A distinctive achievement of India's economic policy has been the fostering of economic growth with financial stability throughout the post-Independence period. Accordingly it was also able to withstand the recent financial crisis that engulfed most advanced economies, culminating in their experiencing the severest recession since the Great Depression. Growth with Financial Stability provides a rare insider view of the development and workings of central banking and the financial sector in India. Using a rigorous analytical approach, the book unravels the keys to India's macroeconomic and financial stability and provides fresh insights on lessons for the future.
Topical and authoritative, this volume is a must read for students and researchers of economics, finance, and management as well as policymakers, bankers, and analysts.
'This book is a singular and unique contribution to the global debate on contemporary issues relating to India, global crisis, monetary policy, and financial sector, and there is much that advanced economies could also learn from … this book. Indisputably one of the best books on Indian economy…'
— Y.V. Reddy, Former Governor, Reserve Bank of India
'This book by Rakesh is truly fascinating … What distinguishes this book … is its in-depth analysis of India's past development record, the present situation, and what needs to be done to maintain high growth in the future with equity and financial stability …' — Bimal Jalan, Former Governor, Reserve Bank of India
'India achieved strong economic growth and financial stability at a time when most economies were unable to achieve either of these. Rakesh Mohan builds on his unique experience in the Indian Central Bank and Ministry of Finance to explain this impressive performance. Practitioners and academics alike will benefit from his careful analysis.' — Martin Feldstein, George F. Baker Professor of Economics Harvard University and President Emeritus, NBER
'… In this impressive book, Rakesh Mohan … explains India's policy framework, focusing on monetary policy and its success in dealing with the so-called impossible trinity ... The Indian economy matters, and after reading this book you will far better understand its increasingly impressive performance and future.'
— StanleyFischer, Governor, Bank of Israel
Rakesh Mohan Rakesh Mohan is Professor in the Practice of International Economics and Finance, School of Management and Senior Fellow, Jackson Institute of Global Affairs, Yale University. Prior to this he was Deputy Governor, Reserve Bank of India and Secretary, Department of Economic Affairs, Ministry of Finance.