...... Ben Bernanke’s, famous ‘savings glut’ hypothesis in 2005 also underlined the interconnection of financial markets and global integration. The impact of such integration on developing countries was perhaps best articulated in August 1999 by Bimal Jalan, who had successfully guided the Indian economy through the Asian crisis of 1997, and stressed that the new financial architecture is “too heavily weighted in favour of industrial countries”. Thus far, the India’s plea for.....
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