Today's guest is Viral Acharya, who is the C.V. Starr Professor of Economics in the Department of Finance at New York University's Stern School of Business. His recent book, Quest for Restoring Financial Stability in India is an excellent introduction to the problems of autonomous central banking in the face of fiscal dominance by the ever-expanding Indian state. The book contains a series of Viral's lectures given during his tenure as Deputy Governor at the Reserve Bank of India.

This conversations covers his views on fiscal dominance and its impact on central banking, the current banking crisis brewing in India, India's informal economy, problems with fiscal federalism, the role of technocrats and the role of ideology, and the reversal of policy direction towards more statism.

Full transcript of this episode

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