By Jahangir Aziz, Steven Vincent Dunaway, Eswar Prasad, International Monetary Fund
What does the longer term carry for those giants which are the 2 fastest-growing rising markets and one of the 3 biggest economies in Asia? Their fiscal muscle is having more and more far-reaching results at the international economic system. This must-read new e-book attracts jointly research and perception from high-level policymakers and advisors in either international locations, and exhibits how, for a few years, the 2 nations have cooperated and discovered from one another. furthermore, the ebook describes what has (and what has now not) labored in each one kingdom and provides a few concrete feedback approximately how each one may possibly in achieving long term sustainable improvement.
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Extra resources for China and India: learning from each other : reforms and policies for sustained growth, Òîì 2005
Sample text
Both regional rural banks (RRBs) and cooperative credit institutions suffer from poor access for customers, low levels of capitalization, and high default rates. 35 The “semi-formal” institutions (such as micro-finance institutions (MFIs) that are rapidly building outreach to (previously unserved) poor households are often hampered by implicit price caps, in the case of credit. Without a regulatory framework for correspondent banking arrangements, banks are unable to leverage 35There is also the added problem of specific institutional bias in favor of governmentowned or -managed institutions, which urgently needs to be addressed.
These two factors alone produced a net transfer from the government and the depositor to the banking system of an average of approximately Rs. 106 billion a year between 1990–91 and 1999–2000. 8. Investment in Government of India Security vis-à-vis Maturity Pattern of Term Deposits, End-March (In thousands of rupees crore) 600 500 400 Investment in GSecs Up to 2 years 300 200 > 2 to ≤ 5 100 Average amount > 5 years 0 1988 1990 1992 1994 1996 1998 2000 2002 2004 Source: RBI, Handbook of Statistics.
In India, over 500 million people do not have bank accounts—against an estimated annual demand of Rs. 45,000 ($10 billion), the supply from the formal system is less than Rs. 2,000 ($400 million), and SMEs are not receiving adequate funds from banks. The formal rural financial sector is deeply troubled. Both regional rural banks (RRBs) and cooperative credit institutions suffer from poor access for customers, low levels of capitalization, and high default rates. 35 The “semi-formal” institutions (such as micro-finance institutions (MFIs) that are rapidly building outreach to (previously unserved) poor households are often hampered by implicit price caps, in the case of credit.