Global Journal of Human Social Science, E: Economics, Volume 22 Issue 2

The impulse response functions assumed Cholesky one standard deviation innovations which expressed that the responses of log(y) to log(m 2 ) and log(z), responses of log(x 1 ) to log(m 2 ) and log(z), responses of log(m 1 ) to log(x 2 ), response of log(m 1 ) to log(m 2 ), response of log(z) to log(y), response of log(m 1 ) to log(x 2 ) and response of log(m 1 ) to log(m 2 ) have been moving toward equilibrium which are observed in the Figure 7. Source: Plotted by author Figure 7: Impulse Response Functions V. L imitations and F uture S cope of R esearch VI. C onclusion The paper concludes that US grants, credits and assistance to India during 1945-1970 had been growing at the rate of 39.61% per year significantly which had three upwards structural breaks with long run upward cyclical trend and seasonal variations. The upward structural breaks with upward cyclical filter along with high growth rates were also seen from exports and imports of USA and India and from National income of USA during 1945-1970. US grants, credits and A cknowledgment In preparing this paper, I am indebted to all sources of references, the authority of the journal and other well-wishers. I declare that no organisation/NGO/ institution have sanctioned the funds to publish this work. I am responsible for all errors and omissions. © 2022 Global Journals Volume XXII Issue II Version I 69 ( ) Global Journal of Human Social Science - Year 2022 E The model described here suffers from some limitations too. If the variables like, balance of trade, inflation rate, exchange rate of Rupee could be taken into account, then the more viable results might be obtained. Thus, the paper assures enough scope for further research in the offing. assistance to India during 1945-1970 had three significant cointegrating equations with exports and imports of USA and India and national income of USA. The vector error correction model is unstable, non- stationary and non-normal having problem of autocorrelation. US grants, credits and assistance to India have short run causalities from India’s imports and US gross national income. There were long run causalities to US credits, grants and assistance to India from both imports of India and USA and from gross national income of USA during the Bretton Woods era significantly. Determinants of U.S. Grants, Credits and Assistances to India during Bretton Woods