Monetary Policy, Financial Stability and Macro-prudential Regulation: An Indian Perspective

Dilip M. Nachane ()
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Dilip M. Nachane: Indira Gandhi Institute of Development Research

Chapter 2 in Market, Regulations and Finance, 2014, pp 17-39 from Springer

Abstract: Abstract The recent global crisis has brought to the fore two broad sets of issues viz. (1) monetary policy and asset prices and (2) financial stability and macro-prudential regulation. In addition, there has been some discussion on three other issues, which seem important especially in the context of emerging market economies (EMEs) like India viz. (1) rules versus principles-based regulation in the financial sector, (2) integrated financial supervision and (3) regulatory and supervisory independence of financial regulatory and supervisory Institutions. The rapid growth of the shadow banking sector in the EMEs and the liberalization of trade in financial services under General Agreement on Trade in Services (GATS) are very likely to lead to increased vulnerability to crises in the EMEs. We analyse the various captioned issues from an Indian perspective with a view to delineate possible strategies for modulating the amplitude of any possible financial crisis.

Keywords: Financial liberalization; Monetary policy; Jackson Hole consensus; Asset prices; Systemic stability; Macroprudential supervision (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isbchp:978-81-322-1795-4_2

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DOI: 10.1007/978-81-322-1795-4_2

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