17 OCT,2022 | MEDC
This year's Economics Nobel Prize was awarded to three US-based researchers who unveiled the centrality of the financial system to economic crisis, showing how policy can and should intervene in such situations. Their advice is relevant to India, where systemic banking crisis oftenhave fiscal implications. Thus, the importance of sound banking regulation to macroeconomic stability should be taken note of. Economies worldwide have recently passed through enough ordeals for us to appreciate it. Essentially, the restoration of credibility in the banking system is something best attempted at a high level – rather than, for example, inconveniencing customers through operational restrictions. Saving the financial system will help to protect the real economy, and, thanks to these three torchbearers, the need to secure the functioning of the banking system from unnecessary government or political intervention and the possible response to a major financial crisis are now better understood.
*Picture Credit: Google
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Interactive Meeting with Mr. Jaykumar Rawal Hon'ble Minister for Tourism & Employment Guarantee Scheme Govt. of Maharashtra