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The Impact of the Asian Crisis on China and India

In: Market or Government Failures?

Author

Listed:
  • A. S. Bhalla
  • D. M. Nachane

Abstract

Ever since the outbreak of the Asian financial crisis, speculation has been rife about the likelihood of the ‘contagion’ spreading and the extent of its possible spread. Policy makers in different countries have also been preoccupied with examining what measures could be taken to forestall a similar fate befalling their respective economies. This chapter addresses these issues with respect to the two Asian giants, India and China, which share certain common features such as size and geographical proximity to the crisis region, but differ widely in other respects. Apart from the well-known differences in their political systems and the role of markets, at least two other divergent features stand out. Firstly, attitudes to foreign investment in the recent past have differed sharply. Whereas India has been extremely cautious about for­eign direct investment (FDI), but relatively open to foreign portfolio investment (FPI), the opposite seems to have been the case in China. Secondly, the Indian banking and financial system has evolved to a stage of maturity and sophistication that does not seem evident in China.

Suggested Citation

  • A. S. Bhalla & D. M. Nachane, 2001. "The Impact of the Asian Crisis on China and India," Palgrave Macmillan Books, in: Market or Government Failures?, chapter 5, pages 92-126, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62920-2_5
    DOI: 10.1057/9780230629202_5
    as

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