![]() " Is gold a hedge against inflation? New evidence from a nonlinear ARDL approach," Thi Hong Van Hoang & Amine Lahiani & David Heller, 2016." The Financial Economics of Gold - a survey,"Ħ5484, University Library of Munich, Germany. O'Connor, Fergal & Lucey, Brian & Batten, Jonathan & Baur, Dirk, 2015.21(2), pages 316-325, June.įull references (including those not matched with items on IDEAS) Research in International Business and Finance, Elsevier, vol. " A power GARCH examination of the gold market," " Short- and long-run elasticities of gasoline demand in India: An empirical analysis using cointegration techniques,"Įnergy Economics, Elsevier, vol. " Jewellery demand and the price of gold," " Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root,"Įconometrica, Econometric Society, vol. Dickey, David A & Fuller, Wayne A, 1981." The effect of the price of gold on its production: a time-series analysis," " Income and price elasticity of gold import demand in India: Empirical evidence from threshold and ARDL bounds test cointegration," " Estimating elasticity of import demand for gold in India," Mukherjee, Paramita & Mukherjee, Vivekananda & Das, Debasmita, 2017." Determinants of the physical demand for gold: Evidence from panel data,"Ģ007-09, American University, Department of Economics. This may tend to bring a considerable amount of gold into the system. Various gold monetisation schemes already launched by the government should reach especially the rural section, as most of them may not be aware of these schemes. Hence the study suggests that instead of curbing the demand, new financial products may be developed to monetise the gold lying idle in the households. This behaviour eventually increases the wealth in the country. More than 70 per cent of India’s gold consumption is unaffected by the price fluctuations. Consumers in India react expeditiously in the short run and their response to the price changes is stable in the long run. India’s overall gold consumption is relatively lesser reactive to the fluctuations in the world gold price than the other countries. Indian gold market takes a shorter time to get back to its equilibrium than the other major gold consuming countries. The speed of error correction is slightly higher for India. Price elasticity is negative and income elasticity is positive in the long run. Using the Cointegration and Error Correction model, we found a long-run relationship between gold demand, price and income of the consumers. The study period is from January 2000 to December 2017. Four major gold consuming countries in the world, such as India, the USA, Europe and Japan, are included in the analysis. This article examines the long-run and the short-run elastic relationships between price, income and gold demand.
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