LAWRENCE SAEZ – BANKING REFORM IN INDIA & CHINA

Banking reform in India and China. Banking reform is conditioned by a variety of institutional mechanisms. Saez uses analytical tools developed in modern game theory and institutional economics to uncover these dynamics. He gives a multidimensional analysis of the micro economic, macroeconomic, and institutional aspects of the two countries’ banking systems. Three themes of corporate governance, financial deregulation, and central bank independence are related to banking reform.

Banking reform is important to the health of national economies and global financial markets. Saez achieved what few others have: a serious, sustained and comparative analyis of the political economy conditions that either stall or promote reform. His findings should be read by policymakers and investors.

Since globalization went into high gear in the wake of the Cold War, two giant countries have surged to the forefront of rapid economic development by opening to the outside world: India and China. Both have attracted attention, but comparisons have been fairly general. The first and best comparative analysis of the financial sectors of these two pace-making developers was written by Dr. Lawrence Saez.

One of the most challenging tasks for bank policymakers and regulators in every country that has attempted to do so is managing banking reform. China’s political structure and India’s poor, yet politically active, rural population pose particular difficulties arising from entrenchment. The analysis of these issues is provided in Saez’s book. The history of the growth of the banking system is a must-read for the economic and political historian working in the area. Banking Reform in India and China is of further value given the recent economic growth in India. Rafiq Dossani is a Senior Research Scholar at the Asia/Pacific Research Center.

Lawrence Saez has written a cogent and careful analysis of the banking systems in China and India and he is both informative, balanced and thorough. Saez gave us a solid introduction to the process in India and China in this book. Joyce K Kallgren is a professor at the University of California.

That’s right. Banking reform in India and China. The most comprehensive comparative analysis of the two countries’ banking systems has been read so far. Readers interested in emerging market economies and financial crises will be interested to learn how the banking reform experience in India and China challenges conventional.

ABOUT THE AUTHOR

Lawrence Saez is a Visiting Scholar at the Center for South Asia Studies.

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Banking Reform in India and China can be found in Lawrence Saez’s book, Banking Reform in India and China.