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Providing
a descriptive analysis of the Indian experience
with the process of financial liberalisation,
this paper argues that it has led to increased
financial fragility currently epitomised
by the irrational boom in the Indian stock
market; a deflationary macroeconomic stance
with adverse effects on public capital
formation, employment generation and poverty
reduction; and finally, a credit squeeze
affecting the commodity producing sectors,
the small-scale sector and the rural economy.
May 19, 2006. |
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