Introduction: Srivastava and Sen (1997) have advanced a framework for the study of government subsidies in India. Their …

In India, the pace of financial innovation was relatively slow until the initiation of the financial liberalization … subaggregates we construct an overall aggregate of financial savings in India. …

-asset substitutability. We conduct nonparametric tests to examine whether data on financial savings in India can be rationalized in terms of … that data on financial savings in India are consistent with the existence of a utility function for a representative …