161104_9_Monetary_Policy_in_Advanced_and_Emerging_Countries_-_Feb_24_2016

161104_9_Monetary_Policy_in_Advanced_and_Emerging_Countries_-_Feb_24_2016

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1 Monetary Policy in Advanced and Emerging Countries Elective offered to PGP, PGSEM & PGPPM Term IV (June to September 2016) FACULTY Charan Singh, RBI Chair Professor ESS Area C Block, Ground Floor Tel: 080 -2699 3818, Mob: 9739993619 Email: [email protected] COURSE DESCRIPTION In any economy, monetary and fiscal policies play an important role. While the fiscal policy, formulated by the government, mainly focuses on taxation, monetary policy plays an important role in determining interest rates and exchange rates, in an economy. Monetary Policy is an important instrument of economic policy to achieve macroeconomic objective of investment, growth and price stability in a country. Central banks are responsible for monetary policy of a country. Global integration has resulted in a need for coordinated approach to global issues like capital movement guided by interest rates. The concerted efforts of leading central banks helped to moderate the impact of the recent financial crisis which had its epicenter in the US. The manager today has to be familiar with the developments in the global economy. As investment and growth are related to inflation, interest rates and exchange rates, monetary policy developments are of importance to any business. As Indian business is expanding globally, both in terms of inputs and outputs or in terms of production and sales, a familiarity with international economic scenario would add to the skill levels of the manager. This course is largely about understanding the general business environment prevailing in India, given the macro underpinnings of monetary policy and learning about similar policies pursued by other select central banks in advanced and emerging markets. The focus of the course is on countries which matter the most to India in terms of trade relations, both imports and exports, as well as remittances from Indians abroad. The course will also broadly discuss the financial systems prevailing in select economies, supervisory and regulatory framework, especially in the aftermath of the recent financial crisis. The course will cover the macroeconomic policy issues, interconnection between countries, and role of the Bank for International Settlement (BIS), International Monetary Fund (IMF) and World Bank. For the advanced countries, policies pursued by the Federal Reserve and the Bank of England would be covered. In the case of emerging countries, the focus will remain on the Reserve Bank of India and central banks of Russia and China. Also, particular emphasis would be placed on the shift in monetary policy stance across the countries in the post-financial crisis period. The course will offer a cutting-edge opportunity to understand the latest policy developments in these countries, including unconventional monetary policies of the US and UK, and the implications of unwinding thereof, as well as issues like Is Inflation targeting dead or alive?
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2 READING MATERIAL
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