印度金融抑制的直接效应 Direct Effects of Financial Repression in India [4]
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论文字数:2000论文编号:org201712201431294534语种:英语 English地区:英国价格:免费论文
关键词:Financial Analysis金融压抑留学生作业
摘要:本文是留学生Financial Analysis金融分析课程作业,主要内容是讲述金融抑制的相关定义,以及印度金融抑制的直接效应。
h repressionist policies affect financial development. These effects may differ depending on the source of the departure from perfectly competitive behaviour. In the case where the departure is due to collusive behaviour, banking controls may induce banks to use non-interest-rate methods to influence the volume of bank deposits.
Whenever the departure from perfect competition is due to imperfect information, the possibility of government corrective actions must be acknowledged. According to Stiglitz (1993), interest rate restrictions may be able to address moral hazard in the form of excessive risk taking by banks. Thus if one is prepared to assume that depositors perceive such restrictions as enhancing the stability of the banking system, their imposition may increase depositors' willingness to hold their savings in the form of bank deposits. However, this crucially depends on how government policies are perceived by the public, which in turn relates to the existence or otherwise of good governance.
Ill perceived and/or executed policies may have the opposite effect than that predicted by the market failure paradigm. Thus the success or failure of certain policies may largely depend on the effectiveness of the institutions that implement them (World Bank (1993). The endogenous growth literature offers additional channels through which financial sector policies may affect financial development, independently of the real rate of interest. In contrast to the Courakis-Stiglitz analysis, where repressionist policies may have positive effects, this literature typically predicts negative effects.
The above analyses serve to suggest that the effects of certain types of interventionist policies as well as the channel through which they work may be different than has so far been recognized by much of the empirical literature. In particular, these policies may have direct effects on financial depth by: (1) changing the willingness of banks to raise deposits by non-interest-rate methods, and (2) changing the willingness of savers to supply their savings to the banking system. Thus these policies can have effects over and above-and sometimes conflicting with-those that are widely recognized in the literature.
DATA ANALYSIS
We focus on the economy of India for a variety of reasons. Besides the obvious reason that India is one of the most important developing economies in the world, it also has a rich
history of varying types of repressionist policies which aids the statistical investigation. In the late 1950s the financial system of India was fairly liberal with no ceilings on interest rates and low reserve requirements. In the early 1960st he government tightened its control over the financial system by introducing lending rate controls, higher liquidity requirements, and by establishing state development banks for industry and agriculture. This process culminated in the nationalization of the 14 largest commercial banks in 1969. Further nationalizations took place in 1980. Interest rate controls were rigidly applied from the 1970s to the late 1980s to all types of loans and deposits. The term structure of interest rates was largely dictated by the Reserve Bank. Credit planning, a formal system of directed credit introduced in 1970, increasingly covered a very large percentage of total lending. Moreover, concessionary lending rates were offered to priority sectors. The late 1980s wer
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