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A Divisia type saving aggregate for India

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  • Raghbendra Jha
  • Ibotombi Longjam

Abstract

Indian financial sector reforms initiated in 1991-92 have significantly affected user costs of assets and have resulted in significant substitution among them. Thus there is a need to develop a measure of savings that reflects household choice over assets more accurately than the simple sum. An advantage of monetary aggregates that are based on microtheoretic foundations, for example, the Divisia index, is that no a priori assumptions about asset substitutability need be imposed. We construct Divisia subaggregates of the financial assets component of Indian household savings and an overall aggregate of financial savings and demonstrate their superiority to the simple sum constructs.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/17520840701834966
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Macroeconomics and Finance in Emerging Market Economies.

Volume (Year): 1 (2008)
Issue (Month): 1 ()
Pages: 51-66

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Handle: RePEc:taf:macfem:v:1:y:2008:i:1:p:51-66

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Related research

Keywords: Divisia aggregates; financial savings;

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References

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  1. Gallant, A. Ronald, 1981. "On the bias in flexible functional forms and an essentially unbiased form : The fourier flexible form," Journal of Econometrics, Elsevier, vol. 15(2), pages 211-245, February.
  2. Henri Theil, 1969. "On the use of Information Theory Concepts in the Analysis of Financial Statements," Management Science, INFORMS, vol. 15(9), pages 459-480, May.
  3. Raghbendra Jha & Ibotombi S. Longjam, 2003. "Structure of Financial Savings during Indian Economic Reforms," ASARC Working Papers 2003-03, The Australian National University, Australia South Asia Research Centre.
  4. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
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  7. Barnett, William A, 1982. "The Optimal Level of Monetary Aggregation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(4), pages 687-710, November.
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  10. Barnett, William A., 1978. "The user cost of money," Economics Letters, Elsevier, vol. 1(2), pages 145-149.
  11. Barnett, William A., 1980. "Economic monetary aggregates an application of index number and aggregation theory," Journal of Econometrics, Elsevier, vol. 14(1), pages 11-48, September.
  12. Hulten, Charles R, 1973. "Divisia Index Numbers," Econometrica, Econometric Society, vol. 41(6), pages 1017-25, November.
  13. Drake, L. & Mullineux, A., 1995. "One Divisa Money for Europe?," Discussion Papers 95-04, Department of Economics, University of Birmingham.
  14. Chetty, V Karuppan, 1969. "On Measuring the Nearness of the Near-Moneys," American Economic Review, American Economic Association, vol. 59(3), pages 270-81, June.
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