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Money, Prices, and Economic Development in India, 1861–1895

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  • Adams, John
  • West, Robert Craig

Abstract

In the late nineteenth century, when most of the world was on a gold standard, India was on a silver standard. Silver was used for coins, held in hoards, and worn as jewelry. Regression analysis confirms a positive relationship between prices and the money supply, and inverse relationships between prices and rainfall and prices and the combined influences of railroads and commercialization. The. influx of silver was not correlated with the money supply, apparently because hoarding and dishoarding by peasants and others caused the amount of money in active circulation to vary.

Suggested Citation

  • Adams, John & West, Robert Craig, 1979. "Money, Prices, and Economic Development in India, 1861–1895," The Journal of Economic History, Cambridge University Press, vol. 39(1), pages 55-68, March.
    • Handle: RePEc:cup:jechis:v:39:y:1979:i:01:p:55-68_09
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    Cited by:

    1. Fenske, James & Kala, Namrata, 2017. "Linguistic Distance and Market Integration in India," CAGE Online Working Paper Series 331, Competitive Advantage in the Global Economy (CAGE).

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