Sayantan Bandhu Majumder

@sxuk.edu.in

Assistant Professor in Economics
St. Xavier's University, Kolkata

Sayantan Bandhu Majumder


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https://researchid.co/sayantanbmajumder

EDUCATION

Ph.D. in Economics from University of Calcutta, 2014-2020
M.Phil. in Economics from University of Calcutta, 2011-2013
M.Sc. in Economics with 1st class from University of Calcutta, 2009-2011
B.Sc. in Economics (Honours) with 1st class University of Calcutta, 2006-2009

RESEARCH, TEACHING, or OTHER INTERESTS

Economics, Econometrics and Finance
14

Scopus Publications

156

Scholar Citations

7

Scholar h-index

7

Scholar i10-index

Scopus Publications

  • Social trust and formal institutions: How do they shape public debt?
    Sagnik Bagchi, Sayantan Bandhu Majumder
    Economics of Transition and Institutional Change, 2025
    This research investigates the impact of varying levels of social trust across economies on the development of effective formal institutions that serve to determine public debt. Analysing a sample of 95 economies from 2000 to 2020, our econometric results indicate that social trust is a pivotal determinant of public debt. The effect operates indirectly through the quality of various categories of legal system and property rights indicator. In particular, the results reveal that the relationship between social trust and economic‐judicial institutions are complementary to each other. In addition, we also find that countries with higher social trust tend to reduce their primary deficit in the face of higher debt, thereby reducing the likelihood of uncontrollable debt scenarios.
  • Return and Volatility Spillovers Among the Thematic Indices in India
    Sayantan Bandhu Majumder
    Global Business Review, 2025
    The article attempts to explore the interlinkages among the Nifty thematic indices and their portfolio implications. First, we examine the return and volatility spillovers among eight Nifty thematic indices, namely Energy, Infrastructure, MNC, PSE, Services Sector, Aditya Birla Group, Mahindra Group and Tata group using the vector autoregressive (VAR (1)) asymmetric BEKK–GARCH model for the period 4 January 2010–28 March 2020. Second, the estimation results are used to calculate and analyse the optimal portfolio weights, hedge ratios and hedging effectiveness. We find significant evidence of return and volatility spillover. Moreover, the spillovers are found to be asymmetric in few cases. The optimal portfolio weight favours the MNC and Services sectors.
  • Is cryptocurrency a new digital gold? Evidence from the macroeconomic shocks in selected emerging economies
    Sayantan Bandhu Majumder
    Journal of Economic Studies, 2025
    PurposeThe purpose of the study is to analyze the hedging abilities of the cryptocurrencies vis-à-vis gold against macroeconomic shocks in four emerging economies, India, China, Brazil and Russia.Design/methodology/approachUsing the monthly data from January 2013 to April 2023, the paper analyses the response of Cryptocurrencies vis-à-vis gold prices to three different macroeconomic shocks, namely, the economic policy uncertainty shock, the financial uncertainty shock and the inflation shock, within a VAR framework with the help of the Generalized Impulse Response Function.FindingsBoth gold and cryptocurrencies have limited hedging abilities against macroeconomic shocks across countries. In India, bitcoin has become the new digital gold, while in China, it is not bitcoin but rather gold that retains its hedging abilities. Neither bitcoin nor gold, Binance Coin or Cardano, are found to be the new digital gold in Brazil and Russia.Originality/valueThe paper compares the top nine cryptocurrencies with the traditional asset gold in terms of their hedging potential against macroeconomic shocks in emerging countries.
  • A Study on Effectiveness of Kanyashree in Addressing the Problem of Gender Inequality
    Sumeli Bhattacharya, Chayanika Mitra, Sayantan Bandhu Majumder
    Gender in Equality and Social Development Issues of Health Education Environment and Other Sdg Implications, 2025
  • Institutions Determine Debt–Growth Relationship: Evidence from Fourth Wave of Debt in EMDEs
    Sagnik Bagchi, Sayantan Bandhu Majumder, Somdutta Banerjee
    International Economic Journal, 2023
    The last decade witnessed global debt levels to reach record high. In Emerging Market and Developing Economies (EMDEs) like never before, the (public and private) debt–GDP ratio has been dismally high. An upward spree of the debt–GDP ratio coupled with a looming economic crisis led to concerns about institutional qualities (IQ). We explore how different dimensions of IQ (namely, political, legal and governance) impact the debt–growth relationship in the EMDEs amidst the current fourth wave of debt (2010–2019). We examine whether the relation is monotonic or it varies around a particular threshold value of IQ. By applying a dynamic panel threshold regression model, we obtain two regime-dependent marginal effects of regressors (upper and lower regimes) that are distinguished by a threshold value of IQ. Our results reveal that for each of our considered IQ, there exists a statistically significant threshold value. For public debt, across all dimensions of IQ debt hurts growth in the lower regime, while in the upper regime the association is favourable. While private debt is growth enhancing in the lower regime of all IQs (excepting corruption), while it is inimical in the upper regime.
  • Searching for hedging and safe haven assets for Indian equity market – a comparison between gold, cryptocurrency and commodities
    Sayantan Bandhu Majumder
    Indian Growth and Development Review, 2022
    Purpose This paper aims to evaluate the hedging and safe haven properties of gold, cryptocurrency and commodities against the Indian equity market. Design/methodology/approach First, the authors estimate the hedging and safe haven abilities of gold, cryptocurrency and commodities for the Indian stock market and further verify whether such properties vary across the broad stock market indices and over the different degrees of market volatility. Second, the authors use the multivariate GARCH framework to calculate the dynamic hedge ratios and hedging efficiencies to compare the hedging properties of the alternative asset classes. Third, the authors verify the robustness of the general findings during the recent crisis emanating from the outbreak of the COVID-19 pandemic. Findings Gold, cryptocurrency and most commodities have significant hedging abilities. Only natural gas, crude oil and aluminum, on the other hand, have safe haven property. Neither gold nor cryptocurrency qualifies as a safe haven asset. On the other hand, the financialization of the Indian commodities market provides a significant dividend to investors in terms of hedging and safe haven capabilities. The authors find the least negative hedge ratio and the highest positive hedging effectiveness for the stock-crude oil and stock-natural gas portfolios. The central observations of the paper remain immune to the COVID crisis. Originality/value Focusing on the Indian equity market, the paper compares the diversification abilities of traditional assets like gold with those of the modern class of assets, including cryptocurrency and other commodities.
  • IS CAPITAL FLOW IN INDIA EXPANSIONARY OR CONTRACTIONARY?
    Journal of Economic Development, 2021
  • India facing the macroeconomic policy trade-off–is it dilemma, trilemma or quadrilemma?
    Sayantan Bandhu Majumder, Ranjanendra Narayan Nag
    Macroeconomics and Finance in Emerging Market Economies, 2020
    Understanding the modern manifestation of policy trilemma in the backdrop of the evolving global financial architecture is critical for an emerging economy like India which has embarked on the path of financial integration with the rest of the world over the last few decades. The paper seeks to understand whether Indian economy is facing the macroeconomic policy trade-off as proposed by the impossible trinity or the trade-off has morphed into the policy dilemma or quadrilemma? We find that trilemma constraint is binding and Indian economy is actually facing the quadrilemma rather than the policy dilemma.
  • Shock and Volatility Spillovers Among Equity Sectors of the National Stock Exchange in India
    Sayantan Bandhu Majumder, Ranjanendra Narayan Nag
    Global Business Review, 2018
    The basic thrust of this article is to examine how shocks and volatility are transmitted across sector indices. This article employs the autoregressive asymmetric BEKK-GARCH model. The study is based on daily data from the National Stock Exchange (NSE) of India from January 2004 to January 2014. Volatility spillover was found to be bidirectional among the two pro-cyclical sectors: Finance and IT. But, there was a unidirectional shock and volatility spillover from the non-cyclical FMCG sector to both the pro-cyclical sectors. The FMCG sector has remained almost unaffected by the spillover from the other sectors. Moreover, the evidence of asymmetric spillover has been found to be present in most of the case. Second, correlations between the sectors were found to be higher during the period of global financial crisis. But no such evidence was found in the context of the Euro zone debt crisis. Understanding the dynamics of shocks and volatility transmission is necessary for risk management in general and for optimal portfolio allocation and hedging strategy in particular. To the best of our knowledge, this is the first study on Indian stock market which has analysed the dynamics of shock and volatility transmission across sector indices.
  • Policy Trilemma in India: Exchange Rate Stability, Independent Monetary Policy and Capital Account Openness
    Sayantan Bandhu Majumder, Ranjanendra Narayan Nag
    Global Economy Journal, 2017
    This paper aims to investigate the situation of policy trilemma in India. Analysing the quarterly data from 1991 to 2015, we find that though the trilemma constraint is binding in the long run, there is ample evidence of short-run deviations from the constraint. Intervention in the foreign exchange market by the Reserve bank of India has successfully helped to relax this constraint. The policy mix has changed over this period – the degree of capital account openness has gradually increased, mainly at the cost of exchange rate stability. We further examine the determinants and the macroeconomic effects of the trilemma policy configuration. We find that the trilemma efficiency depends on the financial stress, financial development, intervention by the Central bank and the liquidity in the economy. Higher monetary policy independence helps to reduce the inflation rate while exchange rate stability and capital account openness are associated with the higher growth rate and the larger output gap.
  • Understanding the Behaviour of Capital Flow and its Components: The Indian Experience
    Sayantan Bandhu Majumder, Ranjanendra Narayan Nag
    Margin, 2016
  • Capital Flows, Asset Prices and Output in Emerging Market Economies: A Theoretical Analysis
    Ranjanendra Narayan Nag, Sayan Baksi, Sayantan Bandhu Majumder
    Foreign Trade Review, 2015
  • Return and volatility spillover between stock price and exchange rate: Indian evidence
    Sayantan Bandhu Majumder, Ranjanendra Narayan Nag
    International Journal of Economics and Business Research, 2015
  • Foreign institutional investment, stock market, and volatility: Recent evidence from India
    Indian Journal of Finance, 2013

RECENT SCHOLAR PUBLICATIONS

  • Social trust and formal institutions: How do they shape public debt?
    S Bagchi, SB Majumder
    Economics of Transition and Institutional Change 33 (3), 519-552 , 2025
    2025
  • Return and volatility spillovers among the thematic indices in India
    SB Majumder
    Global Business Review 26 (2), 421-437 , 2025
    2025
    Citations: 6
  • Is cryptocurrency a new digital gold? Evidence from the macroeconomic shocks in selected emerging economies
    SB Majumder
    Journal of Economic Studies 52 (1), 88-103 , 2025
    2025
    Citations: 11
  • A Study on Effectiveness of Kanyashree in Addressing the Problem of Gender Inequality
    S Bhattacharya, SBM Chayanika Mitra
    Gender (In)equality and Social Development, 207-222 , 2025
    2025
    Citations: 1
  • A Study on Effectiveness of Kanyashree in Addressing the Problem of Gender Inequality
    S Bhattacharya, SBM Chayanika Mitra
    Gender (In)equality and Social Development, 207-222 , 2025
    2025
    Citations: 1
  • Resilience of Carbon Efficient Index: An Assessment of Global Shocks
    SB Majumder, D Chakravarty, K Kejriwal
    LOOK EAST 8 (1), 45-55 , 2023
    2023
  • Institutions Determine Debt–Growth Relationship: Evidence from Fourth Wave of Debt in EMDEs
    SB Sagnik Bagchi, SB Majumder
    International Economic Journal 37 (2), 245-269 , 2023
    2023
    Citations: 2
  • Searching for hedging and safe haven assets for Indian equity market – a comparison between gold, cryptocurrency and commodities
    SB Majumder
    Indian Growth and Development Review 15 (1), 60-84 , 2022
    2022
    Citations: 32
  • Merchandise Trade flows and Economic Growth: Post-WTO Era in India
    SB Majumder, S Bagchi
    Artha Vijnana 63 (1), 88-103 , 2021
    2021
    Citations: 1
  • India facing the macroeconomic policy trade-off–is it dilemma, trilemma or quadrilemma?
    SB Majumder, RN Nag
    Macroeconomics and finance in emerging market economies 14 (1), 24-44 , 2021
    2021
    Citations: 10
  • Is Capital flow in India expansionary or contractionary?
    SB Majumder
    Journal of Economic Development 46 (4), 121-155 , 2021
    2021
  • Shock and volatility spillovers among equity sectors of the national stock exchange in India
    SB Majumder, RN Nag
    Global Business Review 19 (1), 227-240 , 2018
    2018
    Citations: 32
  • Policy Trilemma in India: Exchange rate stability, independent monetary policy and capital account openness
    SB Majumder, RN Nag
    Global Economy Journal 17 (3), 20170012 , 2017
    2017
    Citations: 13
  • Understanding the Behaviour of Capital Flow and its Components: The Indian Experience
    SB Majumder, RN Nag
    Margin: The Journal of Applied Economic Research 10 (3), 355-380 , 2016
    2016
    Citations: 2
  • Capital flow in India: facts, features, and analysis
    SB Majumder, RN Nag
    Decision 42 (1), 19-31 , 2015
    2015
    Citations: 16
  • Capital Flows, Asset Prices and Output in Emerging Market Economies: A Theoretical Analysis
    RN Nag, S Baksi, SB Majumder
    Foreign Trade Review 50 (1), 1-20 , 2015
    2015
    Citations: 1
  • Return and volatility spillover between stock price and exchange rate: Indian evidence
    SB Majumder, RN Nag
    International Journal of Economics and Business Research 10 (4), 326-340 , 2015
    2015
    Citations: 22
  • Foreign institutional investment, stock market, and volatility: Recent evidence from India
    SB Majumder, RN Nag
    Indian Journal of Finance, 23-31 , 2013
    2013
    Citations: 7
  • Relation between stock price and exchange rate: Recent evidence from India
    SB Majumder, RN Nag
    ZENITH International Journal of Business Economics & Management Research 3 … , 2013
    2013
  • Global financial crisis, foreign institutional investment and macroeconomy in India
    SB Majumder, RN Nag
    Asian Journal of Research in Business Economics and Management 2 (11), 18-32 , 2012
    2012

MOST CITED SCHOLAR PUBLICATIONS

  • Searching for hedging and safe haven assets for Indian equity market – a comparison between gold, cryptocurrency and commodities
    SB Majumder
    Indian Growth and Development Review 15 (1), 60-84 , 2022
    2022
    Citations: 32
  • Shock and volatility spillovers among equity sectors of the national stock exchange in India
    SB Majumder, RN Nag
    Global Business Review 19 (1), 227-240 , 2018
    2018
    Citations: 32
  • Return and volatility spillover between stock price and exchange rate: Indian evidence
    SB Majumder, RN Nag
    International Journal of Economics and Business Research 10 (4), 326-340 , 2015
    2015
    Citations: 22
  • Capital flow in India: facts, features, and analysis
    SB Majumder, RN Nag
    Decision 42 (1), 19-31 , 2015
    2015
    Citations: 16
  • Policy Trilemma in India: Exchange rate stability, independent monetary policy and capital account openness
    SB Majumder, RN Nag
    Global Economy Journal 17 (3), 20170012 , 2017
    2017
    Citations: 13
  • Is cryptocurrency a new digital gold? Evidence from the macroeconomic shocks in selected emerging economies
    SB Majumder
    Journal of Economic Studies 52 (1), 88-103 , 2025
    2025
    Citations: 11
  • India facing the macroeconomic policy trade-off–is it dilemma, trilemma or quadrilemma?
    SB Majumder, RN Nag
    Macroeconomics and finance in emerging market economies 14 (1), 24-44 , 2021
    2021
    Citations: 10
  • Foreign institutional investment, stock market, and volatility: Recent evidence from India
    SB Majumder, RN Nag
    Indian Journal of Finance, 23-31 , 2013
    2013
    Citations: 7
  • Return and volatility spillovers among the thematic indices in India
    SB Majumder
    Global Business Review 26 (2), 421-437 , 2025
    2025
    Citations: 6
  • Institutions Determine Debt–Growth Relationship: Evidence from Fourth Wave of Debt in EMDEs
    SB Sagnik Bagchi, SB Majumder
    International Economic Journal 37 (2), 245-269 , 2023
    2023
    Citations: 2
  • Understanding the Behaviour of Capital Flow and its Components: The Indian Experience
    SB Majumder, RN Nag
    Margin: The Journal of Applied Economic Research 10 (3), 355-380 , 2016
    2016
    Citations: 2
  • A Study on Effectiveness of Kanyashree in Addressing the Problem of Gender Inequality
    S Bhattacharya, SBM Chayanika Mitra
    Gender (In)equality and Social Development, 207-222 , 2025
    2025
    Citations: 1
  • A Study on Effectiveness of Kanyashree in Addressing the Problem of Gender Inequality
    S Bhattacharya, SBM Chayanika Mitra
    Gender (In)equality and Social Development, 207-222 , 2025
    2025
    Citations: 1
  • Merchandise Trade flows and Economic Growth: Post-WTO Era in India
    SB Majumder, S Bagchi
    Artha Vijnana 63 (1), 88-103 , 2021
    2021
    Citations: 1
  • Capital Flows, Asset Prices and Output in Emerging Market Economies: A Theoretical Analysis
    RN Nag, S Baksi, SB Majumder
    Foreign Trade Review 50 (1), 1-20 , 2015
    2015
    Citations: 1
  • Social trust and formal institutions: How do they shape public debt?
    S Bagchi, SB Majumder
    Economics of Transition and Institutional Change 33 (3), 519-552 , 2025
    2025
  • Resilience of Carbon Efficient Index: An Assessment of Global Shocks
    SB Majumder, D Chakravarty, K Kejriwal
    LOOK EAST 8 (1), 45-55 , 2023
    2023
  • Is Capital flow in India expansionary or contractionary?
    SB Majumder
    Journal of Economic Development 46 (4), 121-155 , 2021
    2021
  • Relation between stock price and exchange rate: Recent evidence from India
    SB Majumder, RN Nag
    ZENITH International Journal of Business Economics & Management Research 3 … , 2013
    2013
  • Global financial crisis, foreign institutional investment and macroeconomy in India
    SB Majumder, RN Nag
    Asian Journal of Research in Business Economics and Management 2 (11), 18-32 , 2012
    2012