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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
An Empirical Analysis of Macroeconomic Variables Affecting Foreign
Exchange Reserves Accumulation in India
Author(s): Aruna Kumar Dash, C S Shylajan, Subhendu Dutta
Citation: Aruna Kumar Dash, C S Shylajan, Subhendu Dutta, (2017) "An Empirical Analysis of Macroeconomic Variables Affecting Foreign Exchange Reserves Accumulation in India," Journal of Applied Business and Economics, Vol. 19, Iss.5, pp.69-80
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This paper investigates the determinants of foreign exchange reserves in India by using Auto Regressive
Distributed Lag (ARDL) model during 2000:Q1 to 2014: Q4 by using the variables such as foreign exchange reserve, nominal exchange rate, inflation, current account deficit, trade openness and short term debt/GDP. We found that in the long run, variables such as inflation and short term external debt/GDP affects the foreign exchange reserves. One percent increase in inflation reduces the foreign exchange reserves by 0.12% where as one percent increase in short term external debt/GDP increases the foreign exchange reserves by 0.46%. On the other hand, in the short run, exchange rate affects positively foreign exchange reserves of India.
