This study assesses the role of monetary, fiscal factors, and trade openness causing variations of nominal and real interest rates in India for the deregulated regime. The autoregressive distributive lag (ARDL) bounds testing approach to cointegration finds that deposit rate, lending rate, and real interest rate have long-run associations with the monetary, fiscal policy instruments, and trade openness. The error correction model representation of the ARDL framework finds that the broad money supply negatively impacts the deposit rate and the real interest rate, while positive impacts of income on each of the three interest rates are noticed. The fiscal deficit has a significant short-term negative impact on the deposit rate and has a positive impact on the real interest rate. The exchange rate and openness to trade lower interest rates. The econometric appraisal may be perceptive to keep interest rate in the desired trail through the judicious adjustments of the policy instruments and deficit management. The significant impact of openness to trade on interest rates is a critical issue that the macroeconomic policy may face more challenges.

中文翻译：

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财政、货币政策和贸易开放如何影响印度的利率？

本研究评估了货币、财政因素和贸易开放的作用，这些因素导致印度放松管制制度下的名义利率和实际利率发生变化。协整的自回归分配滞后 (ARDL) 边界检验方法发现存款利率、贷款利率和实际利率与货币、财政政策工具和贸易开放度存在长期关联。ARDL 框架的误差修正模型表示发现广义货币供应量对存款利率和实际利率产生负面影响，而收入对三种利率中的每一种都产生积极影响。财政赤字对存款利率有显着的短期负面影响，对实际利率有正面影响。汇率和交易开放度降低利率。通过对政策工具和赤字管理的明智调整，计量经济学评估可能具有洞察力，可以将利率保持在预期的轨道上。贸易开放对利率的显着影响是宏观经济政策可能面临更多挑战的关键问题。