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Nachane, D. M.
- Liberalization and the Challenge to Democracy: Some Reflections in the Indian Context
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1 Indira Gandhi Institute of Development Research, General A.K. Vaidya Marg, Goregaon (East), Mumbai 400 065, IN
1 Indira Gandhi Institute of Development Research, General A.K. Vaidya Marg, Goregaon (East), Mumbai 400 065, IN
Source
Artha Vijnana: Journal of The Gokhale Institute of Politics and Economics, Vol 50, No 4 (2008), Pagination: 295-312Abstract
The last three decades of the 20th century (together with the first decade of the 21st) can be best described as "the age of marketization, democratization and globalization." Western governments, multilateral institutions and sections of Ivy League academia have been carefully cultivating an understanding among large sections of policymakers and the intelligentsia in EMEs (and former socialist countries) that these phenomena are mutually re-inforcing and complementary. In this paper the basis for this contention is examined - firstly in a general context and then with special reference to the Indian case. In the general context, we examine the following four issues: (i) The basis for the claim that free markets are a necessary component of democracy (ii) The relation between free markets and economic growth in LDCs (iii) The long-term consequences of market oriented policies for the socio-political systems in such countries and (iv) The process by which Third World governments have been able to overcome opposition to liberalization policies. On the basis of our analysis, we conclude that the link between globalization and liberalization on the one hand and marketization on the other, is a highly tenuous one, and certainly not as irrevocable as made out by some proponents of the theory. In the Indian context we find that liberalization has posed formidable challenges to the forces of democracy by increasing corruption, by encouraging "media capture", and by eroding the quality of public opinion.- The New Basel Capital Accord:A Primary Indian Perspective
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Authors
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1 Indira Gandhi Institute of Development Research, Gen. A.K. Vaidya Marg, Goregaon East, Mumbai-400063, IN
2 Department of Economic Analysis and Policy, Reserve Bank of India, Fort, Mumbai-400001, IN
3 Department of Economic Analysis and Policy, Reserve Bank of India, Fort, Mumbai-400001., IN
1 Indira Gandhi Institute of Development Research, Gen. A.K. Vaidya Marg, Goregaon East, Mumbai-400063, IN
2 Department of Economic Analysis and Policy, Reserve Bank of India, Fort, Mumbai-400001, IN
3 Department of Economic Analysis and Policy, Reserve Bank of India, Fort, Mumbai-400001., IN
Source
Journal of Indian School of Political Economy, Vol 16, No 4 (2004), Pagination: 589-621Abstract
The Basel standards seek to establish safeguards for the banking system via a framework of regulatory capital requirements. This paper begins by highlighting the inadequacies of Basel-I and how these inadequacies were addressed and to a large extent overcome in Basel II. The likely implications of the latter Accord for EMEs (emerging market economies) in general and India in particular, are then examined, with special emphasis on key features such as discrimination against smaller banks, pro-cyclicality and impact on capital inflows. Finally, an econometric model is postulated to throw light on the issue of how the capital requirements are likely to impinge on the behaviour of Indian banks.- Safeguarding Financial Stability in an Era of Financial Fragility:An Indian Perspective
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Authors
Affiliations
1 Indira Gandhi Institute of Development Research, Mumbai, IN
1 Indira Gandhi Institute of Development Research, Mumbai, IN