Aug 2026· Social Science & Humanities International· 0 citations
Abstract
External Commercial Borrowings (ECBs) constitute a pivotal instrument of cross-border debt financing and have played a central role in shaping India’s capital account dynamics since the economic liberalisation of 1991. This paper provides a comprehensive descriptive review of ECB policy evolution, inflow trends, sectoral composition, and risk challenges spanning over three decades. Drawing on secondary data published by the Reserve Bank of India (RBI), the Ministry of Finance, and international databases, and employing trend analysis, compound annual growth rate (CAGR) computation, and descriptive tabulation, the study maps six distinct phases of ECB policy development. The descriptive evidence suggests a gradual shift from manufacturing-led borrowings in the early liberalisation era towards infrastructure and financial services dominance in recent years. The paper discusses persistent currency and rollover risks that characterise ECB dependence in a large emerging market context, and advances actionable policy recommendations aimed at enhancing the developmental efficacy of ECBs while safeguarding macroeconomic stability.
Foreign Direct Investment (FDI) has emerged as one of the most significant sources of external capital for developing economies, providing not only financial resources but also technology, managerial expertise, and access to global markets. Since the initiation of economic liberalisation in 1991, India has progressivel...
H. Bullappa· EPRA International Journal o...· 0 citations
Interest-free banking and finance (IFB) has evolved from a marginal regulatory accommodation into an increasingly significant segment of Ethiopia’s financial sector within little more than a decade. This paper presents a market landscape and gap analysis of Ethiopia’s IFB industry, examining its institutional evolution...
Abebe Kassaye· International Journal of Fin...· 0 citations
The Reserve Bank of India’s amendment to the Commercial Banks- Capital Market Exposure Directions, 2025, effective 1 July 2026, formally permits Indian commercial banks to finance corporate acquisitions. This marks a significant departure from decades of regulatory restrictions. While the Directions establish a coheren...
Nigeria’s persistent dependence on public borrowing has renewed debates on the relationship between sovereign debt, industrial development, and macroeconomic stability. Despite the rapid growth of Nigeria’s public debt stock—from approximately ₦12.6 trillion in 2015 to ₦144.67 trillion in 2024—the manufacturing sector...
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The implementation of post-crisis (Basel III) capital requirements in 2015, followed by the introduction of the banking tax in 2016, marked a turning point for the loan-to-GDP ratio in Poland. Since Q4 2015, this ratio has declined by almost one-third, while the ratio of banks’ assets to GDP has remained relatively sta...
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Foreign Direct Investment (FDI) has contributed to fostering sustainable growth, leading to its wide examination in developed countries. However, its main macroeconomic drivers in emerging economies like the UAE remain underexplored. Hence, the study has as its objective the examination of the factors that drive FDI in...
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