Review of India's Financial Markets: An Insider's Guide to How the Markets Work (Elsevier and IIT Stuart Center for Financial Markets Press) (Hardcover)

I have been intermittently teaching an introductory course on financial markets and corporate finance in India at Pace University for the last three years and have found it difficult to find a book that explained the modern Indian economy in a comprehensive yet fundamental and comprehensible manner.This book by Ajay Shah, Susan Thomas and Michael Gorham is a godsend.Not only does it provide information about the Indian financial markets, but it situates the information in an analytical framework, so that it becomes easy to interpret.

I must mention three chapters, in particular, which will indicate why this book is more than a simple collection of facts about Indian financial markets.Chapter 1 gives us a broad perspective of development in India, explicated using growth theory.Chapter 10 gives us a great overview of the different kinds of financial firms with an imaginative typology of these firms into fund-based, transaction-oriented and infrastructure firms.Chapter 11 provides us with a political economy of Indian financial markets, with (for such a book) a thorough treatment of the different regulatory institutions.

If the government takes the policy issues laid out in this chapter seriously, we could very easily see India developing into a mature financial market.



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