 Liberalisation, the stock market and the market for corporate control: a bridge too far for the Indian economy?Ajit Singh MPRA Paper from University Library of Munich, Germany Abstract: Abstract An outstanding development of the 1990s, closely associated with the economic reform programme initiated by Dr Manmohan Singh, has been the very fast expansion of the stockmarkets and their growing role in the Indian economy. Both internal and external liberalisation measures, undertaken as a part of the financial reform, as well as the more liberal general economic ethos created by the reform, have largely been responsible for this evolution. The first part of this paper reviews the stockmarket reforms and comments on the available evidence on the effects of stockmarket expansion on corporate growth and on the real economy. The second part focuses on the proposed next stage of the reform, being urged by the financial community. Their specific proposal is to establish a market for corporate control in order to maximise the benefits from stockmarket development. The government has recently published a Takeover Code which suggests that it is not at least opposed to the evolution of such a market. Keywords: stock market; reforms; Indian economy; Takeover Code; corporate control (search for similar items in EconPapers) Published in Ahulwalia, I.J., and Little, I.M.D. (eds.), India’s Economic Reform and Development, Oxford University Press, New Delhi (1998): pp. 169-196 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:54929 Access Statistics for this paper More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC. |
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