Topic: GLOBAL FINANCIAL CRISES AND THE ROLE OF CENTRAL BANK.
SPEAKER: Mr Ashok Sahoo, Director, DEPR, RBI.
The event started at 10:00 am sharp with the felicitation of Mr. Ashok Sahoo by The College’s Vice Principal.
Mr. Sahoo was the Research Officer of RBI in 1988. Now recently he has been appointed as the Director of the bank. He discussed on the topics such as:
Causes of Crises.
- Macro-Economic Causes
- Micro Economic Causes
- Export and Import Scenario.
- Current account Deficit.
Manifestations of crises.
- Collapse of Lehman
- Zero Lower Bound
International Policy Responses
- Cheap money policy
- Each sector such as Household, Rest of the World and so on.
Impact of the Crises on India
- SLR, CRR, MSS
- ECB Norms
Indian Policy Responses
- Role of central bank during the crises.
- Advanced Economies and Emerging Economies.
Lessons for Monetary Policy.
- Multiple indicator approach to policy formation.
- Free flow of Information as monetary as Regulatory functions.
- Synergy between monetary and Macro prudential policies.
As rightly quoted by him, “To attain one objective you need one Instrument”.
To maintain the Price Stability, there should be effective regulations of the Authorities and Regulators. He discussed the Current Condition of Import and Export of various Countries as compared to India.
Mr Arvind Chari, Visiting Faculty asked “What kind of risk does RBI has been taking now?”
Mr Ashok Sahoo replied, “The policy of unconventional economy is taken into consideration than Intensive Competency feedback. So, the households are not in the financial zone. We have difficulties in the top most thing malign collated with market. So we have to make available oil or great quantity edible oil that is one and the second thing is that we have to give forth the difficulties for the government if it reduces then it is very good for the economy.
And then the Vote of thanks is been provided by him and the appreciation was provided to him by Mrs. Sudha (Core faculty of GNVS).
Audience was found to be more exciting and enthusiastic to gain the knowledge from the delivery of the lectures from the Visiting Guest Lecturer.
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