Safeguarding Financial Stability-Some Issues in Market Design

Dr. Nachane’s paper is an outstanding survey of various issues concerning a very complex problem. I would say that financial crises are a social problem. These definitely are recognised more as macro problems and are being increasingly recognised as political problems. But I think there is insufficient recognition of the social ramifications of the issue, which is a very serious dimension to financial crisis episodes. I would like to present some supporting stories to this thought as we go ahead.