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Over the past decade India has been undertaking a programme of economic reform, and at the same time the economy has been growing at a high rate. As part of the reform programme, and in line with prevailing economic thinking. India has been privatizing its large, ungainly public sector. One assumption underlying this programme is the dogma that public-sector enterprises are doomed to inefficiency, and that only through privatization can their efficiency be ...
The regulation of financial intermediaries continues to pose significant challenges to policymakers the world over. The task is especially difficult in emerging markets, where various factors--including macroeconomic voltality, relative under-capitalization of banks, the absence of market discipline and lax supervision--combine to render the banking system fragile. As was evident in the East Asian crisis of the late nineties, this can increase manifold the ...