Financial Sector Reforms in South Asian Countries

Financial Sector Reforms in South Asian Countries

Amir Manzoor (Bahria University, Pakistan)
Copyright: © 2016 |Pages: 15
DOI: 10.4018/978-1-5225-0004-9.ch003
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Abstract

Several far-reaching reforms to the financial sector were introduced by South Asian countries in early 1980. The nature and progress of these reforms vary from country to country. These reforms covered a number of areas such as promoting competition in the financial sector, developing payment and settlement systems, and strengthening regulations. So far, these reforms have not only helped South Asian countries to significantly raise domestic savings, attract foreign capital, and raise economic growth rates but also provided greater economic integration of South Asia. This chapter performs a close re-scrutiny of the reforms implemented in South Asian countries. Suggestion for further reforms for building efficient, competitive, and resilient financial sector is also provided.
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Strengths And Flaws Of South Asian Financial Sector

Various strengths of current South Asian financial structure were pivotal in lessening the direct impact of the global financial crisis on South Asia. Some of the notable strengths were healthy reserves, improved export performance and enhanced risk-taking capabilities of financial institutions. These strengths were supported by previous financial reforms. The outlook over the next years for South Asia indicates broad economic stability and a pick-up in growth with potential risks concentrated on the fiscal and structural reform side. Future growth will increasingly depend on strong investment and export performance (Griffith-Jones & Ocampo, 2009).

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