Public expenditure, inflation, and growth: a macro-econometric analysis for India
The trade-off between inflation and growth is a major issue in economics, and in developing countries the problem arises mainly as a result of the dual roles played by public expenditure--which generates income and employment--and deficit financing--which triggers inflation. In this empirical analysis of the issues involved, the author uses a disaggregated macro-economic model specially developed for the mixed economy of India to discuss government budgetary constraints, resource mobilization, money supply and price levels, investment and growth, and price-wage spirals in the Indian economy.
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SOME FEATURES OF INDIAN ECONOMIC DEVELOPMENT
3 Sectoral Allocation and Rate of Investment
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aggregate demand aggregate supply agricultural output agricultural price index agricultural sector analysis assets average bank credit BBRC borrowings capital stock cent per annum changes coefficient commercial banks consumer expenditure consumption corporate tax deficit financing demand deposits determined Dummy Variable dynamic economy effect employment endogenous endogenous variables equation exogenous export factors fixed investment foreign exchange stock function government expenditure gross domestic product growth Implicit Price Deflator import increase India indirect taxes inflation interest rate inventory investment Keynesian lagged long-term manufacturing and services manufacturing sector ment monetarist monetary policy money supply multiplier non-agricultural income non-monetary payments period policy variable price level private sector public expenditure public investment public sector ratio real output Real Private Investment respect revenue and expenditure salary and wage sample mean levels services sector significant simulation structural subsidy tax rates tax revenue transactions variations wage bill wage rate XGDP