Rising to the challenging in Asia: Asian Devlopment Bank a study of financial markets/

Volume 1 An overview.
Volume 2 Special issues.
Volume 3 Sound practices.
Volume 4 People's Republic of China.
Volume 7 Republic of Korea.
Volume 12 Socialist Republic of Viet Nam.

Includes acronyms and abbreviations.

INTRODUCTION
MACROECONOMIC POLICY MANAGEMENT PRIOR AND DURING THE 1991 CRISIS, AND IMPLICATIONS
The Crisis of 1990/91
Causes of the Crisis
Policy Response and Implications for India's Approach Toward Further Liberalization in the 1990s

OVERVIEW OF MACROECONOMIC MANAGEMENT AND THE LIBERALIZATION PROCESS
Macroeconomic Management in the 1990s
Overview of Timing and Sequencing of the Liberalization Process Since 1991
Assessment of Timing and Sequencing of Liberalization Process

ASSESSMENT OF THE DEGREE OF GLOBALIZATION OF THE ECONOMY AND POLICY OF GRADUAL LIBERALIZATION
Degree of Globalization
Assessment of Gradualist Reform Policy
Policy of Gradual Liberalization

COORDINATION OF FISCAL AND MONETARY POLICIES
POLICY RECOMMENDATIONS FOR MACROECONOMIC MANAGEME^JT
The Role of the Government: Between Intervention and Free Markets
Keeping the Economy Close to the Noninflationary Potential Growth Rate
Boosting the Noninflationary Potential Growth Rate
Dealing with the World

ACTUAL POLICY RESPONSES TO THE FINANCIAL AND CURRENCY CRISIS IN ASIA
Comparison of Key Macro Features Between India and Affected Asia
Overall Impact of the Asian Financial Crisis on India
Policy Response to the Asian Crisis

APPENDIXES
NOTES
REFERENCES

The Indian Banking Sector: On the Road to Progress
G. H. Deolalkar

OVERVIEW OF BANKING AND FINANCIAL INSTITUTIONS
The Banking Sector
Financial Structure
Reserve Bank of India and Banking and Financial Institutions
Magnitude and Complexity of the Banking Sector

POLICY ISSUES IN THE BANKING SECTOR
The Nonperforming Asset Problem
Disclosure, Accounting Framework, and Supervision
Regulatory Issues
Asset Liability Management
Function of Bank Capital
Mergers and Recapitalization
Restructuring Commission for Weak Banks
Operational Efficiency
Autonomy and Governance
Bank Computerization
Importance of Branches
Credit Delivery System
Human Resources Issues in Banking
Priority Sectors
Rural Banking
Nonbanking Financial Companies
Factoring Services

POLICY RECOMMENDATIONS
Nonperforming Asset Management
Disclosure, Accounting Framework, and Supervision
Regulation and Supervision
Asset Liability Management
Capital Adequacy
Mergers and Recapitalization
Bank Restructuring
Operational Efficiency
Autonomy and Governance
Human Resources Development
Reduction in the Priority Sector Loans
Rural Banking
Nonbanking Financial Cor ies
Factoring Services
External Sector
Capital Account Convertibility vs. Banking Sector Vulnerability '
Universal Banking
Money Market

NOTES


Indian Capital Market: Recent Developments and Policy Issues
Yoon Je Cho

INTRODUCTION
CAPITAL MARKET REFORMS AND DEVELOPMENTS
Reforms in the Capital Market
Stock Market
Risk Management System
Stock Lending
Introduction of Derivatives Trading
Institutional Investors

POLICY ISSUES
Regulatory Framework
Stock Market
Transaction Costs in the Secondary Market
Debt Market
Investors

POLICY RECOMMENDATIONS
Market Infrastructure Improvement
Improvement of Corporate Govemance Environment f
Reduction of Cost of Capital Issue
Activation of the Debt Market «
Integration of Stock Exchanges and Consolidation of Intermediaries
Risk Management
Integration of the Capital Market with the Banking Sector

APPENDIXES
NOTES
REFERENCES