Citation

(2019), "Index", Das, R.C. (Ed.) The Impacts of Monetary Policy in the 21st Century: Perspectives from Emerging Economies, Emerald Publishing Limited, Leeds, pp. 375-390. https://doi.org/10.1108/978-1-78973-319-820191001

Publisher

:

Emerald Publishing Limited

Copyright © 2019 Emerald Publishing Limited

---

INDEX

Index

Note: Page numbers followed by “n” with numbers indicate footnotes.

Accreditation

, 141

Accredited Loan Providers

, 171

Acontractionary monetary policy

, 8

Actual inflation rate

, 19, 245

African stock markets

, 75–76, 81

Aggregate supply linkage

, 51

Akaike information criterion (AIC)

, 52, 229, 246, 280

All Share Index (ASI)

, 50–51

Annual population growth rate

, 148

ANOVA

, 356–358

AR Root table

, 229

Argentina Great Depression (1998–2002)

, 111

Asian economy

developing economies

, 124–125

globalization and inflation in

, 123–124

Asian financial crisis (1997)

, 111–112, 350–351

Asset prices

, 47, 114

booms and bursts

, 177–178

bubbles

, 51

effects

, 49

impact and credit burst

, 178

speculative bubbles in

, 48

Asset-based reserve management system

, 267

Assisted reproductive treatment (ART)

, 135

Augmented Dickey Fuller test (ADF test)

, 99, 150, 177, 226, 246, 268, 280, 312, 342–343

panel unit root tests

, 125

unit root test

, 295

Autocorrelation

, 267

coefficient

, 125

Autoregressive distributed lag (ARDL)

, 92, 98

Axis bank

, 203, 303–305

Balance of payment (BOP)

, 350–351

Balance sheet channel

, 323–325

Bank borrowing to total assets (BKDEBT)

, 327

Bank Mitra

, 172

Bank of Japan (BOJ)

, 265

Bank-lending channel

, 323–325

Bank(ing)

activity in country

, 70

bank-based systems

, 326

customers

, 66, 71

low interest rates affecting bank depositors

, 68–70

profitability

, 299

sector

, 66, 253

size

, 66

Banking Commission (1972)

, 170

Bankruptcies

, 114

Barclays

, 367

Barro–Gordon model

, 212

Base line model

, 19–26

Base rate system

, 299, 301

Baseline theoretical model

, 18

Bazaar bill market

, 165

Benchmark prime lending rate (BPLR)

, 301

Bharatiya Mahila Bank

, 69–70

Bivariate non-stationary model

, 269

Bivariate regressions

, 246

Bivariate VAR models

, 280

“Black economy”

, 294

Black money

, 223

Boom–bust cycles

, 47–48

Borrowers

, 166–167

Bradford and Bingley Building Society

, 367

Bretton Woods system (1971)

, 110

Breusch and Pagan Lagrangian multiplier test

, 257

Breusche–Pagan test

, 150

Broad credit channel (see also Balance sheet channel)

Brownian motion

, 79

BSE Sensex

, 280–282

Bubbles, asset price booms

, 177–178

Business correspondent (BC)

, 166

Calibrating sectorial analysis

, 77

Canada

financial and credit regulatory landscape in

, 365

insurance regulations and credit insurance landscape in

, 366

Post-GFC 2008 scenario in

, 366

Canara bank

, 305

Capital accounts

, 147

Capital flows

, 282

Capital markets

, 324

effects of monetary policy

, 4

interest rate

, 8

literature review

, 5–7

Captive segment

, 165

Cash crunch initiative

, 224, 226

Cash reserve ratio (CRR)

, 90, 295, 301–302, 356

“Cash wash” initiative

, 224

Cashless economy

, 224

CDRSCBs

, 295

Cell phone messaging technology

, 172

Central Bank of Nigeria (CBN)

, 89

Statistical Bulletin

, 93

Central Bank of Nigeria Statistical Bulletin

, 52

Central bankers

, 337

Central banks

, 3, 17, 48–49, 213

monetary policies

, 114

Chi-square test

, 137

China, India and South East Asian (ASEAN)

, 121

Cholesky graphs

, 52, 57

CIS countries

, 266

Classical monetary policy

, 213

Classification matrix

, 141

Clinical Establishment Act (CE Act)

, 133

Co-integration

equation

, 317

method

, 267–268

Coefficient of variance (CoV)

, 80

“Collateral damage”

, 48

Commercial Banks

, 65, 197

data source and research methodology

, 255–257

empirical analysis

, 257–259

objective of study

, 255

review of literature

, 253–255

Commercial institution

, 253

Committee on Global Financial System (CGFS)

, 276

Commodity prices

, 122

Confusion matrix

, 141

Consumer Financial Protection Bureau

, 369

Consumer price index (CPI)

, 124, 292, 341, 352

inflation

, 69

Contested segment

, 165

Contractionary policy

, 349

Control variables

, 331

Corporate financial structure

, 323

Correlation coefficient

, 177, 330

Correlation matrix

, 330

Creative destruction process

, 148

Credit

, 164

booms and bursts

, 178

dissemination to SHG

, 315–319

market imperfections

, 267

policies of central banks

, 66

rationing

, 352

risk

, 359

transactions

, 161

view

, 323–325

Credit flow

, 313

inter-regional differences in

, 318–319

Credit insurance

, 359

in Canada

, 366

data and methodology

, 363

discussions over regulatory landscape of credit financing and insurance covers

, 363–369

in France

, 368

G7 economies’ trade credit insurance market during GFC 2008

, 361

in Germany

, 366–367

in Italy

, 365

in Japan

, 364

literature review

, 362–363

monetary policy of G7 economies and output loss during GFC 2008

, 360

theoretical framework and hypothesis development

, 363

in UK

, 367

in US

, 369

world’s trade credit insurance market during GFC 2008

, 360

Credit–deposit ratio

, 295–296

Credit–deposit ratio of scheduled commercial banks (CDRCBs)

, 291

Crisis period

, 195

Johensan cointegration

, 193

period closing descriptive statistics

, 189

pre, and post period correlation between Sensex and companies’ return

, 191

Criticism

, 165

Cross country evidences

, 162–165

Cross-border liquidity

, 277

Cross-country data analysis

, 36

Customer service point

, 172

Data envelopment analysis (DEA)

, 198–199

Data generating process (DGP)

, 76

Davies problem

, 79

Debt-management considerations

, 340

Decision-making

process

, 134

units

, 198–199

Decoupling theory

, 356

Demand Following Approach

, 148

Demographic pressures

, 67

Demonetization in India

, 133, 137, 139, 223

AR root table for models under consideration

, 235

augmented Dickey Fuller test statistics

, 234

black economy

, 223–224

data and econometric model

, 226

database

, 226

empirical findings and discussion

, 229

estimation strategy

, 227–229

Granger causality

, 229–230, 237–239

impulse response function

, 230–231

lag length selection for models

, 234

macroeconomic and microeconomic theoretical sketch

, 225–226

mitigating problems of

, 294–295

model specification results

, 234

objective of study

, 225

result of VAR estimates

, 235–236

review of literature

, 224

stability analysis for VAR system

, 229

stationarity of variables

, 226

variables definition

, 233–234

Dependent variable

, 136–137

Descriptive statistics

, 336

crisis period closing

, 189

of explanatory variables

, 137

post-crisis period closing

, 190

pre-period closing

, 188

Development aid

effectiveness of

, 35

negative effect

, 43

Digital India

, 224

Directors’ and Officers’ insurance (D&O)

, 369

Discontinuous process

, 148

Discount window operations (DWO)

, 90

Discretionary monetary policy

, 214

Discriminant analysis

, 136

Discriminant function

, 141

DMUs

, 198–200

Dodd-Frank Act

, 369

Domestic aggregate demand

, 227

Domestic agricultural prices

, 123

Domestic demand (DMD)

, 124

Dominant monetary regime

, 213

Dow Jon Industrial Average (DIJA)

, 176, 184

Drug rehabilitation

, 135

Dumitrescu Hurlin panel causality

analysis

, 9–10, 12

test

, 4

Dynamic influence of globalization on inflation in developing Asia

, 124–126

Dynamic panel regression model

, 125

Dynamic process

, 148

E7 economies, application on

, 9–10

Early warning indicators (EWIs)

, 278

ECM-autoregressive distributed lag model (ECM–ARDL model)

, 342, 344

Econometric model

, 226–229

Economic

crisis

, 289

development

, 148

growth

, 71, 175–176, 212, 241–242

policy

, 211

reforms

, 300

sectors

, 198

theory

, 47

Efficiency change (EFFCH)

, 200

Efficient market hypothesis (EMH)

, 75–76

Endogenous variables

, 153

Engle–Granger method

, 268

Enterprise bankruptcies

, 110–111

Error correction (EC)

, 151

Error correction model (ECM)

, 48, 98, 267

Errors and Omissions insurance

, 369

European Central Bank (ECB)

, 265, 368

European crisis

, 110

European economy

, 176

European financial stabilization mechanism

, 112

Excessive credit rationing

, 167

Exchange rate

, 109, 243, 342

stability

, 219

Expansionary monetary policy

, 349

Expected inflation

over life of asset

, 66

rate

, 19

Expected interest rate on real interest rate in short term

, 66

Explanatory variables

, 327

Exponential smooth transition autoregressive process (ESTAR)

, 76, 78

“Export-led mercantilist” model

, 367

F-test

, 256

Fear of floating

, 338

Federal Reserve policy

, 243

Federal Reserve System (FED)

, 265

Federal Reserve’s Open Market Committee (FOMC)

, 244

Fiat money

, 213

Financial and credit regulatory landscape

in Canada

, 365

in France

, 367–368

in Germany

, 366

in Italy

, 364–365

in Japan

, 363–364

in UK

, 367

in US

, 368–369

Financial development

, 147–148, 151

data

, 150

and growth

, 157

Johansen cointegration test results

, 153

methodology

, 150–152

objective

, 149

results and discussion

, 152

unit roots test results

, 152

VAR for USA and China

, 154

VAR granger causality test results for USA and China

, 155–156

VAR stability test for countries

, 160

Financial markets

, 110–111, 324

crisis

, 290

Financial sector

, 148, 253

Financial secor reforms

, 66, 66, 299

Financial/finance

accelerator

, 51

assets and institutions

, 175

capital

, 289

crisis

, 66, 66, 66, 267

development

, 148

environment

, 340

excluded borrowers

, 166

factors

, 276

finance–growth relationship

, 148–149

imbalances

, 49

inclusion

, 66, 314

institutions

, 66, 147

intermediaries

, 277

intermediation approach

, 201

investors

, 112

liberalization policy

, 164, 170–171

repression models

, 164–165

rescue plans

, 114

served borrowers

, 166

stability

, 66, 277

system

, 66, 341

turmoil

, 213

Financing behavior

, 329

Firm-specific characteristics

, 329

Fiscal Responsibility and Budget Management Act (FRBM Act)

, 338, 340

Fisher Index

, 199–200

Five Year Plan (11th)

, 314

Fixed assets

, 331

Fixed effects

dynamic panel models

, 125

estimator

, 330

models

, 125–126

Fixed exchange rates

, 92, 341

Flexible monetary targeting system

, 212

Flexible price level targeting

, 92

Foreign currency

, 147

Foreign direct investment (FDI)

, 123, 276

Foreign investors

, 276

Foreign prices

, 243

Formal credit market linkage

, 162–165

Formal financial institutions

, 161

Formal financial service providers

, 166

Formal sector

, 161

Forward-looking monetary policy rule

, 18

Fragmented duopoly credit market and implications on monetary policy

, 165–169

France

financial and credit regulatory landscape in

, 367–368

insurance regulations and credit insurance landscape in

, 368

post-GFC 2008 scenario in

, 368

“FSB Principles”

, 366

Funds

, 161

fund-based operating performance

, 198

politics in India

, 65

G7 economies

discussions over regulatory landscape of credit financing and insurance covers in

, 363–369

monetary policy and output loss during GFC 2008

, 360

trade credit insurance market during GFC 2008

, 361

GARCH (1,1) unit root test

, 79, 81, 83

GARCH methodology

, 8

Generalized method of moments approach (GMM approach)

, 124–125, 127

German insurance industry

, 366

Germany

financial and credit regulatory landscape in

, 366

insurance regulations and credit insurance landscape in

, 366–367

post-GFC 2008 scenario in

, 367

“Gesell tax”

, 71–72

Global crisis period

, 277–278

Global cross-border credit

, 280, 282

Global economic crisis

, 111, 289

Argentina (1998–2002)

, 111

Asian Crisis (1997)

, 112

Greece (2009)

, 112

Ireland (2008–2011)

, 112

Portugal (2010–2014)

, 112

Russian Federation

, 111

Spain (2008–2015)

, 111

United State of America (2009–2010)

, 111

Global economy

, 111, 113, 122

Global environment, monetary policy in

, 338–339

Global financial crisis (GFC)

, 110, 112, 175, 275, 290, 324, 354–357, 197, 213

crisis period

, 195

crisis period closing descriptive statistics

, 189

database and methodology

, 176–177

empirical findings

, 179–185

G7 economies’ trade credit insurance market during

, 361

genesis

, 177–178

impact on foreign participation and gross premium growth rate

, 362

India

, 178–179

monetary policy of G7 economies and output loss during

, 360

monetary policy phases and targets around

, 291–293

post period

, 196

post-crisis period closing descriptive statistics

, 190

pre, crisis, and post period correlation between Sensex and companies’ return

, 191

pre, crisis, and post-period Johensan cointegration

, 193

pre period

, 194

pre-period closing descriptive statistics

, 188

pre-period stationarity test result

, 192

world’s trade credit insurance market during

, 360

Global financial crisis

, 177–178

Global financial markets

, 113–114

Global financial system

, 115

Global food prices

, 124

Global inflation rates

, 123

Global liquidity

, 275

central bankers

, 275–276

concepts, measurement, and effects

, 276–278

effect on BSE Sensex

, 281

global liquidity and Indian Stock Market

, 278–280

results

, 280–282

trends in growth of US cross-border credit and BSE

, 287

trends in stock of global credit and BSE

, 285–286

Global market

, 133

Global monetary aggregates

, 278

Global output gap

, 123

Global private liquidity

, 277

Global recession effect

, 176

Global trade

, 114–115, 121

reform

, 115

Globalism

, 110–111

Globalization

, 121, 147, 265

data and methodology

, 124

dynamic influence

, 124–126

empirical results

, 126–127

globalization-fueled growth alters consumption pattern

, 121–122

of monetary policy

, 337–339

network

, 147

review of literature

, 122–123

scenario of globalization and inflation in Asian economy

, 123–124

Globalized economy

, 265

“Good policy” variable

, 36

Governance dummy variables

, 331, 333

Government fiscal policies

, 115

Granger causality

, 229–230, 245

among variables indifferent groups

, 237–239

test

, 269

Granger causality method

, 157

Granger representation theorem

, 98

Great Depression

, 214

“Great inflation” (1970s)

, 214

Great Recession

, 112

Greece crisis (2009)

, 112

Gross domestic product (GDP)

, 28, 111, 121, 224, 266, 292, 311, 342

growth rate

, 175

growth rate in India

, 355

per capita

, 37–38, 148

Gross fixed capital formation

, 148–149

index

, 39

Gross value added (GVA)

, 224

Group ADF-Statistic test

, 9

Group PP-Statistic test

, 9

Group rho-Statistic test

, 9

Growth of per capita income (GRTH)

, 151

Growth rate

, 147

data

, 150

Johansen cointegration test results

, 153

methodology

, 150–152

objective

, 149

results and discussion

, 152

unit roots test results

, 152

VAR for USA and China

, 154

VAR granger causality test results for USA and China

, 155–156

VAR stability test for countries

, 160

Growth-oriented adjustment programmers

, 110

grw_gdp variable

, 233

grw_gfce variable

, 233

grw_gfcf variable

, 233

grw_pfce variable

, 233

Halifax Bank of Scotland (HBOS)

, 367

Hannan-Quinn information criterion

, 52, 280

Harmonization of Bank and Security Related Regulations

, 366

Hausman chi-square test

, 257

Hausman test

, 256

HDFC bank

, 302

Health Tourism

, 133

Healthcare sector

, 184

Heteroskedasticity

, 50

test

, 157

Hicksian IS–LM framework

, 93

Histogram-normality test

, 157

Hodrick–Prescott filter methodology

, 28, 312, 318

Horizontal interlinkage

, 161

Hospital sector in India

, 133

Hospital types

, 134

HSBC

, 367

Hyperinflation

, 124

IBM SPSS V.23.0, statistical analysis with

, 303

Im, Pesaran, and Shin panel unit root tests (IPS panel unit root tests)

, 125

Implicit interest rate

, 167

Impossible trinity

, 294, 341

Impulse response function

, 52–53, 230–231

Independence monetary policy

, 341

Independent variables

, 40, 136–137, 139–140

India (see also Demonetization in India; Monetary policy in India)

, 178–179

global liquidity and Indian stock market

, 278–280

Indian banking sector

, 198

Indian financial sector

, 290

Indian rural economy

, 313

long-term risk-free interest rates in

, 67

Indian Central Banking Enquiry Committee (1931)

, 169

Indian commercial banking industry

, 199

financial intermediation approach

, 201

literature review

, 198

Malmquist index summary of annual means, time series results

, 201–208

methodology

, 198–200

results and discussion

, 200

service oriented production approach

, 202

Indian economy

, 161, 178

formal and informal credit market linkages

, 162–165

fragmented duopoly credit market and implications

, 165–169

rural credit policy approaches toward establishing linkages

, 169–172

Indian monetary policy (see Monetary policy in India)

Individual capital assessment

, 367

Inflation

, 121, 212, 233, 292

in developing Asia

, 121–127

gap over time

, 24

inflation–output dynamics

, 26–28

multiple regression analysis

, 356–357

premium

, 66

threshold level of

, 218

Inflation rate (Inf)

, 91, 122, 268

dynamics and change in policy regime

, 30

Inflation targeting (IT)

, 92, 212, 291

Inflation targeting monetary policy (see also Monetary policy in India)

base line model

, 19–26

empirical analysis

, 28–31

framework

, 17

inflation rate dynamics and change in policy regime

, 30

inflation–output dynamics

, 26–28

objective of study

, 19

review of literature

, 18–19

supply shock

, 26–28

unit root and order of integration

, 29

Informal credit market

, 161

linkage

, 162–165

Informal sector

, 161

Information and telecommunication (ICT)

, 80

Information regarding market efficiency

, 253

Instrumental variable panel data estimator

, 330

Insurance (see also Credit insurance)

, 359

Errors and Omissions

, 369

quasi regulatory status of

, 361

signalling

, 359–360

Insurance regulations

in Canada

, 366

in France

, 368

in Germany

, 366–367

in Italy

, 365

in Japan

, 364

in UK

, 367

in US

, 369

Inter-regional differences in credit flow

, 318–319

Interest rates

, 66, 89, 243

on capital markets

, 8

channel

, 324

Interest subvention scheme for SHGs

, 311

Intermediation approach

, 199

International community

, 33

International Monetary Fund (IMF)

, 110, 121

International tourism

, 134–135

Investments and GDP (INV/GDP)

, 38–39

Investors, low interest rates affecting

, 68–70

Ireland crisis (2008–2011)

, 112

Italy

financial and credit regulatory landscape in

, 364–365

insurance regulations and credit insurance landscape in

, 365

post-GFC 2008 scenario in

, 365

Jakarta Commodity index

, 4, 8

Jan Dhan Yojna

, 224

Japan

financial and credit regulatory landscape in

, 363–364

insurance regulations and credit insurance landscape in

, 364

post-GFC 2008 scenario in

, 364

Jarque-Bera test

, 179

Johansen and Juselius test statistics

, 246

Johansen cointegration test

, 153, 179, 247, 316

Kiosk banking technology

, 172

Lagged inflation rate

, 30

Lagrange multiplier test (LM test)

, 255

Lax lending standards

, 112

Least square t-statistics

, 79

“Less cash” concept

, 294

Levin, Lin, and Chu panel unit root tests (LLC panel unit root tests)

, 125

Liability-asset ratio (LAR)

, 291, 295

Liberalization

, 149

Linear models

, 76

Linear regression

, 312

Linearity of unit root tests

, 82

Liquidity

, 276

management

, 66, 340

shock

, 93

Liquidity adjustment facility (LAF)

, 291, 315

Liquidity ratio (LR)

, 51

LnIMPARL variable

, 257

LnLADSTF variable

, 256

LnLLPE variable

, 256

LnLLPNIR variable

, 257

LnLLRGL variable

, 256

LnLLRIL variable

, 257

LnLR variable

, 256

LnNCONIBLLP variable

, 257, 259

LnNIM variable

, 256

LnNLTDB variable

, 256

LnOIAA variable

, 256

LnREP variable

, 257

LnROA variable

, 257

LnROE variable

, 257

Long-term borrowing to total assets (LTDEBT)

, 327

Long-term debt

, 331

Long-term risk-free interest rates in India

, 67

affecting bank depositors and investors

, 68–70

downfall of interest rates

, 67

reasons for

, 67–68

Long-term term debt ratio

, 333

Low interest rates

, 66

review of literature

, 66

m1_grw variable

, 234

m3_grw variable

, 234

Macroeconomic factors

, 276–277

Macroeconomic stability

, 292

Macroprudential financial supervision

, 339

Malmquist index

, 198

combined table of production vis-á-vis intermediation approach

, 204–207

intermediation approach

, 203

private sector banks

, 208

summary of annual means, time series results

, 201

TECHCH

, 202

Malmquist Productivity Index

, 199–200

Marginal cost of fund-based lending rate (MCLR)

, 299

comparison of different banks

, 305

evolution and computation

, 301–302

findings of study

, 302

limitations of study

, 307

methodology

, 300–301

objectives of study

, 300

paired samples statistics

, 309

paired t-test results

, 310

rates of HDFC and Axis bank

, 304

rates of UBI and SBI

, 303

regression results

, 305–307

review of literature

, 299–300

statistical analysis

, 303

Marginal cost of funds

, 301

Marginal standing facility (MSF)

, 244

Market

driven adverse selection problem

, 361

economies

, 109

fragmentation

, 165

frictions

, 76

market-based systems

, 326

market-determined exchange rate system

, 219

Market share dummy (MSDUM)

, 256

Market stabilization scheme (MSS)

, 291

Marshall–Lerner condition

, 147

Maturity transformation

, 277

Maximum likelihood (ML)

, 79

McKinnon one-sided p-value

, 317

Mean paired t-test

, 305

Mean reverting processes

, 75

Media

, 137, 141

news

, 137

Medical tourism

, 133

classification results

, 145

descriptive statistics of explanatory variables

, 137

industry

, 134

literature review

, 134–135

managerial implications

, 142

methodology

, 135

results

, 137–141

sampling

, 135–137

standardized canonical discriminant function coefficients

, 145

study area

, 135

Medicare

, 213

Microeconomic model

, 326

Microfinance

, 171

Microfinance institutions (MFIs)

, 166, 311

“Minimal” model

, 165

Minimum Capital Test

, 366

Mitigating problems of demonetization

, 294–295

Moderately credit rationing

, 167

Modigliani–Miller proposition (MM proposition)

, 323

Monetary authority

, 352

Monetary growth

, 243

Monetary liquidity

, 276

Monetary management

, 341

Monetary policy (see also Inflation targeting monetary policy)

, 3–4, 48, 89, 91, 112, 164, 211–212, 241, 265, 289, 292, 337, 349

analysis results

, 10–12

application on E7 economies

, 9–10

changes in

, 47

changing role of bank rate

, 269

co-integration test

, 270–271

components of crisis

, 112–114

corrective measures

, 114

data of study

, 350

data source

, 268

in developing nations like India

, 350

effect on Nigerian stock market returns

, 50

effects on capital markets

, 4

empirical results and findings

, 343–345

fragmented duopoly credit market and implications on

, 165–169

frequency of changes in monetary instruments

, 348

in global environment

, 338–339

Granger causality test

, 66, 272

IMF

, 110

Indian experience

, 339–341

instruments

, 351–354

key monetary indicators

, 353

literature review

, 4–9, 266–267

literature survey

, 338

methodology

, 268

movements in bank rate

, 270–271

nexus between money supply growth and inflation

, 341–342

objective

, 337–338, 350

recommendations and measures

, 115

results

, 269

on stock market

, 8

tools

, 147

transmission mechanism

, 324–326

trends of global economic crisis

, 111–112

in 21st Century’s World

, 109

unit roots test results

, 272

Monetary Policy Framework Agreement (MPFA)

, 290–291, 293

Monetary policy in India (see also Inflation targeting monetary policy)

, 212–213, 244, 290, 291–293, 311, 354–357

basic analysis

, 330–331

breakdown of sample firms by ownership group and legal form

, 336

challenges in recent times

, 294–295

co-integration results

, 249

data sources

, 327

descriptive statistics

, 336

econometric methodology

, 245–246

economic crisis

, 289–290

empirical analysis

, 295–296

empirical investigation, data, and methodology

, 244–245

enunciation of objectives

, 218

estimated equation results

, 298

estimation results

, 331–333

exchange rate stability

, 219

financial stability

, 219

indicator

, 331

after liberalization to present year

, 350–351

literature survey

, 212–213, 290–291

methodology

, 329–330

modified impossible trinity

, 241–242

objective of study and methodology

, 291

operating framework evolution

, 213–215

policy implications

, 333

reforms in monetary policy

, 211–212

results

, 246–248, 298

review of selected literature

, 242–244

role

, 265–266, 339–341

threshold level of inflation and policy of inflation targeting

, 218

transmission mechanism

, 218–219, 324–326

trends in

, 215–217

variables in study

, 327–329

Monetary policy rate (MPR)

, 50, 52

marginal increase in

, 53

variance decomposition analysis of changes in

, 54

Monetary system

, 109

Monetary targeting

, 92

Monetary transmission

, 65, 267

Money

prices

, 110

stock

, 96

Money supply (MS)

, 92, 104, 124, 243, 268, 342

equation

, 97

growth and inflation

, 341–342

Moneylenders

, 161, 171

Monopoly

, 165

MSCI Emerging Markets Index

, 277

MSCI World

, 277

Multidimension credit channels

, 161

Mundell–Flemming Model

, 294

Myers–Majluf proposition

, 323

Narasimham Committee Report–II

, 198

Narrow credit channel (see also Bank-lending channel)

Narrow credit view (see Bank-lending channel)

Narrow money supply

, 229

National Bureau of Statistics (NBS)

, 91

Annual Abstract of Statistics

, 93

National Rural Livelihood Mission (NRLM)

, 311

Negative interest rates

, 65–66

and bank customers

, 71

future trends

, 71–72

review of literature

, 66

Negative rates

, 70

countries

, 70–71

and economic growth

, 71

rationale behind negative interest rates

, 70

relevance

, 70

Neoliberal coherence

, 110

Neostructuralist models

, 164–165

Net interest margin (NIM)

, 259

New Keynesian model with spending equation

, 51

Nigeria

data and methodology

, 51–52

decomposition of fluctuations

, 53

literature review

, 48–51

model specification

, 51–52

monetary policy and assets prices in

, 47

stock market

, 76

Nigerian Stock Exchange

, 52

“Nixon Shock”

, 109

No credit rationing

, 168

Noise traders

, 76

Non-Bank Financial Corporation (NBFC)

, 351, 355

Non-debt tax shield

, 329

Non-financial firm-level data

, 324

Non-financial manufacturing firms

, 324

“Non-fundamental” factors

, 48

Non-institutional credit agency

, 171

Non-linear relationship

, 148–149

Non-parametric slack-based measure model

, 199

Non-performing asset (NPA)

, 313

Non-performing loans (NPL)

, 294

Nonlinear unit root rest estimates

, 78–79

Nonlinearity

in stock prices

, 76

test

, 81

Nonstationary time series

, 78

North Atlantic Financial Crisis

, 290

Norwegian banking system

, 198

Null hypothesis

, 137, 139, 184

Official Development Assistance (ODA)

, 34

cross-country data analysis

, 36

economic policy

, 37

effectiveness of development aid

, 35

empirical analysis and results

, 37–43

ODA/GDP variable

, 41

OLS estimates model

, 40–41

Oligopoly

, 165

Open capital account

, 341

Open economy IS–LM framework

, 224

Open market operations (OMO)

, 90, 291, 340

Operating approach

, 199

Operating costs

, 301

Optimal lag length

, 52

Optimal monetary policy instruments for Nigeria

, 89, 91

data and methodology

, 93–99

error correction estimates of short-run and long-run ARDL model

, 101

flexible price level targeting

, 92

results

, 99–105

short-run parameters

, 102

Ordinary least square method (OLS method)

, 40–41, 50, 255, 267

Organisation for Economic Cooperation and Development countries

, 123

“Originate and distribute” model

, 112

Output-gap inflation rate

, 30

Own Funds Directive

, 366

Ownership dummy variable

, 333

Ownership group and legal form, breakdown of sample firms by

, 336

Paired sample t-test

, 303

Pan-Asian supply chain

, 121

Panchenkocasulity analysis

, 8

Panel ADF-Statistic test

, 9

Panel PP-Statistic test

, 9

Panel regression model

, 255, 257–258

Panel rho-Statistic test

, 9

Panel unit root tests

, 126

Panel v-Statistic test

, 9

Partial Adjustment Model

, 255

Pedroni panel cointegration test

, 4, 9, 11

People’s Bank of China (PBOC)

, 265

Phase diagram

, 21

Phillip–Peron test (P–P test)

, 99, 177, 184, 268, 342–343

Policy

errors in EMEs

, 338

of inflation targeting

, 218

measure

, 51

Policymakers

, 48, 161, 266, 338

Political decision

, 141

Population pressure

, 72

Portugal crises (2010–2014)

, 112

Post-crisis period

, 196, 213

Johensan cointegration

, 193

post-crisis period closing descriptive statistics

, 190

pre, crisis, and post period correlation between Sensex and companies’ return

, 191

Post-financial sector reforms period

, 197

Post-GFC 2008 scenario

in Canada

, 366

in France

, 368

in Germany

, 367

in Italy

, 365

in Japan

, 364

in UK

, 367

in US

, 369

Power sector, IT sector

, 184

Prais–Winsten regression

, 305

Pre period

, 194

closing descriptive statistics

, 188

crisis, and post period correlation between Sensex and companies’ return

, 191

Johensan cointegration

, 193

stationarity test result

, 192

Price

, 242–243

level expectations

, 90

stability

, 66, 66, 66, 219, 241–243

Prime lending rate (PLR)

, 301

“Priority sector lending” scheme

, 311

“Priority Sector” lending policy

, 313

Private sector

banks

, 302

MFIs

, 314

Production oriented approach

, 199

Productive incoherence

, 110

Profit approach

, 199

Prowess database

, 327

Public private partnership model

, 172

Public sector banks

, 299–300

Public stimulus packages

, 114

Punishment of Organized Crime and Control of Criminal Proceeds (APOCCCP)

, 364

Pure efficiency change (PECH)

, 200–201, 208

Quadratic loss function

, 94

Qualitative tools

, 351–352

Quantitative tools

, 351–352

Quantity Theory of Money

, 214, 242

Quasi regulatory status of insurance

, 361

Random effect models

, 125–126

Random sampling process

, 135

Reaction function of monetary policy

, 52

Real aggregate output

, 19

Real effective exchange rate (REER)

, 245

Real estate sector of US market

, 176

Real GDP

, 28

Real negative deposit rates

, 66

Real-time premium

, 66

Regional dummies

, 39, 43

Regional rural banks (RRBs)

, 313

Regression

analysis

, 66, 66, 319

equation

, 78

model

, 315

Regulations

, 359

Relationship lending channel

, 324–325

Repo rate

, 356

Reserve Bank of India (RBI)

, 65, 162, 197, 225, 241–242, 255, 265, 291, 299, 311, 339, 341, 352, 357

authorization

, 68

co-integration test results

, 317–318

inter-regional differences in credit flow to SHGs

, 318–319

literature review

, 313–314

monetary policy and credit dissemination to SHG

, 315

objectives and methodology

, 312–313

RBI Act

, 293

SHG

, 311–312

structural breaks in credit flow to SHGs

, 315

unit root test results

, 316

Reserve requirement

, 90

Residential mortgage underwriting policy (RMUP)

, 366

Return on equity (ROE)

, 256

Reverse repo rate

, 356

Revised Banking Directive

, 366

Revised Capital Adequacy Directive

, 366

Risk management strategies

, 134–135

Royal Bank of Scotland Group

, 367

Rupee/US dollar exchange rate

, 341

Rural credit policy approaches toward establishing linkages in India

, 169–172

Russian Federation, crisis in

, 111

S&P BSE Sensex

, 177

Savings bank (SB)

, 68

Scale efficiency change (SECH)

, 200

Schwarz information criterion

, 52

Schwarz’s Bayesian information criterion

, 280

Self-help group (SHG)

, 166, 311–312

monetary policy and credit dissemination to

, 315–319

SHG-Bank Linkage Program

, 312, 314–315

structural breaks in credit flow to

, 315

Sensex movement

, 179–180

Serial correlation LM test

, 157

Service oriented production

approach

, 66, 202

vis-á-vis financial intermediation approach

, 197

Service quality

, 300

Sex change procedure

, 135

Short sales

, 76

Short-term borrowing to total assets (STDEBT)

, 327

Short-term debt ratio

, 331, 333

Silver standard

, 109

Smart card with chip

, 172n, 6

Social welfare programs

, 213

Spain crisis (2008–2015)

, 111

Speculative bubbles in asset prices

, 48

Spill-over excess demand

, 161, 166–167

Stability analysis for VAR system

, 229

Standardized canonical discriminant function coefficients

, 145

STATA (statistical software package)

, 301

State Bank of India

, 302

Stationarity of variables

, 226

Stationary time series

, 78, 226

Statistical analysis

, 303

Statutory liquidity ratio (SLR)

, 291, 356

Stem cell therapy

, 135

Stepwise forward regression

, 41–42

Sterilization

, 290

Stock market

, 178

monetary policies on

, 8

transaction

, 152–153

Stock market efficiency

, 75

data and methodology

, 77–79

descriptive statistics

, 80

linearity and univariate nonlinear unit root tests

, 82

literature review

, 76–77

policy implication

, 84

Stock of global credit

, 280

Stock prices

, 47

nonlinearity in

, 76

Strata package

, 255

Stressed asset management

, 294

Structural breaks in credit flow to SHGs

, 315

Structural shift

, 312–313

Structural vector autoregressive model (SVAR model)

, 51–52, 227, 266–267

analysis

, 8

estimates

, 58–59

Subprime crisis

, 176

originating in United States

, 175

Supply

of money stock

, 89

shock

, 26–28

Supply Leading Approach

, 148

Swachh Bharat Abhiyan

, 223

Target inflation rate

, 248

Taylor rule

, 214, 218, 243–248, 289

Technological change (TECHCH)

, 200, 202

Tenor premium

, 301

Theories of monetary policies

, 214–215

Threshold inflation

, 242

Time inconsistency

, 214

Time path of inflation rate

, 22

Time-invariant error term

, 330

Time-varying correlation

, 50

Toda-Yamomoto analysis

, 8

Tornquist Index

, 199–200

Total borrowing to total assets (DEBT)

, 327

Total factor productivity growth

, 198

Trade

, 147

finance

, 362

statistic

, 317

Trade openness (TRO)

, 123, 147, 151

data

, 150

and growth

, 149

Johansen cointegration test results

, 153

methodology

, 150–152

objective

, 149

results and discussion

, 152

unit roots test results

, 152

VAR for USA and China

, 154

VAR granger causality test results for USA and China

, 155–156

VAR stability test for countries

, 160

Transaction cost

, 76

Transformation of equations

, 94

Transmission mechanism

, 218–219

Treasury bill rate (TBR)

, 50

Trilemma of monetary policy

, 341

Two-stage least squares method (2SLS method)

, 50, 330

Two-tailed Pearson’s correlation tests

, 303

unemp variable

, 233

Union Bank

, 68

Unit labor cost

, 243

Unit root

for panel data

, 125

property of DGP

, 77

test

, 79

United Kingdom (UK)

financial and credit regulatory landscape in

, 367

insurance regulations and credit insurance landscape in

, 367

post-GFC 2008 scenario in

, 367

United Nations Conference on Trade and Development (UNCTAD)

, 33

United State (US)

crisis (2009–2010)

, 110–111

cross-border credit

, 280

Federal Reserve

, 66, 113

financial and credit regulatory landscape in

, 368–369

insurance regulations and credit insurance landscape in

, 369

monetary policy

, 289

post-GFC 2008 scenario in

, 369

stock market

, 177

Univariate nonlinear unit root tests

, 82

Value-added approach

, 199

Variable return to scale (VRS)

, 200–201

Variance decomposition

, 60–63

analysis of changes in MPR

, 54

Vector autoregression model (VAR model)

, 150, 280–281, 326

analysis

, 48, 225–226

granger causality test results for USA and China

, 155–156

stability analysis for

, 229

stability test for countries

, 160

for USA and China

, 154

Vector error correction model (VECM)

, 150–151

Vertical interlinkage

, 161

Viz. card technology

, 172

Volatility

, 80

Wald statistics

, 78

Wald tests

, 280

“Walrasian equilibrium” interest rate

, 168

Wealth effects

, 51

Wellness Tourism

, 133

West Bengal CE Bill (2017)

, 134

World Development Indicator (WDI)

, 124

World Input-Output Database (WIOD)

, 123

WTO reform

, 115