The new economic package and the agenda for restructuring the financial sector
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Date
1991-09-30Author
Raghunathan, V.
Varma, Jayanth R.
Venkiteswaran, N.
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Show full item recordAbstract
Jettisoning antiquated controls is the easier
half of the process of market liberalization.
The process of creating new regulatory
mechanisms and institutions to deal with
the resulting new structure of the financial
sector is more difficult. In the light of the
Finance Minister's proposal to set up a high
power committee to review the financial
system in its entirety, this article attempts to
set in motion an intensive academic debate
on the entire subject.
The authors discuss the impact of the
recent economic policy package on various
facets of the financial system and argue that
the agenda for the proposed committee
should include the integration of various
financial markets, new instruments required
for hedging risk, measures for investor
protection, appropriate legislation, relevant
tax reforms, development of financial
infrastructure and the roles of regulatory
agencies.
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