Abstract
One aspect of liberalization of the Indian economy has been an increasing openness and the result has been a significant increase in both exports and imports. Exports and imports of a country are related to economic variables in a non-uniform and asymmetric ways and the result has often been disequilibrium in the balance of payments of the new transition economies. From this perspective it is an imperative to see whether exports and imports are interrelated. This aspect can be examined in an econometric framework, i. e., we can see the causality between exports and imports of India. The answer can also throw light on some issues related to the political economy of development. The paper attempts to address these issues.
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