Quarterly series of budget deficits or any other suitable series for fiscal determinants are not available and, therefore, the analysis using the quarterly dataset is limited to monetary factors.
Table 5 Dynamics of interest rates involving quarterly dataset (M1 money growth is used) Targeted dependent variable iq1t (of Estimation 5) Targeted dependent variable iq2t (of Estimation 6) Parameters Estimates t-values Prob.
The second part of the analysis, using a quarterly dataset for the post-global recession period, further establishes the positive impact of M2 money growth and income growth on interest rates.
In addition the paper also examines the role of monetary factors in the variation of interest rates, using a quarterly dataset for the post-global recession period, when the exchange rate is determined by market forces.
Furthermore, based on a quarterly dataset of the post-global financial recession period, when the market-based exchange rate regime was initiated, the role of monetary factors in the variations of interest rates are also studied.
Using a quarterly dataset, the second part of the paper analyzes the role of monetary factors in the variations of the call money rate and interest rate on 364-day TBs during the post-global recession period.
On the other hand, the quarterly dataset includes the call money rate and interest rates on 364-day TBs, deseasonalized quarterly real GDP growth, deseasonalized real M1, M2 money supply growth, and quarterly change in nominal exchange rate over the post-global recession period (2009 Q1 2016:Q2009 Q1 2016
M1qt 2.577 0.10 M1qt 0.816 0.36 Yqt 3.391 0.05 Yqt 2.408 0.12 Eqt 3.283 0.07 Eqt 1.776 0.18 All: 17.73 0.05 All: 4.248 0.23 Source: Author's estimation Table 6 Dynamics of interest rates involving quarterly dataset: (M2 money growth is used) Targeted dependent variable iq1t (of Estimation 7) Targeted dependent variable iq2t (of Estimation 8) Parameters Estimates t-values Prob.
Results from the HSCIC quarterly dispensing dataset analyses (Table 5, Additional file 4) showed a significant declining trend in the ACEIs prescriptions' proportion prior to the BCBV policy implementation (β1: -0.09 %, p < 0.001).
The empirical analysis in this paper involves annual and quarterly time series datasets.
