The book is about the times in which we live. The context is the current global economic and financial crisis, caused by human inter-ventions that were bereft of transparency and commitment to sound market discipline. Governments and central banks are groping for quick solutions to assuage the growing anger of societies over the rising economic inequalities, unemployment and inflation.The need of the hour is to set in place good monetary governance. Monetary governance consists essentially of institutional mechanisms and processes required for sound functioning of the tasks that devolve on Governments and central banks. It focusses on issues relating to the functional area of macroeconomic management. It is distinct from financial governance which deals mainly with portfolio management and asset distribution within the context of the principles and policies laid down by macroeconomic managers.The book deals with the institutional requirements, the rainbow of interests, the analytics and the international dimensions of monetary governance in detail from the point of view of emerging market economies. Vasudevan argues, the way forward from the present state of policy-disarray lies in bestowing focus on accountability, knowledge-centric information and structural reforms as the points of policy pursuit.
Asuri Vasudevan is currently Special Adviser to the Governor, Central Bank of Nigeria on Monetary Policy & Operations. Prior to holding this position, he was on a 3-year IMF assignment (2006-2009) at the same Bank. His major previously-held positions were: Executive Director, Reserve Bank of India (1996-2000) and Adviser to the Executive Director for India at the International Monetary Fund, Washington DC (1984-1989). He was member of India delegations to the IMF-WB meetings between 1984 and 1989 and 1993-2000. He was member of the two Task Forces relating to International Standards and Codes of the erstwhile Financial Stability Forum at BIS, Basle. His book, Central Banking for Emerging Market Economies (Academic Foundation, 2003), has received acclaim as an important contribution to understanding of modern central banking. His previous books were on deficit financing (based on PhD thesis) and strategy of development planning. He has edited books on external debt and money and banking, and has several articles on monetary and development policy issues.