The new institutional economics has been one of the most influential schools of thought to emerge in the past quarter century. Taking its roots in the transaction cost theory of the firm as an economic organization rather than purely a production function, it has been developed further by scholars such as Oliver Williamson, Douglas North and their followers, leading to the rich and growing field of the new institutional economics. This branch of economics stresses the importance of institutions in the functioning of free markets, which include elaborately defined and effectively enforced property rights in the presence of transaction costs, large corporate organizations with agency and hierarchical controls, formal contracts, bankruptcy laws, and regulatory institutions. In this timely volume, Murali Patibandla applies some of the precepts of the new institutional economics to India - one of the world's most promising economies.

"This volume in the Mansholt series presents state of the art discussions on a wide variety of topics in the field of (agricultural) development. More than 20 chapters have been prepared by internationally known scholars and policy analysts, providing a concise overview of a variety of recent debates in development economics. While the background of most contributors is in economic science, the chapters are prepared so that they feed into ongoing policy discussions and are accessible to a wide readership. The contributions in this volume are organized around five themes: prospects for rural poverty alleviation, sustainable management of natural resources, strategies for enhancing food security, markets and the role of the state, and institutions and governance. It is obvious there are many links between these themes, and indeed the integration between them is emphasized in various chapters. This book is prepared as a festschrift or Liber Amicorum for professor Arie Kuyvenhoven. His retirement from the Development Economics Group at Wageningen University, The Netherlands is a good opportunity to take stock of recent developments in the area of agricultural development economics. Therefore, in addition to being a valuable source of information for readers with an interest in development, this volume is also intended as a farewell gift: to Arie, from friends and colleagues."

This book shows how the institutional framework of a society emerges and how markets within institutions work.

Written in honour of Kaushik Basu, Markets, Governance, and Institutions in the Process of Economic Development is a celebration of over forty years of contributions to development economics. Written by Professor Basu's past and present collaborators and research students it offers original insights and perspectives on issues relating to well-being, freedom, and institutions in the developmental context. Throughout his career, Kaushik Basu has addressed policy issues such as rent control, child labour, labour laws, harassment, shared prosperity, and gender empowerment. The contributions in this volume, theoretical as well as empirical, reflect this range of issues in the broader context of interactions between markets, governance, and institutions in the process of economic development. The broader roles of markets as key resource allocation mechanisms cannot be disputed. But they need suitable governance structures and institutions, working both as facilitators and as regulators. Markets, Governance and Institutions in the Process of Economic Development looks at the complex interactions between these three forces of development. Divided into three distinct sections covering foundational and measurement issues associated with economic development and well-being; functioning (and non-functioning) of the market in the context of development; and structure and design issues relating to governance and institutions, this book provides a clear focus for academics and economists considering development policy questions.

This title begins its description of how we created a financially-intergrated world by first examining the history of financial globalization, from Roman practices and Ottoman finance to Chinese standards, the beginnings of corporate practices, and the advent of efforts to safeguard financial stability.

This report addresses the overarching question regarding the role of institutions in enhancing market development following market reforms. It uses the New Institutional Economics framework to empirically analyze the role of a specific market institution, that of brokers acting as intermediaries to match traders in the Ethiopian grain market in reducing the transaction costs of search faced by traders. Brokers play a key role in facilitating exchange in a weak marketing environment where limited public market information, the lack of grain standardization, oral contracts, and weak legal enforcement of contracts increase the risk of contract failure. Relying on primary data, it analyzes traders' microeconomic behavior, social capital, the nature and extent of their transaction costs, and the norms and rules governing the relationship between brokers and traders.The study uses an innovative approach to quantify the costs of search and demonstrates that the brokerage institution is economically efficient both for individual traders and for global economic welfare.

Today, with the financial sector experiencing an unprecedented boom due to a variety of factors such as liberalisation, globalisation and consumer spending, the subject of this book has become more important than ever before. And this book compresses, within the covers of a single volume, the entire gamut of financial markets, institutions and financial services. Divided into three parts— Part I on Financial Markets deals with different Indian and global money markets, and primary and secondary markets. It also covers stock exchanges and their trade mechanism, foreign exchanges, as well as capital markets and their regulations; Part II, Financial Institutions covers diverse banking and non-banking institutions and their legislation; Part III, Financial Services discusses about the financial services which include mutual funds, lease financing, securitisation, and credit and debit cards. KEY FEATURES : A unique attempt to comprehensively analyse, within a single volume, the working of the three pillars of the financial system—financial markets, financial institutions, and financial services. Gives updated and latest financial data and related information on the subject. Provides tables and diagrams to illustrate the concepts, and questions (short answer and long answer/essay type) to test the comprehension skills of the students. Intended primarily as a text for the undergraduate and postgraduate students of Commerce, this accessible text will prove to be extremely useful also for the postgraduate students of Management, Economics, as well as for competitive examinations. In addition, it will be a ready reference for Chartered Accountants and all those who would like to acquaint themselves with Indian banking and capital market.

1.Financial System and its Components, 2 .Financial System and Economic Development, 3 .Indian Financial System—An Overview, 4 .Money Market, 5 .Capital Market, 6 .Risk and Return—Concept and Analysis, 7 .Primary Market, 8 .Primary Market Intermediaries, 9 .Secondary Market, 10 . Government Securities Market, 11 .Recent Reforms in Indian Capital Market, 12 .Role of SEBI—An Overview, 13 .Reserve Bank of India, 14. Commercial Banks, 15. Life and Non-Life Insurance Companies—LIC, GIC, 16. Mutual Funds, 17. Non-Banking Financial Compaines (NBFCs), 18. Merchant Banking, 19. Leasing, Hire Purchase and Housing Finance : Factoring Services and Financial Counseling etc., 20. Venture Capital Financing, 21. Credit Rating, 22.Indian Financial Institutions/Development Bank.