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Exchange Rate, Tariff and Trade Flows: Alternative Policy Scenarios for India

Author

Listed:
  • K. Krishnamurty

    (Institute of Economic Growth)

  • V. Pandit

    (Delhi School of Economics)

Abstract

The paper presents a moderately disaggregative model of India's trade flows covering the period 1971-91. It incorporates distinct demand -supply factors, takes into account the effect of relative prices, import tariffs, export subsidies, and levels of economic activity and allows for adjustments in domestic prices in response to exchange rate adjustments. The model is solved forward to assess the impact on trade flows and possible policy implications under the following scenarios: (a) accelerated domestic growth, (b) depreciation of nominal exchange rate, (c) reduction in tariffs and subsidies, and (d) sustained higher world economic growth.

Suggested Citation

  • K. Krishnamurty & V. Pandit, 1996. "Exchange Rate, Tariff and Trade Flows: Alternative Policy Scenarios for India," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 31(1), pages 57-89, January.
    • Handle: RePEc:dse:indecr:v:35:y:1996:i:1:p:57-89
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    Citations

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    Cited by:

    1. Sushanta Mallick, 2004. "A dynamic macroeconometric model for short-run stabilization in India," Applied Economics, Taylor & Francis Journals, vol. 36(3), pages 261-276.
    2. K. N. Murty & A. Soumya, 2006. "Effects of Public Investment in Infrastructure on Growth and Poverty in India," Macroeconomics Working Papers 22373, East Asian Bureau of Economic Research.
    3. Mallick, Sushanta K., 2005. "Tight credit policy versus currency depreciation: Simulations from a trade and inflation model of India," Journal of Policy Modeling, Elsevier, vol. 27(5), pages 611-627, July.
    4. Valadkhani, Abbas, 2005. "Macroeconometric Modelling: Approaches and Experiences in Developing Countries," Economics Working Papers wp05-10, School of Economics, University of Wollongong, NSW, Australia.
    5. K.N. Murty & A. Soumya, 2011. "Macroeconomic effects of public investment in infrastructure in India," International Journal of Trade and Global Markets, Inderscience Enterprises Ltd, vol. 4(2), pages 187-211.
    6. N.R. Bhanumurthy & Sukanya Bose & Swayamsiddha Panda, 2014. "Modelling India’s External Sector: Review and Some Empirics," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 8(4), pages 457-493, November.
    7. Bhanumurthy, N.R. & Bose, Sukanya & Panda, Swayamsiddha, 2014. "Modeling India's External Sector: Review and Some Empirics," Working Papers 14/138, National Institute of Public Finance and Policy.

    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications

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