Testimonials of Tumultuous Times
Michael Debabrata Patra author
Format:Hardback
Publisher:Taylor & Francis Ltd
Published:31st Jul '25
Currently unavailable, and unfortunately no date known when it will be back
This collection of speeches delivered by Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India (RBI), captures the dilemmas and trepidations of conducting monetary policy in India. The book covers a wide range of themes critical to central bankers and public policy, while chronicling the journey of the Indian financial system from fragility to resilience.
Spread out over five years, these speeches mark a response to the multiple shocks that have impacted the Indian economy since 2020: the COVID-19 pandemic, the Russia-Ukraine war, and the aggressive monetary tightening by advanced economy central banks. It illustrates how India has positioned itself as a leader in many international endeavours and offers a futuristic assessment of two major developments with the potential to reshape humanity: climate change and the advent of the digital revolution and new technologies. The book thus enables readers to explore the complexities of monetary policy in a real-world context, understanding the rationale behind key decisions that have shaped India’s economic trajectory.
Essential reading for postgraduate courses on the Indian economy and monetary policy, this book will be useful to students, economists, policymakers, financial market participants, and historians.
This book is an important contribution to our understanding of how monetary policy and policymaking impact our lives and economies. The book succinctly describes the dilemmas and trade-offs faced by central banks in fulfilling their core mandate in a fast-changing macroeconomic environment characterized by unprecedented shocks and heightened uncertainties. The original blend of theory and practice, summed up aptly under the four broad themes of the book, is essential reading for anyone interested in how economies and policymaking work and can also be a complementary guide to textbook economics for students and academics. All in all, this true practitioner’s perspective on monetary policy and financial stability in the face of global spillovers, technological innovations and climate change stands out in a subtle amalgamation of knowledge and experience. A must.
Álvaro Pereira, Chief Economist and G20/G7 Finance, Economics Department, Organisation for Economic Co-operation and Development, Paris, France
As the name Testimonials of Tumultuous Times suggests, this book by Dr. Michael Patra neatly presents the trials and the tumult that mark the 21st century from a central banker's perspective. It delves into the intricacies of monetary policy making in uncertain times and the conflicts and challenges that central banks face. The book is equally a snapshot of India's journey through these eventful times and the role that it can play in reshaping the global economy by being the voice of the global south. This book is a testimony to the excellence of Dr. Patra's work and sincerity of his commitment. Through the lens of India's experience in managing policy trade-offs amidst unprecedented and overlapping shocks, it provides a useful framework to guide practical policy making, which could serve as a template for emerging economies and as a valuable reference material in academic institutions.
S. Mahendra Dev, Professor and Chairman, Institute for Development Studies, Andhra Pradesh, India
ISBN: 9781041012467
Dimensions: unknown
Weight: 590g
222 pages