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Journals >>
Finance
Economics
The IUP Journal of Financial Economics

December '10
Articles

Is Post-Reform Financial Development a Sufficient Condition for Economic Development? An Emerging Economy's Experience with Liberalization

-- Dawood Mamoon

The paper undertakes a multivariate time series analysis and shows that repressed financial markets were not in themselves a justification for financial liberalization in Pakistan in the 1990s. The study tries to analyze the possible reasons for the failure of the financial reform process in Pakistan. This is done by first establishing the two legs of `McKinnon and Shaw's transmission mechanism', through which financial development affects real economic activity. As the next step Vector Autoregressive (VAR) analysis is employed in order to regress these two legs and then multiple causality tests are run on subsequent Vector Error Correction (VEC) equations. Such an approach not only allows to take on the critiques of McKinnon and Shaw in a debonair manner, but also enables to pinpoint the shortcomings of the reform process itself.

© 2010 IUP. All Rights Reserved.

Financial Development and Economic Growth: Evidence from Nigeria

-- Umar Bida Ndako

This paper examines the long-run relationship between financial development and economic growth in Nigeria using annual time series for the period 1960-2005. Multivariate Vector Autoregressive (VAR) technique is applied to examine the long-run relationship between financial development, growth and other determinants of growth through tests of exact and overidentifying restrictions in cointegrating vectors. The empirical results suggest the existence of unidirectional causality from financial development to economic growth when bank credit to the private sector (LBCP) is used as a measure of financial development. However, the other two measures of financial development, domestic credit to the private sector (LDCP) and bank deposit liabilities (LBDL), indicate bidirectional relationship between financial development and economic growth.

© 2010 IUP. All Rights Reserved.

Economic Reforms and Foreign Direct Investment in India: Policy, Trends and Patterns

-- Jatinder Singh

In the context of increasing competition among nations and sub-national entities to attract Foreign Direct Investment (FDI), the present paper tries to analyze the emerging trends and patterns of FDI inflows into India in response to various policy measures announced by the Government of India since mid-1980 and later. The empirical analysis tends to suggest that the FDI inflows, in general, show an increasing trend during the post-reform period. Furthermore, country-wise comparison of FDI inflow also indicates that FDI inflow into India has increased considerably in comparison to other developing economies in the recent years. Thus, the study indicates that the FDI inflows into India responded positively to the liberalization measures introduced in the early 1990s.

© 2010 IUP. All Rights Reserved.

 
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Automated Teller Machines (ATMs): The Changing Face of Banking in India

Bank Management
Information and communication technology has changed the way in which banks provide services to its customers. These days the customers are able to perform their routine banking transactions without even entering the bank premises. ATM is one such development in recent years, which provides remote banking services all over the world, including India. This paper analyzes the development of this self-service banking in India based on the secondary data.

The Information and Communication Technology (ICT) is playing a very important role in the progress and advancement in almost all walks of life. The deregulated environment has provided an opportunity to restructure the means and methods of delivery of services in many areas, including the banking sector. The ICT has been a focused issue in the past two decades in Indian banking. In fact, ICTs are enabling the banks to change the way in which they are functioning. Improved customer service has become very important for the very survival and growth of banking sector in the reforms era. The technological advancements, deregulations, and intense competition due to the entry of private sector and foreign banks have altered the face of banking from one of mere intermediation to one of provider of quick, efficient and customer-friendly services. With the introduction and adoption of ICT in the banking sector, the customers are fast moving away from the traditional branch banking system to the convenient and comfort of virtual banking. The most important virtual banking services are phone banking, mobile banking, Internet banking and ATM banking. These electronic channels have enhanced the delivery of banking services accurately and efficiently to the customers. The ATMs are an important part of a bank’s alternative channel to reach the customers, to showcase products and services and to create brand awareness. This is reflected in the increase in the number of ATMs all over the world. ATM is one of the most widely used remote banking services all over the world, including India. This paper analyzes the growth of ATMs of different bank groups in India.
International Scenario

If ATMs are largely available over geographically dispersed areas, the benefit from using an ATM will increase as customers will be able to access their bank accounts from any geographic location. This would imply that the value of an ATM network increases with the number of available ATM locations, and the value of a bank network to a customer will be determined in part by the final network size of the banking system. The statistical information on the growth of branches and ATM network in select countries.

Indian Scenario

The financial services industry in India has witnessed a phenomenal growth, diversification and specialization since the initiation of financial sector reforms in 1991. Greater customer orientation is the only way to retain customer loyalty and withstand competition in the liberalized world. In a market-driven strategy of development, customer preference is of paramount importance in any economy. Gone are the days when customers used to come to the doorsteps of banks. Now the banks are required to chase the customers; only those banks which are customercentric and extremely focused on the needs of their clients can succeed in their business today.

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