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Money, Finance, Political Economy   
Money, Finance, Political Economy
Getting it Right
Deena Khatkhate
Hard Bound Book (6" x 9") :   Pages : 386
2009  Edition   :  ISBN - 978-81-7188-715-6
Price : INR 995 / US $ 69.95
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This book is a collection of essays on main issues of money and monetary policies, national and international aspects of financial policies in less developed countries, political economy of development in all its facets and reshaping of the international monetary system which were debated over the last few decades by economic theorists and the policy makers. They reveal the author's grasp of the analytics, the nuanced reasoning underlying them, prescience on several issues such as brain-drain and profile of leadership in developing societies and deep understanding of the context in which the policies based on them have evolved over the years. Author's discussion of some of India's economic development within the overall perspective of development economics is both fascinating and original.

  Reviews / opinions:    

This delightful collection of essays spans some of the key issues in monetary and financial policy which have been at the heart of the development policy debate for the past three decades. Deena Khatkhate’s scholarship, sharp insights and prescience on many points make this a truly valuable collection. His analysis of the policy making process in India is a particularly valuable exercise in political economy analysis, reflecting extensive insider knowledge and displaying remarkable continuing relevance.

Montek S. Ahluwalia
Dy. Chairman, Planning Commission, Govt. of India;
formerly Director (EvO), International Monetary Fund, Washington)

These essays by Deena Khatkhate are time-less: published over a period of four decades, they remain as relevant today as when originally written.Khatkhate has read widely, thought deeply about issues covered and reached conclusions that many scholars reached much later. He writes elegantly and convincingly.

Arvind Panagariya, Professor of Economics and
Jagdish Bhagwati Professor of Indian Political Economy,
School of International and Public Affairs, Columbia University, New York

This intriguing collection of essays demonstrates an eclecticism that one does not always expect to find among those who have spent a substantial part of their working lives in the International Monetary Fund. Whether Khatkhate was writing in the 1970s about the brain drain or in the present decade about measuring real interest rates, one finds an original but well-argued way of looking at the world. The world often followed.

John Williamson,
Senior Fellow,Peterson Institute for International Finance, WashingtonDC

This book by Deena Khatkhate is a selection of gems from his vast knowledge treasure. The important issue is that these articles have stood the test of time and continue to have significant relevance to contemporary economic situation, national and international. When many of them were first written, the analysis and conclusions drawn from it were different from the mainstream thinking but now they have become a part of it, which is no small achievement.

Govinda Rao.
Director, the National Institute of Public Finance and Policy, New Delhi.

In these essays Deena Khatkhate covers a wide range of topics with clarity,erudition and insight.They were written several years ago but they still retain their freshness and many of them anticipate events and intellectual currents with remarkable prescience

Vijay Joshi
Merton College,Oxford and co-author with Ian Little of books
"India: Macroeconomic and Political Economy,1964--1991" and
"India`s Economic Reforms,1991--2001."



Deena Khatkhate, alumnus of the University of Bombay and Manchester University, a reputed economist held senior positions at the Reserve Bank of India, and the International Monetary Fund and also was a senior consultant at the World Bank, the United Nations and the Asian and African Development Banks. He wrote extensively on economics in leading academic journals like The Quarterly Journal of Economics, The Review of Economics and Statistics, The Oxford Economic Papers, The Oxford Bulletin of Economics and Statistics, The Journal of Post Keynesian Economics, Economic Development and Cultural Change, The Journal of Development Studies, The Economic and Political Weekly, Social Research, World Development ,Economia Internazionale ,IMF Staff Papers etc ,was a member of the editorial board of the IMF Staff Papers ,an associate editor of the Encyclopedia of India,(of which Professor Stanley Wolpert was the chief editor),and a Managing Editor of World Development. He co-edited with Warren L.Coats,Jr.,Money and Monetary Policy in Less Developed Countries,(1980,Pergamon Press, London,),edited National and International Aspects of Financial Policies in the Less Developed Countries,(1981,Pergamon Press, London), and Money and Finance:Issues,Institutions and Policies (1998,Orient Longman, Bombay for the Sameeksha Trust). He authored several papers on financial liberalization in the World Bank’s Economic Discussion Paper Series and co-authored its pioneering study on the Asian Bond Market. A book of his non-economic writings, Ruminations of A Gadfly, was published by the Academic Foundation, New Delhi


List of Tables



1. Money and Monetary Policy in LDCs in the 1990s

2. Money Illusion, Many Allusions

3. Inflation Targeting: Much Ado About Something

4. Assessing the Level of Real Interest Rates


5. National and International Aspects of Financial Policies in LDCs

6. Financial Liberalisation: International and National Perspectives

7. Timing and Sequencing of Financial Sector Reforms: Evidence and Rationale

8. Fiscal Deficit and Real Interest Rates

National Economy

9. Oeirolysis of Development?

10. Economic Growth versus Income Distribution: A Perennial Charade

11. Management Accumulation Process

12. Self-reliance and All That

13. India’s Economic Growth: A Conundrum

14. Indian Economic Reform: A Philosopher’s Stone

15. Indian Fiscal Policy: Flogging a Live Horse


16. Profile of Leadership in a Developing Society

17. Intellectuals and Indian Polity

18. Restructuring the Political Process in India

19. Nehru and the Indian Administration

International Economy

20. Conflict and Cooperation in the International Monetary System

21. International Monetary System: Which Way?

22. Not the Way to Fix what is Broke

23. Turning the Light Inward: Evaluation of the IMF

24. The Financial Crisis: Chasing Shadows

25. Impact of Volatility of Exchange Rates of Major Currencies on Foreign Exchange Management

26. Brain Drain as a Social Safety Valve

27. Trade Policies and Business Opportunities in South Asia


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