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Any governor of the Reserve Bank of India must walk a tightrope. He must seem to be independent - but without offending the government of the day. He is not equal to the government but must convince others that he is not subordinate to it either. And if he can do all this with the right policies in place, he may leave behind a career as illustrious as that of Dr Y.V. Reddy, Governor of the RBI from 2003 to 2008, a time of high growth, low inflation, an ...
The world economy has been in a crisis mould since 2007. What started as a sub-prime crisis in the residential mortgage market in the US, resulted in a global financial crisis, uneven recovery and persisting uncertainties with new challenges to several areas of public policy. The eruption of the Sovereign debt crisis in some countries in the euro area has led to a setback to the incipient recovery. The emerging markets which appeared somewhat resilient in the ...
This collection of essays provides insights into the making of public policies across a spectrum of areas between the years 2003 and 2008, a period of rapid growth of the Indian Economy as well as extraordinary challenges for the conduct of monetary policy. It was during this period that Dr Y.V. Reddy was the Governor of the Reserve Bank of India. He has earned universal acclaim for managing, as Governor of RBI, India's calibrated financial integration with ...
The worst of the economic crisis has passed, and the global financial system is picking through the wreckage of its reckless ambition. Recovery has started at different paces in different places, but it promises everywhere to be prolonged and uneven. What has the world learnt from the most severe financial setback it has suffered in three generations? What must it unlearn to ensure that it does not rush into an encore? And what must India do to work towards ...
The essays in this volume are based on lectures delivered by Y.V. Reddy in various parts of the world. They discuss the complex but under-documented structural micro-aspects of economic reforms in India, examining the process from conceptualization of policy to its development, refinement and implementation. The book explores dilemmas and issues faced by policy-makers in meeting the evolving uncertainties. The volume distinguishes between measures requiring legal ...
This volume is a collection of papers covering issues related to macroeconomic policy, banking and international finance, monetary policy and financial sector reforms. The papers capture the shifts in thinking, debates and consensus on issues critical to the design and implementation of economic reforms. They provide valuable insights into the role of financial markets, monetary-fiscal policies and the international financial system in the transformation of ...