Reading a Target Zone in Keynes's Indian Currency and Finance
AbstractThe gold-exchange standard in India 1893-1913 was characterized by a narrow target zone for the exchange rate, a wide annual range for the international interest-rate differential, and negative (seasonal) autocorrelation in interest rates. These properties are consistent with a standard target-zone model in which fundamentals are negatively autocorrelated on a Markov chain.
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Bibliographic InfoPaper provided by Queen's University, Department of Economics in its series Working Papers with number 1251.
Length: 12 pages
Date of creation: Aug 1994
Date of revision:
Publication status: forthcoming in the Economic Journal
target zone; Indian currency question; gold exchange standard;
Other versions of this item:
- Smith, Gregor W, 1995. "Reading a Target Zone in Keynes's 'Indian Currency and Finance.'," Economic Journal, Royal Economic Society, vol. 105(430), pages 661-68, May.
- F31 - International Economics - - International Finance - - - Foreign Exchange
- N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
- N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
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- Flandreau, Marc & Oosterlinck, Kim, 2012. "Was the emergence of the international gold standard expected? Evidence from Indian Government securities," Journal of Monetary Economics, Elsevier, vol. 59(7), pages 649-669.
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