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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 Economy. Importance of Productivity in India.
Reflections on Indias Economic Development. Development and Reform Experience. Global Financial Turbulence and the Financial. Status and Agenda.
Organisation and Functioning of the RBI. Managing Capital Account Liberalisation. Governmentowned Investment Vehicles and Capital. Implications of Global Financial Imbalances. This involved reliance on large public balance sheets, though their use was increasingly met by social and political pushback.es.edociqepis.tk
Explaining the Indian Financial Crisis
Concerns about distributional effects, including favouring corporate profits at the expense of wages, Wall Street at the expense of Main Street, and the rich at the expense of the poor, have added to what is now a reduced availability of these tools for use in future crises.
Unintended consequences Although more progress has been made on what to do when a bank fails, especially when it is large, the market structure that emerged from the financial crisis involves significantly larger institutions, particularly US-based ones. The same phenomenon of the big having gotten bigger can be seen in asset management.
It has come at the expense of a gradual hollowing out of the middle of the distribution of financial firms. This change in market structure is connected to another phenomenon: the morphing and migration of risk to non-banks. This dynamic is particularly notable in the extent to which, benefiting from years of ample global liquidity and unusually low financial volatility, there has been an over-promising of liquidity provision and excessive volatility-selling in its many forms. And part of this has been embedded in the structure of the system through product proliferation, including the growing number of exchange-traded funds that implicitly promise instantaneous liquidity in market segments that are structurally subject to repeated pockets of illiquidity.
This suggests that, even if there is sufficient political will, the ability to crisis manage and recover may be diminished compared to 10 years ago. Those of us who navigated the global financial crisis first-hand, managing assets and liabilities in the private sector during exceptional market turmoil, saw unprecedented unpredictability turn what had previously been unthinkable into reality with unsettling regularity.
We readily recognise how much was done to prevent an awful situation from severely damaging current and future generations, and also the important steps taken to reduce the probability and severity of another global crisis. But that does not mean all is well. Renewed efforts by both the public and private sectors are needed to deal with longstanding challenges that received inadequate attention in the aftermath of the crisis, and to understand and address some of the major unintended consequences of 10 years of crisis management and prevention.
Fortunately, we know a lot more about both. The biggest challenge is to get the political process to address their importance when there is no actual or looming crisis in the advanced world to focus minds.
In India, Central Banker Played It Safe
Like us on Facebook and follow us on Twitter. The market structure that emerged from the financial crisis involves significantly larger institutions, particularly US-based ones It took far too long for policy makers in advanced countries to realise that the great recession caused by the financial crisis had important structural and secular components.