Temporal Causality Between Money and Prices in LDCs and the Error-Correction Approach: New Evidence from India
AbstractThis paper is an attempt at re-examining the question of causality between money and prices in the context of an Asian developing economy such as India. Consistent with the view of the monetarist but contrary to that of the structuralist, the study based on an improved methodology hitherto untried, tends to suggest that the money supply was the leading variable and price was the lagging variable in the case of India during the period under consideration 1961 through 1990.
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Bibliographic InfoArticle provided by Department of Economics, Delhi School of Economics in its journal Indian Economic Review.
Volume (Year): 29 (1994)
Issue (Month): 1 (January)
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Find related papers by JEL classification:
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
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- Indrani Chakraborty, 2001. "Economic reforms, capital inflows and macro economic impact in India," Centre for Development Studies, Trivendrum Working Papers 311, Centre for Development Studies, Trivendrum, India.
- Masih, Abul M. M. & Masih, Rumi, 1996. "Empirical tests to discern the dynamic causal chain in macroeconomic activity: new evidence from Thailand and Malaysia based on a multivariate cointegration/vector error-correction modeling approach," Journal of Policy Modeling, Elsevier, vol. 18(5), pages 531-560, October.
- Ansari, M. I., 1996. "Monetary vs. fiscal policy: Some evidence from vector autoregression for India," Journal of Asian Economics, Elsevier, vol. 7(4), pages 677-698.
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