"Financial Market and the Structure of Interest Rates in India for the period from 1950 to 1970" by Tapas Kumar Chakrabarty was submitted to the Visva Bharati University, Santiniketan, India, for the Ph. D. degree in February 1976. The theme of study was to assess the growth of the financial market in Indian and its effect on the structure of interest rates as the financial sectors of an economy matter critically in its economic development. The study is divided into two parts: growth of the different constituents of the financial system in India during 1950-70 and the effect of the financial growth if any, on the structure of interest rates in India during 1950-70. Enquiry is as to whether the market forces are at work in establishing the relationship between short and long term rates (yields). The empirical findings assess also the effect of the general price level on the structure of interest rates which is the important policy input for the market oriented (indirect) monetary policy. The study is useful to know the market situation and the term structure during pre reforms period.
Book Contents: Introduction
The Discount Market in India
Growth in the Mobilisation and Channelling of Funds Through the Banking System
Growth of Securities Market in India
Non Banking Financial Intermediaries and their Growth
Debate of the Term Structure of Interest Rates - A Review
Empirical Research on the Explanation of the term Structure of Interest Rates -A Review
An Empirical Study on the term Structure of Interest Rates in India
The Structure of Interest Rates in India
The Price Level and Interest Rates Structure in India
Summary of Main Findings
About the Author(s):
Tapas, after spending about decade in academics joined the Reserve Bank of India in late seventies, where he is now Adviser in the Research Department after serving on deputation as Economic Adviser to the Bank of Mauritius since 1994. He has published several articles. He was a visiting Fellow (Post Doctoral) of Yale University. He has guided some Ph.D. works. A book on WTO is recently coauthored by him.
Financial Market and Structure of Interest Rates in India
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