The Global Financial Crisis and the Indian Economy

After tracing the causes of the global financial crisis, the book focuses on two fundamental systemic issues connected with its manifestation: financial-sector regulation and the problem of the dollar-centric international monetary system, both of which have been widely cited among the important factors leading to the 2008 financial crisis. The important analytical question of monetary policy transmission during the crisis is discussed in depth with the help of appropriate econometric models. The effectiveness of India’s monetary policy during the crisis is examined by specifying an econometric model, and the impact of the crisis on the Indian stock market is modelled on the basis of risk-enhancing and risk-mitigating features. In closing, the impact of the crisis on real sectors of the Indian economy is analysed in detail.

B L Pandit has served as a professor and head, Department of Economics, Delhi School of Economics. He got his PhD in Economics from Delhi School of Economics, University of Delhi. He has taught courses in macroeconomic theory, monetary theory and policy and financial markets at the Delhi School of Economics besides supervising M Phil and PhD students. He has published books with international publishers and has also published extensively in peer reviewed national and international journals. His research project studies have been sponsored by Canadian International Development Agency, FICCI and Reserve Bank of India. He has presented papers and attended conferences in Toronto, Moscow and UNCTAD Geneva.