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Financial Access in Post-Reform India$
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T.A. Bhavani and N.R. Bhanumurthy

Print publication date: 2012

Print ISBN-13: 9780198076650

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780198076650.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 29 November 2021

Financial Development, Financial Access, and Their Relation with Economic Growth

Financial Development, Financial Access, and Their Relation with Economic Growth

(p.14) 2 Financial Development, Financial Access, and Their Relation with Economic Growth
Financial Access in Post-Reform India

T.A. Bhavani

N.R. Bhanumurthy

Oxford University Press

Chapter 2 reviews the literature to understand the relation (theoretical as well as empirical) between financial development and economic growth, and discusses the concepts of financial development and financial access. This chapter also provides a broad conceptual base on which the methodology of the study is specified to analyse the basic issues. Theoretical arguments and empirical studies show that financial development plays a critical role in enhancing economic growth. The concept of financial development goes beyond passive financial intermediation and is viewed in terms of diversity of financial institutions and instruments, physical outreach of the financial system, and coverage of real sector activities. The concept of financial access or financial inclusion is taken broadly as availability of financial services to all without any barriers—price and non-price.

Keywords:   financial development, financial access, financial inclusion, economic growth, financial repression and financial liberalisation

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