Evidence of Wagner's law from Indian states |
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| Authors: | Seema Narayan Badri Narayan Rath Paresh Kumar Narayan |
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| Affiliation: | 1. School of Economics, Finance and Marketing, Royal Melbourne Institute of Technology University, Melbourne, Australia;2. Department of Liberal Arts, Indian Institute of Technology, Hyderabad, India;3. School of Accounting Economics and Finance, Deakin University, Australia |
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| Abstract: | In this paper, we test for Wagner's law for 15 Indian states. We consider nine panels of states based on geography and level of economic development. Using panel unit-root, panel-cointegration, and panel-Granger causality analysis, we unravel strong evidence of Wagner's law. However, we find that the Wagner's law relationship is consumption rather than capital expenditure driven. This is a fresh revelation and our results are robust to different model specifications. |
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| Keywords: | Wagner's Law Indian states Unit root Cointegration Panel data Heterogeneous |
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