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Monday, February 1, 2010

Joseph Stiglitz said if America had ...

YV Reddy
Nobel economist Joseph Stiglitz said if America had a central bank chief like YV Reddy, the US economy would not have been in such a mess.

The former RBI governor Y V Reddy is credited with creating flexibility in the monetary policy that did not led to a buildup of a bubble in the Indian economy unlike that in the US.

India Managing Global Financial Crisis Safely: Ex-RBI Governor (rttnews)

‘It is all a matter of judgment’
In these turbulent times, the stewardship of a central bank may be more of an art than a science. This is the impression one gets after an interaction with former RBI Governor, Dr Y.V. Reddy, who was in Delhi to launch his new book India and the Global Financial Crisis: Managing Money and Finance. The book is a compilation of 23 select speeches delivered by Dr Reddy during his tenure as RBI Governor between September 2003 and 2008. It provides insights into the challenges faced in the management of India’s calibrated integration with the global economy. The causes and consequences of the global financial crisis have been dealt with in the Epilogue.

The book also delves into the relationship between the Government and the central bank, the complexities involved in their interface and the need for close coordination to bring about structural and systemic changes in the economy. Hedging, Dr Reddy told Business Line that he would only elaborate on what he had said in the book and not respond to independent questions on monetary policy, state of the economy, etc. “No predictions, no forecasts,” he quipped. All the same, he came out with some gems, especially on how the “degrees of freedom” of a central bank often get constrained if there was a communication from the Government and that communication had a different wavelength from that of the RBI on the same subject. (businessline)

'Regulation insulated India from economic crisis' (Economic Times)

Timely measures limited crisis impact on India: Reddy (business standard)
'We were more right than most others on financial regulation' (Economic Times)
Inflationary pressure is very high in India, says Reddy (livemint)

“If we (United States) had Dr Y.V. Reddy, we wouldn’t be in such a mess,” said Mr Joseph Stiglitz, Nobel Laureate in Economics, while talking about the recession that had gripped his country.

Dr Reddy, who served for five years as the Governor of Reserve Bank of India and retired in September 2008, holds a Ph.D. from Osmania University.

During his stint as RBI Governor, Dr Reddy developed a flexible monetary policy that helped the Indian economy to weather the recession storm.

He is one among the dozens of Osmania University alumni who have made a name for themselves as academicians, administrators, scientists, scholars, entrepreneurs and technocrats.

Another former Osmania student was the former Prime Minister, Mr P.V. Narasimha Rao, the architect of India’s economic reforms.

Likewise, the former Chief minister of Karnataka, Mr N.Dharam Singh, received a law degree from Osmania University in 1967.

Several former Osmania students have also done well in the business arena. Mr Shantanu Narayan, president and chief operation officers of Adobe Systems, is an electronics engineer from the Osmania University.

Industrialist and MP Dr G.Vivekanand, MD of Visakha Industries, and Dr Parthasaradhi Reddy of Hetero Drugs Ltd are also former students.

Other eminent people who have passed out of the university are Mr S.Jaipal Reddy, union minister, Mr D. Srinivas, APCC president, Mr Ponnala Laxmaiah and Mr D.Mukesh Goud, state ministers, Mr K.R. Suresh Reddy, Assembly speaker, Mr Madhu Yashki Goud, MP, and Mr Dharmendra Singh, IG (Railways).

Osmania students who have achieved name in the United States include Mr C.Sena Reddy, CEO of Solid State Media, Dr Aziz A. Jamaluddin, CEO of Epcon Industrial systems, Mr Pagidipati Devaiah, medical entrepreneur, Dr Kailas Rao, president, Indu Inc, Dr Lakkireddy Hanmi Reddy, noted cardiologist, Prof J.N. Reddy, professor of the National University of Singapore, and Prof M. Ramulu, director of the University of Washington.

The list of luminaries who passed out from the OU goes on.... (source: deccan)

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