“Finance would be
required not only for construction and development of economies
but also for reconstruction and rebuilding economies”
said Prof. J.D. Agarwal, Chairman & Director, Indian Institute
of Finance, Delhi while delivering Professor K.S. Mathur Memorial
Lecture on Financial Developments in the World Economy at
University of Rajasthan, Jaipur.
Prof.J.D
Agarwal stressed that financial development plays a critical
role in promoting industrialization and growth. Strong Financial
systems with strong financial institutional framework: internationally,
regionally and in the home countries is the key factor for
proper financial development. The financial development in
the world economy with the emergence of e-finance will make
the world economy grow at a faster rate, if handled, properly
and may help meet the challenges that lie ahead in the new
millennium opined Prof. Agarwal.
According to him, all financial developments are subject to
high degree of risk of varying nature. Financial Developments
with emergence of e-finance has its own risks different from
the risks generally associated with financial systems. For
instance, Money laundering, IT based frauds might pose newer
problems.
Prof. Agarwal advocated urgent need to devise a mechanism
to unearth the swindled money, by politicians, corrupt bureaucrats,
drug traffickers, industry through capital flight, and militancy
outfits, which is deposited in international banks, denying
the use of such money in the developmental process of such
countries where from it is being swindled.
According to Prof. Agarwal the world community need to consider
the issues involving International Development Cooperation,
Restructuring IMF, International Borrowing and Lending, Private
Capital Flows, Portfolio Equity Flows, Short-term capital
movements, Capital Account Convertibility and Domestic Resource
Management more seriously to match them with the needs and
requirements of home countries, regions and the world economy.
The financial systems need to be regulated, controlled and
developed to reap the fruits of financial developments in
the world economy to make the world a better place for living
said Prof. Agarwal.
“Finance would be required not only for construction
and development of economies but also for reconstruction and
rebuilding economies” said Prof. J.D. Agarwal, Chairman
& Director, Indian Institute of Finance, Delhi while delivering
Professor K.S. Mathur Memorial Lecture on Financial Developments
in the World Economy at University of Rajasthan, Jaipur.
Prof. Agarwal stressed that financial development plays a
critical role in promoting industrialization and growth. Strong
Financial systems with strong financial institutional framework:
internationally, regionally and in the home countries is the
key factor for proper financial development. The financial
development in the world economy with the emergence of e-finance
will make the world economy grow at a faster rate, if handled,
properly and may help meet the challenges that lie ahead in
the new millennium opined Prof. Agarwal.
According to him, all financial developments are subject to
high degree of risk of varying nature. Financial Developments
with emergence of e-finance has its own risks different from
the risks generally associated with financial systems. For
instance, Money laundering, IT based frauds might pose newer
problems.
Prof. Agarwal advocated urgent need to devise a mechanism
to unearth the swindled money, by politicians, corrupt bureaucrats,
drug traffickers, industry through capital flight, and militancy
outfits, which is deposited in international banks, denying
the use of such money in the developmental process of such
countries where from it is being swindled.
According to Prof. Agarwal the world community need to consider
the issues involving International Development Cooperation,
Restructuring IMF, International Borrowing and Lending, Private
Capital Flows, Portfolio Equity Flows, Short-term capital
movements, Capital Account Convertibility and Domestic Resource
Management more seriously to match them with the needs and
requirements of home countries, regions and the world economy.
The financial systems need to be regulated, controlled and
developed to reap the fruits of financial developments in
the world economy to make the world a better place for living
said Prof. Agarwal.
