The Financial Crisis of 2007-2008 and the Great Recession of 2007-2009 are now in the past. Again there was the debt crisis of 2010-11. During the worst of the recent financial crisis/Great Recession many observers made comparisons between that event and the Great Depression. The lecture...

Economic stability can be seen as an essential component of any strategy for inclusive development. To the extent that central banks play a role in providing that stability, the experience of the crisis has led to considerable thinking and debate on its implications for central bank mandates,...

When analyzing the appropriate response for monetary policy during a currency crisis it is important to keep in mind two distinct channels: (a) the impact of raising interest rates on exchange rates; and (b) the direct impact of exchange rate changes on output. The first pertains to the monetary...

Management of capital accounts in the global context and in the Indian context. [Inaugural address delivered by Dr. Y. V. Reddy, Governor, Reserve Bank of India at the Annual Conference of the Indian Econometric Society].

A brief overview is provided about India’s long-term growth performance. Then an attempt is made to set out the conditions for successful innovations. To assess the role of innovations in the Indian economy, the estimated contributions of productivity gains to real GDP growth is...

Presentation shows the global financial crisis, the difference between US, Europe and India, RBI’s policy response and impact, lessons from the crisis, medium-term issues and challenges. [Speech delivered at London Business School].

From the perspective of Emerging Market Economies (EMEs) and particularly for that of India, five concerns are expressed. These are: first, timing of exit from the accommodative monetary policy in the context of rising food price-led inflation but still weak growth; second, the possibility of...

RBI has taken several steps to improve the processing of data. Information system will also be enhanced very soon. [Remarks at Reserve Bank of India at the 8th Statistics Day Conference, Mumbai].

This is a analysis of relationship between the Central Bank of Sir Lanka and the Sri lankan Government. It views the relationship in context of emerging economic environment and global economy.

In India, there is a large divergence between CPI and WPI inflation trends in the past, wide dispersion in inflation across commodity groups within WPI, and significant volatility in headline WPI inflation under the influence of supply shocks, the statistical limitations of prices data have...