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Convergence and spillovers across countries and within countries are old, but recurrent policy concerns, and India is no exception to this rule. This paper examines convergence and spillovers across Indian states using non-stationary panel data techniques. Results on convergence among Indian states are generally found to be similar, but more nuanced, than previous studies. Generally speaking, there is evidence of divergence over the entire sample period, convergence during sub-periods corresponding to structural breaks, and club convergence. There is strong evidence of club convergence among the high- and low-income states; the evidence for middle-income states is mixed. Dynamic spillover effects among states are small.

Infrastructure --- Investments: General --- Macroeconomics --- Industries: Service --- Personal Income, Wealth, and Their Distributions --- Investment --- Capital --- Intangible Capital --- Capacity --- Externalities --- Industry Studies: Services: General --- Personal income --- Spillovers --- Private investment --- Services sector --- Income --- Saving and investment --- International finance --- Service industries --- India

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At the macro level, productivity is driven by technology and the efficiency of resource allocation, as outcomes of firms’ decision making. The relatively high level of resource misallocation in India’s formal manufacturing sector is well documented. We build on this research to further investigate the drivers of misallocation, exploiting micro-level variation across Indian states. We find that states with less rigid labor markets have lesser misallocation. We also examine the interaction of labor market rigidities with informality which is a key feature of India’s labor markets. Our results suggest that reducing labor market rigidities in states with high informality has a net positive effect on aggregate productivity.

Labor --- Macroeconomics --- Production and Operations Management --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Institutions and Growth --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Economic Growth and Aggregate Productivity: General --- Labor Economics Policies --- Labor Economics: General --- Macroeconomics: Production --- Labor Contracts --- Labour --- income economics --- Total factor productivity --- Labor market reforms --- Productivity --- Employment protection --- Industrial productivity --- Manpower policy --- Labor economics --- India

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Financial inclusion is a multidimensional concept and countries have chosen diverse methods of enhancing financial inclusion with varying degrees of results. The heterogeneity of financial inclusion is particularly striking in the Asia-Pacific region as member countries range from those that are at the cutting edge of financial technology to others that are aiming to provide access to basic financial services. The wide disparity is not only inter-country but also intra-country. The focus of this paper is to take stock of the current state of financial inclusion in the Asia-Pacific region by highlighting twelve stylized facts about the state of financial inclusion in these countries. The paper finds that the state of financial inclusion depends on several factors, but a holistic approach calibrated to specific country conditions may lead to greater financial inclusion.

Banks and Banking --- Finance: General --- Industries: Financial Services --- Accounting --- General Financial Markets: General (includes Measurement and Data) --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: General --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Public Administration --- Public Sector Accounting and Audits --- Finance --- Computer applications in industry & technology --- Banking --- Public finance accounting --- Financial inclusion --- Financial services --- Mobile banking --- Financial sector development --- Financial markets --- Technology --- Fiscal accounting and reporting --- Public financial management (PFM) --- Financial services industry --- Banks and banking, Mobile --- Banks and banking --- Finance, Public --- Cambodia