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Financial Sector Reforms in Nepal

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  • Ganesh Kumar Shrestha

    (Nepal Rastra Bank)

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    Abstract

    Financial sector is the backbone or engine of growth of any economy. It mobilizes and allocates financial resources most productively and efficiently and induces investment, increases employment opportunities and productivity, achieves growth targets and attains overall macro-economic development In a global financial system, each country has to reform its financial sector. The reform process should be properly sequenced. Nepal initiated financial sector reform in mid-1980s and HMG/N and Nepal Rastra Bank have been implementing comprehensive Financial Sector Reform Program since 2001. HMG/N has strongly committed for the reform of the financial sector in general and RBB, NBL, ADB/N and NIDC in particular. Much depends on the proper implementation of the Financial Sector Reform Program. The financial sector may invite financial crisis which may easily transfer to other sectors of the economy. As such, we have to be extra cautious for the financial liberalization and reforms of the financial sector.

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    Bibliographic Info

    Article provided by Nepal Rastra Bank, Research Department in its journal NRB Economic Review.

    Volume (Year): 16 (2004)
    Issue (Month): (April)
    Pages: 75-90

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    Handle: RePEc:nrb:journl:v:16:y:2004:p:75-90

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    1. Calvo, Guillermo A. & Mendoza, Enrique G., 2000. "Rational contagion and the globalization of securities markets," Journal of International Economics, Elsevier, vol. 51(1), pages 79-113, June.
    2. Bekaert, Geert & Harvey, Campbell R. & Lundblad, Christian, 2005. "Does financial liberalization spur growth?," Journal of Financial Economics, Elsevier, vol. 77(1), pages 3-55, July.
    3. Frederic S. Mishkin, 2001. "Financial Policies and the Prevention of Financial Crises in Emerging Market Countries," NBER Working Papers 8087, National Bureau of Economic Research, Inc.
    4. Graciela Kaminsky & Sergio Schmukler, 2003. "Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization," NBER Working Papers 9787, National Bureau of Economic Research, Inc.
    5. Mishkin, Frederic S., 2001. "Financial policies and the prevention of financial crises in emerging market economies," Policy Research Working Paper Series 2683, The World Bank.
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    Cited by:
    1. repec:nrb:journl:v:24:y:2012:i:2:p:2 is not listed on IDEAS
    2. Prof. Frank Westermann Ph.D., 2012. "Linkages between Sectoral Output Growth and Financial Development in Nepal," NRB Economic Review, Nepal Rastra Bank, Research Department, vol. 24(2), pages 15-30, October.

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