| 000 -LEADER |
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| fixed length control field |
01723pab a2200169 454500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
180718b1999 xxu||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Joshi, Himanshu |
| 245 ## - TITLE STATEMENT |
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| Title |
Liquidity effects on term structure of government securities: some evidence on market integration |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. |
|---|
| Date of publication, distribution, etc. |
1999 |
| 300 ## - PHYSICAL DESCRIPTION |
|---|
| Extent |
p.1537-541 |
| 362 ## - DATES OF PUBLICATION AND/OR SEQUENTIAL DESIGNATION |
|---|
| Dates of publication and/or sequential designation |
12 Jun |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc. |
An empirical examination of the term structure of interest rates in the Indian economy suggests cointegration (or long run stable relationship) among interest rates but existence of multiple common trends. The absence of a unique common trend implies that long run movements of any one interest rate are not dominated by the movements of the other interest rates. The presence of cointegration, however, suggests a long run interlocking of interest rates across markets and a possibility of their common response to changes in expectations about future monetary policy and/or economic fundamentals. The interrelationship between transitory (cyclical) components of interest rates reveals that yields, especially, of dated government of India (GOI) securities became closely aligned to money market conditions beginning from the second half of the calendar year 1996. Since short-term transitory components often stem from policy impulses, the closer synchronisation of the said yields with call money rates observed during this period could, perhaps, be attributed to the Reserve Bank of India (RBI) decisions to integrate the two markets by allowing primary dealers to participate in the interbank call money market. - Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name entry element |
Government securities - India |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name entry element |
Government securities |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
Economic and Political Weekly |
| 909 ## - |
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| -- |
41364 |
