As the world grapples with financial instability caused by a massive infusion of pandemic-era liquidity and its subsequent withdrawal, scholars are raising doubts again regarding the merits behind the unhindered push for liberalization and deregulation. In the search for a convincing way out from recurring financial turbulences, this book revisits the past experiences of financial stability presided over by long-term credit supply largely through bank-based intermediation. The two Asian countries, South Korea and India, instituted wide-ranging financial repression through an identical –...