Book notes: Quest for restoring financial stability in India, by Viral Acharya
A definitive contribution to the political economy of central banking in emerging economies, but author does not acknowledge the challenges moving forward
Viral Acharya, Quest for restoring financial stability in India, Sage, 2020, 396 pages
Viral Acharya’s relatively short stint as a deputy governor of the Reserve Bank of India (RBI) will be defined by the flaming – and in hindsight, eventful – speech he gave in October 2018, when he warned New Delhi that “governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire and come to rue the day they undermined an important
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