Financial Liberalization and Intervention: A New Analysis of Credit Rationing (New Directions in Modern Economics Series)

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9781840649659: Financial Liberalization and Intervention: A New Analysis of Credit Rationing (New Directions in Modern Economics Series)
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This text seeks to provide a coherent explanation as to why the policies of financial liberalization and financial intervention have been unable to achieve the goal of improving the access of borrowers to the loan market, irrespective of size. This is one of the prime criteria for achieving efficiency in the operation of the loan market and its failure has resulted in increased uncertainty and financial fragility. Basu develops a theory of credit rationing which provides a theoretical explanation as to why neither policy has worked. He introduces two concepts, namely credit standard and credit risk, in order to explain why bankers ration credit to some, while quite willingly offer loans to others. He then uses these two concepts to show why the implementation of either policy involves forcing or inducing the banking sector to relax its credit standard requirements. This in turn increases credit risk to an unprecedented level, thereby engendering either financial crisis or financial fragility. The author employs empirical evidence from both India and South Korea to demonstrate how these scenarios can unfold.

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Review:

‘This delightful little book is highly recommended reading, since it presents a unique perspective and offers the reader up-to-date and in-depth insights into key issues of credit market uncertainty.’ Author: Sushanta K. Mallick, International Review of Applied Economics

‘This is a very interesting and informative book, and highly relevant for both developed and developing countries. The author synthesises a large amount of literature and makes an original contribution to the theory of credit rationing. This book is well argued, clearly written and deserves a close read.’ Author: Philip Arestis, The Levy Economics Institute of Bard College, US

From the Author:

Santonu Basu, School of Business and Management, Queen Mary, University of London, UK

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