In the early 1990s, financial liberalization started in India, and
it was thought that such reforms would increase economic growth.
This argument formed part of the finance led industrialization
hypothesis and although higher growth resulted, higher
industrialization did not immediately.
This book is the first study to comprehensively apply the flow
of funds model for India.
Using detailed data of the Indian economy, the whole financial
sector is presented with associated policy simulation for India.
The demand function is theoretically grounded in the Almost Ideal
Demand System and cointegration techniques are adapted into the
econometric methodology. The policy simulation experiments are
conducted with a view to analyzing the delivery of loanable funds
to sectors which are the most in need of poverty-reducing economic
growth. The system-wide simulation as a result of interactions with
disaggregated economic sectors will allow the analysis of a wide
spectrum of policy effects on issues such as the determinant of
interest rates, financial capital formulation, and the role of
financial institutions, government debt and allocation of
credit.
India's Emerging Financial Market provides a thorough and
rigorous analysis of policy responses in India and will be of
interest to academics working on development economics in general
and South Asia in particular.
General
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