Demand for money in India: 1953-2003

B. Rao and Rup Singh

Applied Economics, 2006, vol. 38, issue 11, 1319-1326

Abstract: The demand for money, especially in the developing countries, is an important relationship for formulating appropriate monetary policy and targeting monetary variables. In this paper the demand for narrow money in India is estimated and its robustness evaluated. It is found that there is a stable demand for money for almost half a century from 1953 to 2003. There is no evidence for any significant effects of the 1991 financial reforms.

Date: 2006
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DOI: 10.1080/00036840500396228

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