Has India emerged? Business cycle stylized facts from a transitioning economy
AbstractThis paper presents a comprehensive set of stylized facts for business cycles in India from 1950 to 2010. We show that most macroeconomic variables are less volatile in the post reform period, even though the volatility of macroeconomic variables is still high and similar to other emerging market economies. Consistent with other emerging market economies, relative consumption volatility has gone up in the post reform period. In terms of co-movement and persistence however, India looks similar to advanced economies, and less like other emerging market economies. We report evidence that these changes are driven primarily by structural changes caused by market oriented reforms, and not by “good luck.”
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Bibliographic InfoArticle provided by Elsevier in its journal Structural Change and Economic Dynamics.
Volume (Year): 24 (2013)
Issue (Month): C ()
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Web page: http://www.elsevier.com/locate/inca/525148
Emerging market business cycle models; Structural change; India's economic reforms; Good luck hypothesis;
Other versions of this item:
- Chetan Ghate & Radhika Pandey & Ila Patnaik, 2011. "Has India emerged? Business cycle stylized facts from a transitioning economy," Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers 11-05, Indian Statistical Institute, New Delhi, India.
- E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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