Chakrabarty: Crisis has turned policy frameworks 'on their head'
Reserve Bank of India deputy governor KC Chakrabarty told a conference in Mumbai on April 3 that the financial crisis has caused the focus of policy framework to move towards sharper risk assessment and crisis prevention policies.
Chakrabarty said while there is no commonly accepted definition of systemic risk, "efforts are under way to alter institutional arrangements to explicitly pursue financial stability as a policy objective and to put in place a framework for the macro-financial
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