Reading a Target Zone in KeynesŠs Indian Currency and Finance

Gregor Smith

No 273750, Queen's Economics Department Working Papers from Queen's University - Department of Economics

Abstract: The gold-exchange standard in India 1893–1913 was characterized by a narrow target zone for the exchange rate, a wide annual range for the international interest-rate differential, and negative (seasonal) autocorrelation in interest rates. These properties are consistent with a standard target-zone model in which fundamentals are negatively autocorrelated on a Markov chain.

Keywords: Financial Economics; International Development (search for similar items in EconPapers)
Pages: 13
Date: 1994-08
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Related works:
Journal Article: Reading a Target Zone in Keynes's 'Indian Currency and Finance.' (1995)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:quedwp:273750

DOI: 10.22004/ag.econ.273750

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