Volume I, Issue 1, 2025
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Sri Lanka has struggled for many years with instability, economic stagnation, and a volatile business environment and also struggled with the macroeconomic issue of a double deficit, which includes a fiscal deficit as well as a balance of payments, foreign exchange, and deficit due to years of poor economic management and government corruption. This study analysed the reasons behind Sri Lanka’s economic debt crisis and also explained the debt trap of the Chinese economy, focusing on. The qualitative research method was used with the help of secondary data sources. The findings show the underlying elements that are the primary causes of this situation, including Sri Lanka's excessive reliance on Chinese economic aid and loans, redundant policies of the Sri Lankan government, rising foreign debt to Sri Lanka and also how India assisted Sri Lanka during its crisis and what is the measure taken by the government to fight back the crisis.
© The Author(s) 2025. Published by RITHA Publishing. This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited maintaining attribution to the author(s) and the title of the work, journal citation and URL DOI.
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This study investigates whether democratic values, representation, rights, participation, and rule of law, are converging or diverging across countries over the period 1991 to 2022. Using panel data from 152 countries drawn from the Global State of Democracy Indices, we employ spatial econometric techniques, including Spatial Durbin and General Nesting Spatial Models, to assess both absolute and conditional σ-convergence. Our results reveal a global pattern of divergence across all four dimensions, with significant spatial dependence. Spatial spillover effects vary by dimension: representation and participation show robust positive externalities, while rights and rule of law display limited or negative spatial diffusion. A continent-level disaggregation uncovers substantial heterogeneity: Africa and South America exhibit positive regional convergence effects, whereas Europe, North America, and Asia show weak or even adverse spillovers. These findings suggest that democratic development is not uniformly diffused but shaped by complex spatial dynamics and regional political contexts. The study contributes to theories of democratic diffusion by reframing convergence as a spatial process of value alignment rather than institutional isomorphism.
© The Author(s) 2025. Published by RITHA Publishing. This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited maintaining attribution to the author(s) and the title of the work, journal citation and URL DOI.
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This study constructs an Aggregate Financial Stability Index (AFSI) for Bangladesh to evaluate the systemic health and resilience of the country’s financial system during the period 2016–2024. The index incorporates 19 macro-financial indicators across four key sectors: Real Sector, Financial and Monetary Sector, Fiscal Sector, and External Sector. Using a normalized scoring approach and equal weighting scheme, sub-indices were aggregated to form a comprehensive measure of financial stability.
The findings indicate that while the Real and Fiscal sectors demonstrated modest improvements in FY2024, overall financial stability deteriorated, largely due to poor performance in the Financial and Monetary Sector and continued weakness in the External Sector. Key stress indicators include rising non-performing loans, declining capital adequacy ratios, weak capital market performance, growing external debt, and shrinking foreign exchange reserves. The study highlights the interconnectedness of macro-financial sectors and the urgent need for structural reforms, stronger regulatory oversight, and enhanced macroprudential policy coordination. The AFSI framework developed in this paper offers an early warning tool for policymakers and contributes to the literature on financial stability measurement in emerging economies.
© The Author(s) 2025. Published by RITHA Publishing. This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited maintaining attribution to the author(s) and the title of the work, journal citation and URL DOI.
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This study analyses the existence of structural breaks and market anomalies in the Indian stock market during catastrophic periods from 1990 to 2023. We employ OLS dummy variable techniques to identify seasonal anomalies and the Chow breakpoint test to detect structural breaks in the BSE and NSE indices. Our findings reveal a significant December effect in the NSE, while the BSE shows no such significant monthly anomalies. The Chow test results indicate that major crises, including the 1992 security scam, the 2008 global meltdown, the 2009 political regime change, and the 2020-21 pandemic, were significant catalysts for a continuing swing in the level of Indian stock indices.
This research contributes to the literature by demonstrating that while market anomalies can exist, structural breaks during catastrophic events are a more significant factor influencing the Indian stock market. Our findings have important practical implications for investors, policymakers, and regulators, highlighting the need to account for both seasonal effects and the impact of systemic crises when analyzing market behavior.
© The Author(s) 2025. Published by RITHA Publishing. This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited maintaining attribution to the author(s) and the title of the work, journal citation and URL DOI.
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The transition to renewable energy is accelerating globally due to climate imperatives and the need for sustainable energy systems. However, renewable energy projects face complex and multidimensional risks that can impede their viability and success. This review explores key risk categories which include financial, environmental, social, legal, and project management, affecting renewable energy projects, particularly in emerging economies. The study highlights established and emerging risk assessment methodologies, including qualitative tools such as the strengths, weaknesses, opportunities, threats (SWOT) analysis and risk matrices, and quantitative techniques like Monte Carlo simulation and Failure Mode and Effect Analysis (FMEA). Risk mitigation strategies are also categorised across technical, financial, legal, environmental, and managerial dimensions. Innovations such as artificial intelligence, IoT, blockchain, digital twins, and Environmental, Social, and Governance (ESG) linked financing are transforming the risk landscape by enhancing monitoring, prediction, and stakeholder confidence. The integration of climate resilience and adaptive planning into renewable energy development is identified as a key trend for improving long-term project sustainability. The review concludes by identifying gaps in data-driven and context-specific risk models, proposing a more integrated and technology-enabled approach to risk governance in renewable energy systems.
© The Author(s) 2025. Published by RITHA Publishing. This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited maintaining attribution to the author(s) and the title of the work, journal citation and URL DOI.
