Academic journal article IUP Journal of Applied Economics

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Academic journal article IUP Journal of Applied Economics

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Article excerpt

The present issue contains three research papers. The first paper, "The Construction- Development Curve: Evidence from aNew International Dataset", by Daniele Girardi and Antonio Mura, provides novel evidence of a bell-shaped relationship between the share of construction in GDP and economic development, using a new panel dataset of construction investment in countries across the world for the period 2000-2011. The results indicate weak evidence that a better (i.e., less concentrated) income distribution is positively related to the size of the construction sector, suggesting that low and medium income families tend to spend a larger share of their income on housing. Besides, the study highlights that the size of the construction sector is not just a function of per capita output, but is related to broader socioeconomic trends which are intimately linked to economic development, namely, urbanization, industrialization and creation of basic infrastructures.

The second paper, "Linear and Nonlinear Casual Nexus Between Oil Price Changes and Stock Returns in India: An Empirical Assessment", by Sajad Ahmad Bhat, Md Zulquar Nain and Bandi Kamaiah, examines both the linear and nonlinear relationship between crude oil price changes and stock market returns in India using the standard vector autoregression models and Diks and Panchenko (2006) framework for the period 1991-2013. The findings reveal that oil and stock markets are integrated rather than segmented as suggested by the feedback relationship between crude oil price changes and stock market returns. …

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