Competition & Change ( IF 3.062 ) Pub Date : 2022-01-27 , DOI: 10.1177/10245294211068102 Arpan Ganguly 1 , Ramaa Vasudevan 2
A distinct feature of the India’s path of financial liberalization is that it led to the emergence of the corporate, non-financial sector, rather than the financial sector as the key wedge for the penetration of global finance. Neoliberal reforms eroded the traditional role of development banks and state-directed credit and empowered a section of large corporations and non-financial companies in India. The partial, calibrated path to capital account liberalization has meant that this section of the Indian non-financial corporate sector, rather than the commercial banking system came to be the conduit integrating the Indian economy with international financial markets. Where the Indian state had earlier harnessed finance towards developmental priorities, it shifted to channeling finance in service of the internationally embedded segment of the corporate sector that enjoys disproportionate access to both the domestic financial system and international financial markets.
JEL CodesE44 G32, F65
中文翻译:
金融自由化和印度非金融企业部门
印度金融自由化道路的一个显着特点是,它导致了企业、非金融部门的出现,而不是金融部门成为全球金融渗透的关键楔子。新自由主义改革削弱了开发银行和国家指导信贷的传统作用,并赋予了印度部分大公司和非金融公司权力。资本账户自由化的部分、校准路径意味着印度非金融企业部门的这一部分,而不是商业银行系统,成为印度经济与国际金融市场整合的渠道。印度政府早些时候将资金用于发展优先事项,
JEL 代码E44 G32, F65