Who Moved My Interest Rate?

Duvvuri Subbarao

Physical

Available

Duvvuri Subbarao’s term as the governor of the Reserve Bank of India from 2008 to 2013 was by all accounts an unusually turbulent period for the world and for India. The global financial crisis erupted within a week of his assuming office. Then, just as the impact of the crisis on India ebbed, the action shifted to combating a decade-high, stubborn inflation during 2009-11, which segued into a battle against a sharp depreciation of the rupee starting mid-2012. Who Moved My Interest Rate is an insider’s account of the dilemmas and quandaries Subbarao confronted while leading the Reserve Bank through these extraordinary economic and political challenges.

Subbarao’s five years at the Reserve Bank also marked an intellectually vigorous period for central banking around the world. Not only did the global financial crisis test the policy force of central banks, but it also raised several questions about the breadth of their mandates and the limitations of their autonomy and accountability. While much of the existing debate is set in the advanced economy context, Who Moved My Interest Rate places these issues squarely in an Indian and emerging market perspective.

This is also a compelling chronicle of Subbarao’s attempts to demystify the Reserve Bank and explain to the public its impact on their everyday lives. Honest, authoritative and deeply insightful, this book enhances our understanding of what is, arguably, one of India’s most trusted institutions.

What will you learn from this book

  1. Monetary Policy Challenges: Subbarao discusses the challenges faced by central bankers in formulating and implementing monetary policy, particularly in the context of balancing inflation control with economic growth objectives.

  2. Global Financial Crisis: The book delves into the impact of the global financial crisis of 2008 on the Indian economy and the role of the RBI in managing the fallout, including measures taken to stabilize financial markets and support economic growth.

  3. Inflation Management: Subbarao outlines the RBI's efforts to control inflation during his tenure, including the use of interest rate adjustments and other monetary policy tools to maintain price stability and anchor inflation expectations.

  4. Policy Dilemmas: The book explores the policy dilemmas faced by central bankers, such as the trade-off between inflation and growth, the challenge of managing capital flows, and the need to maintain financial stability amidst external shocks.

  5. Communication Challenges: Subbarao reflects on the importance of effective communication in central banking, discussing his experiences in communicating the RBI's policy decisions and objectives to various stakeholders, including the public, policymakers, and financial markets.

  6. Regulatory Reforms: The book highlights the RBI's efforts to strengthen financial regulation and supervision in the aftermath of the global financial crisis, including measures to enhance the resilience of the banking sector and mitigate systemic risks.

  7. Fiscal-Monetary Coordination: Subbarao discusses the importance of coordination between fiscal and monetary authorities in macroeconomic management, emphasizing the need for policy coherence and cooperation to achieve shared objectives.

  8. Financial Inclusion: The book explores the RBI's initiatives to promote financial inclusion and expand access to banking services, particularly for underserved and marginalized segments of the population.

  9. Lessons Learned: Subbarao shares lessons learned from his experiences as RBI Governor, including the importance of prudence, independence, and adaptability in central banking, as well as the need for continuous learning and self-reflection.

  10. Legacy and Impact: "Who Moved My Interest Rate?" offers insights into Subbarao's legacy as RBI Governor and the impact of his tenure on Indian monetary policy, financial regulation, and economic governance.

Language English
ISBN-10 0670088927
ISBN-13 9780670088928
No of pages 323
Font Size Medium
Book Publisher penguin
Published Date 21 Jul 2016

About Author

Author : Duvvuri Subbarao

2 Books

Related Books