Description
Book Synopsis‘India and the Global Financial Crisis’ offers a collection of essays based on the speeches delivered by Reddy during his tenure as Governor of the Reserve Bank of India between September 2003 and September 2008, a period of rapid growth for the Indian economy as well as extraordinary challenges for the conduct of monetary policy. The volume describes India's financial situation in light of the perspectives and policies of the Reserve Bank of India, as well as its response to the financial crises in 2007.
Trade Review'If America had a central bank chief like Y. V. Reddy, the US economy would not have been in such a mess.' —Joseph E. Stiglitz, Professor of Economics at Columbia University and Nobel Laureate, to NDTV
'Of all the central bankers I have encountered in recent years...Reddy of the RBI stands out for his perceptive warnings about the mounting perils in unbalanced asset markets and the real economy.' —Stephen Roach, Chairman of Morgan Stanley Asia, in 'Bloomberg Markets'
'To our knowledge [Dr Reddy] was the only governer of a major central bank who (a) paid any attention to money and credit growth; (b) understood that asset prices play a signalling role in the economy; and (c) applied differential risk-weighting to potentially troublesome sectors well in advance of serious overheating.' —Jim Walker, Founder and Managing Director of Asianomics Limited, in 'Asianomics'
'There is no doubt in my mind that had it not been for the deft handling by Reddy, India could have been a mini version of Iceland, with the economy buckling under overseas borrowing by Indian companies.' —Rajeev Malik, Economist at Macquarie Capital Securities, in 'Financial Times'
Table of ContentsList of Abbreviations; Acknowledgements; Introduction; Part I. Indian Economy: Review and Prospects; Part II. Financial-Sector Reforms; Part III. Banking-Sector Reforms; Part IV. Monetary Policy in a Globalising World; Part V. Organisation and Communication Policies of the RBI; Part VI. Managing Capital Account Liberalisation; Part VII. Global Financial Imbalances and Crisis; Epilogue: The Global Financial Crisis in India; Select Bibliography; Index
