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III. MONETARY POLICY FRAMEWORK: AN ANALYTICAL OVERVIEW

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—— . "Can Inflation Targeting Work in Emerging Market Countries". NBER Working Paper No. 10646, 2004.

Mohan, Rakesh. "Challenges to Monetary Policy in a Globalising Context". RBI Bulletin, January, No.

2004a.

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—— . "Financial Sector Reforms in India: Policies and Performance Analysis". RBI Bulletin October 2004c.

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IV. MONETARY POLICY IN AN OPEN ECONOMY

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—— . 'Controls on Capital Inflows: Do they Work?'. NBER Working Paper No. 7645, April 2000.

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Detken, C and V. Gaspar. 'Maintaining Price Stability Under Free-Floating: A Fearless Way out of the Corner?'. ECB Working Paper No. 241, July 2003.

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—— . 'An Indicator Approach to Business and Growth Rate Cycles: The Case of India'. Indian Economic Review, Vol. 36, No.1, January-June 2001b.

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Gordon, James and Poonam Gupta. 'Nonresident Deposits in India: In Search of Return?'. IMF Working Paper No. 04/48, March 2004.

Higgins, Matthew and Thomas Klitgard. 'Reserve Accumulation: Implications for Global Capital Flows and Financial Markets' Current Issues in Economics and Finance, Federal Reserve Bank of New York, Vol. 10, No. 10, September/October 2004.

Ho, Corrinne and Robert N. McCauley. 'Living with Flexible Exchange Rates: Issues and Recent Experience in Inflation Targeting Emerging Market Economies'. BIS Working Papers No. 130, February 2003.

Hoggarth, G. and Gabriel Sterne. 'Capital Flows: Causes, Consequences and Policy Responses'.

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Imbs, Jean. 'Trade, Finance, Specialization, and Synchronization,' IMF Working Paper No. 03/81, 2003.

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—— . 'World Economic Outlook'. September 2003.

—— . 'World Economic Outlook'. September 2004.

Issing, Otmar. 'Some Reflections on Handling Monetary Policy in a Global Environment'. Speech at International Research Forum on Monetary Policy, July 5, 2002.

Jadhav, Narendra. 'Central Bank Strategies, Credibility and Independence: Global Evolution and the Indian Experience'. RBI Occasional Papers, Vol. 24, Nos. 1 and 2, 2003.

Jalan, Bimal. 'International Financial Architecture: Developing Countries’ Perspectives'. RBI Bulletin, October 1999.

—— . 'Bank of England Seminar on International Financial Architecture' Speech at Symposium of Central Bank Governors hosted by Bank of England, London, July 2002.

—— . 'Exchange Rate Management: An Emerging Consensus'. Speech at 14th National Assembly of Forex Association of India, August 2003.

Johnson, M.H. 'The New Economy: Implications for Monetary Policy', Paper prepared for the Cato Institute’s Annual Monetary Conference at Washington, October 2000.

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Kletzer, Kenneth and Mark M. Spiegel. 'Sterilisation Costs and Exchange Rate Targeting'. Journal of International Money and Finance, Vol. 23, 2004.

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Laurens, Bernard and Jaime Cardoso. 'Managing Capital Flows: Lessons from the Experience of Chile'.

IMF Working Paper No.98/168, December 1998.

Lee, Jang-Yung. 'Implications of a Surge in Capital Inflows: Available Tools and Consequences for the Conduct of Monetary Policy'. IMF Working Paper No. 96/53, May 1996.

Lopez-Mejia, Alejandro. 'Large Capital Flows: A Survey of the Causes, Consequences, and Policy Responses'. IMF Working Paper No. 99/17, February 1999.

Mall, O.P. 'International Business Cycles Beyond G-7: The Case of India', Reserve Bank of India Occasional Papers, Vol. 22 (Summer, Monsoon and Winter), 2001.

Mann, C. 'How Long the Strong Dollar?', Dollar Overvaluation and the World Economy In C.F. Bergsten and J. Williamson (eds), Institute for International Economics, Washington, D.C., 2003.

Mboweni, T.T. 'Globalisation and Implications for Monetary Policy in South Africa, Speech Delivered at Cape Town, February 2002.

McCauley, R. N. 'Setting Monetary Policy in East Asia: Goals, Developments and Instututions'. Reserve Bank of Austria Annual Conference, Vol., 2001.

Meltzer, Alan H. 'On Making Monetary Policy More Effective Domestically and Internationally'. In Towards More Effective Monetary Policy, (ed.) Iwao Kuroda, MacMillan Press Limited, London, 1997.

Milesi-Ferretti, G.M and A. Razin.'Current Account Reversals and Currency Crises: Empirical Regularities'. In Currency Crises, P. Krugman, (ed.) Chicago University Press, 2000.

Mishkin Frederic S. 'The Transmission Mechanism and the Role of Asset Prices in Monetary Policy',

NBER Working Paper No.8617, 2001.

Mohan, Rakesh. 'Challenges to Monetary Policy in a Globalising Context'. RBI Bulletin, January 2004a.

—— . 'Orderly Global Economic Recovery: Are Exchange Rates Adjustments Effective Any More?'.

RBI Bulletin, April 2004b.

—— . 'Financial Sector Reforms in India: Policies and Performance Analysis'. RBI Bulletin, October 2004c.

Mohanty, D., Muneesh Kapur and Satyananda Sahoo. 'Management of ‘Non-Resident Deposits’ in External Debt Management - Role of Financial Intermediaries'. Credit Rating Information Services of India (Crisil), 2000.

Montiel, Peter and Carmen M. Reinhart. 'Do Capital Controls and Macroeconomic Policies Influence the Volume and Composition of Capital Flows? Evidence from the 1990s'. Journal of International Money and Finance, Vol. 18, No. 4, 1999.

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Obstfeld, Maurice, Jay C. Shambaugh and Alan M. Taylor. 'The Trilemma in History: Trade-offs among Exchange Rates, Monetary Policies and Capital Mobility'. NBER Working Paper No. 10396, March 2003.

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Otto, G., G. Voss, and L. Willard. 'Understanding OECD Output Correlations'. Research Discussion Paper 2001-05, University of New South Wales, School of Economics, New South Wales, 2001.

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Pattanaik, S. and A.K. Mitra. 'Interest Rate Defence of Exchange Rate: Tale of the Indian Rupee', Economic and Political Weekly, Vol. 36, No. 46, November 24 2001.

Pattnaik, R. K., M. Kapur and S.C.Dhal. 'Exchange Rate Policy and Management: The Indian Experience'.

Economic and Political Weekly, Vol. 38, No. 22, 2003.

Peersman,G. and F. Smets. 'Are the Effects of Monetary Policy in the Euro Area Greater in Recessions than in Booms?'. ECB Working Paper No. 52, 2001.

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—— . 'Towards Globalisation in the Financial Sector in India'. RBI Bulletin, January 2004a.

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—— . 'The Global Economy and Financial Markets – Sustaining the Recovery'. Statement at IMFC

Meeting, RBI Bulletin, May 2004c.

Reinhart, Carmen M. and R. Todd Smith. 'Too Much of a Good Thing: The Macroeconomic Effect of Taxing Capital Inflows'. In Managing Capital Flows and Exchange Rates – Perspectives from the Pacific Basin, (ed.) Reuven Glick, Cambridge University Press, 1998.

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Valdes-Prieto, S. and M. Soto. 'The Effectiveness of Capital Controls: Theory and Evidence from Chile'.

Empirica, Vol. 25, No.2, 1998.


V. MONETARY POLICY AND INFLATION

Ahearne, Alan; Joseph Gagnon; Jane Haltmaier and Steve Kamin. 'Preventing Deflation: Lessons from Japan’s Experience in the 1990s'. International Finance Discussion Paper No. 729, Federal Reserve Board, 2002.

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Clarida, R., J. Gali and M. Gertler. 'Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory', NBER Working Paper No. 6442, 1998.

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Cunningham, A., A.G. HaldanE. 'The Monetary Transmission Mechanism in the United Kingdom: Pass-through and policy rules. Prepared for the third Annual Conference of the Central Bank of Chile, September, 1999.

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Domac, I and E.H.Yucel. 'What Triggers Inflation in Emerging Market Economies?'. World Bank Policy Research Working Paper No. 3376, 2004.

Donald T Brash, 'Inflation Targeting 14 years on'. Speech delivered at the American Economic Association, January 2002.

Dubravko, Mihaljek and Marc Klau. A Note on Pass-through from Exchange Rate and Foreign Price Changes to Inflation in Selected Emerging Market Economies. In 'Modelling Aspects of the Inflation Process and the Monetary Transmission Mechanism in Emerging Market Economies'.

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Dudley, William. 'Treasury Inflation-Protection Securities: A Useful Tool, But not a Cure-all,' (New York: Goldman Sachs Investment Research), 1996.

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Eichengreen, Barry. 'Can Emerging Markets Float? Should They Inflation Target?'. Working Paper Series 36, Banco Central do Brasil, February 2002.

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Fatás, Antonio, Ilian Mihov, and Andrew K. Rose. Quantitative Goals for Monetary Policy. Discussion Paper No. 4445, Centre for Economic Policy Research, June 2004.

Fraga, A.; Minella, A. and Goldfajn, I. 'Inflation Targeting in Emerging Market Economies'. NBER Working Paper 10019, October 2003.

Frankel, Jeffrey, David Parsley and Shang-Jin Wei. 'Slow Passthrough Around the World: A New Import for Developing Countries?' Harvard University, July 8, 2004.

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Furher, J.C and G.R.Moore. 'Forward-Looking Behaviour and the Stability of a Conventional Monetary Policy Rule'. Journal of Money, Credit and Banking, Vol. 27, 1995.

Gagnon, J. E. and J. Ihrig. 'Monetary Policy and Exchange Rate Pass-Through'. International Finance Discussion Papers. Number 704, Board of Governors of the Federal Reserve System, July 2001.

Gagnon, E.; P. Sabourin, and S. Lavoie. 'The Comparative Growth of Goods and Services Prices'. Bank of Canada Review, Winter 2003-2004.

Goodfriend, M. 'Financial Stability, Deflation and Monetary Policy', Bank of Japan IMES Discussion Paper No. 2000-E-27, 2000.

Gordon, 'The Time Varying NAIRU and its Implications for Monetary Policy'. Journal of Economic Perspectives, Vol. 11, No.1, 1997.

Gramlich, Edward. 'Maintaining Price Stability.' Remarks before the Economic Club of Toronto, Toronto, Canada, October 1, 2003.

Greenspan Alan. 'Current Account'. Remarks before the Economic Club of New York, March 2004.

—— . 'The Implications of Technological Changes'. Remarks at the Charlotte Chamber of Commerce.

July 1998.

Gurkaynak, R.S, B Sack and E Swanson, 'The Excess Sensitivity of Long-term Interest Rates: Evidence and Implications for Macroeconomic Models'. Board of Governors of the Federal Reserve System,

Finance and Economics Discussion Series No 2003-50, 2003.

Hahn, E. 'Pass through of External Shocks Top Euro Area Inflation'. ECB Working Paper Series, No.

243, 2003.

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Working Paper No. 8865, 2002.

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—— . 'World Economic Outlook', IMF 2002.

—— . 'World Economic Outlook', IMF 2003.

—— . 'World Economic Outlook', IMF 2004.

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4, July/August 2004.

Jadhav, Narendra. 'Central Bank Strategies, Credibility and Independence : Global Evolution and the Indian Experience', RBI Occasional Papers, Vol. 24, Nos. 1 and 2 (Summer and Monsoon), 2003.

Jalan, B. 'Monetary Policy: Is a Single Target Relevant?'. In India’s Economy in the New Millennium: Selected Essays (ed.). B. Jalan, Mumbai: UBS Publishers Distributors 2002.

Jeffry M. Wrase. 'Inflation Indexed Bonds: How do they Work', Business Review, July/August, 1997.

Jimenez-Rodriguez, R. and Sanchez, M. 'Oil Price Shocks and Real GDP Growth Empirical Evidence for Some OECD Countries'. ECB Working Paper Series No. 362, May 2004.

Judd, J. and G.M. Ruebusch. ' Taylor’s Rule and the Fed'. Economic Review, Federal Reserve Bank of San Francisco, 1998.

Kamin, Steven B., Mario Marazzi and John W. Schindler. 'Is China Exporting Deflation'? International Finance Discussion Papers No.791 Board of Governors of the Federal Reserve System, January 2004.

Karagedikli, Ozer and Kirdan Lees. 'Do Inflation Targeting Central Banks Behave Asymmetrically?

Evidence from Australia and New Zealand'. Discussion Paper DP2004/02, Reserve Bank of New Zealand, 2004.

Kannan, R. and H. Joshi. 'Growth-Inflation Trade Off: Empirical Estimation of threshoed Rate of Inflation for India'. Economic and Political Weekly, October 17-23/24-30, 1998, Vol. 33, Nos.42 and 43.

Khan, Mohsin and Abdelhak S Senhadji. 'Threshold Effects in the Relationship Between Inflation and Growth'. IMF Working Paper No. 00/110, 2000.

King, Mervyn. 'Challenges for Monetary Policy: New and Old'. At the Symposium New Challenges for Monetary Policy. Federal Reserve Bank of Kansas City, August 1999.

—— . 'Monetary Policy Developments' Speech at the Eden Project, Cornwall, October 2004.

Kohn, Donald L. 'Panel Discussion: Inflation Targeting' Federal Reserve Bank of St. Louis, July-August, 2004.

Krugman, Paul. 'It’s Baaack! Japan’s Slump and the Return of the Liquidity Trap,' Brookings Papers on Economic Activity, Vol. 2, pp. 137–187,1998.

Kuttner, K.N. 'A Snapshot of Inflation Targeting in its Adolescence' Paper Prepared for the Conference on the Future of Inflation Targeting, August 2004.

Lawrence J. Christiano and Terry J. Fotzgerald.' Understanding the Fiscal Theory of Price Level', Economic Review, Vol.36 No.2, Federal Reserve Bank of Cleveland, 2000.

Levin, A.T.; Fabio M. Natalucci and Jeremy M. Piger. 'The Macroeconomic Efects of Inflation Targetting'.

Paper presented at Annual Economic Policy Conference on Inflation Targeting: Prospects and Problems, 2004.

Loayza, N. and R. Soto. 'Inflation Targeting: An Overview'. In Inflation Targeting: Design, Performance, Challenges, (eds.) by N. Loayza and R. Soto, Santiago, Chile, 2002.

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Mahadeva, L and Sterne, G. 'The Role of Short-run Inflation Targets and Forecasts in Disinflation'.

Bank of England Working Paper No. 167, October 2002.

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McCarthy, Jonathan. 'Pass-Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialised Economies', Federal Reserve Bank of New York Staff Reports No. 111, September 2000.

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Mishkin, Frederic S. and Klaus Schmidt-Hebbel. 'One Decade of Inflation Targeting in the World: What do We know and What Do We Need to Know?'. NBER Working Paper No.8397, July 2001.

Mishkin, F.S. 'Can Central Banking Transparency Go Too Far?'. Paper Presented at a Conference on the Future of Inflation Targeting at Reserve Bank of Australia, August 2004.

Mohan, Rakesh 'Challenges to Monetary Policy in A Globalising Context', RBI Bulletin, January 2004a.

—— . 'Fiscal Challenges of Population Ageing: The Asian Experience', RBI Bulletin, October 2004b.

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Mohanty, M.S. and Marc Klau. 'What Determines Inflation in Emerging Market Economies?' In Modelling Aspects of the Inflation Process and the Monetary Transmission Mechanism in Emerging Market Economies. BIS Papers No. 8, Bank for International Settlements, 2001.

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ECB Working Paper No.305, February 2004.

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—— . 'U.K. Inflation in the 1970s and 1980s: the Role of Output Gap Mismeasurement'. Journal of Economics and Business, Vol.55, No.4, pp.353-370, 2003.

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Rangarajan, C. 'Indian Economy: Essays on Money and Finance'. UBS Publishers, 1998. Reddy, Y. V. 'Inflation in India- Status and Issues', Reserve Bank of India Bulletin, October 1999. —— .'Current Concerns and Some Perspectives on Inflation'. RBI Bulletin, October, 2004.

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Rogoff Kenneth. 'Globalization and Global Disinflation', Federal Reserve Bank of Kansas City Economic Review, Fourth Quarter, pp. 45-79, 2003.

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Samanta, G. P. 'Core Inflation in India: Measurement and Policy Perspectives'. Reserve Bank of India Occasional Papers, Vol. 20, No. 1, Summer, 1999.

Samantaraya, A. and A. Prasad. 'Growth and Inflation in India: Detecting the Threshold'. Asian Economic Review, December 2001.

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Shiratsuka S. 'Inflation Measures for Monetary Policy: Measuring the Underlying Inflation Trend and its Implication for Monetary Policy Implementation', Institute for Monetary and Economic Studies, Bank of Japan, December 1997.

Sims, Christopher A. 'A model for Study of the Determination of the Price Level and the Interaction of Monetary and Fiscal Policy', Economic Theory, Vol. 4, No.3, 1994.

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Sterne, G. 'Inflation Targets, Independence and MPCs: the UK and International Experience', A Paper Prepared for a Conference on Inflation Targeting in Practice at the Czech National Bank, Prague, May 2004.

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—— . 'Control of the Public Debt: A Requirement for Price Stability?' In The Debt Burden and its Consequences for Monetary Policy, (eds.) G.A.Calvo and M. King, London: Macmillan, 1997.

—— . 'Public Debt and Price level', Paper presented at the Conference on Government Debt Structure and Monetary Conditions, Bank of England, June 1998.

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Wynne, M. 'Core Inflation: Some Conceptual Issues', Bank of England Quarterly Bulletin, Vol. 39, No.4, November 1999.

VI. BANK CREDIT

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Staff Papers, Vol. 51, No.1, 2004.

Catao, L. and S. Rodriguez. 'Banks and Monetary Shocks in Emerging Markets: How Far Can We Go with the Credit View?'. IMF Working Paper No. 00/68, 2000.

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Greenspan, A. 'The State of the Banking Industry' Statement before the Committee on Banking, Housing and Urban Affairs, U.S. Senate, April 2004.

Grossman, R. 'The Shoe That Didn’t Drop: Explaining Banking Stability During the Great Depression'.

Journal of Economic History, Vol. 54, 1994.

Huybens, E. and B. Smith. 'Inflation, Financial Markets, and Long-run Real Activity'. Journal of Monetary Economics, Vol.43, 1999.

International Monetary Fund. 'World Economic Outlook'. IMF, Washington, D.C., April 2004

Jacoby, Hanan G. 'Borrowing Constraints and Progress Through School: Evidence from Peru'. Review of Economics and Statistics, Vol. 76, No.1, pp.151-160,1994.

King, R.G. and R. Levine. 'Finance and Growth: Schumpeter Might Be Right'. Quarterly Journal of Economics, Vol. 108, 1993.

Kreuger. A.O. 'Banking Needs of a Global Economy'. Speech Delivered at Bankers’ Conference, New Delhi on November 10, 2004.

Levine.R. 'Finance and Growth: Theory and Evidence'. NBER Working Paper No. 10766, 2004.

Merton, R.C and, Z. Bodie. 'The Informational Role of the Financial System: The Case of Implied Volatility', in Global Financial System: A Functional Perspective, Cambridge, MA: Harvard Business School Press, 1995.

Meyer, R.L and Geetha Nagarajan. 'Rural Financial Markets in Asia : Policies, Paradigms and Performance.' Oxford University Press, 1999.

Misra, B.S. 'Analytics of Credit - Output Nexus in India'. RBI Occasional Papers, Vol. 24, Nos. 1 and 2, Summer and Monsoon, 2003.

Mohan. Rakesh 'Small Scale Industrial Policy: A Critical Evaluation'. In Economic Policy Reforms and the Indian Economy, (ed.) Anne Krueger, Oxford University Press, New Delhi, 2002.

—— . 'Transforming Indian Banking: In Search of a Better Tomorrow'. RBI Bulletin, January 2003a.

—— . 'Infrastructure Development in India: Emerging Challenges'. Speech delivered at the World Bank Annual Bank Conference on Development Economics at Bangalore on May 21-23, 2003b.

Mohan. Rakesh. 'Finance for Industrial Growth'. RBI Bulletin, March 2004a.

—— . 'Financing Services Sector Growth'. Speech delivered at M.A. Master Memorial Lecture, Indian Merchants Chamber, Mumbai, on March 26, 2004b.

—— . 'Financial Sectors Reforms in India: Policies and Performance Analysis'. RBI Bulletin, October, 2004c.

—— . 'Agricultural Credit in India: Status, Issues and Future Agenda'. RBI Bulletin, November, 2004d.

Mukhopadhyaya, H. 'Monetary Transmission Mechanism: The Credit Channel Hypothesis Revisited'.

Paper presented at the 1st Conference on Money and Finance at Indira Gandhi Institute of Development Research, Mumbai, 1998.

Petersen, Mitchell A. and Raghuram G Rajan. 'Does Distance Still Matter? The Information Revolution in Small Business Lending'. Journal of Finance, Vol. 57, No.6, 2002.

Rajan. R, and L.Zingales.'Financial Dependence and Growth'. American Economic Review, Vol. 88, June, 1998.

Rajan. R, and L.Zingales. 'Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity'. Crown Business, New York, 2003.

Rakshit, M. 'Money and Public Finance under Structural Adjustment: The Indian Experience'. Economic and Political Weekly, Vol. 29, No. 16/17, April 1994.

Rath D.P. and D. Bose, 'Macro Economics of Credit: An Indian Perspective'. In Indian Economic Reforms, (ed.) Raghvendra Jha, Palgrave Publications, 2003.

Reddy Y.V. 'Credit Policy, Systems and Culture'. RBI Bulletin, March 2004a.

—— . 'Rural Credit, Status and Agenda'. Speech delivered at Seminar on ‘Indian Economic and Social Development - National and International Perspective’ at ASCI, Hyderabad on November 16, 2004b.

Reserve Bank of India. 'Report of the Committee to Review the Working of the Monetary System', (Chairman: S. Chakravarty), 1985.

. 'Report of the Committee on the Financial System', (Chairman: M. Narasimham), Reserve Bank of India, 1991.

. 'Report on Currency and Finance, 2000-01'. 2002.

. 'Report on Currency and Finance, 2001-02'. 2003.

. 'Report of the Advisory Committee on Flow of Credit to Agriculture and Related Activities from the Banking System'. (Chairman: V.S.Vyas), 2004a.

. 'Report of the Working Group on Flow of Credit to Small Scale Industries Sector'. (Chairman: Shri A.S.Ganguly), 2004b.


VII. MONETARY TRANSMISSION MECHANISM

Al-Mashat, Rania. 'Monetary Policy Transmission in India'. In 'India: Selected Issues and Statistical Appendix, Country Report No. 03/261. International Monetary Fund, August 2003.

Angeloni, I., Anil K. Kashyap, Benoit Mojon and Daniele Terlizzese. 'The Output Composition Puzzle: A Difference in the Monetary Transmission Mechanism in the Euro Area and the U.S'. ECB

Working Paper No. 268, September 2003.

Bank of England. 'The Transmission Mechanism of Monetary Policy', 1999.

Barth, Marvin J. and Valerie A. Ramsey. 'The Cost Channel of Monetary Transmission'. NBER

Macroeconomics Annual, Vol. 16, 2001.

Basdevant, Olivier, Nils Bjorksten and Ozer Karageikli. 'Estimating a Time Varying Neutral Real Interest Rate for New Zealand'. Discussion Paper 2004/01, Reserve Bank of New Zealand, February 2004.

Batini, N. and E. Nelson. 'The Lag from Monetary Policy Actions to Inflation: Friedman Revisited.'

External MPC Unit Discussion Paper No. 6, Bank of England, 2002.

Bean, Charles. 'Global Demographic Change: Some Implications for Central Banks'. Overview Panel, Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 2004.

Bernanke, Ben S. and Mark Gertler. 'Inside the Black Box: The Credit Channel of Monetary Policy Transmission'. Journal of Economic Perspectives, Volume 9, No 4. 1995.

Berstein, Solange and J. Rodrigo Fuentes. 'Is There Lending rate Stickiness in the Chilean Banking Industry?'. In Banking Market Structure and Monetary Policy, (eds). Luis Antonio Ahumada and J. Rodrigo Fuentes, Central Bank of Chile, 2004.

Boivin, J. and M. Giannoni. 'Assessing Changes in the Monetary Transmission Mechanism: A VAR Approach'.

Federal Reserve Bank of New York Economic Policy Review, May 2002.

Bondt, Gabe de. 'Retail Bank Interest Rate Pass-through: New Evidence at the Euro Level'. ECB

Working Paper No. 136, April 2002.

Bondt, Gabe de, Benoit Mojon and Natacha Valla. 'Term Structure and the Sluggishness of Retail Bank Rates in Euro Area Countries'. Working Paper, April 2003.

Case, K.; J.Quigley and R. Shiller. 'Comparing Wealth Effects: The Stock Market Versus the Housing Market'. NBER Working Paper No. 8606, 2001.

Central Bank of Chile. 'Monetary Policy of the Central Bank of Chile: Objectives and Transmission'.

May 2000.

Chadha, J and N.Dimsdale. 'A Long View of Real Interest Rates'. Oxford Review of Economic Policy, Vol. 15, No.2,1999.

Christiano, L. J.; M. Eichenbaum and C. Evans. 'Monetary Policy Shocks: What have We Learned and to What End?'. In Handbook of Macroeconomics, (eds.) J.B. Taylor and M. Woodford. Vol. I.

Elsevier Science, 1999.

Clark, Todd E. and Sharon Kozicki. 'Estimating Equilibrium Real Interest Rates in Real Time'. Working Paper RWP 04-08, Federal Reserve Bank of Kansas City, September 2004.

Cottarelli, Carlo and Angeliki Kourelis. 'Financial Structure, Bank Lending Rates and the Transmission Mechanism of Monetary Policy'. IMF Staff Papers, Vol. 41, No. 4, December 1994.

Crespo - Cuaresma, Jesus; Balazs Egert and Thomas Reininger. 'Interest Rate Pass-through in New EU Member States: The Case of Czech Republic, Hungary and Poland'. William Davidson Institute Working Paper No. 671, May 2004.

Debelle, Guy. 'Macroeconomic Implications of Rising Household Debt'. BIS Working Paper No. 153, June 2004.

Dedola, L and F. Lippi. 'The Monetary Transmission Mechanism: Evidence from the Industry Data of Five OECD Countries'. CEPR Discussion Paper No. 2508, 2000.

Dhal, S. C. 'Short-term Interest Rate and Economic Activity'. RBI Occasional Papers, Volume 21, No.1, March 2000.

European Central Bank. 'The Natural Real Interest rate in the Euro Area'. ECB Monthly Bulletin, May 2004.

Espinosa - Vega, Marco A. and Allessandro Rebucci. 'Retail Bank Interest Rate Pass-through: Is Chile Atypical?'. In Banking Market Structure and Monetary Policy, (eds.) Louis Antonio Ahumada and J.

Rodrigo Fuentes, Central Bank of Chile, 2004.

Ferguson Jr., Roger. W. 'Equilibrium Real Interest Rate: Theory and Application'. Remarks at the University of Connecticut School of Business Graduate Learning Center and the SS&C

Technologies Financial Accelerator, Hartford, Connecticut, 2004.

Ford, R and D. Laxton. 'World Public Debt and Real Interest Rates'. Review of Economic Policy, Vol.15, No.2, 1999.

Freedman, Charles. 'Monetary Policy Implementation: Past, Present and Future – Will Electronic Money Eventually Lead to the Eventual Demise of Central Banking?'. International Finance, Vol. 3, 2000.

Friedman, M. and A. Schwartz. 'A Monetary History of the United States, 1867-1960'. Princeton University Press, 1963.

Fullenkamp, Connel and Saleh M. Nsouli. 'Six Puzzles in Electronic Money and Banking'. IMF Working Paper No. 04/19, February 2004.

Fung, Ben S.C. 'A VAR Analysis of the Effects of Monetary Policy in East Asia'. BIS Working Paper No.

119, September 2002.

Goodhart, C. and B. Hofmann. 'Asset Prices and the Conduct of Monetary Policy'. Manuscript, London School of Economics, 2000.

Goodhart, Charles A.E. 'Can Central Bank Survive The IT Revolution?'. FMG Special Papers, No.125, London School of Economics, June 2000.

Goodhart, C. and B.Hofmann. 'The IS Curve and the Transmission of Monetary Policy: Is there a Puzzle?'. FMG Special Papers, No.150, London School of Economics, 2003.

Hawkins, John. 'Electronic Finance and Monetary Policy'. In Electronic Finance: A New Perspective and Challenges, BIS Papers, No.7. November 2001.

Jadhav, N. 'Monetary Economics for India'. MacMillan, India, 1994.

Kahn, B. and G.N.Farrell. 'South African Real Interest Rates in Comparative Perspective: Theory and Evidence'. Occasional Paper No. 17, South African Reserve Bank, February 2002.

Kamin, Steven, Philip Turner and Jozef Van’t dack. 'The Transmission Mechanism of Monetary Policy in Emerging Market Economies: An Overview'. In The Transmission of Monetary Policy in Emerging Market Economies, Policy Papers No. 3, Bank for International Settlements, 1998.

Kuttner, K. N. and P. C. Mosser. 'The Monetary Transmission Mechanism: Some Answers and Further Questions'. Economic Policy Review, Federal Reserve Bank of New York, pp. 15-26, May 2002.

Laubach, Thomas and John C. Williams. 'Measuring the Natural rate of Interest'. The Review of Economics and Statistics, Vol. 85, No. 4, November 2003.

Loayza, Norman and Klaus Schmidt-Hebbel. 'Monetary Policy Functions and Transmission Mechanisms: An Overview', in Monetary Policy: Rules and Transmission Mechanisms, (eds.) Loayza, Norman and Klaus Schmidt-Hebbel, in Series on Central Banking, Analysis and Economic Policies, Vol.

IV, Central Bank of Chile. 2002

Mahadeva, Lavan and Katerina Smidkova. 'Modelling the Transmission Mechanism of Monetary Policy in the Czech Republic'. In Monetary Policy Frameworks in a Global Context, (eds.) Lavan Mahadeva and Gabriel Sterne, Routledge, 2000.

Mizen, Paul and Boris Hofmann. 'Base Rate Pass-through: Evidence from Banks’ and Building Societies’ Retail Rates'. Working Paper No. 170, Bank of England, 2002.

Mohan, Rakesh. 'Transforming Indian Banking: In Search of a Better Tomorrow'. Valedictory Address at the Bank Economists’ Conference, Bangalore, December 2002.

Morsink, J. and T. Bayoumi. 'A Peek Inside the Black Box: The Monetary Transmission Mechanism in Japan'. IMF Staff Papers, Volume 48, No.1, 2001.

Pichette, Lise. 'Are Wealth Effects Important for Canada?'. Bank of Canada Review, Spring 2004.

Piger, J. 'Pushing on a String'. Monetary Trends, Federal Reserve Bank of St. Louis, March 2003.

Rabanal, Pau. 'The Cost Channel of Monetary Policy: Further Evidence for the United States and the Euro Area'. IMF Working Paper No. 03/149, July 2003.

Rangarajan, C. and R. R. Arif. 'Money, Output and Prices: A Macroeconometric Model'. Economic and Political Weekly, Volume 25, No.16, April 21, 1990.

Ray, Partha, Himanshu Joshi and Mridul Saggar. 'New Monetary Transmission Channels: Role of Interest Rates and Exchange Rate in Conduct of Indian Monetary Policy'. Economic and Political Weekly, Vol. 33, October 31, 1998.

Reddy, Y.V. 'Interest Rates in India: Status and Issues', Address at the Inaugural Conference of Fixed Income Money Market and Derivatives Association of India (FIMMDA) at Mumbai, June 3, 1998.

Reserve Bank of India. 'Report of the Committee to Review the Working of the Monetary System', (Chairman: S. Chakravarty), 1985.

. 'Report of the Working Group on Money Supply: Analytics and Methodology of Compilation', (Chairman: Y.V. Reddy), June 1998.

. 'Report of the Expert Committee to Review the System of Administered Interest Rates and Other Related Issues', (Chairman: Y.V. Reddy), September 2001.

. 'Statement on Monetary and Credit Policy for 2003-04', April 2003.

. 'Report of the Advisory Committee to Advise on the Administered Interest Rates and Rationalisation of Saving Instruments', (Chairman: Dr. Rakesh Mohan), July 2004.

Romer, C. D. and D. H. Romer, 'Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz'. In NBER Macroeconomics Annual, (eds.) O. J. Blanchard and S. Fischer, MIT Press, 1989.

Romer, Christina. D. and David .H. Romer. 'A New Measure of Monetary Policy Shocks: Derivation and Implications'. NBER Working Paper No. 9866, July 2003.

Sander, Harald and Stefanie Kleimeier. 'Convergence in Euro-zone Retail Banking? What Interest rate Pass-through Tells us about Monetary Policy Transmission, Competition and Integration'. Journal of International Money and Finance, Vol. 23, 2004.

Sellon Jr., Gordin H. 'The Changing U.S. Financial System: Some Implications for Monetary Transmission Mechanism'. Economic Review, Federal Reserve Bank of Kansas City, First Quarter, 2002.

Smal, M.M. and S. De Jager. 'The Monetary Transmission Mechanism in South Africa'. Occasional Paper No. 16, Reserve Bank of South Africa, September 2001.

Taylor, J. B. 'The Monetary Transmission Mechanism: An Empirical Framework'. Journal of Economic Perspectives, Fall, Volume 9, No.4, pp. 11-26, 1995.

Walsh, Carl. 'Monetary Theory and Policy'. The MIT Press. Cambridge, 2003.

Woodford, Michael. 'Interest and Prices: Foundations of a Theory of Monetary Policy'. Princeton University Press, 2003.


VIII. FINANCIAL STABILITY

Allen, F and D.Gale. 'Comparative Financial Systems'. MIT Press, 2000.

Bank for International Settlements. 'Survey of Developments in Electronic Money and Internet and Mobile Payments'.Committee on Payment and Settlement Systems, BIS, 2004a.

Bank for International Settlements. 'Statistics on Payment and Settlement Systems in Selected Countries'. Committee on Payment and Settlement Systems, BIS, 2004b.

Bernanke, B. and M. Gertler. 'Monetary Policy and Asset Volatility', Federal Reserve Bank of Kansas City Economic Review, 84, 1999.

Bernanke, Ben S. 'Asset-Price Bubbles and Monetary Policy'. BIS Review No. 59, 2002.

Bhatt, N. and Y.S.P. Thorat, 'India’s Regional Rural Banks: The Institutional Dimension of Reforms', Journal of Microfinance, Vol. 3, 2001, pp. 65-88.

Bordo, Michael D. and Olivier Jeanne. 'Boom-Busts in Asset Prices, Economic Instability and Monetary Policy'. NBER Working Paper No. 8966, June 2002.

Borio, C and P. Lowe. 'Asset Prices, Financial and Monetary Stability: Exploring the Nexus'. BIS Working Paper No. 114, 2002, BIS.

Borio, C and P.McGuire. 'Twin Peaks in Housing and Equity Prices'. BIS Quarterly Review, March 2004.

Borio, C. 'Towards a Macroprudential Framework for Financial Regulation and Supervision?'. BIS

Working Paper No. 128, 2003.

Borio, Claudio and William White. 'Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes'. BIS Working Paper No. 147, 2003.

Caprio, G and D.Klingebiel. 'Episodes of Systemic and Borderline Banking Crises'. The World Bank, Washington DC, 2003.

Cecchetti, S., H. Genberg, J. Lipsky and S. Wadhwani. 'Asset Prices and Central Bank Policy'. Geneva Report on the World Economy 2, 2002, International Centre for Monetary and Banking Studies and Centre for Economic Policy Research.

Central Banking Publications. 'How Countries Supervise their Banks, Insurance and Securities Markets'.

Central Banking Publications, London, 2004.

Chant, John. 'Financial Stability as a Policy Goal'. In Essays on Financial Stability, (eds.) John Chant, Alexandra Lai, Mark Illing, and Fred Daniel, Technical Report No. 95, Bank of Canada, September 2003.

Comptroller and Auditor General of India, Report on Union Government Accounts (various years), New Delhi.

Crockett, A. 'Monetary Policy and Financial Stability', Lecture Delivered at the HKMA Distinguished Lecture, February 2001, Hong Kong.

Crockett, A. 'The Interaction of Monetary and Financial Stability', Monetary Bulletin, Central Bank of Iceland, Vol. 6, Nov. 3, 2004.

Das, A. and S. Ghosh. 'Determinants of Credit Risk in Indian State-owned Banks: An Empirical Investigation'. Paper presented at the Conference on Money, Risk and Investment, Nottingham Trent University, UK, 2003.

Davis E. P. 'Debt, Financial Fragility and Systemic Risk, Revised and Extended Version'. Oxford University Press, 1995.

Davis, E.P., R.Hamilton, R.Heath, F.Mackie and A. Narain. 'Financial Market Data for International Financial Stability', Centre for Central Banking Studies, Bank of England, UK, 1999.

Davis, E.P. 'Towards a Typology for Systemic Financial Stability'. Brunei University Working Paper 03/

20 , 2003.

Davis, E.P and M.R.Stone. 'Corporate Finance and Financial Stability'. IMF Working Paper No. 124, 2004.

Deutsche Bundesbank. 'Report on the Stability of the German Financial System'. Monthly Report, Frankfurt, December 2003.

Diamond, D and P.H. Dybvig. 'Bank Runs, Deposit Insurance and Liquidity'. Journal of Political Economy, Vol. 19, pp. 301-319, 1983.

Duisenberg, W.F. 'The Contribution of the Euro to Financial Stability'. In Globalization of Financial Markets and Financial Stability—Challenges for Europe, Baden-Baden, 2001.

Dziobek, C., J.K.Hobbs and D.Martson. 'Towards a Framework for Systemic Liquidity', IMF Working Paper No. 34, 2000.

Ehrmann, Michael and Marcel Fratzcher. 'Taking Stock: Monetary Policy Transmission to Equity Markets'.

ECB Working Paper No. 354, May 2004.

European Central Bank. 'Report on Electronic Money'. Frankfurt, August 1998.

Ferguson, R.W. 'Should Financial Stability be an Explicit Central Bank Objective?'. Lecture Delivered at the Conference on Challenges to Central Banking from Globalized Financial Systems, September 2002.

—— . 'September 11, the Federal Reserve and the Financial System'. Remarks at Vanderbilt University, Tennessee. Federal Reserve Board, September 5, 2003

Fisher, C. and M.Lund. 'Perfect Partners or Uncomfortable Bedfellows? On the Nature of the Relationship Between Monetary Policy and Financial Stability'. Center for Central Banking Studies, Bank of England, 2002.

Friedman, M. and A.J.Schwartz. 'A Monetary History of the United States 1867-1960'. National Bureau of Economic Research, New York, 1963.

Fry, M.J., I.Kilato, S.Roger, K.Sendeerowicz, D.Sheppard, F.Solis and J.Trundle. 'Payment Systems in Global Perspective'. Routledge: London, 1999.

Fry, M.J., D.Julius, L.Mahadeva, S.Roger and G.Sterne. 'Key Issues in the Choice of Monetary Policy Framework'. in Monetary Policy Frameworks in a Global Context, (eds.) L.Mahadeva and G.Sterne Routledge: London, 2000.

Fullenkamp, Connel and, Saleh M Nsouli. 'Six Puzzles in Electronic Money and Banking'. IMF Working Paper No. 04/19, 2004.

Ghosh, S. and R.Sensarma. 'Does Monetary Policy Matter for Corporate Governance? Firm-Level Evidence for India'. In Advances in Financial Economics, (eds.) M.Hirschey, Anil K Makhija and K. John, Vol. 9 (Corporate Governance), Elsevier Science: New York, 2004.

Goodhart, C.A.E. 'Some New Directions for Financial Stability'. Per Jacobsson Foundation Lecture at Zurich, June 2004.

Goodhart, C.A.E., P. Hartmann, D. Llewellyn, L. Rojas-Suarez and S. Weisbrod. 'Financial Regulation: Why, How and Where Now?'. Routledge, London, 1998.

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Greenspan, A. 'Risk and Uncertainty in Monetary Policy'. Remarks at the Meetings of the American Economic Association, January 3, 2004.

Guttentag, J.M. and R.J.Herring. 'Credit Rationing and Financial Disorder'. Journal of Finance, Vol.

39, pp.1359-1382, 1984.

Hansda, S. and P. Ray. 'BSE and Nasdaq: Globalisation, Information Technology and Stock Prices'.

Economic and Political Weekly, Vol. 37, pp. 459-468, February 2002.

Hawkins, J. and P. Turner. ‘‘Bank Restructuring in Practice: An Overview'. In Bank Restructuring in Practice, BIS Policy Paper No.6, 1999.

Healey, J. 'Financial Stability and Central Banks: International Evidence'. In Financial Stability and Central Banks: A Global Perspective, (ed.) R.A.Brealey et al., Routledge, London, 2001.

Hoggarth, G. J. Reidhill and P. Sinclair. ‘‘Resolution of Banking Crises: A Review’’. Bank of England, Financial Stability Review, December 2003.

Houben, A. J. Kakes and S. Schinasi. ‘‘Towards a Framework for Safeguarding Financial Stability’’. IMF

Working Paper No. 101, 2004.

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Issing, Otmar. 'Monetary and Financial Stability: Is there a Trade-off?' BIS Review No. 16, 2003.

Jadhav, Narendra. 'Central Bank Strategies, Credibility and Independence: Global Evolution and the Indian Experience'. RBI Occasional Papers, Vol. 24, No. 1 and 2, 2003.

Kindleberger, C. P. 'Manias, Panics and Crashes: A History of Financial Crises'. Basic Books, New York, 1978.

Large, A. 'Financial Stability: Maintaining Confidence in a Complex World'. Financial Stability Review, Bank of England, London, 2003.

Mathur, K.B.L. 'Public Sector Banks: Should they be Privatised'. Economic and Political Weekly, Vol. 37, June 2002.

Mishkin, F. 'The Causes and Propagation of Financial Instability: Lessons for Policymakers'. In Maintaining Financial Stability in a Global Economy, 1997, Symposium sponsored by Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming.

—— . 'Global Financial Instability: Framework, Events, Issues'. Journal of Economic Perspectives, Vol.13 (Fall), 1999.

Mohan, Rakesh. 'Challenges to Monetary Policy in a Globalsing Context'. RBI Bulletin, January 2004a.

. 'Ownership and Governance in Private Sector Banks in India'. RBI Bulletin, October 2004.

. 'Financial Sector Reforms in India: Policies and Performance Analysis'. RBI Bulletin, November 2004c.

. 'Indian Banking and e-Security'. RBI Bulletin, November 2004d.

Montiel, Peter and L. Serven. 'Macroeconomic Stability in Developing Countries: How Much is Enough?'.

World Bank Policy Research Working Paper No. 3456, 2004.

Morris, J. 'Risk Diversification in the Credit Portfolio: An Overview of Country Practices'. IMF Working Paper No.01/200, 2001.

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National Stock Exchange. 'Indian Securities Market: A Review'. NSE, Mumbai, 2003.

Office of the Comptroller of Currency. 'A Cross-Country Analysis of the Bank Supervisory Framework and Bank Performance'. Economic and Policy Analysis Working Paper No.2, 2002.

Padoa-Schioppa, T. 'Central Banks and Financial Stability: Exploring a Land in Between', In The Transformation of the European Financial System, (eds.) V. Gaspar, P. Hartmann, O. Sleijpen, European Central Bank, Frankfurt, 2003.

Peek, J., E.Rosengren and G.M.B.Tootell. 'Is Bank Supervision Central to Central Banking?'. Quarterly Journal of Economics, Vol. 74, pp.629-653, 1999.

Reddy, Y.V. 'Financial Sector Reforms: Review and Prospects'. RBI Bulletin, December 1998.

. 'Towards Globalisation of the Financial Sector in India'. RBI Bulletin, January 2004a.

. 'Financial Stability: Indian Experience'. RBI Bulletin, July 2004b.

. 'India and the Global Economy'. RBI Bulletin, August 2004c.

. 'Current Concerns and Some Perspectives on Inflation'. RBI Bulletin, October 2004d.

—— .'Interview with Central Banking Publications'. 2004e.

. 'Banking Sector in Global Perspective'. RBI Bulletin, November 2004f.

Reserve Bank of India. 'Report of the Working Group on Electronic Money'. 2002.

. 'Report on Trend and Progress of Banking in India 2002-03'.

Rigobon, R and B. Sack. 'Measuring the Reaction of Monetary Policy to the Stock Market'. NBER

Working Paper No. 8350, 2001.

. 'The Impact of Monetary Policy on Asset Prices'. NBER Working Paper No. 8794.

Sahoo, Satyananda and Sarat Chandra Dhal. 'Financial Asset Price and its Implications for Monetary Policy: An Empirical Evaluation of Stock Price Movements in India'. Udyog Pragati. Vol. 26. No.1, January-March 2002.

Scharfstein, D.C. and J.C.Stein. 'Herd Behaviour and Investment'. American Economic Review, Vol.

80, pp.465-479, 1990.

Schwartz, A.J. 'Asset Price Inflation and Monetary Policy'. NBER Working Paper No. 9321, November 2002.

Securities and Exchange Board of India. 'Annual Report 2003-04'. Mumbai.

Sinclair, P.J.N. 'Central Banks and Financial Stability'. Bank of England Quarterly Bulletin, November 2000.

Smelt, F. 'Financial Asset Prices and Monetary Policy: Theory and Evidence'. BIS Working Paper No.

47, 1997.

Taylor, M. and A. Fleming. 'Integrated Financial Supervision: Lessons of Scandinavian Experience'.

Finance and Development, December 1999.

Trichet, J.C. 'Overview in Maintaining Financial Stability in a Global Economy'. Symposium sponsored by Federal Reserve Bank of Kansas City, Jackson Hole, 1997, Wyoming.

Tsatsaronis, K. and H.Zhu. 'What Drives Housing Price Dynamics? Cross-Country Evidence'. BIS

Quarterly Review, March 2004.

Udeshi, K.J. 'Implementation of Basel II - An Indian Perspective'. Lecture delivered at the World Bank/ IMF/US Federal Reserve Board at 4th Annual International Seminar on Policy Challenges for the Financial Sector, Washington D.C., 2004.

Woodford, M. 'Interest and Prices: Foundations of a Theory of Monetary Policy'. Princeton University Press, Princeton, 2003.

 



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