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Financial Development in Emerging Markets: The Indian Experience

Author

Listed:
  • Krishnan, K.P.

    (Asian Development Bank Institute)

Abstract

Financial markets that function well are crucial for the long-run economic growth of a country. This paper, in the first instance, looks at how the financial development of an economy can be measured. It then traces the financial development of India through the 1990s to the present, assessing the development of each segment of financial markets. In doing so, it highlights the dualistic development of the financial sector. Finally, the paper makes an attempt to offer an explanation of this dualistic development and proposes a road map for the future development of financial markets in India.

Suggested Citation

  • Krishnan, K.P., 2011. "Financial Development in Emerging Markets: The Indian Experience," ADBI Working Papers 276, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0276
    as

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    File URL: http://www.adbi.org/files/2011.04.08.wp276.financial.dev.emerging.markets.india.pdf
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    References listed on IDEAS

    as
    1. World Bank, 1997. "Global Economic Prospects and the Developing Countries 1997," World Bank Publications - Books, The World Bank Group, number 32392, December.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Sumon Kumar Bhaumik & Saul Estrin & Tomasz Mickiewicz, 2017. "Ownership identity, strategy and performance: Business group affiliates versus independent firms in India," Asia Pacific Journal of Management, Springer, vol. 34(2), pages 281-311, June.
    2. Deluna, Roperto Jr & Chelly, Antiquisa, 2014. "Economic Growth, Financial and Trade Globalization in the Philippines: A Vector Autoregressive Analysis," MPRA Paper 60206, University Library of Munich, Germany.
    3. Joanna Wyszkowska-Kuna, 2016. "Financial Services Input as a Source of Economic Growth in the European Union Countries," FindEcon Chapters: Forecasting Financial Markets and Economic Decision-Making, in: Magdalena Osińska (ed.), Statistical Review, vol. 63, 2016, 3, edition 1, volume 63, chapter 3, pages 289-308, University of Lodz.
    4. Ziaurrahman, Muhammad & Masih, Mansur, 2016. "Is financial sector development an engine of economic growth? evidence from India," MPRA Paper 72121, University Library of Munich, Germany.

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    More about this item

    Keywords

    financial development; india financial development; india financial sector; india financial markets; emerging market economies; india economic growth;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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