India and the Global Financial Crisis: Managing Money and Finance

Abstract

This review discusses Y. V. Reddy's book India and the Global Financial Crisis Managing Money and Finance. The book is a collection of 23 select speeches which he delivered as the governor of the Reserve Bank of India during September 2003 to September 2008. It gives us a deep understanding of his approaches to some of the policy issues during those years. In particular, he discusses the positive impact of financial sector reforms on the functioning of the market and institutions in India. He also argues that there is a need for some caution in the pace of liberalisation. He explains some of the causes of the recent global financial crisis and how the Reserve Bank of India's policies protected the Indian banking system and minimised vulnerabilities in the Indian economy from the crisis. He also discusses various complexities and dilemmas involved in the conduct of monetary policy in India. It is a very valuable book.