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An Empirical Growth Model for India: 1954-1994

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  • Daly V.
  • Siddiki J.

Abstract

The aim of this paper is to investigate the determinants of economic growth in India for 1954-1994. We include indicators of both financial and trade policies as determinants of real per capita income. We emphasise the complementarity of these policies and assess their joint impact. Investment in physical capital and human capital are also considered and in addition, the impact of both oil shock and droughts during 1973-75 and 1979-82 is examined. Our analysis of time series data suggests that liberalisation of finance and trade and the development of Human Capital have had a positive and statistically significant impact. Our results also suggest that the second oil price shock and droughts from 1979-82 were more disruptive than the earlier episode of 1973-75.

Suggested Citation

  • Daly V. & Siddiki J., 2001. "An Empirical Growth Model for India: 1954-1994," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 141-154, July - De.
  • Handle: RePEc:ers:journl:v:iv:y:2001:i:3-4:p:141-154
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    References listed on IDEAS

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    1. Pesaran, M. H. & Shin, Y. & Smith, R. J., 1996. "Testing for the 'Existence of a Long-run Relationship'," Cambridge Working Papers in Economics 9622, Faculty of Economics, University of Cambridge.
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    3. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
    4. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 407-443.
    5. Jalal U. Siddiki, 2000. "Black market exchange rates in India: an empirical analysis," Empirical Economics, Springer, vol. 25(2), pages 297-313.
    6. Walz, Uwe, 1998. "Does an enlargement of a common market stimulate growth and convergence?," Journal of International Economics, Elsevier, vol. 45(2), pages 297-321, August.
    7. Benjamin M. Friedman & Kenneth Kuttner, 1993. "Why Does the Paper-Bill Spread Predict Real Economic Activity?," NBER Chapters,in: Business Cycles, Indicators and Forecasting, pages 213-254 National Bureau of Economic Research, Inc.
    8. Demetriades, Panicos O & Luintel, Kul B, 1996. "Financial Development, Economic Growth and Banker Sector Controls: Evidence from India," Economic Journal, Royal Economic Society, vol. 106(435), pages 359-374, March.
    9. Banerjee, Anindya & Dolado, Juan J. & Galbraith, John W. & Hendry, David, 1993. "Co-integration, Error Correction, and the Econometric Analysis of Non-Stationary Data," OUP Catalogue, Oxford University Press, number 9780198288107.
    10. repec:crs:wpaper:9645 is not listed on IDEAS
    11. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
    12. Subrata Ghatak & Stephen Price, 1997. "Export composition and economic growth: Cointegration and causality evidence for India," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 133(3), pages 538-553, September.
    13. Ghatak, Subrata & Milner, Chris & Utkulu, Utku, 1995. "Trade Liberalisation and Endogenous Growth: Some Evidence for Turkey," Economic Change and Restructuring, Springer, vol. 28(2-3), pages 147-167.
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    Cited by:

    1. Siddiki, Jalal Uddin & Morrissey, Oliver, 2006. "Capital inflows and the demand for money in South Asian countries," Economics Discussion Papers 2006-4, School of Economics, Kingston University London.

    More about this item

    Keywords

    Financial and Trade Liberalisation; Human capital; Growth; Cointegration; India.;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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