“Quest for Restoring Financial Stability in India”
Viral Acharya
“Quest for Restoring Financial Stability in India”
SKOCH Literature Award – Quest for Restoring Financial Stability in India
LITFest Panel Discussion – Policy for Financial Stability
L to R: Kulmeet Bawa, President, CAII and President & MD, SAP India; Viral Acharya , Former Deputy Governor Reserve Bank of India & Sameer Kochhar, Chairman, SKOCH Group
L to R: Kulmeet Bawa, President, CAII and President & MD, SAP India; Viral Acharya , Former Deputy Governor Reserve Bank of India & Sameer Kochhar, Chairman, SKOCH Group
It is an account of Viral Acharya’s efforts as Deputy Governor of Reserve Bank of India to resist the ‘fiscal dominance’ undermining the pursuit of financial stability. It makes a proposition around which differences emerge on how independent the central bank should be!! The book argues in favour of the autonomy of the central bank, necessary to ensure stability in the financial system. Tight rules, regulation, good governance and non-interference from the government could achieve this. The book favours RBI’s role that goes beyond regulatory oversight. Author believes that early identification of bad debts and their quick resolution is possible through prudent oversight. Acharya describes a reversal of the healthy trend towards independence of the RBI that was discernible in the first decade of this century.
“Quest for Restoring Financial Stability in India” Viral Acharya
Quest for Restoring Financial Stability in India’ by Viral Acharya elucidates the need-of-the-hour reforms and raises several stark and unanswered questions related to the re-emergence of fiscal dominance in India, not just of monetary policy tools but also of banking regulations. It makes a persuasive case for striking the right balance between the government, central bank, private sector and markets, in order to improve long-run growth prospects for the real economy. The author shares feasible plan to address the recapitalisation needs of public sector banks, offering solutions on how to improve credit allocation by credit intermediaries and establish viable and efficient capital markets.
It sets the stage for an interesting discourse on what fiscal dominance is, what this means for a country like India and the steps that can be taken to move towards greater financial stability:
Resolving Non-Performing Assets (NPAs) and Recapitalising Banks
Creating a Public Credit Registry
Incorporating the Financial Cycle in the Monetary Policy Framework
Improving Monetary Policy Transmission through the Banking Channel
Developing of Viable Capital Markets and Ensuring External Sector Resilience
Striking the Right Balance: Enhancing the Autonomy of the Central Bank, the Markets and the Real Economy
Viral Acharya Former Deputy Governor Reserve Bank of India
Viral V. Acharya is the C. V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU Stern). He was the Deputy Governor of the Reserve Bank of India (RBI) from 23 January 2017 to 23 July 2019, in charge of monetary policy, financial markets, financial stability and research.
Dr Acharya has been the Director of the National Stock Exchange of India and the NYU Stern Initiative on the Study of Indian Capital Markets, and a member of the Economic Advisory Committee of the Financial Industry Regulation Authority (FINRA), International Advisory Board of the Securities Exchange Board of India, Advisory Council of the Bombay Stock Exchange Training Institute and Academic Research Council Member of the Center for Advanced Financial Research and Learning (CAFRAL, India). In addition, he has served as an academic advisor to the Federal Reserve Banks of Chicago, Cleveland, New York and Philadelphia; the Federal Reserve Board of Governors and the Advisory Scientific Council of the European Systemic Risk Board.
Quest for Restoring Financial Stability in India’
Viral Acharya
Quest for Restoring Financial Stability in India’ by Viral Acharya elucidates the need-of-the-hour reforms and raises several stark and unanswered questions related to the re-emergence of fiscal dominance in India, not just of monetary policy tools but also of banking regulations. It makes a persuasive case for striking the right balance between the government, central bank, private sector and markets, in order to improve long-run growth prospects for the real economy. The author shares feasible plan to address the recapitalisation needs of public sector banks, offering solutions on how to improve credit allocation by credit intermediaries and establish viable and efficient capital markets.
It sets the stage for an interesting discourse on what fiscal dominance is, what this means for a country like India and the steps that can be taken to move towards greater financial stability:
Resolving Non-Performing Assets (NPAs) and Recapitalising Banks
Creating a Public Credit Registry
Incorporating the Financial Cycle in the Monetary Policy Framework
Improving Monetary Policy Transmission through the Banking Channel
Developing of Viable Capital Markets and Ensuring External Sector Resilience
Striking the Right Balance: Enhancing the Autonomy of the Central Bank, the Markets and the Real Economy
Viral V. Acharya is the C. V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU Stern). He was the Deputy Governor of the Reserve Bank of India (RBI) from 23 January 2017 to 23 July 2019, in charge of monetary policy, financial markets, financial stability and research.
Dr Acharya has been the Director of the National Stock Exchange of India and the NYU Stern Initiative on the Study of Indian Capital Markets, and a member of the Economic Advisory Committee of the Financial Industry Regulation Authority (FINRA), International Advisory Board of the Securities Exchange Board of India, Advisory Council of the Bombay Stock Exchange Training Institute and Academic Research Council Member of the Center for Advanced Financial Research and Learning (CAFRAL, India). In addition, he has served as an academic advisor to the Federal Reserve Banks of Chicago, Cleveland, New York and Philadelphia; the Federal Reserve Board of Governors and the Advisory Scientific Council of the European Systemic Risk Board.
Viral Acharya Former Deputy Governor Reserve Bank of India
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