Y. V. Reddy

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Reddy, Y. V. (2010). India and The Global Financial Crisis: Managing Money and Finance. Anthem Press. ISBN   9781843318019.
  • ————— (2011). Global Crisis, Recession and Uneven Recovery. Orient Blackswan. ISBN   9788125041856.
  • ————— (2013). Economic Policies and India's Reform Agenda: New Thinking. Orient Blackswan. ISBN   9788125050513.
  • ————— (2017). Advice & Dissent. HarperCollins. ISBN   9789352643059.
  • —————; Reddy, G.R. (2018). Indian Fiscal Federalism. Oxford University Press. ISBN   9780199097043.

    • Reddy authored a book titled "India and The Global Financial Crisis : Managing Money and Finance" in 2009. This book provides insights into the making of public policies across a spectrum of areas between the years 2003 and 2008, a period of rapid growth of the Indian economy. [18] He came out with a sequel "Global Crisis, Recession and Uneven Recovery" which provided a thinker and experienced policymaker's understanding of the genesis, anatomy and impact of the financial crisis, and of the lessons it offered. [19]

    Navigating through the debates between 2010 and 2012 on the continuing global financial crisis, his 2013 book "Economic Policies and India's Reform Agenda: New Thinking" reflected the confidence of Reddy who steered the nation's banks to safer waters. [20] "Advice & Dissent" published in 2017 is Reddy's memoir. [21]

    Speeches and remarks

    The former Governor, Reserve Bank of India (RBI), Dr. Y.V. Reddy delivering the 6th Dr. Raja J. Chelliah Memorial Lecture on the "Fiscal - Monetary Policy Interface", in New Delhi on March 24, 2017.jpg
    Reddy at the 6th Raja Chelliah lecture
    The former Governor, Reserve Bank of India (RBI), Dr. Y.V. Reddy delivering the 17th Central Vigilance Commission (CVC) lecture on "State and Market in India", in New Delhi (cropped).jpg
    Delivering the 17th Central Vigilance Commission (CVC) lecture.

    23 speeches given by Reddy during his term as RBI governor (2003 to 2008) are in the public domain. [21] Other speeches are also in the public domain, for example:

    Reddy's presidential address on "A Tale of Two Commissions and Missing Links" at the 97th Annual Conference of the Indian Economic Association (IEA) in Udaipur on 27 December 2014, dwelt at length on the origin, evolution, linkages, achievements, limitations and the debates relating to the two major commissions on economic affairs in India. He also cited the success of the Chinese model where the concept of 'plan' had been replaced by 'guideline' in the country's 11th Five Year programme. He noted "The change led to China's transition from a Soviet-style planned economy to a socialist market economy and gained greater responsibility and power in overseeing China's economic development".

    Reddy was invited to deliver the prestigious The Per Jacobsson Foundation Lecture in June 2012 at the Bank for International Settlements in Switzerland. In this lecture on 'Society, Economic Policies and the Financial Sector', the main message he gave was that society has put its trust in central banks and as such it expects central bank to ensure trust and confidence in money and finance and serve the interest of the masses. [22]

    Timothy Geithner, former US Secretary of the Treasury and president of Federal Reserve Bank of New York, in his book Stress Test: Reflections on Financial Crises, published in May 2014, wrote about his brief encounter with India's former Central Bank Governor Y.V. Reddy who gave him a copy of "Complications: Notes from the Life of a Young Surgeon" by Atul Gawande. [Reddy] told me it was the best book I would ever read about central banking, and the parallels with financial crisis management really are striking. It's about making life-or-death decisions in a fog of uncertainty, dealing with the constant risk of catastrophic failure. [23]

    Later while talking with Martin Wolf during his lunch with the Financial Times, Geithner mentions "It was a fascinating book, in part because he [Gawande] described how in that profession they do things that in economics we don’t that well. They have these things they call morbidity and mortality reviews every Friday, where they go over mistakes." [24] This story received mention in several book reviews. In a book review, Sam McNerney notes Reddy's recommendation is surprising but sensible. Gawande, a surgeon by trade, has knack for elucidating the inefficiencies of modern medicine and contrasting hospital management with business management. [25]

    In another review of this book, Eric Warters write "To be clear, this book has absolutely nothing to do with central banking, at least not on the surface of it. This book is Dr. Gawande's retellings of myriad medical emergencies he encountered as a surgeon and how he managed the stress, uncertainty, and challenges that they brought on. For Geithner, the parallels were striking, as both men had to act quickly with limited information, sometimes on a hunch, with dire consequences at stake." [26]

    Controversies

    Reddy often courted controversy for deliberately guiding the Indian Rupee lower through verbal intervention. [27] Some of his media talks were perceived as ill-timed. [28]

    In December 2003, Reddy was dragged into a controversy, when someone impersonating him called the then regional director of RBI Bhopal, Uma Subramaniam and asked her to lend ₹ 20 lakh (equivalent to ₹74 lakhorUS$92,000 in 2023) for a personal emergency. Subramaniam was able to collect only INR 9,00,000 by various means which included coercing her staff members. She then handed over the money to an accomplice of the impostor. She did not get back to Reddy regarding this incident. The sensational fraud rocked and embarrassed the RBI, and infuriated Reddy, who insisted on a full inquiry. [29]

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    References

    1. ↑ "This Year's Padma Awards announced" (Press release). Ministry of Home Affairs. 25 January 2010. Retrieved 25 January 2010.
    2. ↑ "PROFILE". YV Reddy. Retrieved 13 February 2022.
    3. ↑ Geetanath, V. (6 January 2017). "My best years were in RBI, says Y V Reddy". The Hindu. Retrieved 7 January 2017.
    4. ↑ http://www.hss.iitm.ac.in/oldwebarchive/yvreddy/index.html [ dead link ]
    5. ↑ Reddy, B. Dasarath (25 January 2017). "Undermining the identity of RBI should be a matter of concern: Y V Reddy". Business Standard India.
    6. 1 2 3 Y.V.Reddy. "Profile" . Retrieved 22 July 2017.
    7. ↑ "The Commission of Experts of the President of the UN General Assembly on Reforms of the International Monetary and Financial System. Members of the Commission". United Nations. Archived from the original on 14 March 2018. Retrieved 8 December 2021.
    8. ↑ The Indian Econometric Society; Conferences held; http://www.tiesindia.net/conference_held.html
    9. ↑ Innovative Thinkers Join Forces To Meet Challenges of Global Economic Crisis; Institute of New Economic Thinking (INET), Press Release;
    10. ↑ Institute for New Economic Thinking; "Dr. Yaga Venugopal Reddy | the Institute for New Economic Thinking". Archived from the original on 14 January 2014. Retrieved 13 January 2014.
    11. ↑ "Y V Reddy to head 14th Finance Commission". Business Standard . 3 January 2013. Retrieved 17 January 2014.
    12. 1 2 Nocera, Joe (19 December 2008). "How India Avoided a Crisis" . The New York Times. ISSN   0362-4331 . Retrieved 8 December 2021.
    13. ↑ "Y.V. Reddy appointed RBI Governor for five-year term". The Hindu BusinessLine. 19 July 2003. Retrieved 8 December 2021.
    14. ↑ "Annual Policy". Reserve Bank of India. Archived from the original on 6 January 2016. Retrieved 6 April 2015.
    15. ↑ The Report of the Internal Group to Examine Issues relating to Rural Credit and Microfinance (Chairman: Shri. H. R. Khan), Reserve Bank of India, July 2005 (Khan Committee); "Archived copy" (PDF). Archived from the original (PDF) on 10 June 2012. Retrieved 5 April 2015.{{cite web}}: CS1 maint: archived copy as title (link)
    16. ↑ Bajaj, Vikas (25 June 2009). "In India, Central Banker Played It Safe" . The New York Times. ISSN   0362-4331 . Retrieved 8 December 2021.
    17. ↑ Narasimhan, CRL (18 August 2011). "Don't write off the U.S. economy for now" . The Hindu. ISSN   0971-751X . Retrieved 8 December 2021.
    18. ↑ "About the Book. India and the Global Financial Crisis: Managing Money and Finance". Archived from the original on 2 February 2014. Retrieved 22 January 2014.
    19. ↑ "About the Book. Global Crisis, Recession and Uneven Recovery". Archived from the original on 2 February 2014. Retrieved 22 January 2014.
    20. ↑ "About the Book. Economic Policies and India's Reform Agenda: New Thinking". Archived from the original on 2 February 2014. Retrieved 22 January 2014.
    21. 1 2 Bandyopadhyay, Tamal (3 July 2017). "Y.V. Reddy's memoir—a chocolate with the wrapper on". Livemint. Retrieved 8 December 2021.
    22. ↑ "Lectures". perjacobsson.org. The Per Jacobsson Foundation. Archived from the original on 12 May 2021. Retrieved 8 December 2021.
    23. ↑ Timothy F. Geithner, Stress Test: Reflections on Financial Crises, May 2014
    24. ↑ Wolf, Martin (15 May 2014). "Lunch with the FT: Tim Geithner". Financial Times. Retrieved 8 December 2021.
    25. ↑ McNerney, Sam (11 August 2014). "The One Book That Helped Timothy Geithner Navigate the Financial Crisis". 250 words: The Wisdom of Business Books. Archived from the original on 18 February 2017.
    26. ↑ ""Complications" by Atul Gawande (Book Review)". ericwarters.com. Archived from the original on 23 November 2014.
    27. ↑ "Reddy and Subbarao manipulated Rupee".
    28. ↑ "Rupee Bulls hear message from Reddy". Archived from the original on 18 August 2013.
    29. ↑ Dalal, Sucheta (23 November 2010). "Opaque RBI rewards charge-sheeted official". Moneylife. Retrieved 8 December 2021.
    Y. V. Reddy
    The Governor of Reserve Bank of India, Shri Y.V. Reddy (cropped).jpg
    Reddy in 2006
    21st Governor of Reserve Bank of India
    In office
    6 September 2003 –5 September 2008
    Seal of the Reserve Bank of India.svg
    Emblem of India.svg
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