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A Direct Translog Model of India's Household Sector Financial Portfolios

GANTI SUBRAHMANYAM and SOORAJ B SWAMI
Indian Economic Review
New Series, Vol. 30, No. 2 (July-December 1995), pp. 265-274
Stable URL: http://www.jstor.org/stable/29793723
Page Count: 10
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
A Direct Translog Model of India's Household Sector Financial Portfolios
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Abstract

The recent developments in India's financial markets are the influx of several new financial instruments and significant growth in some of the existing instruments. To examine the direct impact of these developments, this study has estimated a five-asset direct translog model of household sector's financial porfolios. The empirical evidence indicated that deposit disintermediation was mildly visible shifting household savings towards lending to the private corporate sector. But the apparent significant substitutability between bank deposits and life insurance plus pension funds can pose a threat to the former if the latter were made more attractive through more fiscal concessions.

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