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The study investigates economic growth and club convergence in a crosscountry framework from 1970-1971 to 2014-2015. In particular, we test the club convergence hypothesis through a non-parametric and spatial interaction setting. The kernel density estimate shows a cyclical behaviour of per capita incomes, albeit following a common steady state. The conditional distribution is concentrated around the mean indicating a similar relative position across the heterogeneous countries. The transitional probabilities are strong enough to demonstrate a significant sign of clubbing. On testing the convergence hypothesis, we perceive strong evidence of club convergence across the countries. A persistent spatial dependence is unveiled across the proximities, therefore confirming the neighbour's effects in club formation. The study realizes a need to harmonize the interaction between the countries to improve the conditions for achieving long-run sustained economic growth.

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PurposeBiodiversity loss has become widespread since current rates are potentially catastrophic for species and habitat integrity, and the Dachigam National Park in Jammu and Kashmir (India) is not a distinctive case. Therefore, the main objective of this study is to elicit the willingness to pay (WTP) for biodiversity conservation of the Park.Design/methodology/approachA survey-based choice experiment method was carried out at the Dachigam National Park, an area that is threatened by several anthropogenic pressures. Attributes selected for analysis through choice experiments were endangered species, national park area, research and education opportunities the park withholds. To estimate WTP, a monetary variable involving an increase in entry fee was also incorporated. To obtain the estimates, the authors use the augmented conditional logit model.FindingsWTP for the selected attributes per visitor turned out to be ₹302.07 for enhancing the population of endangered species, ₹121.91 for improvement in the park area and ₹171.64 for increasing research and education opportunities the park withholds.Research limitations/implicationsThough the study uncovers very important aspects of evaluating the biological resources, albeit with some limitations. The study estimates WTP for biodiversity conservation using a conditional logit model, which is based on a specific area and population sample. It would be better if a broader sample is considered to trace out the findings for meaningful generalization. Besides, the results can be replicated for similar kinds of samples.Practical implicationsWith the use of benefits transfer method, this study aims to provide policymakers with useful information to manage biodiversity attributes across the Himalayan region.Originality/valueThe main contribution of this study is to provide a critical understanding of the valuation to facilitate the concerned body for better planning and management of biological resources. The findings of the present study can be used as an indicator of the inherent economic importance of biological resources across the Himalayan range for their better management and conservation that can help in ensuring sustainable utilization of these resources.

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Purpose The purpose of this paper is to investigate convergence hypothesis in a balanced panel of 22 Indian states for the time period of 1980-81 to 2010-11 by applying nonparametric model setting in a panel framework. Design/methodology/approach The present study uses nonparametric and semi-parametric panel data methods to test the absolute and conditional convergence, respectively, and examines the income convergence using nonparametric panel data methods with state specific effects taken into consideration. These models are being estimated by the iterative process for a balanced panel of state wise per capita income and other conditioning variables for the time period of 1980-81 to 2010-11. For removing the fixed effects, the authors follow within transformation procedure according to the feasibility of the problem. Since convergence is estimated by regressing dependent variable on initial level of independent variable (as growth rate of income and per capita income in this case). So using usual transformation for removing the fixed effects is not feasible because by doing so the authors may end up with singular matrices on both sides of the regression model. Findings The results reject the null of parametric specification for both absolute as well as conditional convergence model. As to the outcome of the empirical analysis, the findings reveal that the Indian states are diverging in absolute sense and converging on conditional basis. Convergence happens to be consistent and conditional upon public expenditure, power generation share of primary and tertiary sector to Gross State Domestic Product. Originality/value The originality of the study is in its application of advanced methodology to highlight the model misspecifications while testing the convergence hypothesis in earlier literature.

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PurposeThis study explores the interplay among climate change, economic growth and energy consumption in G20 countries by considering the role of green energy.Design/methodology/approachThis study uses various empirical tools to determine the association between carbon emissions, economic growth, renewables, non-renewables, population and urbanization for a panel of G20 countries between 1990 and 2014.FindingsEmpirical outcomes from various empirical tools reveal a positive and significant impact of economic growth, non-renewable energy consumption and urbanization on carbon emissions, and their increase will further lead to the deterioration of environmental quality. The elasticity coefficient of renewable energy coefficient is negative and significant implying an increase in its consumption will improve environmental quality. Panel causality test results reveal the existence of both short-run and long-run causality among the variables. Therefore, results infer that a reduction in the consumption of non-renewable and substitution with renewables will have a significant impact on carbon emission mitigation.Originality/valueThrough this study, the authors suggest the sustainable use of renewables as they are sustainable, secure, efficient, environmentally justifiable and economically viable sources of energy. Therefore, replacing traditional non-renewables with modern renewables has the potential in avoiding the dangerous impacts of greenhouse gases (GHGs) particularly in the G20 countries. This paper intends to guide policymakers regarding the environmental quality and renewable energy consumption required to hold back the fossil fuel dependence for a cleaner and greener planet.