Barcode
Preface

This paper is an output of the independent empirical research undertaken to study the impact of financial crime on the Indian economy. Though there are other studies undertaken, as mentioned at the start of this paper, i.e., study undertaken by Wheeler and Mody (1992) and by Shang-Jinn Wei in 2000 regarding establishing relationship between foreign investment and host country’s risk factor, there is no such study undertaken for India which empirically determine the impact of financial crime on the Indian economy. The research undertaken by Amahalu Nestor Ndubuisi; Abiahu Mary-Fidelis Chidoziem; Okika Elochukwu Christian & Obi Juliet Chinyere titled – “Effect of Money Laundering on Nigerian Economy” is worth mentioning which followed similar methodology as used in this paper. The research paper was published in Research Journal of Financial Sustainability Reporting in 2016.

The paper used the statistical tool of Pearson Correlation Coefficient to determine the relationship between financial crime and the key socio-economic indicators of the Indian economy. Four hypotheses were tested with an objective to empirically determine the relationship between financial crime and the key socio-economic indicators. These four hypotheses assumed that financial crime does not adversely impact the key socio-economic parameters of the Indian economy. However, the testing outcomes of these four hypotheses noted that the Pearson correlation coefficient is in the range of (-) 1 to 1 evidencing the positive correlation between the financial crime and the four socio-economic key economic indicators of the Indian economy. Based on the correlation coefficient determined, all the four hypotheses are rejected and it is concluded that there is no impact of financial crime on the key socio-economic indicators of the Indian economy.

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