Y. V. Reddy

Responding to Crises

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Y.V. Reddy, Former Governor of the Reserve Bank of India, reflects on India’s balance of payments crisis in 1991, during which he headed the BoP division within the Ministry of Finance. He describes the three main features of the reform process: removing the License Raj, reforming policy within the existing frameworks instead of waiting for legal changes, and reforming the analytical framework of the IMF and World Bank.

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