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Weltwirtschaftliches Archiv

, Volume 121, Issue 3, pp 501–523 | Cite as

An investigation of the demand for and supply of money in India, 1951-1976

  • Shyam J. Kamath
Article
  • 22 Downloads

Keywords

Interest Rate Monetary Policy Money Supply Supply Function Monetary Authority 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Zusammenfassung

Eine Untersuchung der Geldnachfrage und des Geldangebots in Indien 1951-1976. -Dieser Aufsatz untersucht die Bedeutung verschiedener Näherungswerte für Kreditbeschränkungen und der erwarteten Inflationsrate in der Geldnachfragefunktion für Indien in den Jahren 1951-1976. Es werden verschiedene Spezifizierungen und Funktionsformen getestet. Dabei stellt sich heraus, daß Indikatoren für eine Kreditbeschränkung und die erwartete Inflationsrate sowie Anpassungsverzögerungen und Erwartungsprozesse bedeutende Argumente in der Geldnachfragefunktion für Indien sind. Auf der Basis des Geldangebotsverhaltens der Zentralbank wird eine einfache Geldangebotsfunktion erstellt, die recht gut dem empirischen Befund entspricht. Das Problem der Verzerrung bei der Schätzung von Geldnachfragefunktionen für ein Entwicklungsland wie Indien, das entsteht, wenn man keine Simultanschätzmethode anwendet, wird dann untersucht, indem auch die Geldangebotsgleichung berücksichtigt wird. Die Ergebnisse zeigen, daß eine solche Verzerrung in der betrachteten Periode nicht von Bedeutung war.

Résumé

Une investigation de la demande et l'offre de la monnaie en Inde 1951-1976. -Dans cet article l'auteur analyse l'importance des quelques indicateurs approximatifs des contraintes de crédit et le taux attendu d'inflation dans la fonction de demande de monnaie pour l'Inde pendant la période 1951-1976. Il est trouvé que les variables des contraintes de crédit et le taux attendu d'inflation aussi bien que les adaptations retardées et les processus d'expectatives sont des arguments importants dans la fonction de la demande de monnaie pour l'Inde. De plus, l'auteur formule une simple fonction de l'offre de monnaie basée sur le comportement de la banque centrale; cette fonction conforme assez bien à l'évidence empirique. Puis il analyse l'aspect du biais d'équation simultané en estimation des fonctions de demande de monnaie pour une économie développante comme l'Inde en utilisant une équation d'offre de monnaie. Les résultats de deux degrés des moindres carrés démontrent que le biais d'équation simultané n'est pas important pour la période considérée dans cette étude.

Resumen

Investigaciones sobre la demanda y la oferta de dinero en la India entre 1951 y 1976. -En este trabajo se investiga la importancia de variables «proxy» que reflejan los límites al volumen de crédita, y la de la tasa de inflatión esperada en la función de demanda de dinero para la India correspondiente al período 1951-1976. Se analizan empíricamente distintas especificaciones y formas funcionales. Se concluye que las variables que representan el límite al volúmen de crédita, la tasa de inflatión esperada, el desfasaje de ajuste y la formatión de expectativas son importantes para la función de demanda de dinero para la India. Se deriva y verifica empíricamente una función simple de oferta monetaria que representa la oferta de dinero del banco central. Luego se investiga la existencia de un sesgo por simultaneidad de ecuaciones en la estimación del modelo de demanda monetaria para un país en desarrollo como lo es la India. Los resultados obtenidos con el método de mínimos cuadrados trietápico demuestran que el sesgo por simultaneidad de ecuaciones no es importante para el período estudiado.

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Copyright information

© Institut fur Weltwirtschaft an der Universitat Kiel 1985

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  • Shyam J. Kamath

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