This article, using the daily returns of the indices of US (S&P 500) and the Indian stock markets (CNX S&P Nifty), examines the impact of the global financial crisis on the level of financial integration between the US and Indian stock markets from March 2005 to November 2010. The article also analyses the existence of cointegration and dynamic relationship between the two indices during the pre-crisis, crisis and post-crisis periods, and in the last five years, using the Johansen Cointegration analysis and the Vector Auto Regression (VAR) Model. The article finds no cointegration between the two indices in all the four periods. The returns from the Indian stock market with reference to the previous day's return of the US stock market show a lot of feedback effect from the US to India, whereas the returns from the US stock market show no significant reaction. However, in terms of its own past, there is a strong negative reaction due to the overreaction or mean reversion of the stock market during the post-crisis period.

This study is an empirical investigation to assess the impact of domestic debt on India’s Economic growth during the period 1980 – 2014. We use data on Domestic Debt, Net Fiscal Deficit, Exports, Savings, Real Gross Domestic Product, Population and Terms of Trade. This study adopts the ARDL Co-Integration and Granger Causality techniques to investigate the relation between the key variables. The study also employs various post estimation tests to validate the fitness and stability of the models based on Gauss Markov assumptions, after employing the ordinary least square regression on various models. We find that debt negatively impacts economic growth while savings has a positive impact. The Auto Regressive Distributed Lag (ARDL) technique used to test the robustness suggests existence of co-integration among the variables. However, none of the long run co-efficient is significant. The granger causality and co-integration test results support the traditional view that debt negatively impacts economic growth.

This article examines the impact of the economic reform programme in enhancing the quality of human life in India. The methodology adopted is to examine the existence of structural changes between the three crucial health indicators-life expectancy at birth (LEB), Child Mortality rate (CMR) and Infant Mortality rate (IMR) before and after the implementation of the reform programme. The article also focuses on the level of influence of the expenditure on health by the government and the number of Registered Medical Practitioners (RMPs) available to provide medical treatment on the three health indicators. We have used the Chow test to examine the existence of structural changes and regression analysis to find out the level of influence of the independent variables.The analysis showed that the reform programme brought structural changes in CMR and IMR but not in LEB. The regression analysis reveals that the expenditure on health by the government had no impact whereas the number of RMPs available to provide medical treatment had some influence in improving the three health indicators. The article concludes that the reform programme in India had no significant impact in enhancing the quality of human life; it is concerned more on the fiscal, structural and trade adjustments rather than on social sector development.

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