Growth with Financial Stability: Central Banking in an Emerging Market

Paperback | August 15, 2012

byRakesh Mohan

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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 therecent 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 ofcentral 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.

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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 therecent global financial crisis. This volume docu...

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.

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Format:PaperbackDimensions:554 pagesPublished:August 15, 2012Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198089236

ISBN - 13:9780198089230

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Table of Contents

TablesFigures, and AnnexesPrefaceIntroductionI. Indian Economic Growth: The Record1. The Growth Record of the Indian Economy: A Story of Sustained Savings and Investment2. Sustaining Growth with Stability in India: The Role of Fiscal and Monetary Policies3. Innovation and Growth: Role of the Financial SectorII.Growth and the Financial Sector4. Development of Banking and Financial Markets in India: Fostering Growth while Containing Risk5. with Partha Ray: Development of the Indian Debt Market6. Financial Inclusion in India: A Glass Half Empty or Three Quarters Full?III. Issues in Monetary Policy7. Communication in Central Banks: A Perspective8. with Muneesh Kapur: Managing the Impossible Trinity: Volatile Capital Flows and Indian Monetary PolicyIV. The Global Financial Crisis9. with Muneesh Kapur: Liberalization and Regulation of Capital Flows: Lessons for Emerging Market Economies10. The Global Financial Crisis: Causes, Impact, Policy Responses, and Lessons11. Emerging Contours of Financial Regulation: Challenges and DynamicsV. The Way Ahead12. Economic Reforms in India: Where Are We and Where Do We GoIndex