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Global Crisis, Financial Institutions and Reforms: An Indian Perspective

In: Analytical Issues in Trade, Development and Finance

Author

Listed:
  • Dilip M. Nachane

    (Indira Gandhi Institute of Development Research (IGIDR))

Abstract

The relationship between finance and economic growth has witnessed a lively controversy and sharp divisions among schools of economic thought. However, even within the broad consensus recognizing the role of financial systems for economic development, important areas of disagreement persist, viz. the type of financial system most conducive to growth, private versus public ownership of financial institutions, the degree of regulation and supervision, the role of financial innovations and the pace and extent of financial liberalization. The Latin American crises of the 1980s and 1990s, the Asian financial crisis and the current global recession have once again brought the critical role of financial institutions under the scanner and introduced some important caveats to the consensus. The present chapter aims to take stock of some of these issues in the Indian context. While it is certainly not being claimed that the Indian experience is representative of the entire South Asian region, it is nevertheless felt that some of the lessons drawn here would have some relevance transcending their immediate context.

Suggested Citation

  • Dilip M. Nachane, 2014. "Global Crisis, Financial Institutions and Reforms: An Indian Perspective," India Studies in Business and Economics, in: Ambar Nath Ghosh & Asim K. Karmakar (ed.), Analytical Issues in Trade, Development and Finance, edition 127, chapter 7, pages 97-124, Springer.
    • Handle: RePEc:spr:isbchp:978-81-322-1650-6_7
    DOI: 10.1007/978-81-322-1650-6_7
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