2014•Journal of Economics and Sustainable DevelopmentRequires access

Development of the Financial System In India: Assessment Of Financial Depth & Access

Md. Rashidul Hasan, Sanjoy Kumar Saha

Abstract

In this paper we have a look at the development of the financial system in India during 1990 till 2010 based on the World Bank Global Financial Development data base. More specifically we focus on two dimensions, financial depth and access, and two segments, financial institutions and financial markets. Germany is used as benchmark country. We found that India has a well developed stock market and market capitalization in Bombay stock market is higher than that of Germany. But financial system in India mainly market based and dominated by financial market relative to financial institutions. As a result well developed stock market is not able to compensate the underdeveloped financial institutions and bond market in India. Keywords: Financial Development, Growth, Liberalization and Recession.

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Key concepts: Indirect finance, Financial system, Market data, Market depth, Financial market participants, Stock market, Finance, Financial market