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After tracing the causes of the global financial crisis, the book focuses on two fundamental systemic issues connected with its manifestation: financial-sector regulation and the problem of the dollar-centric international monetary system, both of which have been widely cited among the important factors leading to the 2008 financial crisis. The important analytical question of monetary policy transmission during the crisis is discussed in depth with the help of appropriate econometric models. The effectiveness of India’s monetary policy during the crisis is examined by specifying an econometric model, and the impact of the crisis on the Indian stock market is modelled on the basis of risk-enhancing and risk-mitigating features. In closing, the impact of the crisis on real sectors of the Indian economy is analysed in detail.
Contributed papers.
'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.
The current global financial situation continues to be uncertain and unsettled. What started off as a sub-prime crisis in the US housing mortgage sector has turned successively into a global banking crisis, a global financial crisis, and now a global economic crisis. It has engulfed international money, credit, equity, and foreign exchange markets. India has remained relatively immune from the fallout of the crisis due to several reasons, including the prudential, supervisory, and regulatory framework of the Reserve Bank of India. More importantly, the Indian banking system has shown remarkable market discipline, docility, and sincerity of purpose. It is heartening to note that in India, complex structures like synthetic securitisations have not been permitted, so far. This collection contains 18 articles covering various dimensions of the ongoing financial turmoil and its impact on India's economy.
Today India is more integrated with the world economy through both the current and capital accounts. The unfolded global financial crisis has come in various forms and represented many challenges as well as opportunities in India. The Indian economy has shown considerable resilience to the global economic crisis by maintaining one of the highest growth rates in the world. Economic growth stood at 8.6 percent during fiscal year 2010-11. GDP growth for 2009-10 was placed at 8 percent. When compared to countries across the world, India stands out as one of the best performing economies. Although there was a clear moderation in growth from 9 percent levels to 7 percent soon after the crisis hit, in 2010-11, at 8.6 percent, GDP growth in nearing the precrisis levels and this pace makes India the fastest growing major economy after China. The downturns started in USA in September, 2008 have some negative impact on Indian economy. Despite having low exposure of toxic assets involved in the sub-prime crisis and a gradualist approach towards liberalisation of the financial sector, certain parts of financial sector were significantly affected like outflow of Foreign Institutional Investments (FII) from equity market that also led to rupee depreciation. It had adversely impacted country exports and software business. To fight with this crisis the government has also responded with some of monetary and fiscal stimulus. The present paper is an attempt to analyze the impact of recent global financial crisis on Indian economy and challenges that our economy faced and opportunities arisen from this financial global crisis.
Articles previously published in the Indian express and Financial express English newspapers.
How India's COVID-19 lockdown is creating an unprecedented humanitarian disaster With the advent of COVID-19, India’s rulers imposed the world’s most stringent lockdown on an already depressed economy, dealing a body blow to the majority of India’s billion-plus population. Yet the Indian government’s spending to cushion the lockdown’s economic impact ranked among the world’s lowest in GDP terms, resulting in unprecedented unemployment and hardship. Crisis and Predation shows how this tight-fistedness stems from the fact that global financial interests oppose any sizable expansion of public spending by India, and that Indian rulers readily adhere to their guidance. The authors reveal that global investors and a handful of top Indian corporate groups actually benefit from the resulting demand depression: armed with funds, they are picking up valuable assets at distress prices. Meanwhile, under the banner of reviving private investment, India’s rulers have planned giant privatizations, and drastically revised laws concerning industrial labor, the peasantry, and the environment—in favor of large capital. And yet, this book contends, India could defy the pressures of global finance in order to address the basic needs of its people. But this would require shedding reliance on foreign capital flows, and taking a course of democratic national development. This, then, is a pursuit, not for India’s ruling classes, but a course of struggle for India's people.