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Structure of financial savings during Indian economic reforms

Jha, Raghbendra; Longjam, Ibotombi S

Description

In an economy undergoing structural reforms the composition of savings goes through considerable change. It is important to understand such changes both for increasing the volume of aggregate savings (to garner resources for higher economic growth) as well as affecting their composition (towards more productive instruments) through an understanding of inter-asset substitutability. We conduct nonparametric tests to examine whether data on financial savings in India can be rationalized in terms...[Show more]

dc.contributor.authorJha, Raghbendra
dc.contributor.authorLongjam, Ibotombi S
dc.date.accessioned2003-07-18
dc.date.accessioned2004-05-19T10:44:47Z
dc.date.accessioned2011-01-05T08:24:25Z
dc.date.available2004-05-19T10:44:47Z
dc.date.available2011-01-05T08:24:25Z
dc.date.created2003
dc.identifier.issn1681-8997
dc.identifier.urihttp://hdl.handle.net/1885/40607
dc.identifier.urihttp://digitalcollections.anu.edu.au/handle/1885/40607
dc.description.abstractIn an economy undergoing structural reforms the composition of savings goes through considerable change. It is important to understand such changes both for increasing the volume of aggregate savings (to garner resources for higher economic growth) as well as affecting their composition (towards more productive instruments) through an understanding of inter-asset substitutability. We conduct nonparametric tests to examine whether data on financial savings in India can be rationalized in terms of a utility function of a representative economic agent. The parametric test has the disadvantage that in some cases it is not possible to distinguish between rejections of the functional form from a rejection of weak separability. We establish that data on financial savings in India are consistent with the existence of a utility function for a representative individual with a sub-preference where contractual savings (insurance and provident funds) can be separated out. This would facilitate construction of a suitable financial aggregate using these assets.
dc.format.extent76640 bytes
dc.format.extent352 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypeapplication/octet-stream
dc.language.isoen_AU
dc.publisherSpringer
dc.sourceEmpirical Economics Letters, The
dc.subjectnon-parametric estimation
dc.subjectfinancial assets
dc.subjectIndia
dc.titleStructure of financial savings during Indian economic reforms
dc.typeWorking/Technical Paper
local.description.refereedno
local.identifier.citationvolume31
local.identifier.citationyear2003
local.identifier.eprintid1703
local.rights.ispublishedyes
local.identifier.absfor140212 - Macroeconomics (incl. Monetary and Fiscal Theory)
local.identifier.ariespublicationu4002919xPUB34
local.type.statusPublished Version
local.contributor.affiliationANU
local.contributor.affiliationASARC, RSPAS
local.citationWorking Paper no.2003/03
local.bibliographicCitation.issue4
local.bibliographicCitation.startpage861
local.bibliographicCitation.lastpage869
local.identifier.doi10.1007/s00181-006-0058-5
dc.date.updated2015-12-08T03:28:34Z
local.identifier.scopusID2-s2.0-33750112788
CollectionsANU Research Publications

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