled as IPG-A). Though the starting material contains only Fe3+ ions, the resultant glass is found to contain different concentrations of Fe2+ ions depending on the conditions of preparation. Hence an attempt was made to synthesize iron phosphate glass (labelled as IPG-D) from Fe3+ containing crystalline compound, Fe4(P2O7)3 (synthesized through solution route) whose composition is the same as that of IPG-A. IPG-D could be quenched at 1323 K, which is 100 K less than the normal pouring temperature of IPG-A. Synthesized IPG-D was investigated for its phase purity and structure by XRD, Mossbauer and Raman spectroscopy. No phase separation was observed during the investigation. Importantly we report the formation of IPG-D with almost all Fe ions in 3+ valence state for the first time. The advantage of using a crystalline compound for the formation of iron phosphate glass is presented.

The study investigates the dynamic impact of linear and non-linear specifications of oil price shocks on macroeconomic fundamentals for an oil-importing emerging economy – India – during the period March 1991 to January 2009. The paper deploys extended vector autoregressive (VAR) model of possibly integrated processes proposed by Toda and Yamamoto, which has its advantage of application irrespective of the variables being stationary or cointegrated. The study further estimates two-state Markov regime-switch VAR model to examine regime shift behaviour of the underlying variables and its relationship. The study finds that inflation and foreign exchange reserve are greatly impacted by oil price shocks. The study also confirms that the movement in oil price is exogenous with respect to the movement of India’s macroeconomic variables and the impact of oil price shocks are asymmetric in nature with negative price shocks having more pronounced effect than positive shocks.

The phase diagram of binary LiBr–CaBr2 system was investigated using differential thermal analysis (DTA) between room temperature and 800 °C. From the DTA results obtained over the entire range of composition from pure LiBr to pure CaBr2 in steps of ~5 mol%, the phase diagram was constructed and is reported here. The results indicated the possible existence of a compound at 50 mol% LiBr, namely, LiCaBr3. The compound undergoes peritectic decomposition at 552 °C. The system shows a eutectic reaction at 532 °C between this compound and LiBr phase, and the eutectic composition is close to 80 mol% LiBr. The compound LiCaBr3 decomposes into CaBr2 and LiBr phases below 272 °C. Co-existing phases in different phase fields are characterized by X-ray diffraction analysis.

This study revisits the cointegrating relationship between carbon emission, energy use, economic activity and trade openness for India using threshold cointegration tests with a view to testing the environmental Kuznet’s curve hypothesis in the presence of possible regime shift in long run relationship of the variables for the period 1971 to 2008. The article confirms the existence of ‘regime-shift’ or ‘threshold’ cointegration among the variables and environmental Kuznet’s curve for India. It challenges previous empirical works for India which fail to establish cointegrating relationship among these variables and explains its logical and econometric reasons. The study finds that the carbon emission is highly elastic with respect to real per capita income and energy use in India. This finding is critical and warns successful design and execution of energy and environmental policy framework which would pave the low carbon sustainable growth path inIndia.

This study examines cointegration and Granger causality among global oil prices, precious metal (Gold, Platinum and Silver) prices and Indian Rupee–US Dollar exchange rate using daily data spanning from 2nd January 2009 to 30th December 2011. ARDL bounds tests indicate that the series are cointegrated. Toda–Yamamoto version of Granger causality has been employed to establish the causation amongst the variables. The study also examines generalized error variance decomposition of variables due to various shocks in the system. Such information provides insight into the transmission links between the global oil market and the Indian precious metals and foreign exchange market. These have the potential for significant impact in further research, portfolio management and central bank policy design.

A study of binary, CaBr2–CaHBr system was carried out by differential thermal analysis (DTA), covering the composition range from 100 % CaBr2 to 100 % CaHBr between room temperature and 800 °C. From DTA results, the contour of solidus and liquidus temperatures with composition is plotted and the phase diagram of CaBr2–CaHBr system is constructed. The system shows an eutectic reaction at 576 °C and the eutectic composition is 79.6 mol% CaBr2. Co-existing phases in different phase fields are characterized by X-ray diffraction analysis.

The activation energy of crystallization of iron phosphate glass (IPG) as a function of the fraction of crystallization was evaluated by Kissinger–Akahira–Sunose isoconversional method utilizing crystallization curves obtained from differential thermal analysis (DTA). The crystallization products were identified by using X-ray diffraction technique. Similar crystallization kinetic studies were carried out on IPG loaded with 5.5 mol% Cs2O. The glass stability and glass forming ability of IPG and various cesium loaded IPG were also estimated in terms of the characteristic temperatures obtained from DTA. The characteristic temperatures include glass transition, crystallization and liquidus temperature. The glass forming ability is correlated with the evaluated critical cooling rate of the glasses.

The study probes cointegration and Granger causality between telephone connections and economic activity for India using annual data for the time span 1980---81 to 2006---07. Empirical results fail to establish any cointegrating relationship among the variables. The heterogeneity of penetration within different states of the country and within the time period of analysis may explain the lack of a long term relationship among the variables. The study, however, establishes short-run unidirectional Granger causality running from telephone connections to economic growth signifying the strategic importance of telecommunications for the Indian growth story. It re-enforces the urgency of initiatives aimed at providing universal telephone and data connectivity to the entire population. To study the behavior of variables out of the sample period, generalized impulse response paths due to the various shocks to the system are studied. The findings are that GDP responds positively to a one-time shock in telephone connections but returns to its initial levels after 4 years. The study discusses the possible reasons behind the empirical findings and concludes with a discussion of policy prescriptions to augment telephone connectivity in India.

This study probes crude oil price – exchange rate nexus for India using daily data for the time span July 2, 2007–November 28, 2008. Generalized autoregressive conditional heteroskedasticity (GARCH) and exponential GARCH (EGARCH) models have been employed to examine the impact of oil price shocks on nominal exchange rate. The study reveals that an increase in the oil price return leads to the depreciation of Indian currency vis-a-vis US dollar. The study also establishes that positive and negative oil price shocks have similar effects, in terms of magnitude, on exchange rate volatility and oil price shocks have permanent effect on exchange rate volatility.

The study probes cointegration and causality between carbon emissions and economic growth for India using ARDL bounds testing approach complemented by Johansen–Juselius maximum likelihood procedure in a multivariate framework by incorporating energy supply, investment and employment for time span 1971–2006. The study fails to establish long-run equilibrium relationship and long term causality between carbon emissions and economic growth; however, there exists a bi-directional short-run causality between the two. Hence, in the short-run, any effort to reduce carbon emissions could lead to a fall in the national income. This study also establishes unidirectional short-run causality running from economic growth to energy supply and energy supply to carbon emissions. The absence of causality running from energy supply to economic growth implies that in India, energy conservation and energy efficiency measures can be implemented to minimize the wastage of energy across value chain. Such measures would narrow energy demand–supply gap. Absence of long-run causality between carbon emissions and economic growth implies that in the long-run, focus should be given on harnessing energy from clean sources to curb carbon emissions, which would not affect the country’s economic growth.

A study on pseudo-binary CaCl2–CaBr2 system was carried out using differential thermal analysis (DTA) technique covering the complete composition range of the constituents between room temperature and 1073 K. From the DTA results the contour of solidus and liquidus temperatures with composition are plotted and the phase diagram of CaCl2–CaBr2 system is constructed. The solidus and liquidus curves exhibit a minimum at 971 K and at a composition of 56.5 mol% CaBr2. Below 971 K, the system exhibits complete solid solution. Long-term equilibration of samples of several compositions was carried out at 923 and 673 K and the phases were characterized by XRD. The XRD results supported solid solution formation in the CaCl2–CaBr2 system between 673 and 923 K.

This study probes the long-term equilibrium relationship among High Speed Diesel (HSD) consumption, real GDP and price of HSD in India using autoregressive distributed lag (ARDL) bounds testing approach of cointegration for the time span 1972–1973 to 2005–2006. Empirical results reveal that the series are cointegrated and long term income elasticity for HSD demand in India is 1.27 while that for short-run is 0.46. Both long-run and short-run price elasticities are found to be statistically insignificant. The study also establishes a short-run bi-directional causality between economic growth and HSD consumption and the existence of a long-run unidirectional causality running from economic growth to HSD consumption. Finally, a set of policy prescriptions have been suggested to reduce the consumption of HSD, which should have no adverse impact on economy in the long-run.

This study probes nexus between electricity supply, employment and real GDP for India within a multivariate framework using autoregressive distributed lag (ARDL) bounds testing approach of cointegration. Long-run equilibrium relationship has been established among these variables for the time span 1970–71 to 2005–06. The study further establishes long- and short-run Granger causality running from real GDP and electricity supply to employment without any feedback effect. Thus, growth in real GDP and electricity supply are responsible for the high level of employment in India. The absence of causality running from electricity supply to real GDP implies that electricity demand and supply side measures can be adopted to reduce the wastage of electricity, which would not affect future economic growth of India.

In this paper we investigate the causal relationship between electricity consumption and economic growth for Lebanon, using monthly data for Lebanon covering the period January 1995 to December 2005. Empirical results of the study confirm the absence of a long-term equilibrium relationship between electricity consumption and economic growth in Lebanon but the existence of unidirectional causality running from electricity consumption to economic growth when examined in a bivariate vector autoregression framework with change in temperature and relative humidity as exogenous variables. Thus, the policy makers in Lebanon should place priority in early stages of reconstruction on building capacity additions and infrastructure development of the electric power sector of Lebanon, as this would propel the economic growth of the country.

Microbial modified mortar or concrete has become an important area of research for high-performance construction materials. This study investigates the effects of incorporating a facultative anaerobic hot spring bacterium on the microstructure of a cement–sand mortar. Environmental scanning electron microscopic (ESEM) views and image analysis (IA) of the bacteria modified mortar (thin-section) showed significant textural differences with respect to the control (without bacteria) samples. X-ray diffraction (XRD) study confirmed the formation of new phases of silicates (Gehlenite) within the matrix of such mortar material, which causes an improvement in the strength of the material. Electron probe microstructure analysis (EPMA) suggested that the bacterial treatment promoted uniform distribution of silicate phases and increased the calcium/silicon ratio within CSH gel of the matrices. The bacterium is found to leach a novel protein, which is capable of isolating silica from its source. The addition of such isolated protein, instead of the bacteria, into mortar also improves the strength of mortar.

This study establishes a long-run equilibrium relationship among quantity of crude oil import, income and price of the imported crude in India for the time span 1970–1971 to 2005–2006 using autoregressive distributed lag (ARDL) bounds testing approach of cointegration. Empirical results show that the long-term income elasticity of imported crude in India is 1.97 and there exists a unidirectional long-run causality running from economic growth to crude oil import. So reduction of crude oil import will not affect the future economic growth in India in the long-run. India should take various energy efficiency and demand side management measures in transport sector along with other measures like expanding and strengthening indigenous resource-base, substituting imported fuels by domestic fuels and de-controlling the price of petroleum products to reduce its import dependence.

The study probes cointegration and Granger causality between economic growth and petroleum consumption, using annual data covering the period 1980–2004, for Bangladesh, Bhutan, Burma, China, Maldives, Nepal, and Pakistan in a bivariate vector autoregression framework with change in international oil price as exogenous variable. Augmented Dickey-Fuller tests reveal that all the series are non-stationary in nature. Existence of long-run equilibrium relationship has been established between economic activity and petroleum consumption in Bangladesh, Bhutan, China, and Pakistan. Unidirectional long-term causality running from economic growth to petroleum consumption has been found to exist for Bangladesh, Bhutan, and China while long-run bi-directional causality has been found for Pakistan. For countries like Maldives and Nepal, though series are found to be non-cointegrated, there exists bi-directional short-run causality between economic growth and petroleum consumption. For Burma, no causality is found in either direction. The study also highlights the implications of the results and, finally, suggests some policy prescriptions based on empirical findings, which are country-specific.