Utilizing the pooled data for 15 large Indian states spanning over six years from 1992-93 to 1997-98, this study employs panel data modes to estimate the normative (average) levels of expenditure on primary, secondary and higher education for providing the average standards of educational...

This paper attempts to test the stock market efficienty (in a semi-strong form) by investigating the relationsship between aggregate stock returns and a number of important macro variables including fiscal and monetary policy actions using the VAR methodology. This exercise is carried out using...

This paper attempts to test the long run relationships among exports, imports, gross domestic capital formation, trade policy and GDP in India using annual data from 1965- 66 to 1997- 98. The empirical framework of Vector Autoregressions (VARs) augmented with an error correction mechanism has...

This study highlights the relevance of monetary targeting in India by looking at the stability of money demand function. Employing the co-integration techniques the study concludes that despite financial liberalisation that has been taking place in India, the money demand function has been found...

Using the stock market development indicators viz., market size, liquidity, and volatility along with bank credit to GDP ratio as an indicator of banking sector development, and Index of Industrial Production (IIP) as the proxy for GDP, this paper examines the role of stock markets and banks in...

This paper applies Autoregressive Conditional Heteroskedasticity (ARCH) methodology to model volatality and its persistence based on daily returns(1992-96) of 30 blue-chip securities traded in Bombay Stock Exchange. The results of the Study show that the variance of returns varies over time and...

The main purpose of this paper is to test market effieicenty in a semi-strong form by employing price integration approaches such as the modified Ravallion model and cointegration tests. This paper also investigates whether India stock market is an effieienct processor of macro-information by...

This paper seeks to establish the superiority of the Divisia monetary aggregates over their Simple sum counterparts in India. The aggregates are constructed over weakly separable groups obtained from a nonparametric test of separability considering four assets viz, (I) currency with the public,...

This paper attempts to test for non-stationarity in the seasonal pattern of monthly stock returns in India. Using the HEGY methodology of seasonal unit roots on two monthly stock market indices viz., BSE sensitive Index and BSE 100 Index (1983:4?1999:12), the results of the study fail to confirm...

This paper addresses the important question of what happened to the Indian stock market following financial liberalisation. Considering three stock market indicators, viz., size, liquidity and volatility, and applying two time series trend break techniques of Perron (1989, 1997) on monthly data...