This paper examines whether financial intermediaries have played a leading role in influencing India's economic performance. After describing the evolution and functions of the financial sector, we construct a set of vector autoregressive and vector error correction models to evaluate the...

Contributed articles presented at the two-day National Seminar on "Centre-State Relations in Indian Fiscal Context", organised by the Centre for Economic and Social Studies, Hyderabad, held during November 5-6, 2012