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The Saving-Investment Dynamics And Financial Sector Reforms in India

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  • Ang, James

Abstract

While many developing countries have reformed their financial systems over the last few decades, how an increased level of financial liberalization affects the saving-investment relationship remains unclear. This paper examines the dynamic relationship between the domestic saving and investment rates in India by controlling for the level of financial liberalization. Using data over the period 1950-2005, the results indicate that greater financial liberalization enables more domestic resources to be channeled to investment activities.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14498.

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Date of creation: 2009
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Handle: RePEc:pra:mprapa:14498

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Keywords: Saving; Investment; Financial Liberalization; India;

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  2. De Vita, Glauco & Abbott, Andrew, 2002. "Are saving and investment cointegrated? An ARDL bounds testing approach," Economics Letters, Elsevier, Elsevier, vol. 77(2), pages 293-299, October.
  3. Chinn, Menzie D. & Ito, Hiro, 2007. "Current account balances, financial development and institutions: Assaying the world "saving glut"," Journal of International Money and Finance, Elsevier, Elsevier, vol. 26(4), pages 546-569, June.
  4. James B. Ang & Warwick J. McKibbin, 2005. "Financial Liberalization, Financial Sector Development And Growth: Evidence From Malaysia," CAMA Working Papers 2005-05, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
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  9. Jansen, W Jos & Schulze, Gunther G, 1996. "Theory-Based Measurement of the Saving-Investment Correlation with an Application to Norway," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 34(1), pages 116-32, January.
  10. Maurice Obstfeld, 1985. "Capital Mobility in the World Economy: Theory and Measurement," NBER Working Papers 1692, National Bureau of Economic Research, Inc.
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  13. Inder, Brett, 1993. "Estimating long-run relationships in economics : A comparison of different approaches," Journal of Econometrics, Elsevier, Elsevier, vol. 57(1-3), pages 53-68.
  14. Coakley, Jerry & Kulasi, Farida & Smith, Ron, 1996. "Current Account Solvency and the Feldstein-Horioka Puzzle," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 106(436), pages 620-27, May.
  15. Bewley, R. A., 1979. "The direct estimation of the equilibrium response in a linear dynamic model," Economics Letters, Elsevier, Elsevier, vol. 3(4), pages 357-361.
  16. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
  17. Payne, James E., 2005. "Savings-investment dynamics in Mexico," Journal of Policy Modeling, Elsevier, Elsevier, vol. 27(5), pages 525-534, July.
  18. Kasuga, Hidefumi, 2004. "Saving-investment correlations in developing countries," Economics Letters, Elsevier, Elsevier, vol. 83(3), pages 371-376, June.
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