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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.

Suggested Citation

  • T. G. Arun & J. D. Turner, 2002. "Financial Sector Reforms in Developing Countries: The Indian Experience," The World Economy, Wiley Blackwell, vol. 25(3), pages 429-445, March.
  • Handle: RePEc:bla:worlde:v:25:y:2002:i:3:p:429-445
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    4. Beghin, John C. & Dong, Fengxia & Elobeid, Amani & Fabiosa, Jacinto F. & Fuller, Frank H. & Hart, Chad E. & Kovarik, Karen P. & Tokgoz, Simla & Yu, Tun-Hsiang & Wailes, Eric J. & Chavez, Edward & Woma, 2006. "FAPRI 2006 U.S. And World Agricultural Outlook," Staff General Research Papers Archive 12597, Iowa State University, Department of Economics.
      • Beghin, John C. & Dong, Fengxia & Elobeid, Amani E. & Fabiosa, Jacinto F. & Fuller, Frank H. & Hart, Chad E. & Kovarik, Karen & Tokgoz, Simla & Yu, Tun-Hsiang (Edward) & Wailes, Eric J. & Chavez, Eddi, 2006. "FAPRI 2006 U.S. and World Agricultural Outlook," Staff Reports 7319, Food and Agricultural Policy Research Institute (FAPRI).
    5. S. E. Frandsen & H. G. Jensen & D. M. Vanzetti, 2000. "Expanding 'Fortress Europe': Agricultural Trade and Welfare Implications of European Enlargement for Non-member Regions," The World Economy, Wiley Blackwell, vol. 23(3), pages 309-329, March.
    6. Babcock, Bruce A. & Beghin, John C. & Fuller, Frank H. & Mohanty, Samarendu & Fabiosa, Jacinto F. & Kaus, Phillip J. & Fang, Cheng & Hart, Chad E. & Matthey, Holger & de Cara, Stephane & Kovarik, Kare, 2001. "FAPRI 2001 U.S. and World Agricultural Outlook," Staff Reports 32052, Food and Agricultural Policy Research Institute (FAPRI).
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    Cited by:

    1. ZOUARI, Zeineb & NABI, Mahmoud Sami, 2013. "Enhancing the Enforceability of Islamic Microfinance Contracts in OIC countries," MPRA Paper 49816, University Library of Munich, Germany.
    2. Sunil Kumar & Rachita Gulati, 2009. "Did efficiency of Indian public sector banks converge with banking reforms?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 56(1), pages 47-84, March.
    3. Thankom Gopinath Arun & John Turner, 2009. "Corporate Governance of Banks in Developing Economies: Concepts and Issues," Chapters,in: Corporate Governance and Development, chapter 7 Edward Elgar Publishing.
    4. Kambhampati, Uma S., 2006. "Financial liberalisation, corporate governance and the efficiency of firms in Indian manufacturing," Structural Change and Economic Dynamics, Elsevier, vol. 17(1), pages 46-69, January.
    5. Adrian R. Gourlay & Geetha Ravishankar & Tom Weyman-Jones, 2006. "Non-Parametric Analysis of Efficiency Gains from Bank Mergers in India," Discussion Paper Series 2006_18, Department of Economics, Loughborough University, revised Oct 2006.
    6. Arun, Thankom, 2005. "Regulating for development: the case of microfinance," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(2-3), pages 346-357, May.
    7. Ali Ataullah & Tony Cockerill & Hang Le, 2004. "Financial liberalization and bank efficiency: a comparative analysis of India and Pakistan," Applied Economics, Taylor & Francis Journals, vol. 36(17), pages 1915-1924.
    8. repec:eee:riibaf:v:42:y:2017:i:c:p:1030-1039 is not listed on IDEAS

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