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Does Full Sterilization Feasible in Era of Excess Volatility: Evidence from India

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  • Chandan Sharma

    ()
    (Economics and Business Policy, FORE School of Mangement)

Abstract

India has accumulated a huge pile of international reserves, which is certainly more than the country's precautionary requirements. In this study, I test the extent and impact of the sterilization in India by using Toda and Yamamoto version of Granger Causality and Impulse Response function. The results of the analysis reveal that in India, the central bank (RBI) has been pursuing the sterilization policy, however, not able to fully insulate the domestic market from the external shocks.

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File URL: http://www.accessecon.com/Pubs/EB/2009/Volume29/EB-09-V29-I4-P47.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 29 (2009)
Issue (Month): 4 ()
Pages: 2944-2950

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Handle: RePEc:ebl:ecbull:eb-09-00553

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Related research

Keywords: Sterilization; Money Supply; India.;

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  1. Aizenman, Joshua & Marion, Nancy, 2003. "The high demand for international reserves in the Far East: What is going on?," Journal of the Japanese and International Economies, Elsevier, vol. 17(3), pages 370-400, September.
  2. Inoue, Takeshi & Hamori, Shigeyuki, 2008. "An empirical analysis of the money demand function in India," IDE Discussion Papers 166, Institute of Developing Economies, Japan External Trade Organization(JETRO).
  3. Toda, Hiro Y. & Yamamoto, Taku, 1995. "Statistical inference in vector autoregressions with possibly integrated processes," Journal of Econometrics, Elsevier, vol. 66(1-2), pages 225-250.
  4. Aizenman, Joshua & LEE, JAEWOO, 2005. "International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence," Santa Cruz Department of Economics, Working Paper Series qt2tn4w8x6, Department of Economics, UC Santa Cruz.
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