India and the Global Financial Crisis : Managing Money and Finance
Contents: List of abbreviations. Acknowledgements. Introduction. I. Indian economy: Review and prospects: 1. India and the global economy. 2. Importance of productivity in India. 3. Reflections of India's economic development. 4. India: Development and reform experience and prospects. II. Financial - sector reforms: 5. Reforming India's financial sector: Changing dimensions and emerging issues. 6. Global financial turbulence and the financial sector in India: A practitioner's perspective. 7. Rural credit: Status and agenda. III. Banking - sector reforms: 8. Banking - sector reforms in India: An overview. 9. Micro-finance: RBI's approach. 10. Rural banking: Review and prospects. IV. Monetary policy in a globalising world: 11. Monetary policy: An outline. 12. Globalization of monetary policy and the Indian experience. 13. Monetary and regulatory policies: How to get the balance with Markets Right. V. Organisation and communication policies of the RBI: 14. Central Bank Communications: Some random thoughts. 15. What RBI means to the common person. 16. Organisation and functioning of the RBI. 17. The virtues and vices of talking about monetary policy: Some comments. VI. Managing capital account liberalisation: 18. Foreign exchange reserves: New realities and options. 19. Management of the capitals account in India: Some perspectives. 20. Government-owned investment vehicles and capital flows: Indian perspective. VII. Global financial imbalances and crisis: 21. Implications of global financial imbalances for EMEs. 22. Global imbalances: An Indian perspective. 23. Globalisation, money and finance: Uncertainties and dilemmas. Epilogue: The global financial crisis and India. Select bibliography. Index.
"Y.V. Reddy, currently Professor Emeritus at the University of Hyderabad, was Governor of Reserve Bank of India between September 2003 and September 2008, a period of rapid growth of the Indian Economy as well as extraordinary challenges for the conduct of monetary policy. He has earned universal acclaim for managing, as Governor, India's calibrated financial integration with the global economy.
This collection of essays provides insights into the making of public policies across a spectrum of areas during those years and gives a close view of the dynamics that are played out behind the scenes.
Ever since the financial crisis erupted in the USA in 2007 and spread to the rest of the world, there has been an interest in India's management of a financial sector that has facilitated growth and has yet maintained stability.
What contributed to this situation? What was the Reserve Bank of India's perspective and what were its policies?
This volume attempts to answer these questions. It also provides a comprehensive account of the events that led to the global financial crisis, the policy responses, the directions for future reforms and an Indian approach to meeting the challenges of contagion from the turmoil." (jacket)
