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The main objective of the fiscal and monetary policies of the United States and the Eurozone implemented in recent years was to achieve macroeconomic stability and sustainable economic growth while reducing income inequality. The purpose of this research is to examine which policies and measures need to be adopted to implement effective fiscal policy to understand the impact of institutions at a global level. To examine the importance of institutional factors, we collected data from 178 countries for the period 2002-­2019, using Panel Data Methodology and VAR Models. The analysis of institutions contributes to understanding the effectiveness of fiscal policy in achieving social prosperity and limiting the impact of economic fluctuations.

Keywords: Governance, Institutions, Fiscal rules, Indicators of institutional quality, Panel data

JEL Classification Codes: E62, O43, E02, C23, and C19

This study investigates the trend of foreign aid and external debt in developing countries, with particular focus on Sub-Saharan African countries that rely heavily on foreign capital inflows. Over the last 3 decades, several policy measures have been taken in these countries, leading to relative stability in foreign aid and contraction in external debt. This study aims to determine how the stable trend of foreign aid and the contracting trend of external debt have impacted economic growth over the period 1994-2022. The study employs the generalised method of moments (GMM) and vector error correction model (VECM) to investigate the issues. The empirical results reveal that growth responded favourably to stable foreign aid and declining external debt. However, the response to external debt is more significant than the response to foreign aid. The results, therefore, justify the IMF/World Bank’s advocacy that developing countries stand to gain more by attracting foreign aid and reducing their high levels of external debt. In view of this, it is imperative for Sub-Saharan African countries to foster growth by sustaining the level of foreign aid and ensuring that external debt declines further to the optimum level of 30 per cent as prescribed by the IMF/World Bank.

Keywords: Foreign aid, External debt, Economic growth, Developing countries.

JEL classification: F36, F34, F43 and O55

Our study examines the first stage of the monetary policy transmission dynamics in India over two distinct monetary policy regime., Multiple Indictaor targeting regime(1990-2016) and the Flexible Inflation Targeting Regime(2016-2023) in India. We find the call money market and overnight MIBOR rates to be significantly impacted by most of the monetary policy instruments during both the regimes However, exchange rates and the stock market index remain unresponsive to all the monetary policy instruments. Expectedly, 91day treasury bill rates and the government bond respond significantly to all the monetary policy instruments. Broadly, these evidences are suggestive of the fact that the monetary policy transmission is instantaneous in the shortterm money markets and thus highlights the necessity of effective monetary policy signalling and the importance of the interbank money market in the transmission dynamics.

Keywords: Monetary Policy Transmission Money Markets Exchange Rates Stock Prices India.

Better market integration leads to faster transmission of price signals that increase producers’ and consumers’ welfare. Efficient market integration encourages producers to specialise according to their comparative advantage and use superior technologies that have a great impact on banana productivity. Therefore, this study investigated the degree of market integration and spatial and vertical price transmission and identified the direction of price formation in the banana supply chain. Results of the autoregressive distributed lag (ARDL) bounds test for cointegration indicated that wholesale prices had a significant effect on both banana producers’ and retailers’ prices in both the long run and short run. The central markets determine the longand

shortrun producers’ prices in the supply chain. The results of the errorcorrection version of the ARDL model showed a considerable degree of vertical price transmission from the central wholesale market to the local producer markets, indicating market integration. The findings imply that local banana market prices in surplus areas are asymmetrically integrated and transmitted with central banana market prices/deficit areas in Ethiopia because of the geographic distance between markets, market power, and high transportation costs. Market power and concentration at various stages of supply chains can cause asymmetric price transmission. The government should take actions to address banana market failures to increase banana productivity as well as decrease distribution costs, thus leading to higher producers’ and consumers’ welfare by increasing profits and decreasing food costs, respectively.

Keywords: Leadership position in banana supply chain, Wholesale markets, Vertical and spatial market integration, Transmission, Price formation.

JEL Classification Codes: D82, E31, L11, and Q13

The stock market’s growth is a sign of the financial health of the economy. It indicates an investor’s interest in a country. Thus, stock market development is an important barometer of economic growth. The present study, while using time series data for the period 1977–2020 and applying the autoregressive distributed lag (ARDL) cointegration technique, has analysed the role of stock markets in the economic growth of Pakistan. Population growth has a negative relationship with economic growth. Stock market performance, investments, and the existence of a military regime have positive and significant impacts on economic growth in Pakistan.

Keywords: Economic growth, stock market development, democracy, ARDL

JEL Classifications: O43, G23, C32, and O53