Growth with Financial Stability
Central Banking in an Emerging Market
Published on 27. September 2012
Book
Paperback/Softback
554 pages
978-0-19-808923-0 (ISBN)
Description
It is widely believed that the Indian economy witnessed near stagnation in real GDP growth from Independence till the late 1970s. Challenging this notion, the collection of papers and speeches in this volume provides fresh perspectives on India's growth experience from Independence to the recent global financial crisis. This volume documents how the conduct of Indian monetary and financial policy has been unorthodox by the standards of extant international conventional wisdom, but appropriate to the macroeconomic and structural conditions prevailing in India.
With a focus on growth drivers and financial stability, the volume deals with a wide-range of issues: growth of manufacturing and service sectors, role of policies (monetary, fiscal, financial market and sector, external sector), urban infrastructure investment, public service delivery, role of central banks, and the interaction between international finance and monetary policy. Drawing upon the post-reform experience and the global crisis, the volume takes stock of current challenges and suggests strategies to sustain long-term double-digit growth rates.
With a focus on growth drivers and financial stability, the volume deals with a wide-range of issues: growth of manufacturing and service sectors, role of policies (monetary, fiscal, financial market and sector, external sector), urban infrastructure investment, public service delivery, role of central banks, and the interaction between international finance and monetary policy. Drawing upon the post-reform experience and the global crisis, the volume takes stock of current challenges and suggests strategies to sustain long-term double-digit growth rates.
Reviews / Votes
Rakesh Mohan's Growth with Financial Stability offers a balanced analysis of the monetary and financial policies followed by the RBI and the government, particularly in the post-reform period and during the recent global financial crisis. It also gives a good exposition of RBI's way of thinking as the author was part of the establishment when these policies were formulated and implemented. This volume is essential reading for students, researchers and policy-makers, and all those interested in monetary and financial policies and economic growth. * ASCI Journal of Management *More details
Language
English
Place of publication
New Delhi
India
Target group
Professional and scholarly
Product notice
Paperback (trade)
Unsewn / adhesive bound
Dimensions
Height: 175 mm
Width: 56 mm
Thickness: 36 mm
Weight
567 gr
ISBN-13
978-0-19-808923-0 (9780198089230)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Book
08/2011
1st Edition
OUP India
€49.52
Shipment within 15-20 days
Person
Rakesh Mohan is Professor in the Practice of International Economics and Finance, Yale School of Management. He is also Senior Fellow, Jackson Institute of Global Affairs, Yale University; and is also the Chairman, National Transport Development Policy Committee, Government of India.
Content
TABLES, FIGURES, AND ANNEXES; PREFACE; INTRODUCTION; I INDIAN ECONOMIC GROWTH: THE RECORD; 1. THE GROWTH RECORD OF THE INDIAN ECONOMY: A STORY OF SUSTAINED SAVINGS AND INVESTMENT; 2. SUSTAINING GROWTH WITH STABILITY IN INDIA: THE ROLE OF FISCAL AND MONETARY POLICIES; 3. INNOVATION AND GROWTH: ROLE OF THE FINANCIAL SECTOR; II GROWTH AND THE FINANCIAL SECTOR; 4. DEVELOPMENT OF BANKING AND FINANCIAL MARKETS IN INDIA: FOSTERING GROWTH WHILE CONTAINING RISK; 5. DEVELOPMENT OF THE INDIAN DEBT MARKET (WITH PARTHA RAY); 6. FINANCIAL INCLUSION IN INDIA: A GLASS HALF EMPTY OR THREE QUARTERS FULL?; III ISSUES IN MONETARY POLICY; 7. COMMUNICATION IN CENTRAL BANKS: A PERSPECTIVE; 8. MANAGING THE IMPOSSIBLE TRINITY: VOLATILE CAPITAL FLOWS AND INDIAN MONETARY POLICY (WITH MUNEESH KAPUR); IV THE GLOBAL FINANCIAL CRISIS; 9. LIBERALIZATION AND REGULATION OF CAPITAL FLOWS: LESSONS FOR EMERGING MARKET ECONOMIES (WITH MUNEESH KAPUR); 10. THE GLOBAL FINANCIAL CRISIS: CAUSES, IMPACT, POLICY RESPONSES, AND LESSONS; 11. EMERGING CONTOURS OF FINANCIAL REGULATION: CHALLENGES AND DYNAMICS; V THE WAY AHEAD; 12. ECONOMIC REFORMS IN INDIA: WHERE ARE WE AND WHERE DO WE GO; INDEX