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The Demand for Money and Financial Innovation: An Empirical Verification in India

Author

Listed:
  • Masudul Hasan Adil
  • Neeraj Hatekar
  • Pravakar Sahoo

    (Institute of Economic Growth, Delhi)

Abstract

Vulnerability to poverty, which broadly captures the susceptibility to becoming poor in the future, has become an integral part of any deprivation assessment. In this paper we take a fresh look at measuring vulnerability, where we separate out the identiÖcation part of whether an individual is vulnerable, from the aggregation part which measures the level of vulnerability of the individual. In doing so, we also take into account the substantial informational challenges that one faces in the context of measuring vulnerability. These challenges lead us to propose identiÖcation rules which are not too demanding in terms of information. We axiomatically characterise several identiÖcation rules and a widely used measure of vulnerability. This allow us to have a deeper insight into normative judgements behind those criteria. Further, we provide an empirical illustration of the identification and measurement rules proposed in this paper using real world data from Bangladesh.

Suggested Citation

  • Masudul Hasan Adil & Neeraj Hatekar & Pravakar Sahoo, 2019. "The Demand for Money and Financial Innovation: An Empirical Verification in India," IEG Working Papers 380, Institute of Economic Growth.
    • Handle: RePEc:awe:wpaper:380
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    More about this item

    Keywords

    ARDL; CUSUM and CUSUMQ; co-integration; financial innovation; India; money demand function;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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