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Financial Sector Reforms in Developing Countries: The Indian Experience

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  • T. G. Arun
  • J. D. Turner

Abstract

This study is based on the premise that the success/failure of financial sector reforms depends heavily on country specific factors and makes an attempt to examine these factors in the Indian context. The financial sector reforms analysed in this paper include the deregulation of interest rates, increasing competition and foreign ownership, and the introduction of financial supervision. We argue that an economic rationale for a gradualist approach to financial reform is that it is stability enhancing. Furthermore, we suggest that India's complex political economy has resulted in a gradual approach to reform, and this approach has been successful along the dimension of banking stability. Copyright Blackwell Publishers Ltd 2002.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal The World Economy.

Volume (Year): 25 (2002)
Issue (Month): 3 (03)
Pages: 429-445

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Handle: RePEc:bla:worlde:v:25:y:2002:i:3:p:429-445

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0378-5920

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Cited by:
  1. Uma Kambhampati, 2006. "Financial liberalisation, corporate governance and the efficiency if firms in Indian manufacturing," Economics & Management Discussion Papers, Henley Business School, Reading University em-dp2006-33, Henley Business School, Reading University.
  2. Arun, Thankom, 2005. "Regulating for development: the case of microfinance," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 45(2-3), pages 346-357, May.
  3. Adrian R. Gourlay & Geetha Ravishankar & Tom Weyman-Jones, 2006. "Non-Parametric Analysis of Efficiency Gains from Bank Mergers in India," Discussion Paper Series, Department of Economics, Loughborough University 2006_18, Department of Economics, Loughborough University, revised Oct 2006.
  4. Arun, Thankom G. & Turner, John David, 2003. "Corporate Governance of Banks in Developing Economies: Concepts and Issues," Development Economics and Public Policy Working Papers, University of Manchester, Institute for Development Policy and Management (IDPM) 30551, University of Manchester, Institute for Development Policy and Management (IDPM).
  5. Ali Ataullah & Tony Cockerill & Hang Le, 2004. "Financial liberalization and bank efficiency: a comparative analysis of India and Pakistan," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 36(17), pages 1915-1924.
  6. Sunil Kumar & Rachita Gulati, 2009. "Did efficiency of Indian public sector banks converge with banking reforms?," International Review of Economics, Springer, Springer, vol. 56(1), pages 47-84, March.

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