Purpose: The purpose of the paper is to address money demand instability and investigate the impact of economic uncertainty, stock market uncertainty and monetary uncertainty on money demand in India over the period 2003Q1–2019Q4.Design/methodology/approach: The study checks the stationarity of the variables through standard unit root tests. Based on the mixed order of variables' integration, the authors adopt the autoregressive distributed lag (ARDL) model to confirm the cointegration and check the stability of the money demand function (MDF).Findings: The findings confirm the presence of cointegration and reveal a well-specified MDF, which exhibits stable parameters. Besides the conventional variables, all forms of uncertainties emerge as the essential long-term determinants of money demand. Long-run findings show that people demand more money to avoid the future financial crunch amid high economic, monetary and stock market uncertainties.Practical implications: The paper recommends, based on the findings, incorporating the monetary aggregates in the monetary policy framework as one of the essential information variables to control the fluctuation in the price level under the current flexible inflation targeting (FIT) regime.Social implications: The findings also add to the knowledge of economic agents in terms of the overall response of individuals to changes in different forms of uncertainties, thereby helping to formulate their portfolios more diligently.Originality/value: The current work is the first of its kind in the Indian context. The incorporation of uncertainty measures in the MDF adds to the existing knowledge on money demand.

The primary focus of this study is to examine the long-term and short-term impact of fiscal deficit (FD) on the current account deficit (CAD) in India over the period of 1980 to 2021 in the presence of inflation and exchange rate. For the estimation of data series, the study employed autoregressive distributed lag (ARDL) co-integration test and Gregory Hansen (GH) co-integration test with endogenous structural break. The empirical results from ARDL bounds tests fail to provide a long-run relationship for the variables. The threshold co-integration test (GH) estimation suggests a strong evidence of a co-integration relationship for the variables and the break year is found in 2005. Thus, the findings validate the twin deficit hypothesis in the long-run as the FD has a positive significant effect on a CAD in India. Similarly, the long-run estimates of inflation have a positive significant effect on the CAD. It implies that an increase in rate of inflation distorts the CAD in the long-run. Consequently, the government of India should control the price hike and make macroeconomic situations favourable for domestic tradable sectors. The results from the Granger causality technique show bidirectional causality between FD and CAD implies the twin deficit in India. Based on the empirical findings, it may be argued that the Central Bank of India should try to reduce the prolonged CADs and retain stability in the domestic currency.

Achieving sustainable economic growth by addressing structural and environmental issues has become a top priority for decision-makers worldwide. This study investigates the impacts of renewable energy use, export diversification, and agricultural growth on sustainable economic development among G-20 economies. The analysis employs panel data from 1990 to 2021 with second-generation panel econometric methods, such as the PMG-ARDL test and dynamic panel estimation techniques, to elucidate both short- and long-term relationships. To examine the stationarity of the data series and identify cross-sectional dependence, this study applies some panel unit root tests, including the Cross-Sectionally Augmented Im and Pesaran test, the cross-sectional dependence (CSD) test, the Cross-Sectional Augmented Dickey–Fuller (CADF) test, and the Im, Pesaran, and Shin (IPS) test. The Westerlund co-integration test is employed to explore long-term relationships among the variables. To assess the prolonged impact of these factors, this study adopts the Pooled Mean Group–Autoregressive Distributed Lag (PMG-ARDL) approach. Findings reveal a statistically significant and persistent relationship between the variables, indicating that agricultural growth, renewable energy utilisation, and export diversification negatively affect economic growth. All insights highlight critical implications for G-20 policymakers; countries can develop a more resilient and sustainable economic pathway by addressing obstacles in agriculture, clean energy, and trade diversification.

The economic modelling and literature review of the study are deficient. The literature review needs to be organised methodically. There is a lack of clarity regarding the policy implications; what steps should policymakers take? The choice of appr...

The idea of this paper seems interesting and going to make a valuable contribution in Nigeria. But, I want the authors to improve upon the following dimensions: * The title of the paper is attractive, but the introductory part of the study did not...