The study’s primary objective is to unravel the nexus between the COVID-19 crisis and the exchange rate movements in the six major COVID-19 hot spots—Brazil, China, India, Italy, Turkey, and the United Kingdom. The impact of the COVID-19 deaths on the Rupee/USD, Pound/USD, Yuan/USD, Real/USD, Lira/USD, and Euro/USD exchange rates is analyzed by using the panel ARDL model. The COVID-19 deaths are used as a proxy for market expectations. The panel ARDL model showed a unidirectional long-run causality running from the COVID-19 deaths to the exchange rate. In fact, the coefficient of COVID-19 deaths is positive and significant in explaining the exchange rate(s) in the long run. This result meets the a-priori expectation that a rise in COVID-19 deaths can depreciate the sample countries’ exchange rates. The reason being, the ongoing COVID-19 pandemic has changed the market expectations of the financial market participants about the future value of exchange rate(s) in the major COVID-19 hot spots. Therefore, countries experiencing a sharp daily rise in COVID-19 deaths typically saw their currencies weaken.

PurposeThis paper documents a robust empirical regularity: higher trade openness is associated with a lower unemployment rate. This paper also examines whether or not the effects of trade liberalisation depend on countries' income levels. Further, the dynamic causation between trade openness and unemployment is also examined.Design/methodology/approachIn order to obtain insight into the openness–unemployment nexus, following empirical methods were utilised - static panel models, dynamic panel models and a novel panel Granger causality approach proposed by Juodis et al. (2021).FindingsResults suggest that openness negatively affects unemployment; the extent to which trade liberalisation affects unemployment depends on the income level of each country. The Juodis, Karavias, and Sarafidis (JKS) test confirmed that the past values of trade openness, inflation, foreign direct investment and gross domestic product per capita contain information that helps to predict unemployment in a more robust manner. To simply put, opening upto trade may eventually become a requirement for creating more job opportunities, but this alone may not be enough. The extent to which nations benefit from trade liberalisation is largely dependent on the overall economic conditions and their capability to move up the income scale.Originality/valueA major difference between this study and those performed previously is that this study does not only examine the impact of trade openness on unemployment, but also investigates whether the unemployment effect of liberalisation is affected by countries' income levels – an issue that has received little attention in the past. Additionally, the unique panel non-causality approach put forth by Juodis et al. (2021) is used in the first instance to look into the causal link between trade openness and unemployment. This method has advantages in that the method enables capturing Granger-causality in homogeneous or heterogeneous panels amongst multiple variables.

The forward march of globalisation seems muted since the financial crisis of 2008. Literature shows globalisation entering a more cautious and regulated phase. We‟re creating a “a new gated globalisation” argues Greg (2013). According to him, „walls have been constructed‟ to obstruct the free flow of trade and money. However, such walls have “gates” that countries can open or close as they please. The present paper argues that Greg‟s „gated globalisation‟ has become „gauged globalisation‟ because only those gates are opened from which all benefits can be rationally forecasted and then gauged properly by participating players. For better and comprehensive understanding of globalisation we need a good interface of Internalisation, Liberalisation and Universalisation. Through spread and backwash effects, the present paper explains the interface between globalisation and technology and examines the viewpoints regarding the two first at national level and then at global level. The discussion shows that globalisation and technology is not bad; in fact, the bad view is generated by the wrong understanding of the interface between the two.

Self-help groups are generally seen as instruments for goals including empowering women, poverty alleviation, developing leadership qualities among poor and needy people. SHGs bridge the gap between haves and have-nots. These groups have become basic sources of village capital. Self-help group’s (SHGs) have had a record of success, but they are gradually losing their significance as an instrument of micro-finance and financial inclusion. The persistence of poverty and gender inequality on the scale at which they still exist are not acceptable. This reflects that SHGs face the issues of declining efficiency and quality, although their quantity is alright. Further, the natures of formal structure within which SHGs operate and function have a fundamental effect on their functioning and efficiency and on the efficiency of micro-finance and inclusion programmes. If the problems of these groups are addressed efficiently and are provided with sufficient institutional and financial support, the efficiency of these groups will improve and “efficient and viable self-help groups could do wonders”. Due to enhancement in efficiency and sustainability, self-help could improve the social capital base not only of members but also of non-members. It is in this background that this paper attempts to identify the particular parameters/elements that must be present uniquely in the formal structure of all SHGs so that all SGHs may follow a unique logical architecture in their functioning. This study also attempts to analyze the relationship between the formal structure of SHGs and their total savings, their lending capacity, total amount left after disbursements and number of beneficiaries. Finally, this study also attempts to analyze the impact of their formal structure, bank loans received the ability to repay received bank loans, regularity/irregularity towards savings on their frequency of using the bank. From the obtained data and statistical analysis, the study found that the majority of SHGs function independently of their organizational structures. This mars their overall efficiency because the formal structure has its significance in achieving group goals and thereby, increases the level of work quality. Working of SHGS according to a well-established structure positively and significantly impacts their savings, borrowing capacity, lending capacity and a number of beneficiaries. Referred to the data, we can conclude that those SHGs use their operational bank accounts frequently that have a well-established logical structure, received and repaid banks loan since their inception, maintained regularity in group savings and participated in income generation activities than those which lack a formal structure, were unable either to receive or repay bank loans, faced irregularities towards group savings and not participated in income generation activities. So SHGs should pay specific attention towards the formulation of logical structures to work on, maintain regularity in their savings and should participate in income generation activities. Further, banks should provide sufficient loans to these voluntary saving groups and should increase the loan repayment period for them so that these group may become able to maintain their sustainability in the long-run.

The purpose of this study was to examine the dynamics of trade between India and the BRICS countries as well as to gauge the relative strength of Indian exports to those nations. The trade integration patterns among BRICS countries were also analyzed. To quantify the extent to which India’s exports correspond to the needs of its BRICS counterparts, a novel export aspiration index was constructed. The index of trade integration patterns has also been employed to quantify India’s trade integration pattern with other BRICS members. Further, the gravity model of trade has been employed to analyze the fundamentals of India–BRICS trade. The export aspiration in individual BRICS countries shows a diverse pattern. However, India’s export aspiration in these countries has improved, although marginally in the long run. Such empirical evidence substantiates that the relative strength of India’s exports within its BRICS counterparts has marginally improved over time. Moreover, the trade integration index indicates a similar trade integration pattern among the BRICS countries and corroborates the presence of inter-industry trade. Added to the conventional variables of the gravity model, India’s outward multilateral trade resistance and BRICS inward multilateral trade resistance significantly promote India–BRICS trade. Hence, the relative strength of Indian exports will increase substantially if India’s commodity composition is diversified by including more commodities in its export baskets that correspond to the needs and changing conditions of the BRICS economies.