Investments by non-resident Indians [NRIs) in India: an analysis from the viewpoint of multinational financial intermediaries
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
2002
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | Getr. Zählung |
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MARC
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Record in the Search Index
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| adam_text | Contents Yl
Contents
EXECUTIVE SUMMARY I
contents vi
list of figures and tables ix
abbreviations x
1 introduction 1
1.1 Background 1
1.2 Objectives ofthis thesis 1
1.3 Procedure 2
2 present status of nri investments 4
2.1 nri status 4
2.2 Investment channels used by NRIs 4
2.3 Development of NRI investments 5
2.4 Differentiation between various groups of NRIs 7
2.5 Global distribution of NRI capital flows 8
3 DETERMINANTS OF CAPITAL FLOWS WITH RESPECT TO INVESTMENTS BY NRIS 9
3.1 MACROECONOMIC DETERMINANTS 9
3.1.1 Macroeconomic theories of international capital flows 9
3.1.1.1 Approaches based on perfect capital markets 9
3.1.1.2 Approaches based on imperfect capital markets 12
3.1.2 Macroeconomic environment for NRI investments 16
3.1.2.1 Economic growth as a supporting factor 16
3.1.2.2 Risks as a hindering factor 22
3.2 FINANCIAL AND CAPITAL MARKET DETERMINANTS 32
3.2.1 Specific determinants of portfolio investments 32
3.2.1.1 Relative attractiveness of Indian securities 32
3.2.1.2 Efficiency of the Indian capital markets 33
3.2.2 Specific determinants of direct investments 37
3.2.3 NRI specific targeting: Resurgent India Bond (RIB) 38
3.3 Regulatory and taxation determinants 42
3.3.1 Investments without repatriation benefits 42
3.3.2 Investments with repatriation benefits 44
3.3.3 Taxation from the viewpoint of the NRIs 48
3.3.4 System of NRI accounts 51
3.4 Socio-economic and cultural determinants 54
3.4.1 The cultural impact on NRI investments 54
3.4.2 Social Values in Indian Organisations 55
3.4.2.1 The significance of values and the Indian work ethic 55
3.4.2.2 The colonial experience 59
3.4.2.3 The meaning of work in the Indian context 60
3.4.2.4 Attitudes towards the organisation 61
3.4.2.5 A hierarchical perspective to Indian social systems 62
3.4.2.6 The meaning of personal relationships 64
3.4.2.7 A collective orientation 67
3.4.2.8 Interplay between individual and corporate values 70
Contents VII
3.4.2.9 Two examinatory studies 72
3.4.2.10 Design of an effective Indian organisation 79
3.4.3 Information asymmetries 81
3.5 Summary and outlook 83
4 ANALYSIS OF NRI TRANSACTIONS IN THE CONTEXT OF FINANCIAL INTERMEDIATION 87
4.1 Theory of international financial intermediation 87
4.2 Framework for Analysis-A functional perspective 90
4.3 Characteristics of the Indian financial services sector 93
4.4 Consequences of NRI transactions for financial intermediaries 95
4.4.1 Clearing and Settlement Procedures 95
4.4.1.1 Developments in Indian Stock Exchanges 95
4.4.1.2 Limitations associated to Stock Trading 104
4.4.1.3 Strategic options for NRIs and multinational financial intermediaries 109
4.4.2 Pooling Resources 110
4.4.2.1 Growth of the Global Asset Management Industry 110
4.4.2.2 NRI/FII Investments in India 112
4.4.2.3 Prospects for the Mutual Funds Industry in Asia 113
4.4.2.4 Private Placement in India 116
4.4.2.5 Private Equity Funds in India 117
4.4.2.6 Foreign Investment in the Indian Insurance Sector 119
4.4.2.7 Strategic options for NRIs and multinational financial intermediaries 121
4.4.3 Transferring Resources Across Time and Space 121
4.4.3.1 Overview of the Indian Stock Market 122
4.4.3.2 Overview of Foreign Investments in India 125
4.4.3.3 Presence of Money Market Funds in India 125
4.4.3.4 Securitisation - At a Glance 125
4.4.3.5 Securitisation in India 129
4.4.3.6 Legal and Regulatory Issues in India with respect to Securitisation 130
4.4.3.7 The Role of the RBI in the context of Securitisation 134
4.4.3.8 Strategic options for NRIs and multinational financial intermediaries 138
4.4.4 Managing Risks 139
4.4.4.1 Foreign exchange risks 139
4.4.4.2 Banking risks 141
4.4.4.3 Liquidity Risk and Interest Rate Risk 146
4.4.4.4 Credit Risk 149
4.4.4.5 Strategic options for NRIs and multinational financial intermediaries 154
4.4.5 Providing Information 155
4.4.5.1 Constraints to information in the Indian Financial Market 155
4.4.5.2 Overview of the Indian Debt Market 156
4.4.5.3 Factors affecting the Government Securities Market 159
4.4.5.4 Problems of Bond Valuation 162
4.4.5.5 Estimates of Volatility 164
4.4.5.6 Transfer Pricing as a strategic tool for MNCs 166
4.4.5.7 Strategic options for NRIs and multinational financial intermediaries 167
4.4.6 Dealing with Incentive Problems 168
4.4.6.1 SEBI investor protection guidelines 168
4.4.6.2 Responding to Volatility 171
4.4.6.3 Private Placement Route 172
4.4.6.4 Innovations by the National Stock Exchange 173
4.4.6.5 Regulations on Insider Trading 174
4.4.6.6 Inadequacy of the Money Market 180
4.4.6.7 Strategic options for NRIs and multinational financial intermediaries 182
4.5 THE Overseas Chinese diaspora 183
4.5.1 Classification of ethnic Chinese in Asia 183
4.5.2 Significance of the Overseas Chinese 184
4.5.3 OSC Investments from Southeast Asia into the PR of China 186
4.5.4 Asian financial centres for OSC investment to the PR of China 189
4.5.5 Round tripping and two-stage investment from Hong Kong to the PR of China 190
Contents VIII
4.5.6 OSC conglomerates in Southeast Asia 191
4.5.7 Macroeconomic Determinants of OSC in Southeast Asia 192
4.5.8 The trilateral relationship of the Overseas Chinese 196
4.5.9 Multinational financial intermediaries in Southeast Asia 198
4.5.9.1 Co-operation between multinational intermediaries and Chinese partners 199
4.5.9.2 Co-operative ventures between multinational financial intermediaries and Asian partners 200
4.5.10 Consequences for multinational financial intermediaries 204
4.6 Summary and Outlook 205
s conclusions 208
directory of interview partners a
references i
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| spelling | Nastik, Anup Verfasser aut Investments by non-resident Indians [NRIs) in India an analysis from the viewpoint of multinational financial intermediaries vorgelegt von Anup Nastik 2002 Getr. Zählung txt rdacontent n rdamedia nc rdacarrier St. Gallen, Univ., Diss., 2002 Inder (DE-588)4026711-8 gnd rswk-swf Ausland (DE-588)4068999-2 gnd rswk-swf Auslandsinvestition (DE-588)4003772-1 gnd rswk-swf Indien (DE-588)4026722-2 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Indien (DE-588)4026722-2 g Auslandsinvestition (DE-588)4003772-1 s Inder (DE-588)4026711-8 s Ausland (DE-588)4068999-2 s DE-188 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=021970881&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Nastik, Anup Investments by non-resident Indians [NRIs) in India an analysis from the viewpoint of multinational financial intermediaries Inder (DE-588)4026711-8 gnd Ausland (DE-588)4068999-2 gnd Auslandsinvestition (DE-588)4003772-1 gnd |
| subject_GND | (DE-588)4026711-8 (DE-588)4068999-2 (DE-588)4003772-1 (DE-588)4026722-2 (DE-588)4113937-9 |
| title | Investments by non-resident Indians [NRIs) in India an analysis from the viewpoint of multinational financial intermediaries |
| title_auth | Investments by non-resident Indians [NRIs) in India an analysis from the viewpoint of multinational financial intermediaries |
| title_exact_search | Investments by non-resident Indians [NRIs) in India an analysis from the viewpoint of multinational financial intermediaries |
| title_full | Investments by non-resident Indians [NRIs) in India an analysis from the viewpoint of multinational financial intermediaries vorgelegt von Anup Nastik |
| title_fullStr | Investments by non-resident Indians [NRIs) in India an analysis from the viewpoint of multinational financial intermediaries vorgelegt von Anup Nastik |
| title_full_unstemmed | Investments by non-resident Indians [NRIs) in India an analysis from the viewpoint of multinational financial intermediaries vorgelegt von Anup Nastik |
| title_short | Investments by non-resident Indians [NRIs) in India |
| title_sort | investments by non resident indians nris in india an analysis from the viewpoint of multinational financial intermediaries |
| title_sub | an analysis from the viewpoint of multinational financial intermediaries |
| topic | Inder (DE-588)4026711-8 gnd Ausland (DE-588)4068999-2 gnd Auslandsinvestition (DE-588)4003772-1 gnd |
| topic_facet | Inder Ausland Auslandsinvestition Indien Hochschulschrift |
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