Journal of Indian School of Political Economy

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Response to Mihir Rakshit


     

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Prof. Mihir Rakshit (henceforth MR) has raised three key issues in his commentary on my paper. Let me try to respond to these in succession.

MR: It cannot be sufficiently emphasised that for containing sectoral bubbles and imbalances the central bank needs to curb financial flows to the overheated asset market, not impose restrictions on credit in general. (p. 428).
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  • Response to Mihir Rakshit

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Prof. Mihir Rakshit (henceforth MR) has raised three key issues in his commentary on my paper. Let me try to respond to these in succession.

MR: It cannot be sufficiently emphasised that for containing sectoral bubbles and imbalances the central bank needs to curb financial flows to the overheated asset market, not impose restrictions on credit in general. (p. 428).