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Ganguly, Shromona
- Development of Capital Market and Bank-centric Industrial Finance in India
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1 Indian Institute of Management, Calcutta, IN
1 Indian Institute of Management, Calcutta, IN
Source
Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics, Vol 62, No 2 (2020), Pagination: 141-160Abstract
In the light of gradual development of financial market during the last three decades, this paper analyses the impact of the changing financing system structure of India on the financing pattern of Indian manufacturing firms, both at macro and firm levels. The longitudinal econometric analysis indicates that with the development of capital market, the bank credit intensity of industrial output has reduced and there is no significant impact of corporate bond market development on the manufacturing firms’ credit intensity of output. Further, the firm-level evidences suggest that while for larger firms, the financing pattern remained broadly unchanged since liberalization, the smaller firms are increasingly moving towards other sources of financing such as inter-corporate borrowing.
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