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Financial Development in Emerging Markets: The Indian Experience


  • Krishnan, K.P.

    (Asian Development Bank Institute)


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

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    References listed on IDEAS

    1. Ross Levine, 1990. "Financial structure and economic development," International Finance Discussion Papers 381, Board of Governors of the Federal Reserve System (U.S.).
    2. Randall K. Morck, 2005. "A History of Corporate Governance around the World: Family Business Groups to Professional Managers," NBER Books, National Bureau of Economic Research, Inc, number morc05-1, January.
    3. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
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    Cited by:

    1. 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.

    More about this item


    financial development; india financial development; india financial sector; india financial markets; emerging market economies; india economic growth;

    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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