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Author: Rakesh Mohan
Publisher: International Monetary Fund
ISBN: 1475570201
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
This paper traces the story of Indian financial sector over the period 1950–2015. In identifying the trends and turns of Indian financial sector, the paper adopts a three period classification viz., (a) the 1950s and 1960s, which exhibited some elements of instability associated with laissez faire but underdeveloped banking; (b) the 1970s and 1980s that experienced the process of financial development across the country under government auspices, accompanied by a degree of financial repression; and (c) the period since the 1990s till date, that has been characterized by gradual and calibrated financial deepening and liberalization. Focusing more the third period, the paper argues that as a consequence of successive reforms over the past 25 years, there has been significant progress in making interest and exchange rates largely market determined, though the exchange rate regime remains one of managed float, and some interest rates remain administered. Considerable competition has been introduced in the banking sector through new private sector banks, but public sector banks continue have a dominant share in the market. Contractual savings systems have been improved, but pension funds in India are still in their infancy. Similarly, despite the introduction of new private sector insurance companies coverage of insurance can expand much further, which would also provide greater depth to the financial markets. The extent of development along all the segments of the financial market has not been uniform. While the equity market is quite developed, activities in the private debt market are predominantly confined to private placement form and continue to be limited to the bluechip companies. Going forward, the future areas for development in the Indian financial sector would include further reduction of public ownership in banks and insurance companies, expansion of the contractual savings system through more rapid expansion of the insurance and pension systems, greater spread of mutual funds, and development of institutional investors. It is only then that both the equity and debt markets will display greater breadth as well as depth, along with greater domestic liquidity. At the same time, while reforming the financial sector, the Indian authorities had to constantly keep the issues of equity and efficiency in mind.
Author: Thomas Piketty
Publisher: Harvard University Press
ISBN: 0674979850
Category : Business & Economics
Languages : en
Pages : 817
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Book Description
What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.
Author: Rakesh Mohan
Publisher: International Monetary Fund
ISBN: 1475570201
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
This paper traces the story of Indian financial sector over the period 1950–2015. In identifying the trends and turns of Indian financial sector, the paper adopts a three period classification viz., (a) the 1950s and 1960s, which exhibited some elements of instability associated with laissez faire but underdeveloped banking; (b) the 1970s and 1980s that experienced the process of financial development across the country under government auspices, accompanied by a degree of financial repression; and (c) the period since the 1990s till date, that has been characterized by gradual and calibrated financial deepening and liberalization. Focusing more the third period, the paper argues that as a consequence of successive reforms over the past 25 years, there has been significant progress in making interest and exchange rates largely market determined, though the exchange rate regime remains one of managed float, and some interest rates remain administered. Considerable competition has been introduced in the banking sector through new private sector banks, but public sector banks continue have a dominant share in the market. Contractual savings systems have been improved, but pension funds in India are still in their infancy. Similarly, despite the introduction of new private sector insurance companies coverage of insurance can expand much further, which would also provide greater depth to the financial markets. The extent of development along all the segments of the financial market has not been uniform. While the equity market is quite developed, activities in the private debt market are predominantly confined to private placement form and continue to be limited to the bluechip companies. Going forward, the future areas for development in the Indian financial sector would include further reduction of public ownership in banks and insurance companies, expansion of the contractual savings system through more rapid expansion of the insurance and pension systems, greater spread of mutual funds, and development of institutional investors. It is only then that both the equity and debt markets will display greater breadth as well as depth, along with greater domestic liquidity. At the same time, while reforming the financial sector, the Indian authorities had to constantly keep the issues of equity and efficiency in mind.
Author: James A. Hanson
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 470
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Book Description
This collection of papers by leading economists focuses on policy and institutional reforms in banking, finance, and capital markets in India.
Author: Ravinder Kaur
Publisher: Harper Collins
ISBN: 9354224628
Category : Business & Economics
Languages : en
Pages : 385
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Book Description
The early twenty-first century was an optimistic moment of global futures-making. The old 'third-world' nations were rapidly embracing the script of unbridled capitalism in the hope of arriving on the world stage. Brand New Nation reveals the on-the-ground experience of the relentless transformation of the nation-state into an attractive investment destination for global capital. The infusion of capital not only rejuvenates the nation, it also produces investment-fuelled nationalism, a populist energy that can be turned into a powerful instrument of coercion. Grounded in the history of modern India, the book reveals how the forces of identity economy, identity politics, publicity, populism, violence and economic growth are rapidly rearranging the liberal political order the world over.
Author: John JA Burke
Publisher: Springer Nature
ISBN: 3030639673
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
This textbook covers financial systems and services, particularly focusing on present systems and future developments. Broken into three parts, Part One establishes the public institutional framework in which financial services are conducted, defines financial service systems, critically examines the link between finance, wealth and income inequality, and economic growth, challenges conventional paradigms about the raison d’être of financial institutions and markets, and considers the loss of US financial hegemony to emerging regional entities [BRICS]. Part Two focuses on financial innovation by explaining the impact of the following technologies: cryptography, FinTech, distributed ledger technology, and artificial intelligence. Part Three assesses to what extent financial innovation has disrupted legacy banking and the delivery of financial services, identifies the main obstacles to reconstructing the whole financial system based upon “first principles thinking”: Nation State regulation and incumbent interests of multi-national companies, and provides a cursory description of how the pandemic of COVID-19 may establish a “new normal” for the financial services industry. Combining rigorous detail alongside exercises and PowerPoint slides for each chapter, this textbook helps finance students understand the wide breadth of financial systems and speculates the forthcoming developments in the industry. A website to serve as a companion to the textbook is available here: www.johnjaburke.com.
Author: Teresita C. Schaffer
Publisher: CSIS
ISBN: 9780892065721
Category : Political Science
Languages : en
Pages : 268
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Book Description
The world from Delhi and from Washington -- The economic engine -- Energy: where economics meets strategy -- Shaping a security relationship -- Nuclear and high-tech cooperation: getting beyond the taboos -- The neighborhood: South and Central Asia -- Looking East: India and East Asia -- The Middle East: Israel, the Gulf, and Iran -- The other global powers -- Global governance -- A new partnership, a changing world. - "India and the United States in the 21st Century: Reinventing Partnership examines the astonishing new strategic partnership between the United States and India. Unlike other books on the subject, it brings together the two countries' success in forging bilateral relations and their relatively skimpy record of seeking common ground on global and regional issues. This book proposes a policy of inclusion and candor, with the United States taking the partnership global and regional by helping to move India into global councils of leadership."--Jacket.
Author: Shashi Tharoor
Publisher:
ISBN: 9780143420187
Category : India
Languages : en
Pages : 0
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Book Description
Indian diplomacy, a veteran told Shashi Tharoor many years ago, is like the love- making of an elephant: it is conducted at a very high level, accompanied by much bellowing, and the results are not known for two years. In this lively, informative and insightful work, the award-winning author and parliamentarian brilliantly demonstrates how Indian diplomacy has become sprightlier since then and where it needs to focus in the 21st century. Explaining why foreign policy matters to an India focused on its own domestic transformation, Tharoor surveys the country's major international relationships, evokes its soft power and global responsibilities, analyses the workings of the Ministry of External Affairs and parliament and assesses the impact of public opinion on government policy. Indeed, Tharoor presents his ideas about a contemporary new grand strategy for the nation, arguing that India must move beyond non-alignment to multi-alignment. This book sets out a clear vision of an India now ready to assume global responsibility in the contemporary world. Pax Indica is another substantial achievement from one of our finest Indian authors.
Author: Minouche Shafik
Publisher: Princeton University Press
ISBN: 069120764X
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
From one of the leading policy experts of our time, an urgent rethinking of how we can better support each other to thrive Whether we realize it or not, all of us participate in the social contract every day through mutual obligations among our family, community, place of work, and fellow citizens. Caring for others, paying taxes, and benefiting from public services define the social contract that supports and binds us together as a society. Today, however, our social contract has been broken by changing gender roles, technology, new models of work, aging, and the perils of climate change. Minouche Shafik takes us through stages of life we all experience—raising children, getting educated, falling ill, working, growing old—and shows how a reordering of our societies is possible. Drawing on evidence and examples from around the world, she shows how every country can provide citizens with the basics to have a decent life and be able to contribute to society. But we owe each other more than this. A more generous and inclusive society would also share more risks collectively and ask everyone to contribute for as long as they can so that everyone can fulfill their potential. What We Owe Each Other identifies the key elements of a better social contract that recognizes our interdependencies, supports and invests more in each other, and expects more of individuals in return. Powerful, hopeful, and thought-provoking, What We Owe Each Other provides practical solutions to current challenges and demonstrates how we can build a better society—together.
Author: Mira Kamdar
Publisher: Oxford University Press
ISBN: 0199973601
Category : History
Languages : en
Pages : 273
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Book Description
A focused and accessible introduction to modern India by award-winning author Mira Kamdar, India in the 21st Century addresses the history, political and social structures, economic and financial system, and geopolitical landscape of a country set to play a critical role in how the world evolves in the coming decades.
Author: Rakesh Mohan
Publisher: Brookings Institution Press
ISBN: 0815736622
Category : Business & Economics
Languages : en
Pages : 491
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Book Description
In this commemorative volume, India's top business leaders and economic luminaries come together to provide a balanced picture of the consequences of the country’s economic reforms, which were initiated in 1991. What were the reforms? What were they intended for? How have they affected the overall functioning of the economy? With contributions from Mukesh Ambani, Narayana Murthy, Sunil Mittal, Kiran Mazumdar-Shaw, Shivshankar Menon, Montek Singh Ahluwalia, T.N. Ninan, Sanjaya Baru, Naushad Forbes, Omkar Goswami and R. Gopalakrishnan, India Transformed delves deep into the life of an economically liberalized India through the eyes of the people who helped transform it.
