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

In: Market, Regulations and Finance

Author

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  • Dilip M. Nachane

    (Indira Gandhi Institute of Development Research)

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.

Suggested Citation

  • Dilip M. Nachane, 2014. "Monetary Policy, Financial Stability and Macro-prudential Regulation: An Indian Perspective," India Studies in Business and Economics, in: Ratan Khasnabis & Indrani Chakraborty (ed.), Market, Regulations and Finance, edition 127, chapter 2, pages 17-39, Springer.
    • Handle: RePEc:spr:isbchp:978-81-322-1795-4_2
    DOI: 10.1007/978-81-322-1795-4_2
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    Cited by:

    1. D. M. Nachane, 2016. "Global Crisis, Regulatory Reform and International Policy Coordination," South Asian Journal of Macroeconomics and Public Finance, , vol. 5(1), pages 63-95, June.
    2. Smita Roy Trivedi, 2021. "Political Stability and the Effectiveness of Currency Based Macro Prudential Measures," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 28(2), pages 319-332, June.

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