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Modelling currency in circulation in India

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  • Kaushik Bhattacharya
  • Himanshu Joshi

Abstract

In the literature, currency in circulation is typically estimated either by specifying a standard currency demand equation based on the theory of transaction or portfolio demand for money or by a univariate time series model. The paper argues that while these approaches work well for low frequency data, their scopes become limited for high frequency series. Using the weekly data of currency in circulation from the year 1992-1993 to 1999-2000, the paper proposes an alternative approach of modelling the growth of currency in circulation by incorporating the 'day of the month' effect. The estimated equation behaves very well in and out of sample and the prediction performance achieved from the model has been good.

Suggested Citation

  • Kaushik Bhattacharya & Himanshu Joshi, 2001. "Modelling currency in circulation in India," Applied Economics Letters, Taylor & Francis Journals, vol. 8(9), pages 585-592.
    • Handle: RePEc:taf:apeclt:v:8:y:2001:i:9:p:585-592
    DOI: 10.1080/13504850010020146
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    Cited by:

    1. Kaushik Bhattacharya, 2011. "Demand and Supply of Currencies of Small Denominations: A Theoretical Framework," Journal of Quantitative Economics, The Indian Econometric Society, vol. 9(2), pages 123-139, July.
    2. Kaushik Bhattacharya & Sunny Kumar Singh, 2016. "Impact of Payment Technology on Seasonality of Currency in Circulation: Evidence from the USA and India," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 14(1), pages 117-136, June.

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