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India and the Global Financial Crisis

India and the Global Financial Crisis

Managing Money and Finance

By Y. V. Reddy

‘India and the Global Financial Crisis’ offers a collection of key speeches delivered by Reddy during his tenure as Governor of the Reserve Bank of India, and provides insights into the challenges facing the management of India's calibrated integration within the global economy.

Hardback, 413 Pages


January 2010

£60.00, $99.00

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  • About This Book
  • Reviews
  • Author Information
  • Series
  • Table of Contents

About This Book

‘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. He has earned universal acclaim for his gubernatorial management of India’s calibrated financial integration with the global economy.

These essays provide informed critical insights into the making of public policies across a spectrum of areas during those years, while presenting an inside view of the dynamics that are played out behind the scenes. They respond to the interest in India's management of a financial sector that has facilitated growth while maintaining stability, markedly contrasting to the fragile financial climate of the USA. The volume describes India's financial situation, the Reserve Bank of India's perspective, and its policies. ‘India and the Global Financial Crisis’ was selected as Financial Book of the Year 2010 by ‘China Business News’.


'Dr Reddy was called the Guru by all of us on the board of the RBI because of his extraordinary ability to explain complex macroeconomic concepts in simple words.' —N.R. Narayana Murthy, Chairman of the Board and Chief Mentor, Infosys Technologies Limited

'Y. V. Reddy has brilliantly managed to balance growth imperatives with stability. This he has done using his enormous technical expertise in the areas of monetary policy and applying it judiciously to a growth environment as seen in India. His approach and policies have stood the test, as the world has seen the financial crisis and its consequences unfold over the last one year.' —K.V. Kamath, Chairman of the Board of ICICI Bank

'At a time when the financial crisis rocked the global economy and banks around the world have seen their capital bases melt away, Indian banks and other financial institutions remain in excellent health. The credit for this largely goes to the foresight of one man: Dr Yaga Venugopal Reddy.' —Arvind Panagariya, Professor of Economics, Columbia University

Author Information

Y. V. Reddy served as Governor of the Reserve Bank of India from 2003 to 2008. Prior to being the Governor, he was Executive Director for India, Sri Lanka, Bangladesh and Bhutan at the International Monetary Fund. He is currently Emeritus Professor at the University of Hyderabad.


No series for this title.

Table of Contents

List 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

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