Reading a Target Zone in Keynes's Indian Currency and Finance

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.

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Year of publication:	1994-08
Authors:	Smith, Gregor W.
Institutions:	Economics Department, Queen's University
Subject:	target zone \| Indian currency question \| gold exchange standard

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	forthcoming in the Economic Journal Number 1251 12 pages
Classification:	F31 - Foreign Exchange ; N13 - Europe: Pre-1913 ; N15 - Asia including Middle East
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008764500