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India and the Global Financial Crisis

Managing Money and Finance

Y. V. Reddy

India and the Global Financial Crisis

The collected essays of Yaga Venugopal Reddy, former Governor of the Reserve Bank of India.

Imprint: Anthem Press
ISBN 9781843318835
January 2010 | 413 Pages | 216 x 140mm / 8.5 x 5.5
PRICE:  £18.99  /  $29.95  Buy from Amazon.co.uk  Buy from Amazon.com

About This Book

'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'

‘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’.

Readership: Academics, policy-makers and market participants interested in economics,  money management and India.

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.

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