India's balance of payments : estimates of current and capital accounts from 1921-22 to 1938-39 /

Includes index

Includes bibliography.

Estimates of foreign capital in India in the 1920's and 1930's have in the past ranged from 4.6 to 15 billion rupees, and the year-to-year changes in this external indebtedness have always been imperfectly measured by League of Nations statistics. Banerji's meticulous study is an important, though not the
final, step toward understanding the Indian balance-of payments movements during the inter-World-War years.
Banerji estimates that the external indebtedness rose from about seven to nine billion rupees in this period, almost four times the increase seen in League of Nations statistics. Although the balance of payments improves or worsens
in almost every year, as regards direction, no differently in Banerji's than in League of Nations figures, Banerji's deficits are larger and surpluses smaller on the average.
The methodology of the estimates follows Viner's classic Canadian work very closely; the principal exception is that expenditures on debt services are estimated directly by Banerji and are not found as a residual. The work is intended as a study of long-term trends, and its usefulness for analyzing annual
changes is greatly circumscribed, as Banerji recognizes, by its neglect of short term capital movements and its cavalier interpolations and extrapolations

usc 13/04/2018

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