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Monetary policy, sovereign debt and financial stability : The New Trilemma

	Monetary Policy, Sovereign Debt And Financial Stability : The New Trilemma by Deepak Mohanty
	Price : Rs 995.00
	Your Price : Rs 895.50

The global financial crisis and the following Euro-zone sovereign debt crisis have since changed the art and science of central banking in a fundamental way. It challenged the stereotypical view that price stability and financial stability complement each other as the global financial sector came to the brink of collapse in the midst of a period of extraordinary price stability. Post crisis, central banks across the globe continue to grapple with the new trilemma of pursuing with the objectives of monetary policy, sovereign debt and financial stability in a co-ordinated fashion.

The authors in this volume address several issues in relation to advanced economies: Is the trilemma a new impossible trinity or a holy trinity? What are the implication of this expanded mandate for the effectiveness and autonomy of central banks? Does it indicate the return of fiscal dominance on monetary policy? Is fiscal responsibility more than a question of monetary policy independence? Is the interaction between sovereign debt management and monetary policy an important determinant of market confidence? Is co-ordination among central banks to assess the implications of their policies on global liquidity and spillovers relevant for global financial stability?
Contents
Foreword
Introduction
Chapter 1: Price Stability, Financial Stability and Sovereign Debt Sustainability Policy Challenges from the New Trilemma
Chapter 2: Evidence on Interest Rate Channel of Monetary Policy: Transmission in India
Chapter 3: A Macroprudential Approach to Financial Supervision and Monetary Policy in Emerging Economies
Chapter 4: Reassessing the Impact of Finance on Growth
Chapter 5: Post-Crisis Debt Overhang: Growth Implications across Countries
Chapter 6: Financial Stability and Responsive Monetary Policy: Resolving a Dynamic Incompatibility
Chapter 7: Credit Crises and the Shortcomings of Traditional Policy Responses
Chapter 8: Political Economy of Debt Accumulation and Fiscal Adjustment in a Financial Crisis
Chapter 9: Rethinking Central Banking
Chapter 10: Sovereign Debt Overhang and Monetary Policy
Contributors

ISBN - 9789382993209

Pages : 384