Global Crisis, Recession & Uneven Recovery
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. Mahatma Gandhi
Why I picked up Y.V. Reddy’s Book???
There have been a large number of books published on current global financial crisis therefore; selection of this particular book on the subject requires some reasoning. First, there are not many books written by central bankers on the topic. Central banks have been central in the management of the crisis and therefore, Dr Reddy’s book provides a central banker’s assessment of the crisis and its impact. Second, on personal level, I have worked in RBI between September 2006 and December 2011 and was witness to the measures taken by Reserve Bank before and during the crisis under the able leadership of Dr Y.V. Reddy, the Governor, Reserve Bank of India (2003-2008). Having worked under his visionary leadership, I opted to take his book, “Global Crisis, Recession and Uneven Recovery” for review. Third, Dr Reddy led the course of financial pragmatism in times of relentless deregulation and ensured that Indian financial system does not fall into the blind race to bottom in regulation. Finally, having read Dr Reddy’s previous book on the topic viz. “India and the Global Financial Crisis: Managing Money and Finance”, I was very keen on reading its sequel viz. “Global Crisis, Recession and Uneven Recovery”. For all these reasons, I selected this book and am thankful to Madam Nidhi Sharma for approving this book for review. The reviewed book is a collection of 27 speeches (given in the form of 27 chapters in 5 parts), Dr Reddy delivered at different points of time during and after the crisis. These chapters give a deeper insight into the actions taken by the RBI to mitigate the impact of the crisis in India and how India remained largely unaffected due to adequate regulatory mechanisms. Dr Reddy has also been a member of the Commission of Experts
Book Review by Nidhi Choudhari
There is enough on this earth to meet the needs of all, but not the greed of all. Mahatma Gandhi
Why I picked up Y.V. Reddy’s Book???
There have been a large number of books published on current global financial crisis therefore; selection of this particular book on the subject requires some reasoning. First, there are not many books written by central bankers on the topic. Central banks have been central in the management of the crisis and therefore, Dr Reddy’s book provides a central banker’s assessment of the crisis and its impact. Second, on personal level, I have worked in RBI between September 2006 and December 2011 and was witness to the measures taken by Reserve Bank before and during the crisis under the able leadership of Dr Y.V. Reddy, the Governor, Reserve Bank of India (2003-2008). Having worked under his visionary leadership, I opted to take his book, “Global Crisis, Recession and Uneven Recovery” for review. Third, Dr Reddy led the course of financial pragmatism in times of relentless deregulation and ensured that Indian financial system does not fall into the blind race to bottom in regulation. Finally, having read Dr Reddy’s previous book on the topic viz. “India and the Global Financial Crisis: Managing Money and Finance”, I was very keen on reading its sequel viz. “Global Crisis, Recession and Uneven Recovery”. For all these reasons, I selected this book and am thankful to Madam Nidhi Sharma for approving this book for review. The reviewed book is a collection of 27 speeches (given in the form of 27 chapters in 5 parts), Dr Reddy delivered at different points of time during and after the crisis. These chapters give a deeper insight into the actions taken by the RBI to mitigate the impact of the crisis in India and how India remained largely unaffected due to adequate regulatory mechanisms. Dr Reddy has also been a member of the Commission of Experts