Growth with Financial Stability: Central Banking in an Emerging Market by Rakesh Mohan
Published By: Oxford Collected Essays. New Delhi: Oxford University Press ISBN: 978-0-19-807020-7 Date of Publication: 2011
Book Review Detail
Ashoka Mody of International Monetary Fund
Review DOI: 10.1257/jel.50.3.791.r12 Review Pages: 821-23
Book Review Abstract
Ashoka Mody of International Monetary Fund reviews "Growth with Financial Stability: Central Banking in an Emerging Market" by Rakesh Mohan. The EconLit abstract of the reviewed work begins: Explores the evolving roles of fiscal, monetary, and financial policies in India and their interaction and adaptation since India's independence, focusing on reforms since the early 1990s. Discusses the growth record of the Indian economy—a story of sustained savings and investment; sustaining growth with stability—the role of fiscal and monetary policies; innovation and growth—role of the financial sector; development of banking and financial markets in India—fostering growth while containing risk; development of the Indian debt market; financial inclusion in India; communication in central banks—a perspective; volatile capital flows and Indian monetary policy; liberalization and regulation of capital flows—lessons for emerging market economies; the global financial crisis—causes, impact, policy responses, and lessons; emerging contours of financial regulation—challenges and dynamics; and economic reforms in India—where we are and where we go. Mohan is Professor in the Practice of International Economics and Finance with the School of Management and Senior Fellow at the Jackson Institute of Global Affairs at Yale University. Index.
E44: Financial Markets and the Macroeconomy E52: Monetary Policy E58: Central Banks and Their Policies O16: Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance O23: Fiscal and Monetary Policy in Development