English, Article, Journal or magazine article edition: The "V-Factor": Distribution, Timing and Correlates of the Great Indian Growth Turnaround Chetan Ghate; Stephen Wright

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Bookmark: http://trove.nla.gov.au/version/572
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The "V-Factor" : Distribution, Timing and Correlates of the Great Indian Growth Turnaround
Author
  • Chetan Ghate
  • Stephen Wright
Physical Description
  • preprint
Notes
  • Following Bai (2004) and Bai and Ng (2004) we estimate a common factor representation of a panel of output series for India, disaggregated by 15 states and 14 broad industry groups. We find that a single common "V-Factor" accounts for a large part of the significant shift in the cross-sectional distribution of state-sectoral output growth rates since the mid -1980s. The time profile of the V-Factor appears to be closely related to trade liberalization.
  • Economic Growth, Factor Models, Principal Components, Convergence, Divergence, Indian States
  • RePEc:jrp:jrpwrp:2009-010
  • The ratio of Indian to US per capita output over the past 45 years has displayed a distinctive "V"-shaped pattern. We show that a strikingly similar V-shaped pattern is visible not just in aggregate output .figures, but also as the primary determinant of long-term movements in the cross-sectional distribution within the All-India total, at both sectoral and state output levels. We also carry out preliminary investigations of correlates of the "V-Factor", using a new panel data set for Indian states from 1960 to 2005 that extends and encompasses all previous datasets relevant to macroeconomic analysis of the Indian states.
  • RePEc:diw:diwwpp:dp783
Language
  • English
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