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An excellent study of the causes and effects of the Global Financial Crisis. The author judgement is good and his writing is clear and lucid. It is a fine contribution to the literature in this field, and those who wish to learn about the GFC will benefit by reading it.
I have seen the chapter outlines, and I am deeply impressed by the coverage. It includes a good literature survey and has raised almost all critical issues that surfaced after the crisis. It is indeed a comprehensive book and has the added merit of a view from a seasoned central banker of a developing country. This book should be useful not only to policymakers but also to the regulators and practical bankers.
Dr Mishra should be complimented for writing an eminently readable book on a complex subject of great contemporary interest. The impact and implications of Global Financial Crisis on the theory and practice of financial sector are brought out very clearly. It has the imprint of deep insights, long experience and clarity in articulation. The book should be of interest to academics as well as practitioners, since it explores public policy, keeping in view the lessons from Global Financial Crisis.
The Global Financial Crisis, the deepest and the most ferocious since the Great Depression of the 1930s, triggered an enormous amount of analysis aimed at understanding its causes and consequences. A lot has already been written about the lessons learnt from the crisis, the reforms instituted drawing from those lessons, and importantly, whether the corrective action is insurance enough against another crisis. Even in such a crowded intellectual field, this book stands out for its comprehensive coverage, cogent argumentation and real-world perspectives.
Many lessons have been learned from the Global Financial Crisis leading to several reforms which have been elucidated excellently and comprehensively in the book. As the title indicates, macroprudential regulation is evolving but the book could not have come at a more propitious time since we face the danger of forgetting the causes and consequences of the crisis leading to calls for a dilution of the regulatory framework. The book raises relevant questions and also provides solutions. It is a great work, which I strongly recommend for general and for teaching purposes.
Macroprudential policy represents a paradigm change in the regulation of the financial system in the aftermath of the Global Financial Crisis. It is a new area and there is considerable amount of research going on. Dr Rabi Mishra’s book covers vast ground in this area. It is a comprehensive book capturing the nuances of one of the biggest crises that the financial world ever saw. Dr Mishra has indeed taken pains to put together the full wherewithal of the Global Financial Crisis and the evolution of the financial world thereafter.
Ten years after the financial crisis, lessons are still being drawn and debated about the causal factors and appropriate responses to them. One area of broad consensus is that portfolio decisions of large financial institutions could have macroeconomic consequences. The paradigm of macroprudential regulation is based on this premise. Dr Mishra was an early participant in this process by virtue of his association with the RBI’s Financial Stability Unit.
It is a delightful guide, full of important information for those of us who want to know everything about the Global Financial Crisis (GFC)—its origin, its impact and its consequences. The biggest learning from the GFC was the fact that the silo-based approach from the regulator is not going to work anymore and the extant macro view needs to be diligently strengthened across the world. Dr Mishra was one of the key minds behind the development of the macroprudential framework at the RBI and the way he has dealt with the subject reciprocates his in-depth grasp on the subject.
Since the Global Financial Crisis of 2007–2008, the economics profession, the central banks, financial regulators and the international financial institutions (IFIs) have been searching their souls to understand what went wrong and how to prevent such a disaster from happening again.
This book is a tour de force! Dr Mishra has a sure grasp of the microeconomics of finance which allows him to explain in simple terms those key areas which need effective regulation—asymmetric information, principal–agent problems, the tragedy of the commons and many others. He understands the close link monetary policy has with systemic risk. He has been a consummate insider in the international regulatory reform process for years. But he does not hesitate to identify the intellectual blind spots and wishful thinking of some of those in the regulatory community.
The Great Recession and Global Financial Crisis were, one would hope, teachable moments. In the aftermath of these roiling economic events, we have the potential to learn not only how to supervise and regulate our financial systems better but also how to ‘think’ about our economic systems better. The assumptions that markets are self-righting, that agents are rational and that asset prices convey the information necessary for efficient market clearing (to name a few) have all been profoundly challenged by the events of the recession and crisis.
The financial sector is truly global today with significant linkages between nations. The Global Financial Crisis beginning in the USA in 2008 spread fast and seriously disrupted many economies. Many a common man suffered and the anger lingers as people still believe that those responsible have not been held to account. Dr Mishra’s experience and perspective give him a unique perch. He provides a detailed analysis of the crisis, examines the technical, regulatory and ethical aspects, and suggests ways to work towards a more stable system. This is a valuable addition to the literature.
Dr Rabi Mishra was the first Chief General Manager of the Financial Stability Unit of the RBI that was set up in the aftermath of the 2007 Great Financial Crisis. His vision and enthusiasm helped to drive the agenda of getting data and models to help regulators to look at the risks in the Indian financial system in a more holistic way as befits macroprudential policy.
The book is an excellent overview of the changing landscape for financial sector analysis and policies in the post-crisis world. Rabi Mishra discusses in-depth reasons why we now need to reorient financial sector surveillance towards monitoring the accumulation of systemic risk and how do the recent regulatory reforms including Basel III and the introduction of macroprudential policy help maintain financial stability.
The Global Financial crisis had varied reasons and many ramifications. The world economic order has been reset, and it is important to capture full dimension and consequences of the crisis to learn the lessons and emerge as a stronger and more resilient nation. This book evidently exhibits the significant macroprudential policies laid down by the regulators with an intent to counter the forces of crisis. I believe that this book is a guide for the policymakers, researchers and academicians. The insights of Dr Rabi Mishra are incisive and perceptive.
This book has aptly described the evolution of macroprudential policy, taking examples of various causes of the Global Financial Crisis 2008 and the lessons learnt from it. Wearing a regulator’s hat, the author dwelt on post-crisis regulatory reforms to mitigate various risk elements and finally narrated a crisis management framework and stresstesting mechanism. The book is an interesting read for the students of economics as well as the practising bankers to gain a holistic idea about the subject.
Ten years since the GFC is a good time to evaluate the responses to it: their effectiveness determines whether we can prevent its recurrence. Dr Rabi Mishra has the knowledge and experience to undertake this task and the result is a compelling read for all concerned with the subject, that is, all of us.
This is a useful and important contribution to the debate about the forces that contributed to the global financial crisis. The book also provides a practitioner’s insights about what is needed to fix in financial systems so that they are less vulnerable to systemic crashes and also how to deal with such crashes if they do occur.
Much has been written about the Global Financial Crisis—a defining event not just for the global economy but also for the economics discipline. Dr Mishra has written a wide-ranging book that is a worthy contribution to the debate.
In the ten years since the Global Financial Crisis, we have made great strides in understanding its causes and consequences, and perhaps most importantly, what might be done to avoid a similar catastrophe. Rabi Mishra’s book provides a thorough treatment of these lessons, and a fresh perspective, from someone who spent the time period sufficiently involved to develop a deep understanding, but sufficiently distant to avoid many potential biases.