This has happened, as in many other countries, mainly because of a major liberalisation of the financial markets, a huge increase in the volume of transactions in the money and capital markets, and an opening-up of the country for international participation, not only in respect of trade, but also for the inward and the outward movement of capital across international borders.
In the process, huge increases in the money supply occurred that were not related directly (or indirectly) to total spending on real goods and services. In technical terms, the additional money supply remained in financial circulation and was reflected in a large decline in the income velocity of circulation of the money supply.