Reading a Target Zone in Keynes's 'Indian Currency and Finance.'
AbstractThe gold-exchange standard in India, 1893-1913, was characterized by a narrow target zone for the exchange rate, a wide annual range for the international interest-rate differential, and negative (seasonal) autocorrelation in interest rates. These properties are consistent with a standard target-zone model in which fundamentals are negatively autocorrelated on a Markov chain. Copyright 1995 by Royal Economic Society.
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Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 105 (1995)
Issue (Month): 430 (May)
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Other versions of this item:
- Gregor W. Smith, 1994. "Reading a Target Zone in Keynes's Indian Currency and Finance," Working Papers 1251, Queen's University, Department of Economics.
- F31 - International Economics - - International Finance - - - Foreign Exchange
- N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
- N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
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- Flandreau, Marc & Oosterlinck, Kim, 2012. "Was the emergence of the international gold standard expected? Evidence from Indian Government securities," Journal of Monetary Economics, Elsevier, vol. 59(7), pages 649-669.
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