1st Edition
Globalization and the Indian Economy Roadmap to a Convertible Rupee
The Global Monetary System 1. Gold Standard to Globalization 2. Genesis of Philosophy of Globalization 3. Financing Globalization 4. US Capital Market: Trigger for Global Growth 5. Changing Face of Currency Markets 6. Lessons from Asian Crisis 7. Reform of IMF The Indian Economic Scenario 8. Economic Liberalization: New Mantra of Development 9. Indian Economic Gradualism 10. Financial and Capital Market Reform 11. Post Reform BoP and Rupee Exchange Rate 12. Capital Account Convertibility 13. Towards Fuller Convertibility 14. Fuller Convertibility Report and Future Scenario 15. Infrastructure Development Fund
Biography
Satyendra S. Nayak is an independent advisor and consultant. His experience stems from 27 years of working in Commercial Banking and Mutual Fund at the Bank of Baroda and Unit Trust in India, as well as years of experience in operation, international finance, project financing, foreign exchange operations, mutual fund management, equity and debt investments and portfolio management. He received his PhD in International Economics and Finance from the University of Bombay, India. He teaches at ICFAI Business School in Mumbai in the Centre for Advanced Banking and Finance Studies.
"Dr. Nayak undertook the gargantuan task of describing his country's development in the broad context of globalization. From his long-time seat at the center of Indian investing, he has a unique perspective. He persuasively argues that the caution of India's Reserve Bank paid off in avoiding the blunt effect of the Asian crisis by not following the then popular recipe book and holding off on Rupee convertibility until its capital account was less vulnerable. With the recent growth of India's reserves to unprecedented levels, he now believes that the reward for past caution should be the use of some of these reserves on critical infrastructure needs."
Antoine W. van Agtmael
President and Chief Investment Officer, Emerging Markets Management L.L.C.
Past board member of the India Growth Fund
Author of The Emerging Markets Century and Emerging Securities Markets
"Satyendra Nayak’s book provides an outstanding analysis of the evolution of the international monetary system and a penetrating evaluation of India's financialperformance and economic prospects in the rapidly globalizing world of today. A must reading for anyone interested in these important topics."
Dr. Dominick Salvatore
Distinguished Professor of Economics and Director of the Ph.D. Program
Fordham University, New York
"Satyendra Nayak’s impressive analysis of India’s step-by-step approach to
capital-account liberalization is important reading for anyone interested in
the essentials of financial globalization. He skillfully contrasts the
pragmatic Indian approach to the gung-ho financial capitalism that produced
the Asian financial crisis of 1997, and offers recommendations for the future."Dr. Alfred E. Eckes
Editor, Global Economy Journal. Ohio Eminent Research Scholar and Professor in Contemporary History Ohio, University, Athens, Ohio
"India's economy, long a slumbering giant, has benefited greatly from a successful policy of gradualism in reform, which has averted crises while promoting increasingly rapid growth. Full convertibility, Dr. Nayak contends, would be the last mile on the road of economic liberalization. This book should be of interest to anyone interested in the future of a country that is destined to be a major force in the world economy of the twenty-first century."
Dr Benjamin Jerry CohenLouis G. Lancaster Professor of International Political Economy, Department of Political Science
University of California, Santa Barbara
