The Current State of Financial and Regulatory Frameworks in Asian Economies: The Case of India
Gupta, Abhijit Sen | August 2011
Abstract
Despite having a low exposure to the toxic assets involved in the sub-prime crisis and a gradualist approach towards liberalization of the financial sector, certain parts of the Indian financial sector were significantly affected by the global financial crisis. The consequent tightening of liquidity and slump in global and domestic demand had a strong adverse affect on the industrial sector, a large part of which includes small and medium-sized enterprises. There was a significant decline in employment and output in some of these enterprises. Though Indian policymakers reacted in a proactive manner and introduced a host of measures to counter the adverse effects of the financial crisis, the recovery has not been uniform; several markets and sectors are still reeling from the crisis’ aftershocks. The proposed Basel III norms are going to have a significant impact on the Indian financial sector. While it is in a comfortable position to meet some of the proposed Basel III norms, the implementation of some of the other norms will be a challenge.
Citation
Gupta, Abhijit Sen. 2011. The Current State of Financial and Regulatory Frameworks in Asian Economies: The Case of India. © Asian Development Bank. http://hdl.handle.net/11540/3891. License: CC BY 3.0 IGO.Keywords
Economic Crisis
Economic Efficiency
Economic Policies
Regional Economic Development
Job Evaluation
Evaluation
Crisis
Unemployment
Economic cooperation
Gross domestic product
Employment
Economic forecast
Financial crisis
Labor economics
Regional economics
Turnover
Economic survey
Job analysis
Labor turnover
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