The objective of the Reserve Bank of India Occasional Papers is to publish high quality research produced by the staff of the Reserve Bank of India on a broad array of issues of interest to a large audience including academics and policy makers. The papers selected for publications are subject to intense review by internal and external referees. The views expressed in the articles, notes and reviews published in this journal are those of the authors and do not reflect the views of the Editorial Committee or of the Reserve Bank of India. Moreover, the responsibility for the accuracy of statements contained in the contributions rests with the author(s).

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