The characteristics that distinguish most developing countries, compared to large industrialized countries, include: greater exposure to supply shocks in general and trade volatility in particular, procyclicality of both domestic fiscal policy and international finance, lower credibility with...

This paper examines the emerging challenges to the art of monetary policymaking using the case study of the Reserve Bank of India (RBI) in light of developments in the Indian economy during the last decade (2003-04 to 2013-14). The paper uses Hyman P. Minsky's financial instability hypothesis as...

This updated edition explores the viewpoint of emerging economies and virtually no important aspect of central banking is left out of this complete reference. Noting that the global economic and financial crisis that emerged in 2007 and 2008 remains unresolved on a sustainable basis, this work...