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Structure of Financial Savings during Indian Economic Reforms

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  • Raghbendra Jha

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  • Ibotombi S. Longjam

Abstract

In an economy undergoing structural reforms the composition of savings goes through considerable change. It is important to understand such changes both for increasing the volume of aggregate savings (to garner resources for higher economic growth) as well as affecting their composition (towards more productive instruments) through an understanding of inter-asset substitutability. We conduct nonparametric tests to examine whether data on financial savings in India can be rationalized in terms of a utility function of a representative economic agent. The parametric test has the disadvantage that in some cases it is not possible to distinguish between rejections of the functional form from a rejection of weak separability. We establish that data on financial savings in India are consistent with the existence of a utility function for a representative individual with a sub-preference where contractual savings (insurance and provident funds) can be separated out. This would facilitate construction of a suitable financial aggregate using these assets.

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File URL: https://crawford.anu.edu.au/acde/asarc/pdf/papers/2003/WP2003_03.pdf
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Bibliographic Info

Paper provided by The Australian National University, Australia South Asia Research Centre in its series ASARC Working Papers with number 2003-03.

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Length: 15
Date of creation: 2003
Date of revision:
Handle: RePEc:pas:asarcc:2003-03

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Keywords: Non-parametric estimation; financial assets; India;

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  1. Varian, Hal R., 1985. "Non-parametric analysis of optimizing behavior with measurement error," Journal of Econometrics, Elsevier, vol. 30(1-2), pages 445-458.
  2. Swofford, James L. & Whitney, Gerald A., 1994. "A revealed preference test for weakly separable utility maximization with incomplete adjustment," Journal of Econometrics, Elsevier, vol. 60(1-2), pages 235-249.
  3. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, vol. 50(4), pages 945-73, July.
  4. Barnett, William A & Choi, Seungmook, 1989. "A Monte Carlo Study of Tests of Blockwise Weak Separability," Journal of Business & Economic Statistics, American Statistical Association, vol. 7(3), pages 363-77, July.
  5. Varian, Hal R, 1983. "Non-Parametric Tests of Consumer Behaviour," Review of Economic Studies, Wiley Blackwell, vol. 50(1), pages 99-110, January.
  6. Barnett, William A., 1978. "The user cost of money," Economics Letters, Elsevier, vol. 1(2), pages 145-149.
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Cited by:
  1. Raghbendra Jha & Ibotombi Longjam, 2008. "A Divisia type saving aggregate for India," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 1(1), pages 51-66.
  2. Hjertstrand, Per, 2013. "A Simple Method to Account for Measurement Errors in Revealed Preference Tests," Working Paper Series 990, Research Institute of Industrial Economics.

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