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Money, Prices, and Economic Development in India, 1861-1895
John Adams and Robert Craig West
The Journal of Economic History
Vol. 39, No. 1, The Tasks of Economic History (Mar., 1979), pp. 55-68
Stable URL: http://www.jstor.org/stable/2118910
Page Count: 14
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In the late nineteenth century, when most of the world was on a gold standard, India was on a silver standard. Silver was used for coins, held in hoards, and worn as jewelry. Regression analysis confirms a positive relationship between prices and the money supply, and inverse relationships between prices and rainfall and prices and the combined influences of railroads and commercialization. The influx of silver was not correlated with the money supply, apparently because hoarding and dishoarding by peasants and others caused the amount of money in active circulation to vary.
The Journal of Economic History © 1979 Economic History Association