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Central Banking for Emerging Market Economies

By A. VASUDEVAN
Hard  Back Book     :   Pages : 270
2003  Edition         :   ISBN - 81-7188-281-1
Price : Rs. 595.00   :   USD $ 35.00
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ABOUT THE BOOK :

“This book is undoubtedly a work of encyclopζdic proportions, which only a master of the subject will dare to undertake. We central bankers owe a deep debt of gratitude for Vasudevan's efforts. Virtually no important aspect of central banking is left out...

“...Vasudevan's tantalising voyage through the theory and practice of central banking is a path-breaking and salutary effort. It deserves to be a manual for the modern central banker and those outside who wish to unravel the traditional mystique of monetary or economic policies....

“...Vasudevan's treatise is a delightful read for all who are seriously interested in central banking. I enjoyed the intellectual prowess of the writer.”

— A.S. Jayawardena
GOVERNOR
Central Bank of Sri Lanka, Colombo


ABOUT THE AUTHOR :

Dr A Vasudevan, currently Honorary Advisor in the Reserve Bank of India, was Executive Director of the Reserve Bank between May 1996 and end-August 2000. As the Executive Director, he was in charge of research, statistics, monetary policy, and information technology departments. He has had vast international experience — Advisor to Executive Director for India at the International Monetary Fund (IMF) between 1984 and 1989; Member of the Indian Delegations to IMF / World Bank and G-24 meetings between 1984-1989 and again between 1993 and 2000; represented India at the UNDP Conference on financing of sustainable development at Santiago, Chile; Central Bank Deputy at the G-20 Deputies' meetings in 1999 and 2000; and Member of the Task Force on Implementation of Standards and the Follow-up Group on the Implementation of Standards appointed by the Financial Stability Forum located at Basle.
Among the several Committees on which he served, the important ones were: Expert Group on Saving and Capital Formation in India, Government of India, 1996 (Member), the Working Group on Money Supply, Reserve Bank 1998 (Vice-Chairman), and the Committee on Technology Upgradation in Banking Sector, Reserve Bank of India, 1999 (Chairman).
He has written two books : Deficit Financing, Controls, and Movement of Prices in India Since 1947 (Allied Publishers, 1967), The Strategy of Planning in India (Meenakshi Prakashan, Meerut 1970); edited two books: External Debt Management (RBI, 1999), Fifty Years of Development Economics (with D M Nachane and Ajit Karnik, Himalaya Publishing House, 1999); and over fifty articles in professional journals, both Indian and foreign. He also taught M.A. students at the University of Bombay between 1966-69 on the theories of money, and economic development and central banking.



CONTENTS IN DETAIL :

Foreword

Preface


Section I    The Rationale of Central Banking

1.

Introduction
• Why Do We Need a Central Bank ?
• The Recent Upsurge of Interest in Central Banking -
   the Reasons For
• The Context of Open/Semi-open Economies
• Why Central Banking for Emerging Market Economies ?
• The Indian Context
• Is the Indian Context Unique?
Box 1 : Central Banks by the End of the Twentieth Century

Section II   The Nuts and Bolts of Central Banking --- Reorientations

2.

Currency and Payment System
• Issue and Distribution of Currency
• Printing and Issuance of Notes only by the Central Banks?
• A Service Provider to Issue and Distribute Currency
• Principles of Currency Issue — Any Fiduciary Rules?
• Could there be a Currency Board Instead of Central Bank?
• Payment System Services
• Electronic Money
Box 2 : Real Time Gross Settlement (RTGS) Systems

3.

Banker to Government
• Maintenance of Accounts
• Domestic Debt Management
• Conflict of Interests — Debt Management and Monetary Policy
• Sovereign Bond Issues Abroad
• Should There Be a Separate Debt Management Agency ?
Box 3 : Types of Auctioning
Box 4 : On the ‘Crowding Out’
Box 5 : Ad hoc Treasury Bills: The Indian Experience

4.

Banker to Banks
• The Essential Tasks and the LoLR Function
• Bank Restructuring
• The Areas Where Commercial Banks Could be of Help
Box 6 : Theoretical Perspectives on Adverse Selection
Section III    The Shining Star of Central Banking

5.

Monetary Policy Making in Open/Semi-open Economies
• Objectives of Policy
• Reconciling Dual Objectives through a Policy Rule
• The Taylor Rule
• The Case for Rules As Against Discretion
• The Case for Discretion
• Indicators of Policy
• Lags in Policy
• Instruments of Policy
• Transmission Mechanism of Policy
• An Evaluation of the Channels in the Context of EMEs
• Uncertainties Due to Lags
• Transparency of Policies and Practices
Box 7 : Liquidity Adjustment Facility in India
Box 8 : Bank Reserves, Reserve Money, Money Supply,
          and Money Multiplier
Box 9 : Payments Systems and Monetary Policy
Section IV   The New Concerns

6.

Financial Stability
• Financial Stability in the context of Financial Development
• The Early Warning Signals and Hedging Mechanisms
• Liquidity Forecasts
• Prudential Regulation and Supervision of Banks
• The International Initiatives in Evolving Standards and Codes
• Prudent Supervision by Central Banks and Other Agencies or by   a Superbody?
• International Dimensions of Financial Stability Issues
Box 10 : Early Warning Signals of Crisis
Box 11 : Risk Management in Banks
Box 12 : The Basle Principles for Effective Banking Supervision
Box 13 : Key International Standards and Codes
Box 14 : The Indian Initiatives in Respect of International
            Standards and Codes

7.

Autonomy and Organizational Issues
• Issues in Autonomy and Independence of Central Banks
• Should Decision Making Processes be Left Out of Central Banks?
• Independence, Accountability and Central Bank Governance
• Independence in the Context of Implementation of International
  Standards / Codes

8.

Conclusions
Attachment :
The Asian Economic Crisis of the 1990s 237
Select References

Index

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