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Dr. Nayak undertook the gargantuan task of describing his country's development in the broad context of globalization. From his long-time seat at the center of Indian investing, he has a unique perspective. He persuasively argues that the caution of India's Reserve Bank paid off in avoiding the blunt effect of the Asian crisis by not following the then popular recipe book and holding off on Rupee convertibility until its capital account was less vulnerable. With the recent growth of India's reserves to unprecedented levels, he now believes that the reward for past caution should be the use of some of these reserves on critical infrastructure needs. - Antoine W. van Agtmael President and Chief Investment Officer, Emerging Markets Management L.L.C. Past board member of the India Growth Fund Author of The Emerging Markets Century and Emerging Securities Markets Satyendra Nayak's book provides an outstanding analysis of the evolution of the international monetary system and a penetrating evaluation of India's financialperformance and economic prospects in the rapidly globalizing world of today. A must reading for anyone interested in these important topics. - Dr. Dominick Salvatore Distinguished Professor of Economics and Director of the Ph.D. Program Fordham University, New York Satyendra Nayak's impressive analysis of India's step-by-step approach to capital-account liberalization is important reading for anyone interested in the essentials of financial globalization. He skillfully contrasts the pragmatic Indian approach to the gung-ho financial capitalism that produced the Asian financial crisis of 1997, and offers recommendations for the future. - Dr. Alfred E. Eckes Editor, Global Economy Journal. Ohio Eminent Research Scholar and Professor in Contemporary History Ohio, University, Athens, Ohio India's economy, long a slumbering giant, has benefited greatly from a successful policy of gradualism in reform, which has averted crises while promoting increasingly rapid growth. Full convertibility, Dr. Nayak contends, would be the last mile on the road of economic liberalization. This book should be of interest to anyone interested in the future of a country that is destined to be a major force in the world economy of the twenty-first century. - Dr Benjamin Jerry Cohen Louis G. Lancaster Professor of International Political Economy, Department of Political Science, University of California, Santa Barbara

""Dr. Nayak undertook the gargantuan task of describing his country's development in the broad context of globalization. From his long-time seat at the center of Indian investing, he has a unique perspective. He persuasively argues that the caution of India's Reserve Bank paid off in avoiding the blunt effect of the Asian crisis by not following the then popular recipe book and holding off on Rupee convertibility until its capital account was less vulnerable. With the recent growth of India's reserves to unprecedented levels, he now believes that the reward for past caution should be the use of some of these reserves on critical infrastructure needs."" - Antoine W. van Agtmael President and Chief Investment Officer, Emerging Markets Management L.L.C. Past board member of the India Growth Fund Author of The Emerging Markets Century and Emerging Securities Markets ""Satyendra Nayak's book provides an outstanding analysis of the evolution of the international monetary system and a penetrating evaluation of India's financialperformance and economic prospects in the rapidly globalizing world of today. A must reading for anyone interested in these important topics."" - Dr. Dominick Salvatore Distinguished Professor of Economics and Director of the Ph.D. Program Fordham University, New York ""Satyendra Nayak's impressive analysis of India's step-by-step approach to capital-account liberalization is important reading for anyone interested in the essentials of financial globalization. He skillfully contrasts the pragmatic Indian approach to the gung-ho financial capitalism that produced the Asian financial crisis of 1997, and offers recommendations for the future."" - Dr. Alfred E. Eckes Editor, Global Economy Journal. Ohio Eminent Research Scholar and Professor in Contemporary History Ohio, University, Athens, Ohio ""India's economy, long a slumbering giant, has benefited greatly from a successful policy of gradualism in reform, which has averted crises while promoting increasingly rapid growth. Full convertibility, Dr. Nayak contends, would be the last mile on the road of economic liberalization. This book should be of interest to anyone interested in the future of a country that is destined to be a major force in the world economy of the twenty-first century."" - Dr Benjamin Jerry Cohen Louis G. Lancaster Professor of International Political Economy, Department of Political Science, University of California, Santa Barbara

Dr. Nayak undertook the gargantuan task of describing his country's development in the broad context of globalization. From his long-time seat at the center of Indian investing, he has a unique perspective. He persuasively argues that the caution of India's Reserve Bank paid off in avoiding the blunt effect of the Asian crisis by not following the then popular recipe book and holding off on Rupee convertibility until its capital account was less vulnerable. With the recent growth of India's reserves to unprecedented levels, he now believes that the reward for past caution should be the use of some of these reserves on critical infrastructure needs. Antoine W. van Agtmael President and Chief Investment Officer, Emerging Markets Management L.L.C. Past board member of the India Growth Fund Author of The Emerging Markets Century and Emerging Securities Markets Satyendra Nayak's book provides an outstanding analysis of the evolution of the international monetary system and a penetrating evaluation of India's financialperformance and economic prospects in the rapidly globalizing world of today. A must reading for anyone interested in these important topics. Dr. Dominick Salvatore Distinguished Professor of Economics and Director of the Ph.D. Program Fordham University, New York Satyendra Nayak's impressive analysis of India's step-by-step approach to capital-account liberalization is important reading for anyone interested in the essentials of financial globalization. He skillfully contrasts the pragmatic Indian approach to the gung-ho financial capitalism that produced the Asian financial crisis of 1997, and offers recommendations for the future. Dr. Alfred E. Eckes Editor, Global Economy Journal. Ohio Eminent Research Scholar and Professor in Contemporary History Ohio, University, Athens, Ohio India's economy, long a slumbering giant, has benefited greatly from a successful policy of gradualism in reform, which has averted crises while promoting increasingly rapid growth. Full convertibility, Dr. Nayak contends, would be the last mile on the road of economic liberalization. This book should be of interest to anyone interested in the future of a country that is destined to be a major force in the world economy of the twenty-first century. Dr Benjamin Jerry Cohen Louis G. Lancaster Professor of International Political Economy, Department of Political Science University of California, Santa Barbara

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Satyendra S. Nayak is an independent advisor and consultant. His experience stems from 27 years of working in Commercial Banking and Mutual Fund at the Bank of Baroda and Unit Trust in India, as well as years of experience in operation, international finance, project financing, foreign exchange operations, mutual fund management, equity and debt investments and portfolio management. He received his PhD in International Economics and Finance from the University of Bombay, India. He teaches at ICFAI Business School in Mumbai in the Centre for Advanced Banking and Finance Studies.

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