Published Papers

This paper explores the impact of constitutional frameworks on national governance by analyzing three distinct types of constitutions: completely written, completely unwritten, and those that are partially written and partially unwritten. This study investigates how each type of constitution influences the functionality and adaptability of government institutions, focusing on their roles in fostering or hindering national progress. Through comparative analysis, the paper highlights that while the form of the constitution plays a role in shaping governmental operations, the key determinants of a country's trajectory—whether towards progress or regression—are the effectiveness, flexibility, and responsiveness of its institutions. By examining examples of various countries, the research underscores that institutional dynamics, leadership quality, and societal engagement are crucial factors in determining a nation's success, regardless of its constitutional format.

This paper investigates the impact of corruption on economic performance, focusing on the “grease the wheels” and “sand the wheels” hypotheses. The “grease the wheels” hypothesis suggests that corruption might enhance efficiency by bypassing red tape, while the “sand the wheels” hypothesis argues that corruption increases transaction costs and disrupts economic growth. Analysing data from studies conducted on both advanced and developing economies, we find corruption “sands the wheels” of advanced economies while it “greases the wheels” of developing economies. However, by analysing growth modes such as the Solow-Swan model as well as the Endogenous growth model to understand the effect of corruption on a larger scale, it was found that corruption on a higher level in a country’s government is more likely to hinder economic growth. The findings underscore the need for context-specific anti-corruption strategies.

The January effect is one of the most documented calendar anomalies that exist in the stock market, and this anomaly directly challenges the Efficient Market Hypothesis (EMH) by stating that there exists a pattern in the stock market where a return can be gained. One popular explanation for the January Effect is the tax-loss selling hypothesis. This hypothesis states that investors sell off losing stocks in their portfolio at the end of the year to realize capital losses for tax purposes and subsequently repurchase them in January, which drives up the stock prices. Evidence from markets such as the United States, United Kingdom, Hong Kong, Singapore, and Thailand is collected and analyzed to show the effects of different tax structures and investor behaviors on the January Effect. The findings indicate that the taxloss selling hypothesis substantially accounts for the January Effect found in the markets that levy capital gains tax. Other factors, such as investor sentiment and institutional behaviors also account for the existence of the anomaly for markets free of capital gains tax.

This paper investigates the role of psychological biases in financial bubbles and their bursts, challenging the traditional view of rational investor behavior proposed by the Efficient Market Hypothesis. By examining historical bubbles like the South Sea and Dot-Com bubbles, and analyzing biases such as overconfidence, herding, and confirmation bias, the paper aims to reveal how these cognitive errors influence investor actions during crises. Additionally, this paper compares past bubbles with current cryptocurrency market trends. Ultimately, the aim of this paper is to enhance our understanding of investor psychology and its impact on financial stability in the economy

This research paper investigates the impact of U.S. monetary policy changes, specifically interest rate adjustments by the Federal Reserve, on asset prices in the stock and real estate markets. By examining both expansionary and contractionary policies, the study aims to understand the immediate and longterm effects on these asset classes. The findings emphasize the significant influence of monetary policy on the economy, with effects varying based on economic conditions and regional factors. However, the study's reliance on historical data, focus on U.S. policy, and assumption of constant variables present limitations in capturing the complexities of current and future economic conditions.

This research paper investigates the effect of interest rate changes on stock prices, focusing on the contrasting impacts in developing and developed countries. Utilizing regression analysis, the study examines data from five developing countries and five developed countries. The results reveal a significant inverse relationship between interest rates and stock prices. These findings underscore the heightened sensitivity of developing markets to monetary policy adjustments, attributed to factors such as lower market liquidity, higher dependence on foreign capital and weaker financial infrastructure. Conversely, developed markets demonstrate greater resilience and stability due to more robust financial systems and higher investor sophistication. This study contributes to the existing literature by highlighting the necessity of context-specific policy approaches and provides crucial insights for policymakers and investors navigating the complex interplay between interest rates and stock market dynamics in diverse economic environments.