A Brilliant Publication by RBI

RBI has relased its report on Currency and Finance yesterday. Over the years, this particular title has covered a wide variety of issues and what amazes me is its coverage. The elegant writing style and depth of analysis makes it a good reference source for researchers.

The list is shown below:

1. 1998-99 The Structural Transformation of the Indian Economy
2. 1999-2000 Financial Sector and Market Integration
3. 2000-01 Revitalising Growth
4. 2001-02 Stock taking of the Reform Process and its Outcomes
5. 2002-03 Management of the External Sector in an Open Economy Framework
6. 2003-04 The Evolution of Monetary Policy
7. 2004-05 The Evolution of Central Banking in India
8. 2005-06 Development of Financial Markets and Role of the Central Bank
9. 2006-07 and 2007-08 The Banking Sector in India : Emerging Issues and Challenges
10. 2008-09 (Current) Global Financial Crisis and the Indian Economy

This year's publication has focused on the current global crisis and the lessons learned.The forward written by Dr. Subir Gokarn says this:

Every crisis provides us powerful lessons. What we carry forward from this crisis is the need for some new regulatory and supervisory institutions with emphasis on a system-wide approach,some new objectives for the central banks, importance of communication, transparency and coordination in central bank functioning, a new design of the international financial architecture and renewed faith in some of the safeguards adopted by the emerging market economies. This crisis has raised questions about the adequacy and efficacy of the current international financial architecture to prevent and manage global crises. In fact, the speed and intensity with which the US subprime crisis exploded into a global financial crisis and then into a global economic crisis has led to a whole new debate on dominant tenets of macroeconomics and has challenged established views on self correcting market mechanisms and the role of public policy. The depth and breadth of the crisis tested the limits of conventional and unconventional policy options available to policymakers around the world.

This particular volume is a must read for MBAs who have specialized in MBA (Mortgage Backed  Assets).