............Many economists argue that the forms of shadow banking are so diverse that the current literature on its regulation (that tends to be largely US-centric) has little relevance. It is difficult to disagree with this entirely but a couple of things need to be borne in mind. First, financial instruments and structures similar to the US are slowly evolving in India. I would take the case of money market mutual funds and their increasing role in disintermediation - companies issuing short-term debt (commercial paper) instead of borrowing from banks. Let me make a quick qualification. We are ...................
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