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Reading a Target Zone in KeynesŠs Indian Currency and Finance

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  • Smith, Gregor W.

Abstract

The 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.

Suggested Citation

  • Smith, Gregor W., 1994. "Reading a Target Zone in KeynesŠs Indian Currency and Finance," Queen's Economics Department Working Papers 273750, Queen's University - Department of Economics.
    • Handle: RePEc:ags:quedwp:273750
    DOI: 10.22004/ag.econ.273750
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    Cited by:

    1. 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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