货币政策传导对印度制造业用途分类的影响:经验证据

IF 1.3 Q1 LAW
Mrutyunjaya Sahoo, S. Mohanty, Praveen Sahu
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引用次数: 0

摘要

本研究旨在探讨货币政策传导对印度制造业基于用途的分类的影响,这是影响国家整体经济增长的一个不可或缺的方面。实证研究采用面板自回归分布滞后模型来检验货币政策传导机制与制造业产出之间在长期和短期的关系/关联。相反,制造业产出与银行信贷之间存在正相关关系,表明银行信贷增加会导致制造业产出相应增加。在短期内,研究结果突出表明,制造业产出与货币政策传导变量(包括货币供应量、法定流动性比率、实际汇率和外国直接投资)之间存在显著的正相关关系。与耐用消费品和非耐用消费品相比,初级产品、资本货物和中间产品等基于用途的制造业分类对货币政策冲击表现出更大的响应性。研究局限/意义建议政策制定者规范信贷扩张以支持该行业,同时避免金融不稳定的风险,主要建议包括刺激消费需求和采取针对具体行业的政策,以促进不同制造业部门的可持续增长。然而,对这一关键交叉点的集中研究却很少。本研究旨在填补这一空白,就货币政策如何影响制造业的增长提供新的见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Effect of monetary policy transmission on the use-based classification of manufacturing industry in India: an empirical evidence
Purpose This study aims to investigate the effect of monetary policy transmission on the use-based classification of manufacturing industries in India, an integral aspect influencing the overall economic growth of the nation. Design/methodology/approach The empirical study applies a panel autoregressive distributed lag model to examine the relationship/association between monetary policy transmission mechanism and the output of manufacturing industries in the long run and short run. Findings In the long run, the findings reveal a negative association between money supply and manufacturing industries’ output, indicating that an increase in money supply corresponds to a decrease in manufacturing output. Conversely, a positive relationship is observed between manufacturing industries’ output and banks’ credit, indicating that an increase in bank credit leads to a corresponding increase in manufacturing output. In the short run, the results highlight a significant positive relationship between manufacturing output and monetary policy transmission variables, including money supply, statutory liquidity ratio, real exchange rate and foreign direct investment. The use-based classification of manufacturing industries such as primary goods, capital goods and intermediate goods exhibits greater responsiveness to monetary policy shocks than consumer durables and non-durables goods. Research limitations/implications Policymakers are advised to regulate credit expansion to support the industry without risking financial instability, with key recommendations including stimulating consumer demand and adopting sector-specific policies to promote sustainable growth across diverse manufacturing sectors. Originality/value India, being a developing economy, efficient monetary policy transmission is crucial for boosting manufacturing output and employment. Nevertheless, there has been a scarcity of research concentrated on this pivotal intersection. This study aims to fill that gap, providing fresh insights into how monetary policy affects the growth of the manufacturing industry.
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来源期刊
CiteScore
3.90
自引率
6.70%
发文量
13
期刊介绍: The International Journal of Law and Management is a leading journal addressing all aspects of regulation and law as they impact on organisational development, operations and leadership. Organisations and their leaders operate in an increasingly complex world of emerging regulation across national and international boundaries. The International Journal of Law and Management seeks to acknowledge the dynamics of that environment and provide a platform for articles and contributions to stimulate scholarly debate in the development of law and practice. The International Journal of Law and Management seeks to present the latest research on policy, practice and theoretical perspectives and their impact on the development and leadership of organisations. Contributions of a multi-disciplinary nature are welcome. Coverage includes, but is not limited to: -Employment and industrial law- Corporate governance and social responsibility- Intellectual property- Corporate law and finance- Insolvency- Commercial law and consumer protection- Environmental law- Taxation- Competition law- Regulatory theory
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