China and India: learning from each other : reforms and by Jahangir Aziz, Steven Vincent Dunaway, Eswar Prasad,

By Jahangir Aziz, Steven Vincent Dunaway, Eswar Prasad, International Monetary Fund

What does the long run 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 worldwide economic system. This must-read new publication attracts jointly research and perception from high-level policymakers and advisors in either nations, and indicates how, for a few years, the 2 nations have cooperated and realized from one another. additionally, the publication describes what has (and what has no longer) labored in each one kingdom and gives a few concrete feedback approximately how every one may perhaps in attaining long term sustainable improvement.

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32–37. Patnaik, Illa, and Shah Ajay, 2004, “Interest Rate Volatility and Risk in Indian Banking,” IMF Working Paper 04/17 (Washington: International Monetary Fund). Pethe, Abhay, and Rupa Rege Nitsure, 2005, “Imperfections in Indian Regulation as Measured by the Subsidy Dependence Index: A Case Study of Banks and Financial Institutions,” in Regulation of Financial Intermediaries in Emerging Markets, ed. T. Ram Mohan and others (New Delhi: Sage Publications India Private Ltd). Rajaraman, Indira, 1993, “Recent Economic Reforms in India,” Swords & Ploughshares, Vol.

Other nations, worried that their markets would now be freely accessible to the steel diverted from these restricted markets, imposed a spate of similar barriers on Indian steel. The global economy also experienced the meltdown of South Asian markets in 1997–99 and the devaluation of the ruble that accompanied the 1999 Russian crisis. 2). 3. Trends in Select Parameters of Steel Industry from the 1990s to the Present (In thousands of rupees crore) GFS (left scale) PAT (right scale) Total sales (left scale) Inventories (right scale) Exports (right scale) 20 100 90 15 80 Inventories peak 70 10 60 50 40 5 Capacities are built 0 30 Exports stagnate 20 –5 10 0 1989–90 Total sales stagnate Profits begin to plummet turning negative eventually –10 1991–92 1993–94 1995–96 1997–98 1999–2000 2001–02 2003–04 Source: Prowess Database, Centre for Monitoring Indian Economy.

Nachiket Mor, R. S. 17 10,810 14,143 5,621 5,983 Source: Bank of America, Annual Report, 2004. , equity). 2ROE: Return on Average Equity (net income divided by allocated equity). 33 Lower the Cost of Intermediation The cost of intermediation is very high in India, possibly among the highest in the world. A McKinsey study (Bekier and Nickless, 1998) shows that very heavy use of cash is responsible for this high cost of intermediation (something that is generally known to be true also for India).

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