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This paper provides new evidence on the credit channel of monetary policy transmission in India. Using stepwise estimation of vector error correction models, the analysis finds significant, albeit slow, pass-through of policy rate changes to bank interest rates in India. There is evidence of asymmetric adjustment to monetary policy: the lending rate adjusts more quickly to monetary tightening than to loosening. In addition, the speed of adjustment of deposit and lending rates to changes in the policy rate has increased in recent years.

Business. --- Corporations -- India -- Finance. --- Manufacturing industries -- India. --- Monetary policy -- India.

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Corporations, Swedish --- Corporations --- -Corporations --- -Business corporations --- C corporations --- Corporations, Business --- Corporations, Public --- Limited companies --- Publicly held corporations --- Publicly traded corporations --- Public limited companies --- Stock corporations --- Subchapter C corporations --- Business enterprises --- Corporate power --- Disincorporation --- Stocks --- Trusts, Industrial --- Swedish corporations --- -Corporations, Swedish --- #ANTILTPNE9606 --- Business corporations --- Cost accounting. --- High technology industries --- Overhead costs --- Accounting. --- Corporations, Swedish - India --- Corporations - India --- Inde --- Politique economique

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The financial performance of India's corporate sector has been under pressure since the Global Financial Crisis. Balance-sheet data on a large cross-section of Indian non-financial corporates show that the growth in their leverage over the last 15 years has been associated with a notable increase in the vulnerabilities of firms carrying high interest payment burdens. Gauged by the debt carried by the most vulnerable component of firms, the Indian corporate sector’s vulnerability to severe systemic shocks has increased to levels not seen since 2001. Progress on the macroeconomic front, together with improved credit appraisals and stricter impairment standards on the bank side, will be critical to help India's banks resume their role as economic growth drivers.

Corporations --- Financial risk --- Financial crises --- Banking law --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business risk (Finance) --- Money risk (Finance) --- Risk --- Business corporations --- C corporations --- Corporations, Business --- Corporations, Public --- Limited companies --- Publicly held corporations --- Publicly traded corporations --- Public limited companies --- Stock corporations --- Subchapter C corporations --- Business enterprises --- Corporate power --- Disincorporation --- Stocks --- Trusts, Industrial --- India --- Economic policy. --- E-books --- Banks and Banking --- Macroeconomics --- Money and Monetary Policy --- Industries: Financial Services --- Firm Behavior: Empirical Analysis --- Financial Crises --- Corporate Finance and Governance: General --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- International Finance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Public Enterprises --- Public-Private Enterprises --- Banking --- Monetary economics --- Civil service & public sector --- Finance --- Commercial banks --- Bank credit --- State-owned banks --- Public sector --- Financial institutions --- Economic sectors --- Loans --- Money --- Banks and banking --- Credit --- Finance, Public --- Corporations -- India. --- Financial crises -- India. --- Financial risk -- India.