European Economic Letters (EEL)

Impact of Financial Sector Reforms on Economic Growth in Emerging Economies

Jayashree Badal, Garima Raghuwanshi, Manoj Kumar Mishra — Fri, 03 Apr 2026 00:00:00 +0000

This study investigates the relationship between financial sector reforms and economic growth in emerging economies from 2020 to 2025. The research examines five major emerging markets—India, China, Brazil, Indonesia, and South Africa—to assess how banking sector reforms, financial liberalization, and institutional strengthening influence GDP growth trajectories. Utilizing secondary data from World Bank, IMF, and central bank repositories, this study employs descriptive statistical analysis and comparative assessment methodologies. The hypothesis posits that comprehensive financial sector reforms positively correlate with sustained economic growth in emerging markets. Results from six statistical tables demonstrate significant variations in reform outcomes across countries, with India showing 7.8% GDP growth in Q2 2025 following extensive digital financial reforms. China maintained moderate 4.6-5.0% growth amid structural adjustments, while Indonesia achieved consistent 5.0% expansion. The findings reveal that financial inclusion initiatives, banking sector capitalization, and regulatory frameworks significantly impact economic performance. Discussion highlights the critical role of monetary policy reforms and institutional quality in determining reform effectiveness. The study concludes that well-sequenced financial sector reforms, coupled with macroeconomic stability, constitute essential drivers of sustainable economic growth in emerging economies.

Role of Digital Finance in Strengthening Economic Stability and Inclusion

Garima Raghuwanshi, Namrata Gain, Rachna Thakkar, Manoj Kumar Mishra — Fri, 03 Apr 2026 00:00:00 +0000

The concept of digital finance has become a revolutionary event in the Indian economic environment, which has radically reformed access to finance and financial stability. In this paper, the authors describe the various aspects of digital finance about enhancing economic stability and financial inclusion in India by conducting holistic analysis of empirical evidence between the period 2021 and 2025. The study utilizes quantitative research design, which involves the use of secondary data of reserve bank of India, national payments corporation of India and ministry of finance databases. The hypothesis is that digital finance interventions improve the economic stability as well as the outcomes of financial inclusions significantly. Findings indicate stunning improvement in the Financial Inclusion Index which increases by 24.3 percent between March 2021 and March 2025 (53.9 to 67.0). UPI transactions were 228.3 billion worth Rs 300 lakh crore and PMJDY accounts increased to 56.16 crore with deposits of Rs 2.67 lakh crore. Statistical results indicate that there are significant positive correlations between the digital payment adoption and GDP growth, the banking penetration and economic stability indicators, and the expansion of the digital infrastructure with the reduction of poverty. It is discussed that digital finance is a key facilitator of inclusive growth by lowering transaction costs, increasing transparency, and better access to formal financial services. The paper concludes that the digital finance ecosystem in India has been effective in enhancing economic stability as well as financial inclusion to make the country a global leader in digital payments and establishing sustainable avenues to economic empowerment.

Role of Inclusive Human Resource Management in Managing Diversity: A Key to Employee Self efficacy

Pooja Talwar, Shweta Tripathi, Ritika Chaudhary — Tue, 07 Apr 2026 00:00:00 +0000

Best practices in the human resource department are needed to develop the strategies for recruitment, training, and performance management by making use of inclusive practices, by collaborating and monitoring on a regular basis to overcome various challenges and resistance of the workforce. In an era of technological innovations, digitization, and societal advancement, the inclusive HR practices across the employee life cycle for recruitment, training, motivation, and retention are of utmost importance. This can be done through creating an ecosystem following the principle of inclusive culture in processes and policies to manage the diversities at the workplace.Human Resource Management (HRM) practices are designed and executed for professional efficiency, workforce participation for the development, and seizing the opportunities to create the best. There is a need to embrace a culture of continuous learning and following the principles of equity, cooperation, and collaboration for doing the activities in the organisation.

“Impact of a Workplace-Based Structured Teaching Program on Knowledge of Mental Health Resources and Burnout Prevention among Hospital Nursing Staff: A Quasi-Experimental Study.”

Deepak Suwalka, Rohit Avasthi — Tue, 07 Apr 2026 00:00:00 +0000

Background: Nurses face high rates of occupational stress and burnout. Knowledge of available mental health resources and strategies for burnout prevention is critical for well-being and retention. This study evaluated the effect of a workplace-based structured teaching program (STP) on nurses' knowledge of mental health resources and burnout prevention strategies.

Methods: A quasi-experimental one-group pretest–posttest study was conducted among 132 nurses at Krishna Super Speciality Hospital, Kanpur. A structured teaching program (STP) of four weekly sessions addressed burnout recognition, mental health resources, self-care, and peer support. Data were analyzed using paired t-test and repeated-measures ANOVA.

Results: Mean knowledge scores increased from 10.8 ± 3.6 (43.2%) at baseline to 18.4 ± 3.1 (73.6%) post-intervention (p < 0.001), with retention at 16.2 ± 3.7 (64.8%) after three months. Confidence in accessing mental health resources improved from 28% to 76%.

Conclusion: The STP significantly enhanced and sustained nurses’ knowledge and confidence regarding mental health resources and burnout prevention. Incorporating such programs into workplace wellbeing initiatives is recommended.

"Knowledge and Skill Enhancement through BLS and ACLS Education among Nursing Officers"

Pawan Kumar, Rohit Avasthi — Tue, 07 Apr 2026 00:00:00 +0000

Background: Basic Life Support (BLS) and Advanced Cardiac Life Support (ACLS) are critical emergency care skills that significantly influence patient survival outcomes. Continuous education and training enhance nurses’ competency and confidence in managing cardiac emergencies.

Methods: A quasi-experimental one-group pretest–posttest design was adopted. The study was conducted among 60 nursing officers at RUHS Hospital Jaipur,, Rajasthan. A structured questionnaire (25 items) assessed knowledge and a standardized checklist (20 items) assessed skill performance in simulated emergency settings. The intervention consisted of a two-day educational program including lectures, demonstrations, and return demonstrations.

Results: The mean pretest knowledge score was 12.43 ± 2.75, which increased to 20.18 ± 2.14 post-intervention. The mean skill score improved from 8.96 ± 3.11 to 17.62 ± 2.03 after training. A significant difference was observed between pretest and posttest scores for both knowledge and skill (p < 0.001). No significant association was found between pretest knowledge and demographic variables such as age, gender, or years of experience.

Conclusion: The educational intervention was highly effective in enhancing both knowledge and skill regarding BLS and ACLS among nursing officers. Regular training and periodic refresher courses are recommended to maintain competence and confidence in handling cardiac emergencies.

Effectiveness of Structure Teaching Programme on Knowledge Regarding Prevention of Varicose Veins Among School Teachers of Selected Schools at Udaipur

Pradeep Purohit, Rohit Avasthi — Tue, 07 Apr 2026 00:00:00 +0000

Background: Varicose veins are a common occupational hazard among professionals exposed to prolonged standing. Occupational groups such as nurses, school teachers and traffic police officers etc are at highest risk so preventive education is essential to decrease complications. This study evaluates the effectiveness of a Structured teaching programme in improving knowledge regarding prevention of varicose veins among school teachers.
Methods: A pre-experimental one-group pretest–posttest design was used among 60 participants. Data were collected using a structured questionnaire and analyzed using paired t-test.

Results: Mean post-test knowledge scores 22.5 (75%) were significantly higher than pre-test scores 8 (26.7%) the ‘t’ value of 28.43 is significantly higher than the tabular value 2.00 at 0.05 level of significance, indicating effectiveness of structured teaching programme.

Conclusion: STP significantly improved knowledge regarding prevention of varicose veins among school teachers

Evaluation Of The Dual Income Tax Regime In India: A Comparative Study Of Taxpayer Preferences

Salma Begum, Meghana — Wed, 08 Apr 2026 00:00:00 +0000

This paper aims to examine the impact of India’s dual income tax system on the decision-making behavior of individual taxpayers. The primary aim of the study is to examine the behavior of salaried employees in choosing between the old tax regime and the new tax regime. The factors influencing their behavior would also be identified. This paper is based on a sample size of 200 salaried employees in Bangalore. The research design adopted in this paper is descriptive and analytical in nature. The primary data was collected through structured questionnaires. Relevant information was also collected through secondary sources. Statistical methods such as Chi-square tests, ANOVA tests, and correlation tests were employed to analyze the data.

The results show that the majority of the respondents still prefer the old tax regime because of the availability of deductions and exemptions. The new tax regime is preferred by those who prefer simple and easy tax compliance. The results also show that the level of income is one of the factors that affect the tax regime preference. There is a difference in the tax regime preference at different levels of income. Taxpayer awareness is also one of the factors that affect tax regime preference. Higher levels of tax awareness result in more confident decisions.

The results show that tax regime preference is affected by factors other than financial factors. Behavioral factors such as ease, familiarity, and risk also affect tax regime preference. Taxpayer education should be improved to help taxpayers make informed decisions in the dual tax system in India.

Marketing Strategy in Emerging Economies: Opportunities, Innovations, and Startup Perspectives in Developing Market Environments

G. Suguna Valli, K. Latha, S. Heram — Wed, 15 Apr 2026 00:00:00 +0000

The Emerging economies present significant growth potential for businesses due to expanding consumer markets, rapid digital adoption, and increasing entrepreneurial activity. However, firms operating in these environments face persistent constraints, including infrastructure gaps, regulatory uncertainty, price-sensitive consumers, and diverse socio-cultural contexts. This study examines marketing strategies suited to developing market environments, highlighting opportunities, operational challenges, and innovative approaches adopted by businesses to remain competitive. Particular attention is given to startups, which increasingly leverage digital platforms, social commerce, community-based engagement, and localized marketing to overcome resource limitations and build customer trust. The study underscores how innovation in distribution, mobile-first communication, and cost-effective digital promotion enables firms to access underserved markets while adapting to local consumer behavior. The findings contribute to understanding how businesses, especially startups, can design resilient marketing strategies that balance affordability, accessibility, and technological innovation in emerging economies. The research offers insights for entrepreneurs, policymakers, and scholars seeking to strengthen sustainable business growth in developing market contexts.

Global Stock Market Interconnectedness During Systemic Crises: A Comparative Analysis of the Global Financial Crisis and the COVID-19 Pandemic

Annu Aggarwal, Gangadhar G Hugar — Wed, 15 Apr 2026 00:00:00 +0000

The knowledge of the transmission of financial shocks in globally integrated markets is critical in determining the systemic risk and financial stability. This paper analyses the cross-market spillovers between key equity markets across the world during two significant crisis periods, Global Financial Crisis (GFC) and COVID-19 pandemic based on daily data of nine developed and emerging market indices between 2006 and 2021. To portray the scale as well as the dynamics of the interconnectedness in the markets, a complete econometric structure is used, which incorporates the Dynamic Conditional Correlation (DCC-GARCH) model, the Diebold-Yilmaz spillover index, rolling spillover analysis, and Granger causality tests. The findings indicate that financial crises become an eminent trigger to global market connectedness. The rate of return spillovers rises to 64.54% and 62.96% in the GFC and COVID-19 crisis, respectively, which is higher than the rate of 52.57% during the benchmark period. The response of the volatility spillovers is even stronger, increasing between the periods of the benchmark of 45.69% up to the GFC period of 63.93% and to the COVID-19 period of 67.31%. The rolling spillover estimates also show significant peaks of interconnectedness around the key events of crisis, marking the speed at which the shocks spread in the markets. Directional spillover analysis implies that developed markets are often net transmitters of shocks, whereas the emerging ones are often absorbers of a larger proportion of transmitted volatility. In general, the results can be considered to suggest that a COVID-19 crisis produced more extensive and accelerated spillover effects than the GFC, which points to the high level of the integration and information-based nature of the modern financial markets. This study will add to the literature on financial contagion by offering a comparative evaluation of two international crisis events in the context of a single empirical framework and the policy implications this study will provide insightful information to investors and policymakers on the issue of systemic risk monitoring and portfolio risk management in markets that are becoming more and more interdependent.

An Empirical Study on Critical Success Factors Influencing Health Insurance Purchase Decisions

Poonam G. Ingle, Sachin Pachorkar — Wed, 15 Apr 2026 00:00:00 +0000

Health insurance has become one of the essential tools of financial protection against health shocks, especially in developing economies with high out-of-pocket medical expenditure. The study aims to investigate the critical success factors of health insurance purchasing decisions by individual consumers. Using primary data obtained through a structured questionnaire, the survey was conducted for 185 respondents. It is carried out for Nashik city. The study evaluates the relationship of the constructs perceived risk (because there are some who perceive further or realized risk in these products, and also the possibility that these products are risk-prone), awareness and knowledge (as several who may be unaware or knowledgeable about these products and are often unknowledgeable the complete scope of these products), premium affordability, trust in insurance provider, quality of service, claim settlement experience and policy benefit on purchase intention and purchase behavior. The study used a quantitative research design and applied statistical tools such as descriptive analysis, reliability test, correlation, and regression analysis to identify the relative impact of each factor. The results show that confidence on insurers', clarity of policy phrase, & efficiency of claim settlement processes are weighed more over purchase intention, pricing of premiums, & value of the coverage perceived. The results provide the valuable insights for the insurance companies, policymakers, and regulators to create focus-based products, offer better transparency, and strengthen outreach plans to increase insurance penetration.