期刊名称：Journal of Applied Economics and Business Research
电子版ISSN：1927-033X
出版年度：2014
卷号：4
期号：3
页码：189-209
出版社：Journal of Applied Economics and Business Research
摘要：The article presents a study to understand the behavior of money velocity for different money stock measures in India for the period 1982 – 2012 along with the important factors by which they get influenced. The first part checks the random walk hypothesis for money velocity fluctuations. The results show that the velocities do not exhibit random walk behavior which proved to be useful for analysis of money velocity dynamics. The causality tests show that the recent developments in electronic transactions are yet to have an impact on money velocity. The last part analyzes the impact of external sectors which includes the trade, the debt inflows, remittances from abroad, investments in India and the interventions from Reserve Bank of India on money velocity suitably in a VAR (1) framework and responses of the variables in future to shocks in the other variables at present have been analyzed using impulse response functions.
关键词：Money Velocity; Money stock measures; Granger Causality; VAR
