Rakesh Mohan recently completed a consulting professorship at the Stanford Center for International Development at Stanford University. He also served as the deputy governor for the Reserve Bank of India. His book Monetary Policy in a Globalized Economy: A Practitioner’s View focuses on issues relating to the evolution of banking and finance, the conduct of monetary policy, the management of the financial sector, and the role of central banking.
The outbreak of the global financial crisis was preceded by an extended period of persistent financial imbalances. These imbalances stemmed from the symbiotic relationship between the US, with its huge current account deficits, and China (as well as some other countries) that had equally persistent trade surpluses and which financed the US deficits with large capital inflows.
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