Paper presented by Mr Deepak Mohanty, Executive Director of the Reserve Bank of India, in the SAARCFINANCE Governors’ Symposium, Colombo, 24 July 2014
....The limitation of transmission of conventional monetary policy through interest rate led major central banks to undertake measures which were monetary in nature but unconventional in their instruments and operational targets. For example, a crisis may impair the normal functioning of financial markets. In such a situation, central banks can resort to direct financial asset purchases and/or loosen collateral standards to expand their balance sheets. In the recent global financial crisis ........
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