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An Econometric Analysis of Impact of Public Issue on Economic Development in India during 1989-2009

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  • Das, Tapas
  • Das, Seshanwita
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    Abstract

    This paper examines the empirical association between public issue and economic development (GDP) during the period 1989-2009. With help of log-lin regression model, we found that public issue had a positive significant impact on India’s economic development during this period, which survives almost all diagnostic tests of Classical Linear Regression Model. But, the relationship between public issue and economic development during this period, though had drastically undergone a structural change after 1997 South-east Asian Crisis, evidenced by residuals of recursive least squares, CUSUM test, CUSUMSQ test and Chow’s Predictive Failure test, but had remained stable after 2007 Subprime Crisis.

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    File URL: http://mpra.ub.uni-muenchen.de/53066/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 53066.

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    Date of creation: Jul 2012
    Date of revision: Sep 2012
    Publication status: Published in Inrternational Journal of Management, IT & Engineering 10.2(2012): pp. 679-693
    Handle: RePEc:pra:mprapa:53066

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    Related research

    Keywords: Public Issue; Economic Development; Econometric Analysis;

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    1. Greenwood, Jeremy & Jovanovic, Boyan, 1990. "Financial Development, Growth, and the Distribution of Income," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1076-1107, October.
    2. Ross Levine & Norman Loayza & Thorsten Beck, 2002. "Financial Intermediation and Growth: Causality and Causes," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (S (ed.), Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084 Central Bank of Chile.
    3. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August.
    4. Beck, T.H.L. & Levine, R. & Loayza, N., 2000. "Finance and the sources of growth," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125520, Tilburg University.
    5. Capasso, Salvatore, 2006. "Stock Market Development and Economic Growth," Working Paper Series RP2006/102, World Institute for Development Economic Research (UNU-WIDER).
    6. Sarkar, Prabirjit, 2006. "Stock Market Development, Capital Accumulation and Growth in India since 1950," MPRA Paper 5050, University Library of Munich, Germany.
    7. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
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