The Debate on Agriculture-Industry Terms of Trade in India
In this paper, we focus on the vast literature that involved analysis of the agriculture-industry terms of trade in India. We first state the key policy issues that are found to be associated with changes in terms of trade variable, and subsequently discuss specific issues concerning the empirical estimation of agricultural terms of trade. We find that the barter terms of trade measure may not only be subject to an aggregation error associated with the index number construction, but is also exposed to the aggregation problems of empirical estimation. We also undertake a set of statistical tests to examine the difference among various agricultural net barter terms of trade series on India. The results indicate that in spite of the methodological differences, the alternate series reflect similar attributes over comparable time periods.
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