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Is Broad Money Endogenous in India? Hypothese and Some Evidence

S. Dash and Ashima Goyal

Working Papers from Indira Gandhi Institute of Development Research-

Abstract: A new specification of the supply function of commercial bank credit is employed to examine the degree of endogeneity of broad money, and its response to certain structural variables in the Indian context. The specification allows us to avoid the identification problems that occur in a single equation format, and gives insights on the money supply process in India. The paper finds that broad money responds to the demand for speculative credit.

Keywords: INDIA; MONEY; BANKS; CREDIT (search for similar items in EconPapers)
JEL-codes: E51 G21 (search for similar items in EconPapers)
Pages: 24 pages
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:fth:indgan:130

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