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Financial development and economic growth in India: 1970-1971 to 1998-1999

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  • Prabir Bhattacharya
  • M. N. Sivasubramanian

Abstract

This paper examines the causal relationship between financial development and economic growth in India for the period 1970-1971 to 1998-1999, using the techniques of unit root and cointegration analysis. The results show that, for the period under consideration, it is M3, representing financial sector development, which led GDP and not the other way around.

Suggested Citation

  • Prabir Bhattacharya & M. N. Sivasubramanian, 2003. "Financial development and economic growth in India: 1970-1971 to 1998-1999," Applied Financial Economics, Taylor & Francis Journals, vol. 13(12), pages 925-929.
    • Handle: RePEc:taf:apfiec:v:13:y:2003:i:12:p:925-929
    DOI: 10.1080/0960310032000129590
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