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International Monetary Fund. External Relations Dept.

Abstract

Dr. Yaga Venugopal Reddy was Governor, Reserve Bank of India, from 2003 to 2008. Subsequently, he was a member of the UN Commission of Experts to the President of the UN General Assembly on Reforms of the International Monetary and Financial System. Dr. Reddy was also a member of an informal international group of prominent persons on international monetary reforms (Palais Royal Initiative). He is Professor Emeritus at the University of Hyderabad and Distinguished Professor at the Indian Institute for Technology (IIT) Madras, as well as an honorary fellow of the London School of Economics and Political Science, and is on the Advisory Board of the Institute for New Economic Thinking (INET).

International Monetary Fund. Monetary and Capital Markets Department

Financial System Stability Assessment-Press Release and Statement by the Executive Director for India

International Monetary Fund

Limited progress has been made in addressing Nepal’s structural weaknesses in tax administration and public financial management. Macroeconomic performance under the recent Poverty Reduction and Growth Facility (PRGF)-supported program has been stable. The outlook for 2007–08 remains stable. Although the macroeconomic performance has been stable, progress on structural reforms has been held back by the fragile political circumstances. Public enterprises and the Nepal Oil Corporation, in particular, pursue quasi-fiscal activities involving significant subsidies. Nepal’s growth prospects depend most importantly on a peaceful political transition.

International Monetary Fund

This 2009 Article IV Consultation highlights that Bhutan’s fiscal policy has been anchored by keeping current spending below domestic revenue. Bhutan’s large and volatile trade deficits have been offset by sizable foreign aid flows, resulting in a balance of payments (BOP) surplus and reserve accumulation. The BOP surplus has averaged about 8 percent of GDP over the last few years. Executive Directors have commended the authorities for the strong economic performance anchored by hydropower sector development, and supported by prudent economic management, firm donor support, and political stability.

International Monetary Fund. Monetary and Capital Markets Department
This paper discusses the findings of the Financial System Stability Assessment for India. Since the 2011 Financial Sector Assessment Program, India has recorded strong growth in both economic activity and financial assets, supported by important structural reforms and terms of trade gains. Increased diversification, commercial orientation, and technology-driven inclusion have supported growth in the financial industry, backed by improved legal, regulatory, and supervisory frameworks. Yet, the financial sector is facing considerable challenges, and economic growth has recently slowed down. High nonperforming assets (NPAs) and slow deleveraging and repair of corporate balance sheets are testing the resilience of the banking system, and holding back investment and growth. The authorities have been pursuing policies to accelerate the process of NPA resolution.
International Monetary Fund. African Dept.
This paper discusses key issues related to the economy of Mauritius. In 2015, the economy of Mauritius has grown at moderate rate; inflation is low; and the external position has improved. However, macroeconomic conditions remain stable but the authorities face macrofinancial challenges stemming from the recent collapse of a large financial conglomerate, which affected the real economy, as well as risk exposures and potential spillovers from the massive offshore sector and its sizeable inter-linkages with domestic banking activities. Despite these challenges, the medium-term outlook remains favorable, as economic growth is set to be boosted by continued low fuel prices and the start of important investment programs.
Mr. Fabian Lipinsky and Li Lian Ong
Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region’s markets are reputed to be more “idiosyncratic” and less reliant on economic and corporate fundamentals in their pricing. Using a model that draws on international asset pricing and economic theory, as well as accounting literature, we find evidence of greater idiosyncratic influences in the pricing of Asia’s stock markets, compared to their G-7 counterparts, beyond the identified systematic factors and local fundamentals. We also show proof of a significant relationship between the strength of implementation of securities regulations and the “noise” in stock pricing, which suggests that improvements in the regulation of securities markets in Asia could enhance the role of stock markets as stable and reliable sources of financing into the future.
International Monetary Fund. External Relations Dept.

Abstract

JAIME CARUANA: Welcome all of you to the BIS on the occasion of the Per Jacobsson Lecture. And it is a particular pleasure to welcome Dr. Reddy back to Basel, where he has so many friends. As you know, Dr. Reddy has a long record dedicated to public service. As a senior official in the Ministry of Finance he took a leading part in the liberalization of the Indian economy that began in the early 1990s. And in later years as Governor of the Reserve Bank, he did much to ensure that the Indian banks avoided these precrisis excesses. And therefore, he knows very well from personal experience how difficult it is to constrain this process, and he showed really great fortitude during this difficult period and under heavy pressure. So after the excellent Per Jacobsson Lecture last year with Andrew Crockett, I think this year we have also an excellent panelist, an excellent presenter.

International Monetary Fund. External Relations Dept.

Abstract

The future of finance, and in particular saving it from a popular backlash against the global financial crisis and related crisis management policies, has become a matter of great concern. In this brochure, which presents in written form a lecture from the Per Jacobsson Foundation’s lecture series, former Reserve Bank of India Governor Y. V. Reddy explores three interrelated issues of particular concern to central bankers in the search for good finance for the future: how to ensure that the financial sector serves the society better, how to integrate financial sector policies better with national economic policies, and how to ensure that the financial industry functions as a means and not as an end in itself. The question-and-answer session following the lecture is also included in the brochure.

International Monetary Fund. External Relations Dept.

Abstract

The future of finance, and in particular saving it from a popular backlash against the global financial crisis and related crisis management policies, has become a matter of great concern. In this brochure, which presents in written form a lecture from the Per Jacobsson Foundation’s lecture series, former Reserve Bank of India Governor Y. V. Reddy explores three interrelated issues of particular concern to central bankers in the search for good finance for the future: how to ensure that the financial sector serves the society better, how to integrate financial sector policies better with national economic policies, and how to ensure that the financial industry functions as a means and not as an end in itself. The question-and-answer session following the lecture is also included in the brochure.