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Economic Reforms in SAARC Countries

Economic Reforms in SAARC Countries
Impact of LPG on Development Indicators

First Edition
  • Prahlad Mishra - Professor, Xavier Institute of Management, Bhubaneswar, India

January 2020 | 288 pages | SAGE India

Economic Reforms in SAARC Countries presents a cross-country comparison of development indicators in the SAARC countries with respect to the recent Liberalization, Privatization and Globalization (LPG). Presenting an empirical analysis, the book brings in the theoretical background relating to the growth of public expenditure as articulated by Adolf Wagner and other researchers in the 19th and early 20th centuries along with the Displacement Effect Hypothesis as advanced by Peacock and Wiseman in the mid-20th century. This book re-examines these theories and the views of researchers with respect to the changes in economic policies and studies the relevance of these in the present context. The book re-interprets the theories in the light of the impact of policy changes with time series analysis highlighting the changes in the structure of the estimated equation using dummy variables.

The book discusses the differential growth of a few macro-economic variables in the SAARC countries with respect to time in the pre- and post-LPG period. It examines the determinants of development indicators in the post-LPG period identifying the most important determinants.

Chapter 1: Introduction
The Impact of LPG on South Asian Countries: A Brief Literature Review
Indicators of Development
Organization of the Chapters
Chapter 2: Revisiting Wagner’s Law, PW Hypothesis and Structural Break
Wagner’s Law
PW Hypothesis (the Displacement Effect Hypothesis) and the Related Studies
PW Hypothesis and the Rationale of Interpreting It as a Theory of Structural Break
Methodological Issues in Testing the PW Hypothesis
Time versus Per Capita Income
Conclusions about the PW Hypothesis
‘Global’ (Major) versus ‘Non-Global’ Social Upheaval
Critical Re-examination of Wagner’s Law and the PW Hypothesis
Changes in the Economic Policies and Assessment of Its Impact
Objective of the Present Study and the Methodology
Chapter 3: Liberalization, Privatization and Globalization (LPG) in the SAARC Countries in Historical Perspective
The Inception of SAARC: A Brief Background
LPG in SAARC Countries: A Brief Literature Review
Brief Historical Background of the Indian Subcontinent and Economic Liberalization
Chapter 4: Impact of LPG on the Growth of Development Indicators
Section I
Graphical Analysis with Respect to Policy Change
Concluding Remark
Section II
Trend Analysis
Chapter 5: Determinants of Development Indicators in the Post LPG Era
Objectives and the Rationale of Determinant Study
Comparison of the Determinants of the Development Indicators across the SAARC Countries
Chapter 6: Summary and Conclusions
Conclusions on Wagner’s’ Law and PW Hypothesis
Growth of Macro-variables and Impact Assessment
SAARC Countries
Summary of the Empirical Findings: A Concluding Remark
Limitations of the Study
Appendices: Tables and Statistical Output

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