Paper presented by Mr Deepak Mohanty, Executive Director of the Reserve Bank of India, in the SAARCFINANCE Governors’ Symposium, Colombo, 24 July 2014
............It is widely perceived that in absence of unconventional monetary policy measures, financial sector meltdown and recession, particularly in advanced economies, would have been more severe, which in turn could have significantly impacted the global economy. However, opinion remains divided on the efficacy of prolonged recourse to unconventional monetary policy. It is argued that greater risk taking behaviour as an outcome of unconventional measures could undermine financial stability. Furthermore, there is the risk of...........
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