[...]...b1066_FM.qxd 12/3/2010 4:46 PM b1066 Page x South Asia: Beyond the Global Financial Crisis This page intentionally left blank b1066_Introduction.qxd 12/3/2010 b1066 4:46 PM Page 1 South Asia: Beyond the Global Financial Crisis Introduction South Asia: Beyond the Global Financial Crisis* K Shanmugam Introduction The topic here is South Asia: Beyond the Global Financial Crisis Let me make two preliminary points... those in East and Southeast Asia, the magnitude of the economic setback was also proportionally less Furthermore, complete insulation from failed banks in the West helped in protecting the domestic financial sectors as well b1066_Chapter-01.qxd 12/3/2010 b1066 4:47 PM Page 15 South Asia: Beyond the Global Financial Crisis South Asia and the Global Financial Crisis 15 Crisis and South Asia: Connections... PM Page 11 South Asia: Beyond the Global Financial Crisis Chapter 1 South Asia and the Global Financial Crisis: Impacts and Implications Amitendu Palit Introduction The outbreak of the global financial crisis in September 2008 sprang a few surprises, although there was probably not much surprise in world economic activity slowing down A deceleration in the global economy was expected given the vulnerabilities... community, rather than engaging with others in the broader task of increasing the resources available b1066_Introduction.qxd 12/3/2010 b1066 4:46 PM Page 7 South Asia: Beyond the Global Financial Crisis South Asia: Beyond the Global Financial Crisis 7 All of this imposes economic costs But the cost is not only economic The various other costs are well documented India ranks 134th in the UNDP Development... these countries did not hold elections b1066_Introduction.qxd 12/3/2010 b1066 4:46 PM Page 5 South Asia: Beyond the Global Financial Crisis South Asia: Beyond the Global Financial Crisis 5 This is not to say there were no abuses of power in some of the East Asian societies which adopted this approach There were But on the whole, the countries progressed People received education, were empowered, the. .. 12/3/2010 b1066 4:46 PM Page 3 South Asia: Beyond the Global Financial Crisis South Asia: Beyond the Global Financial Crisis 3 this crisis Third, I will also touch on India’s economic engagement with this region, post -crisis Outsider’s Perspectives of India Observers of the Indian economy often recount some well-known facts: It is a US$1.2 trillion economy and has been growing in the recent past at between... b1066_Chapter-02.qxd 12/3/2010 b1066 4:47 PM Page 25 South Asia: Beyond the Global Financial Crisis Global Crisis, Financial Institutions and Reforms 25 Financial intermediaries include commercial banks, co-operative banks and non-bank financial institutions (NBFIs) Commercial banks constitute the largest segment of India’s financial system and a characteristic feature of this sector is the dominance of the. .. Both the US and Japan have had a long history of economic engagement and have very strong ties and influence in this region They have b1066_Introduction.qxd 12/3/2010 b1066 4:46 PM Page 9 South Asia: Beyond the Global Financial Crisis South Asia: Beyond the Global Financial Crisis 9 invested billions of dollars, there are strategic engagements and they employ hundreds of thousands of people across the. .. PM Page 19 South Asia: Beyond the Global Financial Crisis South Asia and the Global Financial Crisis 19 Without deliberating on the discourse, one can presume that South Asia will be an important part of the debate, given its pervasive under-development and vulnerability to armed conflicts Matters in South Asia have probably worsened due to active ‘interference’ of other major global powers in regional... Page 14 South Asia: Beyond the Global Financial Crisis A Palit aptly a financial crisis, rather than an ‘economic’ crisis This is, of course, not to suggest that the two are entirely exclusive of each other Financial crisis creates considerable economic damage as it did during its current manifestation However, other certain aspects of economic systems and transactions were relatively less-affected . blank b1066 South Asia: Beyond the Global Financial Crisis 1 Introduction South Asia: Beyond the Global Financial Crisis* K. Shanmugam Introduction The topic here is South Asia: Beyond the Global Financial. AM1 b1066 South Asia: Beyond the Global Financial Crisis Contents Preface vii Introduction South Asia: Beyond the Global Financial Crisis 1 K. Shanmugam Chapter 1 South Asia and the Global Financial Crisis: . downturn. South Asia: Beyond the Global Financial Crisis 7 b1066_Introduction.qxd 12/3/2010 4:46 PM Page 7 b1066 South Asia: Beyond the Global Financial Crisis • India has weathered the crisis better