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    The "V-Factor": distribution, timing and correlates of the great Indian growth turnaround

    Ghate, C. and Wright, Stephen (2012) The "V-Factor": distribution, timing and correlates of the great Indian growth turnaround. Journal of Development Economics 99 (1), pp. 58-37. ISSN 0304-3878.

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    Abstract

    We analyse a panel of output series for India, disaggregated by 15 states and 14 broad industry groups. Using principal components (Bai, 2004; Bai & Ng, 2004) we find that a single common "V-Factor" captures well the significant shift in the cross-sectional distribution of state-sectoral output growth rates since the the 2nd half of the 1980s. The timing of the turnaround implied by the V-Factor is more closely related to the pattern of policy reforms than has been found in previous research. Regression-based analysis also provides some insights into the uneven distribution of the turnaround across the Indian states.

    Metadata

    Item Type: Article
    Keyword(s) / Subject(s): Indian economic growth, factor models, principal components, convergence, divergence, Indian states
    School: Birkbeck Schools and Departments > School of Business, Economics & Informatics > Economics, Mathematics and Statistics
    Research Centre: Applied Macroeconomics, Birkbeck Centre for
    Depositing User: Administrator
    Date Deposited: 12 Sep 2011 08:39
    Last Modified: 07 Dec 2016 14:53
    URI: http://eprints.bbk.ac.uk/id/eprint/4107

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