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Full Description
This book provides an in-depth analysis of bank credit allocation to non-financial companies in the Indian corporate sector over a long period of twenty-eight years. The authors also conduct a micro-level analysis in the backdrop of recent banking scams in the country which exposed the fragility and quality of the banks' governance in reducing misappropriation of bank credit. The book brings a broader perspective to assess whether weak banks are rolling over their loans to less-deserving firms and tending to avoid declaring them as non-performing assets (NPAs). It contributes to understanding the nature of the maladies beyond the conventional approach of studying the trends in NPAs and provides a deeper insight into the structural challenges that determine the allocation of bank credit in the economy and of capital formation at large.
Contents
List of Figures; List of Tables; Foreword by C. Rangarajan; Acknowledgements; 1. Prologue; 2. The Indian Banking Sector: A Brief History; 3. The Index of Credit Allocative Efficiency; 4. Macroeconomic Analyses of Bank Credit Misallocation in the Indian Corporate Sector: Investigation of Pro-cyclicality; 5. Determinants of Bank Credit Misallocation: Firm-level Analysis; 6. Allocative Efficiency of Bank Credit and Firm Performance; 7. Credit Reallocation by Indian Banks in the Aftermath of the Global Financial Crisis; 8. The Zombie Story: Credit Boom and the Rise of Zombie Firms in the Indian Economy; 9. Epilogue; Bibliography; Index.
