GROWTH WITH FINANCIAL STABILITY: Central Banking in an Emerging Market

‘Rakesh Mohan presents a masterly review of the development of India’s fi nancial system and monetary
policy … [H]is account has the authoritative ring of an insider, tempered by the objectivity of a researcher. An
invaluable read.’ — MONTEK S. AHLUWALIA, Deputy Chairman, Planning Commission
‘This book is a singular and unique contribution to the global debate on contemporary issues relating to India,
global crisis, monetary policy, and fi nancial sector … Indisputably one of the best books on Indian economy.’
— Y. V. REDDY, Former Governor, Reserve Bank of India
‘This book by Rakesh is truly fascinating … What distinguishes this book … is its in-depth analysis of India’s
past development record, the present situation, and what needs to be done to maintain high growth in the
future.’ — BIMAL JALAN, Former Governor, Reserve Bank of India
‘India achieved strong economic growth and fi nancial stability at a time when most economies were unable to
achieve either of these. Rakesh Mohan builds on his unique experience in the Indian Central Bank and Ministry
of Finance to explain this impressive performance.’
— MARTIN FELDSTEIN, George F. Baker Professor of Economics,
Harvard University and President Emeritus, NBER