Financial Sector Reforms in Developing Countries: The Indian Experience
University of Manchester - Institute for Development Policy and Management (IDPM)
Queen's University of Belfast
The World Economy, Vol. 25, pp. 429-445, 2002
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.
Number of Pages in PDF File: 17Accepted Paper Series
Date posted: December 31, 2002
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