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当前，美国和世界经济正面临着一场严重的金融危机。迄今为止,印度与美国和世界上其他国家相比，银行危机或金融风险的程度较轻。然而,有明确的迹象表明印度经济的衰退,尤其是印度的工业部门。显然，印度目前可以聊以自慰的是全球金融危机还没有涉及到印度经济的方方面面,到目前为止,仅仅印度的银行危机给印度的经济发展带来了巨大的阻碍，银行危机不仅出现在印度，在英国和其他一些国家也造成了巨大的影响。然而，英国和欧洲的银行损失更为严重，美国金融体系开始动用整个金融体系的力量保证按揭证券的安全性,印度的银行业尚未出现这样的现象。

作为最大的经济体,印度显然更容易受到全球金融市场传染效应的负面影响，资本流动涉及到投资组合和外国直接投资,并通过接触国内金融机构及陷入困境的国际金融机构，贸易流通间的合同签订-包括派生物和衍生品-已经经历了较大的价值变化。到目前为止，数据显示股市正在经受着重大损失，外国资本流动正在逐步减少。

Chapter 1

Introduction

1.1 Background of the Study

The United States and the world economy are grappling with a severe financial crisis. India has so far avoided a banking or financial crisis of the proportions witnessed in the United States and some other economies. However, there are definite indications of a recession in the Indian economy, especially in its industrial sector. India can obviously take comfort in the fact that the global financial troubles have not, so far, triggered a major banking crisis in India, as they did in the UK and a number of other countries. Whereas banks in the UK and Europe were exposed heavily to the mortgage-backed securities offered by the US financial system, banks in India have avoided such exposure.

The largest economy, India, is relatively more exposed to the contagion effects of global financial markets through adverse effects on capital flows from portfolio and direct foreign investments, and also through exposure of domestic financial institutions to troubled international financial institutions and to contracts—including derivatives—that have undergone large value changes. The evidence so far shows significant losses in the stock market and a reduction in the flow of foreign capital.

Yet these risks are countered by a fundamentally strong macro economy including prudent foreign debt management, high savings rate, solid financial sector health, and a pro-active monetary policy management that will likely allow India to ride the crisis without destabilizing the financial sector. When the crisis first broke internationally, within India there was much talk of how the Indian economy is less likely to be affected and how the Indian financial sector will be relatively immune to the winds from the international financial implosion. But it is clear that important elements of the balance of payments and the domestic financial sector have been affected. There are significant implications for domestic banking, which are already reflected in the credit crunch that has dramatically affected access to credit especially for small and medium enterprises. There are effects on some important macroeconomic prices - in particular the exchange rate. And there are direct and indirect effects on employment, with falling export employment generating negative multiplier effects.

The current global financial crisis was caused primarily and fundamentally by extended structural global macro economic imbalances. These global imbalances were reflected in current account surpluses of China, Asia and本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。