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The Government of India liberalized its economy in 1991 following a severe balance of payments crisis. The major changes included a reform of the Industrial Licensing Policy, reductions in tariffs and the opening of the economy to foreign direct investment (FDI). How did these reforms affect the Indian economy? There has been much research on the spillover effects of FDI on growth (through intra-industry externalities, technological transfer, corporate governance) but not much on the effects of FDI on the financial sector. In particular, how did this new inflow of capital contribute to India's financial development? Does FDI have an impact in promoting financial services locally? The author will exploit the variation in FDI inflows across districts in India based on pre-existing local industrial structure at the time of the liberalization, to find out how FDI liberalization might have impacted local financial development. The main finding is a positive and significant impact of policy-induced FDI on local financial development, robust to the inclusion of time lags, additional controls and a counterfactual exercise.

  • 9,000 words – 43 pages in length
  • Excellent use of literature
  • Good in depth analysis
  • Well written throughout
  • Ideal for economics students

1. Introduction
2. Literature Review
3. Data and Methodology
Regression Framework
Data and Construction
Endogeneity of FDI

4. Results

5. Conclusion

Appendix Section

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