Seminar: “Taming the Financial Cycle: Systemic Risk and Macroprudential Policy in Emerging Markets” by Dr. Jay Surti,Reserver Bank of India
The Department of Humanities and Social Sciences, IIT Bombay welcomes you to the Diamond Jubilee Lecture by Dr. Jay Surti.
The global financial crisis triggered a significant rethinking of policies to manage the macro-financial cycle in advanced and emerging market economies. This presentation will focus on highlighting the importance of leverage in underpinning systemic risk around the business cycle, the necessity of identifying macroprudential policy tools to attenuate this risk, and practical challenges in identifying, calibrating and deploying these tools. For emerging markets, the financing of leverage, particularly reliance on foreign funding and global investors continues to present an accompanying financial stability challenge to policy—the presentation will discuss issues arising from developments in global financial markets and increasing institutional financial sophistication in emerging markets.
Jay Surti is Special Consultant to the Reserve Bank of India, where he has responsibility for advising top management on macro-financial stability surveillance and analysis, financial markets, and macroprudential issues, among others. During this period, Mr. Surti is on leave of absence from the IMF, where he is Deputy Division Chief in the Monetary and Capital Markets department. His recent responsibilities at the IMF have included leading analytical work on global financial markets and stability, published in the IMF's flagship semi-annual report, the GFSR; leading the development of analytical tools in the areas of systemic risk assessment and macroprudential oversight; and leading the IMF's bilateral financial surveillance work in a number of advanced, emerging and low income economies. In the aftermath of the global financial crisis, Mr. Surti had responsibility for developing the IMF's positions on some global financial surveillance and regulatory issues, including closing data gaps in the cross border supervisory network and assessing the salience of structural banking regulatory reforms proposed in the USA, the UK, and Europe. Mr. Surti has a Ph.D. in Economics from Boston University.