Monetary Governance in Search of New Space

The book is about the times in which we live. The context is the current global economic and financial crisis, caused by human inter-ventions that were bereft of transparency and commitment to sound market discipline. Governments and central banks are groping for quick solutions to assuage the growing anger of societies over the rising economic inequalities, unemployment and inflation. The need of the hour is to set in place good monetary governance. Monetary governance consists essentially of institutional mechanisms and processes required for sound functioning of the tasks that devolve on Governments and central banks. It focusses on issues relating to the functional area of macroeconomic management. It is distinct from financial governance which deals mainly with portfolio management and asset distribution within the context of the principles and policies laid down by macroeconomic managers. The book deals with the institutional requirements, the rainbow of interests, the analytics and the international dimensions of monetary governance in detail from the point of view of emerging market economies. Vasudevan argues, the way forward from the present state of policy-disarray lies in bestowing focus on accountability, knowledge-centric information and structural reforms as the points of policy pursuit.