Development Seminar @ Brookings India: The Real Effects of Unconventional Monetary Policy, By Viral Acharya
This Development Seminar @ Brookings India is on the topic, “Whatever it takes: The Real Effects of Unconventional Monetary Policy“ with speaker Dr. Viral Acharya, Deputy Governor, Reserve Bank of India.
Abstract: Launched in Summer 2012, the European Central Bank (ECB)’s Outright Monetary Transactions (OMT) program indirectly recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability re-established in the banking sector did not fully translate into economic growth. We document zombie lending by banks that remained undercapitalized even post-OMT. In turn, firms receiving loans used these funds not to undertake real economic activity such as employment and investment but to build up cash reserves. Creditworthy firms in industries with a high zombie firm prevalence suffered significantly from this credit misallocation, which further slowed down the economic recovery.
Development Seminar Series Photographs
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- Prof. E. Somanathan (Indian Statistical Institute, Delhi) engages with the audience during the Development Seminar “Environmental Challenges in India” on January 20, 2017
About Development Seminars Series @ Brookings India
The Development Seminars Series @ Brookings India is a platform for global scholars to present their work to a curated audience of senior government officials, politicians, journalists, academics and policy enthusiasts. The format of the seminars includes a senior researcher as a lead presenter and a government/industry expert to discuss the results and relevance within the Indian context. The fundamental focus of the seminar series is to draw research-based insights to shape and influence policy dialogues in India, through purposeful and pointed discussions.
Other Development Seminars
- Immigration and its Discontents
- America’s Economic Anxiety
- Using Technology to Strengthen Democracy
- The Online Education Revolution and India
- Environmental Challenges in India
- Corporate social responsibility in India: Law, implementation and evidence
- Pathways to Reducing Poverty and Sharing Prosperity in India
- Launch of paper ‘Building Smart Cities in India’
- Dr D. Subbarao on leading the RBI through 5 turbulent years
- Disguised Corruption: Evidence from Consumer Credit in China
- Transporting India to the 2030s by Dr. Rakesh Mohan
The Centre for Social and Economic Progress (CSEP) is an independent, public policy think tank with a mandate to conduct research and analysis on critical issues facing India and the world and help shape policies that advance sustainable growth and development.