Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/67834
Authors: 
Smith, Gregor W.
Year of Publication: 
1994
Series/Report no.: 
Queen's Economics Department Working Paper 1251
Abstract: 
The gold-exchange standard in India 1893-1913 was characterized by a narrow target zone for the exchange rate, a wide annual range for the international interest-rate differential, and negative (seasonal) autocorrelation in interest rates. These properties are consistent with a standard target-zone model in which fundamentals are negatively autocorrelated on a Markov chain.
Subjects: 
target zone
Indian currency question
gold exchange standard
JEL: 
F31
N13
N15
Document Type: 
Working Paper

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