Banking Reform in India and China PDF
Preview Banking Reform in India and China
Banking Reform in India and China Lawrence Sáez Banking Reform in India and China This page intentionally left blank Banking Reform in India and China By Lawrence Sáez BANKINGREFORMININDIAANDCHINA © Lawrence Sáez,2004. Softcover reprint of the hardcover 1st edition 2004 978-0-312-23935-0 All rights reserved.No part of this book may be used or reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles or reviews. First published 2004 by PALGRAVE MACMILLAN™ 175 Fifth Avenue,New York,N.Y.10010 and Houndmills,Basingstoke,Hampshire,England RG21 6XS Companies and representatives throughout the world Palgrave Macmillan is the global academic imprint of the Palgrave Macmillan division of St.Martin’s Press,LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States,United Kingdom and other countries.Palgrave is a registered trademark in the European Union and other countries. ISBN 978-1-349-38687-1 ISBN 978-1-4039-8125-7 (eBook) DOI 10.1057/9781403981257 Library of Congress Cataloging-in-Publication Data Sáez,Lawrence,1965– Banking reform in India and China / by Lawrence Sáez. p.cm. Includes bibliographical references and index. 1.Banks and banking—India.2.Banks and banking—China.I.Title. HG3284.S23 2003 332.1(cid:2)0951—dc21 2003049851 A catalogue record for this book is available from the British Library. Design by Newgen Imaging Systems (P) Ltd.,Chennai,India. First edition:January,2004 10 9 8 7 6 5 4 3 2 1 Printed in the United States of America. For Jackson Ming Sáez This page intentionally left blank Contents Acknowledgments ix Chapter 1 Introduction 1 Chapter 2 Banking in China: The Institutional Framework 15 Chapter 3 Banking in India: The Institutional Framework 37 Chapter 4 The Political Economy of Corporate Governance 53 Chapter 5 Repression and Reform of the Financial Systems in India and China 75 Chapter 6 Central Bank Independence: A Comparative Perspective 101 Chapter 7 Repairing Heaven? 117 References 123 Index 139 This page intentionally left blank Acknowledgments T his book is an attempt at a comparative, critical study of India and China’s banking reforms. The bulk of this book was written while I was an assistant research political scientist at the Institute of East Asian Studies at the University of California at Berkeley. During my stay at Berkeley, I was also a visiting scholar at the Center for South Asia Studies. I wish to thank my hosts, the late Raba Gunasekara, Joan Kask, and Steven Poulos, for their common sense. Final portions of the manuscript were completed while I was a visiting research fellow at the Center for International Studies at the London School of Economics. As such, Pam Hodges deserves special accolades. During my academic visit to England, I was also a senior associate member at St. Antony’s College and a visiting South Asia fellow at Queen Elizabeth House, both at the University of Oxford. Accordingly I am indebted to my kind sponsors both at Oxford and at the LSE, Nandini Gooptu, Barbara Harriss- White, John Kent, Margot Light, and David Washbrook. I also wish to thank the Asia Pacific team at Oxford Analytica. As a contributing writer in this institution I wish to thank Euan Graham, Graham Hutchings, and Scott Urban. This book builds upon some of the comparative work that I developed in my Ph.D. dissertation in the Political Science Department at the University of Chicago. As a graduate student, Professors Lloyd and Susanne Rudolph encouraged me to further the comparative research of economic liberalization in India and China. For better or worse I have followed their advise to the best of my ability. Over the years I have benefited from discussions with many scholars and friends whose contribution to this volume are important but cannot often be singled out individually. Nevertheless I want to make special mention of Montek Singh Ahluwalia, Pradipta Bagchi, Sumon Bhaumik, Delia Boylan, K.B. Chandrashekhar, Meghnad Desai, Rafiq Dossani, Leslie Elliot-Armijo, Stephen Green, Santanu Gupta, M. Kabir Hassan, Athar Hussain, Peter
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