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An Empirical Growth Model for India: 1954-1994

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  • Daly V.
  • Siddiki J.
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    Abstract

    The aim of this paper is to investigate the determinants of economic growth in India for 1954-1994. We include indicators of both financial and trade policies as determinants of real per capita income. We emphasise the complementarity of these policies and assess their joint impact. Investment in physical capital and human capital are also considered and in addition, the impact of both oil shock and droughts during 1973-75 and 1979-82 is examined. Our analysis of time series data suggests that liberalisation of finance and trade and the development of Human Capital have had a positive and statistically significant impact. Our results also suggest that the second oil price shock and droughts from 1979-82 were more disruptive than the earlier episode of 1973-75.

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    Bibliographic Info

    Article provided by European Research Studies Journal in its journal European Research Studies Journal.

    Volume (Year): IV (2001)
    Issue (Month): 3-4 (July - December)
    Pages: 141-154

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    Handle: RePEc:ers:journl:v:iv:y:2001:i:3-4:p:141-154

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    Related research

    Keywords: Financial and Trade Liberalisation; Human capital; Growth; Cointegration; India.;

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    1. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
    2. Subrata Ghatak & Stephen Price, 1997. "Export composition and economic growth: Cointegration and causality evidence for India," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 133(3), pages 538-553, September.
    3. Pesaran, M. H. & Shin, Y. & Smith, R. J., 1996. "Testing for the 'Existence of a Long-run Relationship'," Cambridge Working Papers in Economics 9622, Faculty of Economics, University of Cambridge.
    4. Walz, Uwe, 1998. "Does an enlargement of a common market stimulate growth and convergence?," Journal of International Economics, Elsevier, vol. 45(2), pages 297-321, August.
    5. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
    6. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
    7. Benjamin M. Friedman & Kenneth Kuttner, 1993. "Why Does the Paper-Bill Spread Predict Real Economic Activity?," NBER Chapters, in: Business Cycles, Indicators and Forecasting, pages 213-254 National Bureau of Economic Research, Inc.
    8. repec:fth:inseep:9645 is not listed on IDEAS
    9. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
    10. Banerjee, Anindya & Dolado, Juan J. & Galbraith, John W. & Hendry, David, 1993. "Co-integration, Error Correction, and the Econometric Analysis of Non-Stationary Data," OUP Catalogue, Oxford University Press, number 9780198288107, Octomber.
    11. Ghatak, Subrata & Milner, Chris & Utkulu, Utku, 1995. " Trade Liberalisation and Endogenous Growth: Some Evidence for Turkey," Economic Change and Restructuring, Springer, vol. 28(2-3), pages 147-67.
    12. Jalal U. Siddiki, 2000. "Black market exchange rates in India: an empirical analysis," Empirical Economics, Springer, vol. 25(2), pages 297-313.
    13. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
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