The author also compares Indian situation with that of Asia and the global economy in terms of resilience and recovery after the crisis.
Implicitly what some people are saying is that there was inaction and, therefore, there were no accidents. When there is a crisis, the government takes a leading role because it is too important, and huge coordination is required.
When the resources move to assets, including bank lending, then you have a problem because the productive sectors are deprived of resources.
The moneylenders should be subject to regulation; effective regulation. These are the two principles which made it unique. Three years back when we talked about global liquidity driving the asset prices and there should be a policy concern, it was unpopular.
Financial inclusion, if it is to be achieved, should be achieved through the banking system and not through the new banks. Are you concerned about asset bubbles being built up?
The major area of concern is the hollowness in banking. In this section, Dr Reddy has discussed the recommendations of the UN Commission on the global crisis. He has given several references about the recommendations of this UN Commission in the book.
You already have industrial houses owning NBFCs, mutual funds and insurance firms. I think it is time for some countries—and I am not restricting to India, it may even be United States—to consider selective credit controls and the credit allocation to sectors.
Take the banking system—you know what type of banks existed five years ago. Apart from this, the book is worth reading by all economics lovers and also all policy makers as it gives a deeper insight into the global crisis, recession and recovery. The RBI has also been advocating that in the past few years.
Today, the crisis is over however the recovery has started at different paces in different places. Once you start the exit policy, there will be tensions. Once you institutionalize it as large institutions, these two principle are gone.
In developed economies, there is a pressure towards deflation and in developing economies, there is a pressure towards inflation. Extensive excesses on several fronts, which occurred in a synchronised fashion, precipitated the crisis.
Should RBI start inflation targeting? So, what is this something? This is a looking-ahead book for India and the world—from an oracle who has already demonstrated how clearly he sees the future.
If you want to have counter-cyclical policies, you may have to allow an inflation which is slightly higher than what it was before.mi-centre.com - Buy Global Crisis, Recession and Uneven Recovery book online at best prices in India on mi-centre.com Read Global Crisis, Recession and Uneven Recovery book reviews & author details and more at mi-centre.com Free delivery on qualified orders.
Global Crisis, Recession And Uneven Recovery has 8 ratings and 1 review. Karan said: The concept and point of view is good but just not that right kind o /5(1). Read "Global Crisis Recession and Uneven Recovery" by Y V Reddy with Rakuten Kobo.
The worst of the economic crisis has passed, and the global financial system is. Global Crisis, Recession and Uneven Recovery by Y.V. Reddy Book Review by Nidhi Choudhari There is enough on this earth to meet the needs of all, but not the greed of all.
'Global Crisis, Recession and Uneven Recovery' is the second book by the former RBI governor, who has been hailed for his strict monetary management and firm approach to maintaining the autonomy of the central bank and is a sequel to his first book titled 'India and the Global Financial Crisis: Managing Money and Finance.
GLOBAL CRISIS, RECESSION AND UNEVEN RECOVERY Dr. mi-centre.com Introduction “Central Bankers may leave their jobs but their heart never leaves central banking” ~ Jerry Corrigan (Former Fed Reserve President).Download