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During the s, Ford-badged Mazda products replaced much of their own European-sourced lineup, especially in the Asia-Pacific markets, with the Laser replacing the Escort [21] and the Telstar replacing the Cortina. Ford also lent Mazda some of its capacity when needed: the Mazda sold in Europe and South Africa was, for a time, a variant of the Ford Fiesta built in plants in Europe and South Africa.

Mazda also made an effort in the past to sell some of Ford's cars in Japan, mainly through its Autorama dealer group. Mazda also helped Ford develop the Explorer , [ citation needed ] which Mazda sold as the 2-door only Mazda Navajo from through However, Mazda's version was unsuccessful, while the Ford available from the start as a 4-door or 2-door model instantly became the best-selling sport-utility vehicle in the United States and kept that title for over a decade. Mazda has used Ford's Ranger pickup as the basis for its North American—market B-Series trucks, starting in and continuing through , when Mazda discontinued importing its B-Series trucks to North America, due to costs associated with the chicken tax.

Following its long-held fascination with alternative engine technology, Mazda introduced the first Miller cycle engine for automotive use in the Millenia luxury sedan of Though the Millenia and its Miller-type V6 engine were discontinued in , the company has recently introduced a much smaller Miller-cycle four-cylinder engine for use in its Demio starting in As with its leadership in Wankel technology , Mazda remains so far the only automaker to have used a Miller-cycle engine in the automotive realm.

Further financial difficulties at Mazda during the s partly caused by losses related to the Asian financial crisis [ citation needed ] caused Ford to increase its stake to a In June , Henry Wallace was appointed president, and he set about restructuring Mazda and setting it on a new strategic direction.

He laid out a new direction for the brand including the design of the present Mazda marque; he laid out a new product plan to achieve synergies with Ford, and he launched Mazda's digital innovation program to speed up the development of new products. At the same time, he started taking control of overseas distributors, rationalized dealerships and manufacturing facilities, and driving much-needed efficiencies and cost reductions in Mazda's operations. Much of his early work put Mazda back into profitability and laid the foundations for future success.

Wallace was succeeded by James Miller in November , followed in December by Ford executive Mark Fields , who has been credited with expanding Mazda's new product lineup and leading the turnaround during the early s. Ford's increased influence during the s allowed Mazda to claim another distinction in history, having maintained the first foreign-born head of a Japanese car company, Henry Wallace.

Amid the world financial crisis in the fall of , reports emerged that Ford was contemplating a sale of its stake in Mazda as a way of streamlining its asset base. Ford and Mazda remained strategic partners through joint ventures and exchanges of technological information. Part of the proceeds were used to build an auto plant in Salamanca , Mexico. In May , the company signed an agreement with Toyota to form a "long-term partnership", that would, among others, see Mazda supply Toyota with fuel-efficient SkyActiv gasoline and diesel engine technology in exchange for hydrogen fuel cell systems.

The motivation was brought on by market competition from other Japanese automakers efforts in offering vehicles at multiple Japanese dealership networks offered by Toyota , Nissan , and Honda. Mazda's implementation of brand diversification reflected a Japanese engineering philosophy, called Kansei engineering , which was used as an advertising slogan in North America.

M2 even had its own avant-garde company headquarters, but was shut down after a very short period of operation. In early Mazda planned to release a luxury marque, Amati , to challenge Acura , Infiniti , and Lexus in North America, which was to begin selling in late The Amati marque was eventually scrapped before any cars hit the market.

It is perhaps just a curiosity, but "Amati" happens to be an anagram of "Miata". In Europe, the Xedos name was also associated with the Mazda Xedos 6 , the two models were in production from until The Xedos line was marketed under the Mazda marque, and used the Mazda badge from the corresponding years. This diversification stressed the product development groups at Mazda past its limits. Instead of having a half-dozen variations on any given platform , developers were asked to work on dozens of different models at the same time.

Consumers were confused as well by the explosion of similar new models. This selective marketing experiment was ended in the mids due to economic conditions, largely attributed to the collapse of the Japanese asset price bubble in North America is Mazda's biggest market. Mazda has conducted research in hydrogen-powered vehicles for several decades. Mazda has developed a hybrid version of its Premacy compact minivan using a version of its signature rotary engine that can run on hydrogen or gasoline named the Mazda Premacy Hydrogen RE Hybrid.

Despite plans to release it in , [44] [45] as of the vehicle is in limited trials. In Toyota and Mazda announced a supply agreement for the hybrid technology used in Toyota's Prius model. Mazda is finding a host of alternative uses for a variety of materials and substances — ranging from plastic to milk — in its vehicles, as it aims to become more environmentally-friendly.

Mazda introduced some of these innovations — bioplastic internal consoles and bio-fabric seats — in its Mazda5 model at EcoInnovasia , at the Queen Sirikit National Convention Center in Bangkok. Poti gobar of cows. SkyActiv technology is an umbrella name for a range of technologies used in certain new Mazda vehicles.

Together these technologies increase fuel economy to a level similar to a hybrid drivetrain. Engine output is increased and emission levels are reduced. These technologies include high compression ratio gasoline engines It is also possible to combine these technologies with a hybrid drivetrain for even greater fuel economy. In the racing world, Mazda has had substantial success with both its signature Wankel-engine cars in two-rotor, three-rotor, and four-rotor forms as well as its piston-engine models.

Mazda vehicles and engines compete in a wide variety of disciplines and series around the world. Only one of these finished, taking fifth place. The Cosmo placed 18th overall in a field of The only modifications were racing brake pads, exhaust, and safety equipment. The B's triumph remains unparalleled, as it remains the only non-piston-engined car ever to win at Le Mans, and Mazda is the first Japanese marque to have won overall at Le Mans — and only after Nissan had closed down its World Sportscar Championship programme and Toyota had opted to take a sabbatical for most of in order to develop its 3.

This led to a ban on rotary engines in the Le Mans race starting in , which has since been rescinded. After the race, the winning engine was publicly dismantled for internal examination, which demonstrated that despite 24 hours of extremely hard use it had accumulated very little wear. The Le Mans win in followed a decade of class wins from other Mazda prototypes, including the and This prototype racer uses the Renesis Wankel from the RX Wankel engines have been banned for some time from international Formula One racing, [ citation needed ] as well as from United States midget racing , after Gene Angelillo won the North East Midget Racing Association championship in with a car powered by a 13B engine, and again in in a car powered by a 12A engine.

Since , the Atlantic Championship has been run exclusively with Swift Formula Mazda features open wheel race cars with Mazda engines, adaptable to both oval tracks and road courses, on several levels of competition. Since , the professionally organized Pro Mazda Championship has been the most popular format for sponsors, spectators, and upward bound drivers.

It is the second-highest level on the aforementioned Mazdaspeed driver development ladder. Engines for the Star Mazda series are all built by one engine builder, certified to produce the prescribed power, and sealed to discourage tampering. They are in a relatively mild state of racing tune, so that they are extremely reliable and can go years between motor rebuilds. Spec Miata has become one of the most popular and most affordable road racing classes in North America. The Spec Miata SM class is intended to provide the opportunity to compete in low-cost, production-based cars with limited modifications, suitable for racing competition.

The rules are intentionally designed to be more open than the Showroom Stock class but more restricted than the Improved Touring class. Spec RX-7 is also a popular club racing class primarily due to the availability of first-generation RX7 cars and the low startup cost.

The company also sponsors various marathon and relay race events in Japan, such as the Hiroshima International Peace Marathon and the Hiroshima Prefectural Ekiden Race , along with numerous other sporting and charity endeavors in Hiroshima and Hofu. Mazda also maintains sponsorship of the Laguna Seca racing course in California, going so far as to use it for its own automotive testing purposes as well as the numerous racing events including several Mazda-specific series that it hosts — as well as for the launch of the Mazda RX Mazda also sponsors the Western New York Flash , a professional women's soccer team that plays in the WPA and has some of the best players in the world, including world player of the year.

Mazda's past advertising slogans included: "The more you look, the more you like" s to early s ; "Experience Mazda" mids ; "An intense commitment to your total satisfaction, that's The Mazda Way" late s ; "It Just Feels Right" along with advertising describing Mazda's use of Kansei engineering — ; "Passion for the road" ; "Get in. Be moved. Another marketing slogan was "Sakes Alive! Since , Mazda has used the phrase "Zoom-Zoom" to describe what it calls the "emotion of motion" that it claims is inherent in its cars.

The Zoom-Zoom campaign has been accompanied by the " Zoom-Zoom-Zoom " song in many television and radio advertisements. The original version, performed by Jibril Serapis Bey used in commercials in Europe, Japan and South Africa , was recorded long before it became the official song for Mazda as part of a soundtrack to the movie Only The Strong released in In , its current slogan is "Zoom Zoom Forever".

The punchline for this is "At Mazda, we believe because if it's not worth driving, it's not worth building. We build Mazdas. What do you drive? In , Mazda had launched a new campaign under a new tagline, "Driving Matters", coinciding with the release of the redesigned MX A second long advertisement titled "A Driver's Life", coincided with the new tagline on the following week. From Wikipedia, the free encyclopedia. Japanese multinational automaker. This article is about the car manufacturer.

For other uses, see Mazda disambiguation. Romanized name. Traded as. Operating income. Net income. This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. April Learn how and when to remove this template message. See also: Mazdaspeed. Companies portal. Retrieved June 21, Retrieved December 14, Retrieved December 27, Retrieved on October 29, Archived from the original on April 18, Retrieved July 31, Retrieved October 8, Retrieved April 11, Retrieved April 16, Retrieved November 9, Retrieved November 11, Mazda Motor Corporation.

Archived from the original PDF on January 21, Retrieved January 20, South Africa. September 1, September 16, Archived from the original on June 30, Retrieved June 28, Business Week. Archived from the original on October 14, Retrieved October 12, November 18, Retrieved May 7, CBS News.

Retrieved July 3, Archived from the original on October 16, Retrieved February 4, New York Times. Ford Motor Company. Archived from the original on July 11, Retrieved March 9, November 13, Retrieved February 18, Retrieved September 3, Archived from the original on November 17, The model is designed to capture the long-run impact of an agreement.

More crucially, it is a real model that holds employment and the trade balance constant; as such it captures the second-round adjustments needed to restore full employment in the economy following an initial trade shock. The results reveal that aggregate welfare gains are greatest under multilateral liberalization, next greatest under unilateral liberalization in each country, and least under a bilateral FTA, but they note that even in the last case the effects are positive.

The results also point out asymmetries between the United States and India in unilateral and multilateral liberalization, given the differences in the openness of the two economies. Indian and world welfare both rise significantly when India liberalizes unilaterally, while for the United States the greatest welfare gains flow from multilateral liberalization. Lawrence concludes that the more difficult decision facing India today is whether to opt for reciprocal approaches in lieu of the unilateral approach that it has traditionally pursued.

There are gains in credibility to be achieved, but these could entail reduced policy space and require a significant agenda of complementary reform to achieve their full effect. Should India choose to pursue the reciprocal route, he suggests a U. India has had a turnaround in its balance of payments in recent years, with a swing in the current account from a deficit to a surplus and rapid growth in the capital account surplus.

While the initial reserve accumulation was welcome insurance against the risk of unanticipated future outflows, the current level is adequate to meet any foreseeable challenge, and policymakers need to develop an exchange policy that goes beyond simple reserve accumulation. Should India accelerate the process of capital account liberalization, perhaps allowing the export of capital by residents?

Should it allow an appreciation of the exchange rate or speed up the liberalization of the trade regime? Above all, how should the exchange policy be integrated with the broader concerns of domestic economic policy? In their paper, Vijay Joshi and Sanjeev Sanyal provide a broad review of the external aspects of Indian macroeconomic policy over the past decade.

They use that review as the backdrop for a discussion of the policy options open to India in the future, posing the question of how economic policy should respond to the continuation of the strong balance-of-payments position of recent years. In their answer, they argue in favor of a combination of accelerated import liberalization on the external side and domestic fiscal consolidation.

In particular, they view trade liberalization, which provides a means of absorbing continued capital inflows without constraining the competitiveness of the export sector, as an alternative to exchange rate appreciation. In reviewing the economic events of the s, they emphasize the degree to which India relied on an extensive system of capital controls.

Foreign direct investment and portfolio investment inflows were gradually liberalized and foreign investors could freely repatriate their investments, but capital outflows by residents were prohibited. Offshore borrowing and lending by Indian companies and banks were also strictly limited. The capital controls allowed Indian monetary policy to maintain a relatively fixed exchange rate regime with minimal conflict with domestic economic policy.

By accumulating foreign reserves over the decade, India passed up the opportunity to use capital inflows to finance a larger current account deficit. Joshi and Sanyal argue that this policy imposed relatively small costs in terms of forgone investment and growth. The reserve accumulation averaged 1. This conclusion is in sharp contrast to the claims of others that foreign reserve accumulation imposed large costs in terms of forgone growth.

Overall, Joshi and Sanyal believe that the external aspects of Indian economic policy were well executed during the s. However, the ample level of foreign exchange reserves and the continuation of strong capital inflows present a more difficult policy choice going forward. The current policy of sterilized intervention in exchange markets has outlived its usefulness, and further additions to reserves will impose rising fiscal costs with few benefits.

At the same time, the authors oppose exchange rate appreciation because of its negative impact on export competitiveness. An intermediate policy of continued intervention in the foreign exchange market but without any attempt at sterilization would translate into an easing of domestic monetary policy and higher growth in the short run. However, they fear that it would quickly lead to increased inflationary pressures, and the resulting rise in the real exchange rate would be as unattractive from the export perspective as outright nominal appreciation.

Instead, Joshi and Sanyal argue for a mixed strategy that combines a faster rate of import liberalization on the external side with domestic fiscal consolidation. A rise in imports would provide a means of absorbing the excess capital inflows with no loss of export competitiveness.

The constraining factor is the negative public revenue impact of reductions in tariffs, but that is consistent with greater reliance on an expanded value-added tax to meet the revenue needs of both the central government and the states. They stress the importance of action on the fiscal side because of fear that maintaining the large deficit will crowd out investment and slow the pace of growth in future years.

A combination of fiscal contraction and monetary expansion would produce lower interest rates with strong incentives for growth. The greater foreign and public saving would provide the resources necessary to support the higher rate of investment and growth. Finally, Joshi and Sanyal reflect a strong shift in professional sentiment in their lack of enthusiasm for further liberalization of the capital account. They argue against liberalization of the restrictions on capital outflows by residents, based on the risks they pose in the event of adverse future shocks.

In fact, they conclude with a willingness to use Chilean-type taxes in the event that inflows of foreign capital should intensify. In a paper that is largely devoted to a positive analysis of the experience with exchange rate management in India, Ila Patnaik examines the reactions of the monetary authority to the changing external environment.

The exchange rate plays a central role in the economic policy of most emerging economies, as monetary policy is torn between a focus on stabilizing the domestic economy and maintaining an exchange rate that is consistent with export competitiveness. In a world of capital controls, it is possible to manage both of these goals simultaneously, but once the economy is fully open to the free inflow and outflow of capital, monetary policy must choose between the external and the internal balance.

Over the s, Indian monetary policy operated in a transitional phase, as it only gradually reduced its restrictions on capital account transactions. The continuation of partial controls on capital flows provides some room for an independent monetary policy.

Patnaik focuses on two periods of substantial net capital inflows that necessitated large-scale intervention by the central bank to prevent currency appreciation. The first was a relatively short episode extending from June to November ; the second lasted from August until at least the middle of Her paper explores the extent to which the focus on the exchange rate limited the operation of a monetary policy directed at stabilizing the domestic economy.

The first period began with an easing of the restrictions on inflows of portfolio capital in early The result was a sharp surge of capital inflows and private expectations of a rise in the exchange rate. The bank also acted to sterilize a portion of the inflow, financing some purchases through the sale of government debt.

However, the lack of liquidity in the bond market restricted the efforts at sterilization and led the bank to finance much of its purchases through an expansion of reserve money. It attempted to offset the inflationary effects of a rapid growth in the monetary base through a series of increases in the cash reserve ratio.

However, the net result was still a significant acceleration of growth in the money supply and, at least in the early months, a decline in interest rates. The second episode, beginning in the summer of , was triggered by a swing in the current account from deficit to surplus. Increased capital inflows played a significant role only in later years.

Again, the RBI intervened to prevent appreciation, and the exchange rate actually depreciated slightly up to mid This time around, the market for debt was considerably more developed. The bank was able to finance nearly all of its purchases of foreign currency through the sale of government debt instruments, avoiding use of the currency reserve ratio.

There was little or no acceleration of growth in reserve money, and the growth of a broad-based measure of the money supply M3 actually slowed. However, the RBI did not attempt to hold the exchange rate completely fixed after the summer of , opting instead for a small but steady appreciation. Capital inflows also began to accelerate at the same time, perhaps motivated by currency speculation. The two episodes differ in the extent to which the RBI was able to engage in sterilizing interventions to avoid any conflict with its policies for domestic stabilization.

To date, Indian policymakers have opted to prevent the capital inflow from translating into a current account deficit. Should India accelerate the pace of its liberalization of capital account transactions? Kletzer views this as a particularly critical decision in light of a history of severe repression of domestic financial markets.

He points to numerous international examples in which liberalization led to large financial inflows followed by equally abrupt outflows and financial crisis. In his paper, he lays out the conditions necessary to achieve a successful policy for capital account liberalization. Kletzer begins with a review of the potential benefits and costs of capital mobility.

On the benefits side, he points to five factors. First, there are gains from trade in commodities across time, just as there are gains from contemporaneous trade in goods and services. Second, international financial integration, which brings direct foreign investment, may raise the growth rate by raising productivity growth.

Third, such integration allows the sharing of risk between savers and investors. Domestic residents are able to diversify risk, which may raise the saving rate. Fourth, the presence of these flows may reduce output and consumption volatility. Finally, capital account liberalization may provide a means for forcing an end to financially repressive policies. The ability of resources to move across borders in response to unsustainable fiscal or financial policies may impose discipline on public authorities.

The principal cost of an open capital account is the possibility that a crisis may occur in the form of capital flight, leading to large depreciation, large-scale bank failures, or both. For example, under a pegged exchange rate regime, a realization or expectation of monetization of public sector budget deficits that is inconsistent with the pegged rate of currency depreciation forces its abandonment sooner or later in a sudden outflow of international reserves. Such depreciations may then spill over into bank failures if the banks have large, unhedged foreign currency—denominated liabilities and home currency—denominated assets.

To date, the international empirical evidence on the growth effects of capital account liberalization for emerging markets is inconclusive. The bottom line is that countries tend to benefit from liberalization when they can better absorb capital inflows by having higher levels of human capital, more developed domestic financial markets, and greater transparency in financial and corporate governance and regulation.

On the other hand, the opening of the capital account in the presence of significant macroeconomic imbalances reduces net gains and raises the prospects of subsequent crisis. Turning to India, Kletzer notes that India had a relatively unrestricted financial system until the s. Starting in the s, interest rate restrictions and liquidity requirements were adopted and progressively tightened. The government established the State Bank of India, a public sector commercial bank, and went on to nationalize the largest private commercial banks toward the end of the decade.

With the start of economic reforms in , steps were taken toward internal financial liberalization, mainly in banking. The government began to reduce financial controls by partially deregulating bank deposit rates, though that step was partially reversed in However, in later years the government simultaneously began to relax ceilings on lending rates of interest.

Progressive relaxation of restrictions on both bank deposit and lending rates of interest and the reduction of directed lending was under way by Liberalization accelerated after the crisis, when important steps were taken toward external liberalization.

Specifically, both direct foreign investment and portfolio investment were progressively opened. A major development was full current account convertibility of the rupee under IMF Article 8 in August In the subsequent years, sectoral caps on direct foreign investment and restrictions on portfolio borrowing and foreign equity ownership were relaxed.

Currently, foreign investment income is fully convertible to foreign currency for repatriation. External commercial borrowing has been relaxed, but it is regulated with respect to maturities and interest rate spreads. Effective restrictions continue on the acquisition of foreign financial assets by residents and on currency convertibility for capital account transactions. According to Kletzer, there remain four macro-cum-financial vulnerabilities that must be considered in evaluating the case for full capital account convertibility: high public debt and fiscal deficit; financial repression; weakness in the banking sector; and a tendency to peg the exchange rate.

Using two alternative measures of the real interest rate, Kletzer evaluates the sustainability of the current public debt as a proportion of GDP and concludes that without a major reduction in the primary deficit fiscal deficit minus interest payment on the debt it cannot be stabilized at its current level of 82 percent.

Based on one measure, the current primary deficit of 3. On the deficit, Kletzer points out that the combined central and state government budget balances understate total public sector liabilities. Unfunded pension liabilities, various contingent liabilities, and guarantees on the debt issued by loss-making public enterprises most notably state electricity boards must also be taken into account. High levels of public debt and deficits have been sustained partially through financial repression, which has been a central aspect of the Indian fiscal system for decades.

Capital controls provide the public sector with a captive capital market and allow lower-than-opportunity rates of interest for government debt. Kletzer estimates that the implicit subsidy to the government averaged 8. Thus the liberalization of the s is clearly reflected in the substantial reversal, though not elimination, of financial repression.

In the same vein, the government collected seignorage revenues that averaged 2 percent over the entire — period, but 1. The decrease in public sector revenue from financial repression is large, indicating some significant progress in financial policy reform. Policies of financial repression hamper domestic financial intermediation and raise the vulnerability of the banking system to crisis as international financial integration increases.

At the end of March , according to the Reserve Bank of India, the gross nonperforming assets of the commercial banks were 9. Directed credit to priority sectors accounted for 31 percent of commercial bank assets but about 40 percent of nonperforming assets of the banks. At 2 percent of GDP, nonprovisioned and nonperforming assets are not large. But some researchers estimate that the actual figure may be twice as large as the official one.

Banks also suffer from unhedged interest rate exposure arising from the large holdings of government debt currently 40 percent of their total assets and the liberalization of deposit rates. Finally, capital controls allow policymakers to manage the nominal exchange rate and influence domestic rates of interest as independent objectives of monetary policy.

Past exchange rate management in India displays resistance to currency appreciation. The adoption of a floating exchange rate, albeit managed relatively tightly, reduces crisis vulnerability. The government can resist exchange rate movements while not offering any exchange parity guarantee, as under a pegged exchange rate or crawling peg or narrow target zone.

The uncertainty that is induced, especially for short-term rates of change in the exchange rate, could lead to private sector hedging against currency risk. A possible source of concern is the revealed tendency of the government to lean against exchange rate movements that could result in sudden losses of reserves and capital account reversals under an open capital account. Kletzer concludes that the initial conditions for capital account convertibility in India are strong, with the exception of public finance.

The average maturities of foreign and public debt could be expected to fall with international financial integration, but a prospective rise in short-term debt does not in itself justify capital controls. The stock of foreign reserves exceeds the current level of short-term external debt several fold. Liberalization and further opening of the banking system requires regulatory improvement, but the present level of nonperforming assets in the banking system is not excessive in comparison with the emerging markets.

In concluding, Kletzer notes two aspects of fiscal vulnerability relevant to financial integration. First, the primary deficit and the need to amortize public debt constitute the government borrowing requirement that would need to be financed on international terms under an open capital account. Second, the banking system holds the overwhelming majority of the public debt; with international financial integration, these become risky assets. Any gain to the government from currency depreciation or rising interest spreads on public debt would be matched by losses by the banks.

These holdings pose a threat to the banking system, and a capital account crisis could begin with the exit of domestic depositors. In this case, deposit insurance could reduce the exposure of the banking system to crisis. Limiting the contingent liability of the government created by deposit insurance so that it just offsets public sector capital gains requires institutional reform to ensure successful prudential regulation. In comparison with its peers at similar stages of development, India has an advanced and extensive banking system, with branches throughout rural and urban areas, providing credit not only to industry but also to a significant number of farmers.

As in many other developing countries, publicly held banks are by far the largest players, and financial sector reforms have become major policy goals. The paper begins with an overview of banking in India, including the two episodes of bank nationalization in and Because the Indian government used a strict policy rule based on the asset base of banks to determine which banks were nationalized and which were left in the private sector, India offers an ideal case study in the relative performance and behavior of public and private sector banks.

They define under-lending as a situation in which the marginal product of capital for a firm is higher than the rate of interest it is currently paying. A change in lending regulations that increased the amount of credit issued by banks to one group of firms but not another allowed them to estimate the effect of additional credit on output and profits. They find a strong, positive effect of the change, suggesting that the firms are indeed credit constrained.

Enhancing credit supply was a primary goal of nationalization: while the performance of this public sector bank was not impressive, perhaps private sector banks fared worse? Using a regression discontinuity approach, the authors compared the propensity of public and private banks to lend to borrowers in several sectors of the economy: agriculture, small-scale industry, and the composite sector called trade, transport, and finance.

They find that public sector banks did lend substantially more to agricultural borrowers than did private sector banks. Contrary to popular wisdom, however, they find that once bank size is taken into account, public sector banks lend no more to small-scale industry than do private sector banks. Nor does bank nationalization appear to have increased the overall speed of financial development.

The authors find that in the period —91, nationalized and private banks of similar asset size grew at about the same rate. However, in the more liberalized period of —, old private sector banks grew 8 percent more than public sector banks. The lack of attention to new private sector banks is explained by the fact that there are simply not enough data at this stage to allow meaningful analysis.

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