Financial development and economic growth in India: 1970-1971 to 1998-1999

Prabir Bhattacharya and M. N. Sivasubramanian

Applied Financial Economics, 2003, vol. 13, issue 12, 925-929

Abstract: This paper examines the causal relationship between financial development and economic growth in India for the period 1970-1971 to 1998-1999, using the techniques of unit root and cointegration analysis. The results show that, for the period under consideration, it is M3, representing financial sector development, which led GDP and not the other way around.

Date: 2003
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DOI: 10.1080/0960310032000129590

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