دانلود مقاله ISI انگلیسی شماره 24403
ترجمه فارسی عنوان مقاله

مشخصه هند سیاست اقتصادی جدید:مقررات زدایی و آزاد سازی بخش مالی

عنوان انگلیسی
A hallmark of India’s new economic policy:: deregulation and liberalization of the financial sector
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
24403 2000 14 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Asian Economics, Volume 11, Issue 3, December 2000, Pages 333–346

ترجمه کلمات کلیدی
- هند - مقررات زدایی - آزادسازی
کلمات کلیدی انگلیسی
India,Deregulation, Liberalization
پیش نمایش مقاله
پیش نمایش مقاله  مشخصه هند سیاست اقتصادی جدید:مقررات زدایی و آزاد سازی بخش مالی

A fundamental job of the financial sector of any economy is to allocate capital efficiently. To achieve this, capital is supposed to be invested in the sectors that are expected to have high returns and be withdrawn from sectors with poor prospects. The purpose of this paper is to ascertain the validity of this proposition in the context of financial liberalization in India. We first examine whether the total funds (debt and equity) available for investment started flowing to the “more efficient” (defined later), Indian firms due to financial liberalization. We examine changes in the allocation of credit across industrial sectors and changes in the allocation of capital among firms within the same sector or industry. Our empirical analysis shows that during the early years of financial liberalization the share of investment going to the more efficient firms did not rise, resulting in no perceptible rise in the overall efficiency of investment allocation for the economy. Our analysis of the sources and uses of funds shows that in the period immediately following the announcement of liberalization in 1991, there was a tendency in the Indian corporate sector towards a myopic use of funds. The surge in the availability of funds in the stock market, coming mainly from small and medium savers, failed to translate itself into any noticeable rise in gross fixed assets (GFAs). Thus, the lack of an improvement in the index of efficiency of investment allocation can be partly ascribed to bad investments to begin with. The message that emerges is that financial reforms in an inadequate regulatory framework do not necessarily have positive effects