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The Economic Impact of the Asian Crisis on India and China

In: Financial Liberalization and the Asian Crisis

Author

Listed:
  • A. S. Bhalla
  • D. M. Nachane

Abstract

Ever since the outbreak of the South-east Asian financial crisis, speculation has been rife about the likelihood of the ‘contagion’ spreading, and the extent of its possible spread. Policy-makers in different countries have also been preoccupied with examining what measures could be taken toforestall a similar fate befalling their respective economies. This chapter addresses these issues with respect to the two Asian giants, India and China. The two countries share certain common features such as size and geographical proximity to the crisis region, but differ widely in other respects. Apart from the well-known differences in their political systems and the role of markets, at least two other divergent features stand out. Firstly, attitudes toforeign investment in the recent past have differed sharply. Whereas India has been extremely cautious about foreign direct investment (FDI) but relatively open toforeign portfolio investment (FPI), the opposite seems to have been the case in China. Secondly, the Indian banking and financial system has evolved to a stage of maturity and sophistication that does not seem evident in China.

Suggested Citation

  • A. S. Bhalla & D. M. Nachane, 2001. "The Economic Impact of the Asian Crisis on India and China," Palgrave Macmillan Books, in: Ha-Joon Chang & Gabriel Palma & D. Hugh Whittaker (ed.), Financial Liberalization and the Asian Crisis, chapter 14, pages 237-253, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51862-9_14
    DOI: 10.1057/9780230518629_14
    as

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