Financial Market and The Structure of Interest Rates in India

"Financial Market and Structure of Interest Rates in India for the period from 1950 to 1970" by Tapas Kumar Chakrabarty was submitted to the Visva Bharati University, Santiniketan, India for the Ph.D. degree in February 1976. The theme of study was to assess the growth of the financial market in India and its effect on the structure of interest rates as the financial sectors of an economy matter critically in its economic development. The study is divided into two parts: growth of the different constituents of the financial system in India during 1950-70 and the effect of the financial growth if any, on the structure of interest rates in India during 1950-70. enquiry is as to whether the market forces are at work in establishing the relationship between short and long term rates (yields). The empirical findings assess also he effect of the general price level on the structure of interest rates which is the important policy input for the market oriented (indirect) monetary policy. The study is useful to know the market situation and the term structure during pre reforms period.