By Chetan Ghate, Kenneth M. Kletzer
This ebook offers learn that applies modern financial idea and cutting-edge econometric tips on how to the research of the financial and monetary elements of the Indian financial system and the influence of economic coverage on financial functionality. Indian financial coverage has attracted major cognizance from Indian and overseas macroeconomists over the past numerous years. curiosity in how financial coverage impacts monetary functionality and the way financial coverage is carried out in India is becoming. The customers for extra monetary zone reform and ongoing inflation in India have sparked new curiosity within the position of cash and financial coverage in India between economists, coverage makers and scholars alike. The booklet also needs to curiosity economists outdoors India since it reviews financial economics in a massive rising industry economic system and makes advances within the research of the way monetary industry imperfections and structural constraints effect the results of economic policy.
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Extra resources for Monetary Policy in India: A Modern Macroeconomic Perspective
Thanks also to Willem Buiter, an anonymous referee, the editors of the book, and seminar participants at the 2015 RBI-CAFRAL monetary policy conference for helpful suggestions and comments. We are grateful to Bhupal Singh and the Monetary Policy Department, RBI for invaluable help and assistance. The views expressed here do not necessarily reﬂect the views of the Reserve Bank of India. A. R. in © Springer India 2016 C. M. 1007/978-81-322-2840-0_2 31 32 A. R. Patel ining two features of the policy environment in India: the statutory liquidity ratio (SLR) requirements imposed on banks and long-standing chronic ﬁscal deﬁcits of the government.
The Reserve Bank of India recently adopted flexible inflation targeting signaling that price level stability is a prime objective of monetary policy and that the exchange rate is not the nominal anchor. Klaus Schmidt-Hebbel and Martín Carrasco consider how emerging market economies and developing countries have adopted inflation targeting frameworks and how these have fared in the next chapter. In the wake of the global ﬁnancial crisis, the Federal Reserve and other major central banks dramatically increased their balance sheets through unconventional monetary policies as policy interest rates reached their zero lower bound.
Capital flows to India follow global ﬁnancial cycles, and India has experienced the surges and reversals of net capital inflows that have challenged most EMEs for some time. The chapter by Poonam Gupta investigates the extent to which India’s monetary policies are affected by international capital flows. The entire period from the beginning of ﬁnancial liberalization in the early 1990s is divided into three phases deﬁned by capital flows: the period of small but increasing capital inflows from the early 1990s to the early 2000s, the surge of capital inflows between the early 2000s and 2007–2008, and the volatile phase from 2008–2009 to 2013–2014 in which India experienced both capital inflow surges and stops.