Financial Systems, Innovations and Development (Hardcover)

"The book provides ample food for thought for professionals as well as observers on the situation in India." --The Economic Times The pace at which a country develops economically depends to a great extent on the rate at which new innovations are introduced by entrepreneurs. However, such innovations are possible only if the country's financial system facilitates, stimulates, and promotes the entrepreneurial function. It is this strategic role of the financial or banking systems that forms the core of Financial Systems, Innovations, and Development. The impact of the financial system on a country's economic growth, author V. V. Bhatt stresses, depends on its capacity to introduce financial innovations, whereas the nature of these financial innovations depends on the specific historical and socioeconomic/political context of a given country. This highly readable and informative text formulates, for the first time, a sound analytical framework that links financial innovations to the development process. It also presents an integrated account of different financial systems in a historical and comparative framework and suggests both the desirable and the likely pattern of evolution of the financial system in different developing countries. Financial Systems, Innovations, and Development will attract a wide readership including those involved in the fields of banking and finance, development economics, industrial development, and entrepreneurship and development studies.