| ID | 074953 |
| Title Proper | Pathways through financial crisis |
| Other Title Information | India |
| Language | ENG |
| Author | Ghosh, Arunabha |
| Publication | 2006. |
| Summary / Abstract (Note) | India survived near-crisis situations twice in the 1990s. How did internal and external constraints shape that country's ability to respond to the crises? This article argues that India's success can be attributed to four sets of decisions taken during the period 1991-1997: devaluation, involvement of the IMF, partial liberalization of the domestic financial sector, and gradual opening up of the external sector. The article analyzes the options, political opposition, and eventual outcomes for each set of decisions. India's ownership of its reform program helped set the pace of reform, while close interaction between technocrats and the IMF added credibility. But the balance between entrenched traditional interest groups and the demands of new interests determined the scope of reform. |
| `In' analytical Note | Global Governance Vol. 12, No. 4; Oct-Dec 2006: p413-429 |
| Journal Source | Global Governance Vol: 12 No 4 |
| Key Words | India ; International Monetary Fund ; Financial Crisis ; Economic Reforms |