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Structural Problems in Financing Development: Issues Relating to India

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Author Info
Santonu Basu

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Abstract

This paper argues that the process of financing development in India increased the fragility of the financial market. Consequently, the need arose for the government to implement policies that would reduce that fragility, and also to introduce strong enforceable bankruptcy laws, in order to prevent the emergence of corruption. It appears that the recent capital market reform did not give adequate attention to reducing the fragility of the financial market.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 20 (2006)
Issue (Month): 1 (January)
Pages: 85-101
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Handle: RePEc:taf:irapec:v:20:y:2006:i:1:p:85-101

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For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).

Related research
Keywords: Financial reforms; credit standard; economic development; India;

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References listed on IDEAS
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  1. Basu, Santonu, 1989. "Deregulation: Small Business Access to the Capital Market--Theoretical Issues with Special Reference to Australian Bank Finance," Australian Economic Papers, Blackwell Publishing, vol. 28(52), pages 141-59, June.
  2. Santonu Basu, 2003. "Why do Banks Fail?," International Review of Applied Economics, Taylor and Francis Journals, vol. 17(3), pages 231-248, July. [Downloadable!] (restricted)
  3. Demetriades, Panicos O & Luintel, Kul B, 1996. "Financial Development, Economic Growth and Banker Sector Controls: Evidence from India," Economic Journal, Royal Economic Society, vol. 106(435), pages 359-74, March. [Downloadable!] (restricted)
  4. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  5. Singh, A. & Weisse, B. A., 1998. "Emerging Stock Markets, Portfolio Capital Flows and Long-term Economic Growth: Micro and Macroeconomic Perspectives," Accounting and Finance Discussion Papers 98-af40, Faculty of Economics, University of Cambridge.
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  6. Cobham, David & Subramaniam, Ramesh, 1998. "Corporate finance in developing countries: New evidence for India," World Development, Elsevier, vol. 26(6), pages 1033-1047, June. [Downloadable!] (restricted)
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  7. Morisset, Jacques, 1993. "Does financial liberalization really improve private investment in developing countries?," Journal of Development Economics, Elsevier, vol. 40(1), pages 133-150, February. [Downloadable!] (restricted)
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  8. Ajit Singh, 1998. "Financial liberalisation, stockmarkets and economic development," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 8(1), pages 165-182.
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  9. Levine, Ross, 1992. "Financial structures and economic development," Policy Research Working Paper Series 849, The World Bank. [Downloadable!]
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  10. Devereux, Michael B & Smith, Gregor W, 1994. "International Risk Sharing and Economic Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(3), pages 535-50, August. [Downloadable!] (restricted)
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  11. Arestis, Philip & Demetriades, Panicos O, 1997. "Financial Development and Economic Growth: Assessing the Evidence," Economic Journal, Royal Economic Society, vol. 107(442), pages 783-99, May. [Downloadable!] (restricted)
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  12. Basu, Santonu, 1994. "Deregulation of the Australian Banking Sector: A Theoretical Perspective," Australian Economic Papers, Blackwell Publishing, vol. 33(63), pages 272-85, December.
  13. J. Caprio & P. Honohan, 2000. "Restoring Banking Stability: Beyond Supervised Capital Requirements," South African Journal of Economics, Economic Society of South Africa, vol. 68(1), pages 5-22, 03. [Downloadable!] (restricted)
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  14. Philip Arestis, 2002. "Financial crisis in Southeast Asia: dispelling illusion the Minskyan way," Cambridge Journal of Economics, Oxford University Press, vol. 26(2), pages 237-260, March.
  15. Raghuram G. Rajan & Luigi Zingales, . "Financial Dependence and Growth," CRSP working papers 344, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
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  16. Stern, Nicholas, 1989. "The Economics of Development: A Survey," Economic Journal, Royal Economic Society, vol. 99(397), pages 597-685, September. [Downloadable!] (restricted)
  17. Christian E. Weller, 2000. "Financial Liberalization, Multinational Banks and Credit Supply: the case of Poland," International Review of Applied Economics, Taylor and Francis Journals, vol. 14(2), pages 193-211, May. [Downloadable!] (restricted)
  18. Greenwood, J. & Jovanovic, B., 1990. "Financial Development, Growth, And The Distribution Of Income," University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers 9002, University of Western Ontario, The Centre for the Study of International Economic Relations.
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  19. Singh, A., 1995. "Corporate Financial Patterns in Industrializing Economies. A Coparative International Study," Papers 2, World Bank - International Finance Corporation.
  20. Arestis, Philip & Demetriades, Panicos O & Luintel, Kul B, 2001. "Financial Development and Economic Growth: The Role of Stock Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(1), pages 16-41, February.
    Other versions:
  21. Bencivenga, Valerie R & Smith, Bruce D & Starr, Ross M, 1996. "Equity Markets, Transactions Costs, and Capital Accumulation: An Illustration," World Bank Economic Review, Oxford University Press, vol. 10(2), pages 241-65, May.
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