Mama, I’m coming home: Brain Gain through Brain Circulation [Job Market Paper]

This paper delves into the pivotal role of return migrants in knowledge transfers within their home country or sending country. A distinctive feature of this study is its utilization of the linked dataset of startup and their founder’s information; and the patent granted to startup. The primary objective is to conduct a comparative analysis of startups initiated by local entrepreneurs and those established by return migrants with prior international work or study experience. The preliminary results indicate that returnee startups, particularly those established in collaboration with locally educated founders, emerge as significant drivers of knowledge transfers. This underscores the unique and influential role that return migrants, especially those with local expertise, play in fostering the exchange and dissemination of knowledge within the startup ecosystem. As the paper progresses, further exploration and refinement of these findings are anticipated, contributing valuable perspectives to the discourse on the impact of return migrants on knowledge dynamics in entrepreneurial landscapes.

Effect of US Regulation of ICOs on the European Market [Working Paper]

With Gerald P. Dwyer

This research paper delves into the transformative impact of Initial Coin Offerings (ICOs) on the global financial landscape, with a specific focus on the interplay between regulatory actions in the United States and their ripple effects on the European ICO market. Amidst the burgeoning adoption of blockchain technology, ICOs have emerged as a groundbreaking fundraising mechanism, disrupting traditional financing channels. As ICOs gained momentum, regulatory authorities worldwide grappled with the challenge of effectively overseeing this innovative space, particularly due to its inherent uncertainties and susceptibility to fraudulent activities. Notably, the United States Securities and Exchange Commission (SEC) has played a pivotal role in defining ICO tokens as securities, thereby subjecting them to a complex web of regulatory compliance. This paper seeks to unveil how the United States’ regulatory decisions have shaped the European ICO landscape, examining the diverse regulatory approaches adopted by European nations in response to U.S. regulations. Furthermore, it explores investment trends and the decision-making processes of ICO issuers to elucidate how U.S. regulatory actions have influenced market dynamics in Europe. Through this analysis, the paper aims to provide valuable insights into the global ramifications of ICO regulations, underscoring the interconnectedness of blockchain ecosystems on a global scale.

Measuring Monetary Policy Uncertainty and its Transmission Mechanism in India 

This paper will endeavor to construct a framework for analyzing Monetary Policy Uncertainty (MPU) and its ramifications on economic indicators within the Indian context using textual analysis of newspaper databases of national dailies.  Then, employing advanced VAR identification strategies, we will investigate the forthcoming impacts of policy uncertainty on both output and credit spread. A key objective will be developing and evaluating an enhanced MPU, poised to capture the evolving dynamics of economic uncertainty in the future. Moreover, the study will anticipate the evolving role of Reserve Bank of India (RBI) communication in shaping this uncertainty landscape, emphasizing the potential for clearer and more transparent communication to guide future market expectations. Our findings will be validated through a comparative analysis with an existing uncertainty index available. This research aspires to provide a forward-looking comprehension of the intricate relationship between monetary policy uncertainty, communication strategies, and future economic variables, offering insights that can guide policymakers and market participants in fostering financial stability.

Migration and agrarian change in Nepal plains with Ram Narayan Shrestha

A close relationship exists between agriculture and migration in a small developing economy, where agriculture lacks commercial drive and land is predominantly fragmented. The Terai region in the plains of Nepal stands out as a perfect place to examine the nexus between them. Teria stands for its agricultural potential due to fertile land and a flat landscape. This study addresses the impact of labor out migration on  agricultural production, specifically focusing on the Terai plains. Through a primary survey utilizing multi-stage sampling techniques, we conducted probit and tobit regression analyzes to explore its effects on cropping intensity, diversity, fertilizer use, crop cultivation nature, and land tenancy. This research sheds light on the underexplored connection between migration and agriculture in Nepal, with preliminary findings indicating a negative impact. Notably, migrant households were discovered to engage in both leasing in and leasing out activities, challenging conventional understanding and adding complexity to the dynamics of migration and agriculture in Nepal. While these findings are indicative, more detailed insights will be presented in subsequent versions of this work.

Publication

Rental Market of Pump-sets in the Central and Western Parts of Nepal Plains 

Using data collected from the central and western parts of Nepal plains, we examine the extent of rental market of pump-sets therein, and identify the factors affecting the decision of farm households to purchase the service of pump-sets. Further, the article investigates whether cropping intensity and extent of crop diversification for non-users, owner users and rental users of pump-sets are significantly different. Our analysis suggests that there exist rental markets of considerable sizes in the field study locations. Access to extension service, proportion of high yielding varieties in total cropped land, availability of pump-sets, caste and locational characteristics have been identified as the determinants of the decision to purchase the service of pump-sets. Cropping intensity and extent of crop diversification for the rental users have been found to be higher than those of the non-users and the owner users, and this finding establishes the positive impact of the rental market.