About the lecture:
India’s management of the financial sector is considered unorthodox and unique, but it has been largely successful in achieving high growth, low inflation and stability in the financial sector. The lecture attributes this to: a) an emphasis on maintaining balance in a rapidly transforming macro-economy; b) proactive pragmatism in monetary policy; c) an avoidance of corner solutions in managing the external sector; d) precautionary and counter cyclical policies in regulations; and e) a development oriented approach to financial sector policies. He argues that the current global exploration for reform of the financial sector should draw lessons both from those seriously affected by the global crisis such as the USA and those less affected such as India.
About the speaker:
Dr. Yaga Venugopal Reddy is currently Emeritus Professor at the University of Hyderabad. He served for five years as the Governor of Reserve Bank of India and retired in 2008. He has been a member of the Commission of Experts of The President of The UN General Assembly on Reforms of The International Monetary and Financial System. He has also been a Guest of Committee on Global Thought at Columbia University, New York.
Dr. Reddy was honored in October 2006 as one of the five original reformers of India, along with Dr. Manmohan Singh, Mr. P. Chidambaram, Dr. Rangarajan, and Mr. Ahluwalia. Subsequently he earned the reputation of being a conservative central banker. More recently, in the context of global financial crisis, he is described as “the man who saved India.”
Dr. Reddy has been closely associated with several academic institutions in teaching and research capacities. He has authored several articles and published a number of books. His latest book India and the Global Financial Crisis: Managing Money and Finance published by Orient BlackSwan was released in May 2009.
Regulating the Financial Sector: Indian Experience
About the lecture: