The "V-Factor": Distribution, Timing and Correlates of the Great Indian Growth Turnaround

Chetan Ghate and Stephen Wright

No 2009-010, Jena Economics Research Papers from Friedrich-Schiller-University Jena

Abstract: Following Bai (2004) and Bai and Ng (2004) we estimate a common factor representation of a panel of output series for India, disaggregated by 15 states and 14 broad industry groups. We find that a single common "V-Factor" accounts for a large part of the significant shift in the cross-sectional distribution of state-sectoral output growth rates since the mid -1980s. The time profile of the V-Factor appears to be closely related to trade liberalization.

Keywords: Economic Growth; Factor Models; Principal Components; Convergence; Divergence; Indian States (search for similar items in EconPapers)
JEL-codes: O10 O40 O47 O53 (search for similar items in EconPapers)
Date: 2009-02-01
New Economics Papers: this item is included in nep-cwa and nep-dev
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Citations: View citations in EconPapers (8)

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Related works:
Journal Article: The “V-factor”: Distribution, timing and correlates of the great Indian growth turnaround (2012)
Working Paper: V-Factor: Distribution, timing and correlates of the the great Indian growth turnaround (2008)
Working Paper: The "V-Factor": Distribution, Timing and Correlates of the Great Indian Growth Turnaround (2008)
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