This extensive inquiry investigates the economic growth and convergence dynamics exhibited by Indian States and Union Territories (U.T.) from 1991 to 2022, employing an advanced analytical framework integrating augmented Solow and extended Solow models. Absolute, sigma, and conditional convergence are scrutinized, with consideration given to the impact of the COVID19 pandemic on these patterns. Despite a uniform impact of COVID-19 on GDP per capita, convergence patterns remain unchanged, as evidenced by consistent results in sigma convergence. Empirical findings challenge the notion of absolute convergence, revealing a lack of statistically significant negative correlation between the initial per capita GDP ratio and average annual growth rate. Conditional convergence is computed at a rate of 0.038, emphasizing the multifaceted nature of this phenomenon involving GDP per capita, physical and human capital, and population growth. The extended Solow growth regression underscores that factors beyond initial per capita income significantly contribute to observed growth and convergence dynamics, advocating for comprehensive and integrated policymaking to stimulate sustained economic growth and convergence in the Indian States. Strategies proposed include prudent budgetary polic ies, fertility rate c ontrol, effec tive monetary policy management, and a holistic developmental approach.

Keywords: Convergence; Economic Growth; COVID19; Indian States.

JEL codes: O11, Z32, C01

A nonlinear stochastic process combined with the positive feedback feature display increasing returns. A dynamic process with increasing returns may result in lockin, path dependence and selforganizing behavior with multiple equilibria and possible inefficiency. Small changes in the system may lead to disproportionate and unpredictable effects. These are major properties of complexities and also part of the differences between complex economics and neoclassical economics.

Keywords: positive feedback, increasing returns, nonlinear process.

This study examines the effects of monetary and fiscal policies on economic growth in Nigeria, using the monetarist vs. Keynesian debate as the theoretical framework. The present study employed the autoregressive distributed lag (ARDL) approach on annual time series data from 1991 to 2022. Indeed, the ARDL approach is used in conjunction with a Toda and Yamamoto (1995) causality test to determine the direction of causality between the variables. The empirical findings indicate that both in the short run and long run, monetary policy has a negative and significant impact on economic growth, while fiscal policy has a positive and significant impact on economic growth. More so, the inflation rate has a positive and significant impact on economic growth. Besides, unemployment has a negative and significant impact on economic growth during the period of study. In addition, the results of the Toda and Yamamoto causality tests indicate there is a unidirectional causality that runs from fiscal policy to economic growth, unemployment rate to fiscal policy, and monetary policy to the inflation rate. Also, there is bidirectional causality from unemployment rate to fiscal policy. Thus, based on the positive impact of fiscal policy on economic growth, it is, therefore, recommended that the Nigerian government lessen excessive expenditure on unproductive activities that are susceptible to corruption and focus on productive expenditures across the sectors of the economy. This would further initiate growth or sustain the ensuing growth process.

Keywords: Economic growth, Monetary policy, Fiscal policy, Inflation rate and Unemployment rate.

This paper investigates how changes in ambient charges influence pollution levels within a mixed Bertrand duopoly model involving both a private firm and a partially privatized public firm. The focus is on reassessing the impact of increased ambient charges. The results suggest that the effect of ambient charges in this mixed Bertrand duopoly setting is about the same as that observed in mixed Cournot duopoly competition. This paper sheds light on the intricate relationship between environmental policies and market competition. By examining the mixed Bertrand duopoly market, the paper provides valuable insights into the dynamics of price competition and environmental impact. The findings contribute to the broader field of environmental economics and policy, emphasizing the importance of considering both private and public players in regulatory frameworks.

Keywords: Ambient charge; Nonpoint pollution: Partial privatization; Price competition JEL classification: D21; L33; Q58

In this study, we highlight the importance of labor force and labor productivity as two key determinants of nations’ sovereign risks, and in particular for emerging markets. These vibrant macroeconomic factors have received little attention in the literature of sovereign risk. To remedy that, we (1) formalize an intuitive approach for measuring creditworthiness of countries based on the progression of maximum borrowing capacity with several explanatory variables, among them labor force and labor productivity, (2) track the advancement of sovereign debt, and (3) envisage the intersection point of the two pathways as an incident of sovereign default. We motivate our endeavor, provide an extensive review of the relevant literature, develop and justify our sovereign risk universal framework, illustrate our scheme with a contemporary case of sovereign default in Greece, conclude, and suggest further avenues of exploration.

JEL Classifications: E24, J21, H63, O50 Keywords: Sovereign Risk; Labor Force; Labor Productivity; Borrowing Capacity; Emerging Markets; Sovereign Debt