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The paper aims to investigate the impact of the COVID-19 pandemic on the unemployment rates of different types of labour, including skilled and unskilled workers, as well as male and female workers, in both the rural and urban sectors of the Indian labour market. A significant percentage of Indian workers are informal. Applying the Difference-in-Difference method, it was observed that initially, due to the effect of the lockdown and the first wave of COVID-19, the unemployment rate increased among informal workers, skilled workers and overall rural and urban male workers. It is also proven that only the educated labour force was affected by a higher unemployment rate, even after the pandemic. However, no effect on the unemployment rate was observed among rural and urban female workers. This paper has also shown that in the first phase of the COVID-19 pandemic, in most states, greater unemployment occurred due to the dominance of the voluntarily unemployed labour force. However, after the pandemic, this number has decreased in most states. This paper proves that the creation of more man-days through MGNREGP can reduce the possibility of involuntary unemployment in rural India in the post-lockdown period.

Keywords: COVID-19 pandemic, Indian Labour Market, Skilled Labour, Unskilled Labour, Impact Evaluation, Voluntary Unemployment, Involuntary Unemployment.
JEL Classifications: J11, J21, J64, J71, R10, C23

Using a sample that covers 69 economies over the period 2000–2017, we used the system GMM method to examine the effectiveness of macroprudential policies (MPPs) in managing portfolio capital inflows and outflows. We found that tighter macroprudential policies reduce portfolio capital inflows and outflows and have a sustained impact on them. Additionally, according to heterogeneity analysis, we found that other macroprudential policies can reduce portfolio capital inflows and outflows, while macroprudential policies related to foreign exchange can increase portfolio capital inflows and reduce portfolio capital outflows. Macroprudential policies reduce the inflows and outflows of portfolio equity and bonds. Macroprudential policies also reduce portfolio outflows from developed economies and portfolio inflows from emerging economies. Overall, this article has important implications for preventing risks associated with portfolio capital flows under the conditions of China’s two-way financial opening up.

Keywords: macroprudential policy; portfolio capital flow; system GMM; local projection method

There has been an unprecedented development in governance of the supply of resources, services, innovations and marketing of products of Bulgarian farms over the last two decades. However, due to insufficient (statistical, official, etc.) information and inadequate traditional (Neoclassical Economics, Agent Theory, etc.) approaches to analysis, there is a lack of complete knowledge of the dominant forms and driving factors of governance in the main functional areas of farm management. This article incorporates the interdisciplinary New Institutional Economics framework and identifies the structure of governance and contractual modes used by Bulgarian farms. It is based on original and representative data collected through a survey with the managers of typical farms of different types and locations. The contemporary structure, factors and evolution of market, contract, internal, collective and hybrid modes of governance used by country’s farms in the supply of natural, material, biological, financial and human resources, short-term assets, services, innovations, risk management, marketing of farm produce and services, and provision of ecosystem services, are all specified. A comparative study of the governance structures during the period before EU accession of the country is also made. The systemic application of an integrated approach is needed, but it requires the collection of new types of (micro) economic data on important characteristics of agricultural agents, different forms of governance of farm activities and relations, and critical dimensions and costs of transactions.

The objectives of this study are to evaluate the effect of risk factors on FDI inflows to Nigeria as well as examine the relationship between the volume of FDI and the level of economic growth in Nigeria. The data employed were purely time series (secondary) data, covering 1990 to 2021. Using ADF unit root test, ARDL bounds test for cointegration, and FMOLS technique to establish the long run relationships between some risk factors and inflows of FDI into Nigeria, the results show that market size (LGDPC), political instability (LPS), inflation (LINF), and corruption (LCOR) have a positive and significant influence on FDI inflows into Nigeria’s economy. Similarly, the coefficient values of foreign direct investment (LFDI), gross fixed capital formation (LGCFC), and government expenditure (LGOVT) were positive and statistically significant on economic growth in Nigeria, while balance of trade (LBOT) depicted a significant negative relationship with economic growth (LGDPC). The recommendations are that the federal government must fix the country’s infrastructure gap to enable Nigeria to attract and maintain foreign investment. To ensure political stability in the country, the focus of the government in Nigeria should be on ensuring good governance. In addition, government expenditure must be made more efficient.

Keywords: risk factor, foreign direct investment, economic growth, cointegration, fully modified ordinary least squares.

Human Resource Management nowadays keeps an eye on all aspects of employees and tries to resolve them, which is an inevitable standard for the performance of any organisation. This paper aims to examine the effect of spirituality on non-violent behaviour at the workplace at the individual, group and organisational levels. The study also provides a conceptual framework regarding spirituality and investigates the necessity of Non- violence in the workplace. A standardised questionnaire was used to interview a sample of 499 employees across different BFSI organisations, measuring perceptions of AI use and self-reported non-violent behavioural indicators. Structural Equation Modelling (SEM) was done using AMOS to examine the direct correlation between exposure to AI and non-violent behaviour. The paper results that spirituality affects non-violent behaviour on individual, group and organisational levels. This article adds to the literature by signalling the appalling need for spirituality at any workplace and also at any level. Also provides significant insights for human resource managers as well as practitioners for the attainment of non-violence among employees and to cultivate peace, strength, democracy, and spirituality at the workplace. Although the article results in favour, it also has certain implications, which need to be considered for future aspects and studies.

Keywords: Spirituality, Non-Violent Behaviour, BFSI sector, Banking, Financial Services, Insurance

Paddy farming is a cornerstone of the agricultural sector, significantly contributing to employment generation, food security, poverty alleviation in rural communities, and national economic growth. However, this vital sector is threatened by multifaceted risks that undermine its sustainability. While existing literature broadly addresses agricultural risks, it disproportionately focuses on climate, production, and market risks, leaving property, personal, financial and institutional risks underexplored. Furthermore, there is a lack of comprehensive studies specifically identifying the diverse risks faced by paddy farmers. This systematic review aims to consolidate knowledge on risks faced by farmers, identify research gaps, propose a comprehensive risk framework and provide insights for future studies and policy development. Employing the PRISMA methodology, the review analysed literature from 2013 to 2023, sourced from Science Direct, Emerald Insight, Wiley Online, and Google Scholar. From an initial pool of 125 articles, a rigorous screening process identified 17 key publications. The findings categorise risks into seven groups: weather and climate, production, financial, personal, property, price or market, and institutional risks, further classified into internal (within farmers’ control) and external (beyond their control) categories. This study offers a novel framework for understanding these risks and emphasises the need for targeted research on personal, property and institutional risks faced by paddy farmers. The framework provides stakeholders with actionable insights to develop risk management strategies that strengthen the resilience of paddy farmers and the broader agricultural sector.

Keywords: Paddy Farmers, Risk Framework, Risk Management, Systematic Review

This paper examines the optimal regulation of a microfinance institution (MFI) that possesses private information about the intrinsic quality of its loan portfolio (adverse selection) and exerts unobservable effort to improve this quality (moral hazard). The regulator, in designing optimal contracts, must balance the trade-off between incentivising efficient MFIs and the regulatory cost of providing information rents to high-quality MFIs. We derive the conditions under which optimal incentive contracts can be designed and demonstrate that these contracts depend on the accuracy of supervisory signals, the probability of encountering a high-quality MFI, and the cost of supervision. Importantly, since enhancing supervisory accuracy is itself costly, the optimal monitoring scheme generally allows for a positive probability of MFI failure. The structure of information disclosure is determined by the nature of this optimal monitoring arrangement.

Keywords: Microfinance institution, adverse selection, moral hazard, regulation, supervision, optimal incentive contracts.
JEL Classification: D82, G10, G21, G28

While several studies exist on time series ARIMA modelling of inflation in Bangladesh, the adequacy of these models in terms of forecasting capability remains questionable. In these studies, the difficulty arises in finding the right model, as there are many candidates for forecasting, and choosing the optimal model is done seemingly on an ad hoc basis. To address this issue, we employ an automated search algorithm to programmatically find the optimal model. Acknowledging the potential risks of any automated process, we also compare this model with other manually chosen ARIMA models. It was found that the automated model outperformed other models in terms of forecasting accuracy.

Keywords: Inflation; forecasting; ARIMA modelling; Bangladesh.
JEL Subject classification codes: E31, E37, E42

Infrastructure development drives economic growth, fosters human development, and reduces transaction costs across sectors. Odisha, with 61.80 lakh hectares of cultivated land, faces challenges in agricultural productivity due to declining Net Sown Area and underutilised irrigation potential. The state has prioritised irrigation expansion through targeted schemes like BKVY and Mega Lift Irrigation projects, while watershed programs address sustainability in rainfed regions. Energy infrastructure has seen remarkable progress, achieved 95% village electrification and promoted renewable energy. Post-harvest infrastructure enhancements by OSAM aim to minimise losses and improve farmer incomes. Infrastructure development is a cornerstone of economic growth and agricultural advancement, particularly in a state like Odisha, where agriculture remains a primary livelihood for over 60% of the population. Investments in transportation, irrigation, energy, and industrial facilities have catalysed economic diversification and productivity gains in Odisha. Emphasis on multi-sectoral infrastructure growth ensures socio-economic transformation and sustainable development in Odisha.

Keywords: Infrastructure Development, Agricultural Productivity, Irrigation, Sustainable Growth

This paper studies the impact of a population’s educational level on the entrepreneurship of an economy. Using a dataset from China’s national population censuses from 1990 to 2020 and two-way fixed effects models, we find an inverted U-shaped relationship between the average years of schooling of a population and the entrepreneurship rate. Moreover, we use fractions of the population with different educational levels as key independent variables and find that only a larger population with a senior high school education can significantly increase entrepreneurship. A larger fraction of people with a college education or higher education, however, does not have a significant effect on entrepreneurship.

Keywords: entrepreneurship, education, human capital effect, opportunity cost effect.
JEL code: A20, O15, J24, J38