The rise of city commercial banks (CCBs) in Chinese cities provides a unique opportunity to study the finance and growth nexus at the city level. Given the notorious inefficiency of China's "Big Four" state banks, policymakers attempted to correct the situation in 1995 through the creation of a...

​This paper examines the governance role of banks in replacement of underperforming CEOs in firms listed on Chinese stock exchanges. Under most circumstances, the findings suggest that the presence of outstanding loans does not increase the probability that a poorly performing CEO will be...

In India companies with substantial foreign direct investment can register as private companies irrespective of the size of their operation whether in India or abroad. Under the Indian company law private companies can prevent public access to certain critical information on their operations....

This paper presents theory and evidence to show that imperialism was a major factor impeding the spread of the industrial revolution during the century ending in the 1950s. Two empirical results stand out. First, analysis of historical evidence shows that most sovereign countries were...

In his Inquiry into the Nature and Causes of the Wealth of Nations Adam Smith (1776) considered the phenomenon of division of labor so enormously significant for the creation of a nation’s wealth that he devoted the first three chapters of his book to an investigation of this process. This is...

India’s actual export specialisation in IT services is unrivalled by any comparable country and it is evidence of a strong comparative advantage. This paper finds that India owes its IT specialisation in part to its reliance on offshoring - driven by the supply of well-educated,...

This paper analyses the financial distortions – growth nexus in China using a tractable general equilibrium modelling approach in which heterogeneous private and state-owned firms interact. The focal points of the model are financial frictions and reallocations of factors of production across...

The purpose of this paper is to analyze the market for cross-border mergers and acquisitions (CB-M&A) representing the Asian emerging market-India for the period 1991 through 2010. I also compare the market in India among the BRIC economies (Brazil, Russia and China (including Hong Kong)) for...

The complexity of Basel II and III has reached China as well. In a revolutionary turn within seven years, the Chinese bank regulator has introduced capital adequacy as the tool of choice for supervision and ensured that banks in the process remain focused on implementing all the bits of the...