RELATIONSHIP BETWEEN PRIVATE EQUITY, INFLATION AND ECONOMIC GROWTH

The Journal of Private Equity Pub Date : 2018-03-22 DOI:10.3905/jpe.v20i3.4160

Kunjana Malik

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Abstract

The aim of the study is to find interrelationships between Private Equity, financial stability and economic growth of India for the period 1996-2014. Johansen Co-integration Test followed by Vector-Error Correction Model and Granger Causality has been used to investigate it. Johansen Co-integration test finds out a long run as well as the short run relationship between Private Equity, Inflation and Economic Growth. After proving co-integration a bi-directional relationship has been found out between Private Equity and Economic Growth. Also, short run causality has been found out between private equity and economic growth and economic growth and inflation. Originality: This study is significant as there are many studies which have found out the relationship between foreign direct investment and economic growth, but this study is first of its kind to find interrelationship between private equity, economic growth and stability for India. The models have been tested using VECM and Granger Causality revealing that private equity has a positive significance on the macro-economic factors. Keywords : Private Equity, Economic Growth, Johansen Co-integration, Granger Causality, Vector-Error Correction Model. JEL Classification : O5

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私募股权、通货膨胀和经济增长之间的关系

本研究的目的是找出1996-2014年期间印度私募股权、金融稳定和经济增长之间的相互关系。采用约翰森协整检验、向量误差修正模型和格兰杰因果关系对其进行了研究。Johansen协整检验发现了私募股权、通货膨胀和经济增长之间的长期和短期关系。通过协整检验，发现私募股权投资与经济增长之间存在双向关系。此外，还发现了私募股权与经济增长、经济增长与通货膨胀之间的短期因果关系。独创性:这项研究意义重大，因为有许多研究发现了外国直接投资与经济增长之间的关系，但这项研究是第一次发现印度私募股权、经济增长和稳定之间的相互关系。运用VECM和格兰杰因果关系对模型进行检验，结果表明私募股权对宏观经济因素具有显著的正向影响。关键词:私募股权，经济增长，约翰森协整，格兰杰因果关系，向量误差修正模型JEL分类:O5

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Journal of Private Equity

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