Pre-Colonial Warfare and Long-Run Development in India

Long-Run and Short-Run Causality between Stock Price and Gold Price: Evidence of VECM Analysis from India

The prime objective of the study is to identify the long-run and short-run relationship between Indian stock price viz., BSE SENSEX (hereafter named as BSE) and gold price (GOLD) in India. The daily closing price data were collected for the period of ten years ranging from 1st April 2004 to 31st March 2014 with 2490 observations. The study employed two models: Model one us...

British Colonial Institutions and Economic Development in India

To extract revenue from its colony, the British implemented two major land tax systems and fundamentally altered the nature of existing property rights in India. In some regions, property rights and taxes were assigned to zamindars or landlords whereas in others they were assigned to ryotwars or cultivators. Because a few elites were able to accumulate significant economic and political power i...

Direct versus Indirect Colonial Rule in India: Long-term Consequences

This paper compares economic outcomes across areas in India which were under direct British colonial rule with areas which were under indirect colonial rule. Controlling for selective annexation using a specific policy rule, I find that areas which experienced direct rule have significantly lower levels of access to schools, health centers and roads in the post-colonial period. I find evidence ...

Indigenous and Colonial Origins of Comparative Economic Development: The Case of Colonial India and Africa

Long- Run Movements of the Parallel Market Premium in the Pre-Exchange Rate Unification Period in Iran

The purpose of this paper is to explain the causes of long-run movements in the parallel market premium in the pre-and-post revolution Iranian economy. The paper suggests that the premium is affected by both real and monetary shocks. Non-spurious co-integration results indicate that negative oil revenue shocks and a revolution-induced exogenous capital outflow caused the parallel market paralle...