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Digital Money: An Empirical Investigation of Components of Reserve Money Kumar Sunil Research Scholar, Department of HRM & OB, School of Business and Management Studies, Central University of Himachal Pradesh, India. sunil23121984@gmail.com Online published on 12 May, 2017. Abstract Digital money will be the future of transactions in Indian economy. This paper is an attempt to study the concept of digital money with relation to reserve money and its main component currency in circulation. The data was collected from reserve bank of India website for 2001 to 2016. The collected data was analyzed by using hierarchical multiple regression. The primary findings of study revealed that reserve money is the important part of the central bank's monetary policy, while currency in circulation is describing majority of variance in the reserve money. The study revealed that adoption of digital money in the economy will not affect the monetary policy of central bank in long run. The study will provide evidences to the policy makers to take corrective measures for handling the reserves with central bank. Top Keywords Digital Money, Less-cash economy, Reserve Money, Currency in Circulation, Monetary policy. Top | |
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