However, both exchanges have until recently been mere extensions of policy lending, with government officials, not investment bankers, deciding which companies should go public.
Borrowing costs have surged as the central bank raised its policy lending rate 13 times between early 2010 and late 2011 to control inflation.
Late January, it lowered the policy lending rate by a quarter percentage point, the first cut since April 2012 which followed 13 rate increases between March 2010 and October 2011.
In late January, the Reserve Bank of India cut its policy lending rate by a quarter of a percentage point--the first rate cut since April and the second in about four years--but said it had limited room to ease rates further given India's high inflation and wide current-account deficit.
The local currency hit a 10-month low and bond prices fell to their lowest in two weeks as markets were expecting the Reserve Bank of India to cut its policy lending rate at its June 17 meeting to help boost economic growth that has slowed to its weakest pace in a decade.
We are now, through the Fed's change in policy, lending billions of dollars a day to help Wall Street banks that are not held accountable.
Upcoming: hearings by the House Domestic Monetary Policy Subcommittee discount window lending practices by the Fed.
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The biggest problem at the moment for the sector is inflation and a tight monetary policy that is restricting lending.
"We believe that the government will react to this weaker-than-expected GDP growth rate by introducing more policy measures to boost lending, speed up project starts, encourage consumption, and support property sales, " Jun Ma, Deutsche Bank greater China chief economist said.
"The economy still faces powerful contractionary forces in the shape of widespread recession abroad, and at home falling house prices and stock markets, blunted monetary policy as banks constrain lending and rock-bottom business and consumer confidence, " says Andrew Smith, chief economist at KPMG.
These three sets of policy tools--lending to financial institutions, providing liquidity directly to key credit markets, and buying longer-term securities--have the common feature that each represents a use of the asset side of the Fed's balance sheet, that is, they all involve lending or the purchase of securities.
He said the bank had decided in late 2007 to rein in lending, a policy that proved "a hard pill to swallow" for some executives at the bank.
According to the World Bank, good monsoon rains this year and a stable local currency could further reduce inflation from current levels, allowing the central bank to further ease monetary policy after cutting its key lending rate twice already this year.
Big cash injections by central banks had helped offset the worst effects of this cash hoarding, bringing overnight lending rates down toward policy targets.
"Even as the policy stance emphasizes addressing the growth risks, the headroom for further monetary easing remains quite limited, " the Reserve Bank of India said in its mid-quarter monetary policy review after lowering its key lending rate, known as the repurchase rate, to 7.5% from 7.75%.
"Even as the policy stance emphasizes addressing the growth risks, the headroom for further monetary easing remains quite limited, " the Reserve Bank of India said in its mid-quarter monetary policy review after lowering its key lending rate, known as the repurchase rate, to 7.50% from 7.75%.
With a Reserve Bank of India policy rate of 6%, and lending rates around 8.5%, credit is extremely cheap.
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And with the advice and conditions it attaches to its loans, World Bank lending arguably fosters good economic policy better than the private sector.
And therefore on his watch at least there is no chance of them being converted into arms of the state, whose lending is directed for public policy purposes.
Just across the English Channel, a less-dovish European Central Bank (ECB) policy stance and the ongoing euro-lending indicator improvements has the Pound Sterling playing second fiddle.
"We're not seeing any significant feed-through to business lending, " says Adam Marshall, policy director at the British Chambers of Commerce (BCC).
And at a time when a weak UK housing market is contributing to our economic malaise, a further tightening of credit conditions would be regarded as highly unwelcome by the Treasury - and it would go against the grain of government and Bank-of-England policy, in the form of their Funding for Lending scheme to provide more and cheaper loans to households and businesses.
The eventual compromise was a resolution that merely invites the investment bank to expand its lending, and talks vaguely of strengthening economic policy co-ordination.
In the current money market conditions, where banks have to approach the central bank for borrowing, the overnight lending rate is in fact the key operational policy rate.
Wallison had said that government policy had pushed Fannie Mae and Freddie Mac into lowering their lending standards in pursuit of lending to riskier borrowers.
The lending institution is the sole beneficiary of any such policy, and the proceeds are paid directly to the lender (not indirectly to the heirs first).
And despite the fact that Mervyn King himself has said that lending to businesses in this way is indeed fiscal policy - a kind of industrial policy - which is why the Bank of England isn't doing it.
But Tory former minister John Redwood, leader of his party's policy group on economic competitiveness, branded the bank levy a tax on lending money to businesses and individuals.
The yen's drop below 100, a much-watched key level, has long been anticipated as the Bank of Japan unveiled aggressive monetary policy plans early last month aimed at boosting growth at home by spurring lending and weakening the currency.
Though Draghi didn't spell out what policy changes could emerge, analysts say the bank could look at ways to encourage lending to midsize companies that could allow banks to bundle small business loans as securities and park them at the ECB as collateral for central bank loans.
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