Terms of Trade Dynamics and India’s Economic Performance

Makkena, Venkateswara Rao and K P, Prabheesh (2018) Terms of Trade Dynamics and India’s Economic Performance. PhD thesis, Indian Institute of Technology Hyderabad.

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Abstract

With the gradual increasing economic integration of the world economies especially after the world war era has raised many important issues concerning its potential implications on the economies trade performance. In Particular, majority of world economies are subject to the vulnerability to external shocks originating from sources that are often outside its economic sphere. One of the measures which explain the causes of fluctuations in macroeconomic variables is Terms of Trade (TOT). It is argued that shocks to TOT in developing countries can result in larger swings in output growth due to its inelastic nature of the demand for these primary exports. Given the importance of TOT shocks in developing economies, it’s important to understand the nature of these shocks is to formulate appropriate policies in order to safeguard the economy from these external shocks. Therefore, the present study is an attempt to analyse the dynamics of TOT on Indian economy.

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