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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Distinguished Fellow Rakesh Mohan (former deputy governor of the RBI) and Shamika Ravi (Senior Fellow, Brookings India) at the 1st Development Seminar on “Transporting India to the 2030s” on July 1, 2016
Dr. Subir Gokarn (Executive Director, IMF, and founding research director of Brookings India) at the Development Seminar on “Dr D. Subbarao on leading the RBI through 5 turbulent years” on August 5, 2016
Shamika Ravi (Senior Fellow, Brookings India) and Prof. Somanathan (Indian Statistical Institute, Delhi) listen to Dr. Ajay Mathur (Director General, The Energy and Resources Institute) during the Development Seminar “Environmental Challenges in India” on January 20, 2017
Professor Shivaram Rajgopal (Columbia Business School) and Shamika Ravi (Senior Fellow, Brookings India), listen to Somasekhar Sundaresan (Advocate) during the Development Seminar “Corporate social responsibility in India: Law, implementation and evidence” on Dec 12, 2016
Shamika Ravi (Senior Fellow, Brookings India) and Sumit Agarwal (Vice-Dean of Research, National University of Singapore) engage with the audience in the Development Seminar “Disguised Corruption: Evidence from Consumer Credit in China” on July 22, 2016
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.