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 global economy. 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 RBI’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.
ABOUT THE AUTHOR Y V Reddy
Dr Yaga V. Reddy served as the Governor of Reserve Bank of India from September 2003 to September 2008. He is currently Emeritus Professor, Department of Economics, University of Hyderabad. He has been a member of the Commission of Experts of The President of the UN General Assembly on Reforms of The International Monetary and Financial System. He has also been a Guest of Committee on Global Thought, Columbia University, New York. His contributions were recognised by Award of Doctor of Letters (honoris causa) by Sri Venkateswara University, India; and Doctor of Civil Law (honoris causa), by University of Mauritius. He was also elected as Honorary Fellow of the London School of Economics and Political Science.Prior to being the Governor, he was Executive Director for India, Sri Lanka, Bangladesh and Bhutan at the International Monetary Fund. This was preceded by his stint as Deputy Governor, Reserve Bank of India. He was also Secretary, Ministry of Finance, and Additional Secretary, Ministry of Commerce in the Government of India. He served the Government of Andhra Pradesh, India, in several capacities including Principal Secretary and Secretary Finance and Planning. He was also advisor in the World Bank.He has been closely associated with several academic institutions in teaching and research capacities. He has authored several articles and published a number of books, including the recent highly successful India and the Global Financial Crisis: Managing Money and Finance.
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