- India and the World Economy, 1757–1947
- Battles Half Won: Political Economy of India's Growth and Economic Policy Since Independence
- Estimating Rural Poverty: Distributional Outcomes, Evaluations, and Policy Responses
- Microfinance: The Shg-Linkage Program
- Microinsurance: A Case Study of the Indian Rainfall Index Insurance Market
- Caste and Upward Mobility
- Performance of Indian Manufacturing in the Postreform Period
- Informal Sector and the Developing World: Relating Theory and Evidence to India
- Structural Transformation and Jobless Growth in the Indian Economy
- Development, Displacement, and Food Security: Land Acquisition in India
- Reforming Primary and Secondary Schooling
- Higher Education Reforms in India
- Health and Health Care Policy in India: The Case for Quality of Care
- Population Dynamics in India and Implications for Economic Growth
- The Dynamics and Status of India's Economic Reforms
- Political Economy of Infrastructure Spending in India
- Aspects of Bureaucratic Corruption
- Distributive Conflicts and Indian Economic Policy: Some Notes On Political Economy
- Economic Growth and Ecological Sustainability in India
- Fiscal Rules in India: are they Effective?
- Financial Frictions and Monetary Policy Transmission in India
- Monetary Policy, Capital Flows, and the Exchange Rate
- India's Trade and Exchange-Rate Policies: Understanding the Bop Crisis and the Reforms Thereafter
- Domestic Financial Sector Reforms
- The Convergence Debate and Econometric Approaches: Evidence from India
- The Globalization Debate and India
- India at the WTO: From Uruguay to Doha and Beyond
- An Estimated DSGE Model of the Indian Economy
- Development Patterns in China and India: Perspective with A Ces Production Function
- What More do we want to know about the Indian Economy?
Abstract and Keywords
This article discusses domestic financial sector reforms in India since 1991. It discusses banking sector reforms at length and argues that although Indian financial markets have increased their efficiency in the postreform phase, India still needs to develop an active and more dynamic bond market and make the bankruptcy market more efficient. This article also discusses the global financial crisis of 2007–2009 and how Indian financial markets behaved during that time. This crisis was especially significant because this was the first time that a liberalized Indian financial market was facing an external shock. The article suggests that the chain of causation during the crisis was more from the real sector to the financial sector rather than the other way round (as in the United States). The article discusses what form financial regulation will take going into the future.
Shubhashis Gangopadhyay (India Development Foundation, Gurgaon; University of Gothenburg, Sweden; Shiv Nadar University, Gurgaon, India)
S. K. Shanthi (Great Lakes Institute, Chennai, India)
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