Today, September 15, marks the 15th anniversary of the collapse of Lehman Brothers, which led to months of global financial meltdown; September 2023 is also the 10th anniversary of the Taper Tantrum, a slightly smaller problem, where the U.S. Fed pulled out the dollars it had printed to solve the Lehman crisis. The Taper Tantrum crisis hit India harder than many other countries, taking the Indian rupee from 53.50/$ in May-end to 68.80/$ in August-end of 2013. Catch Latha Venkatesh in conversation with Mridul Saggar, Professor at IIM Kozhikode & Former Executive Director at RBI and Sajjid Chinoy, Chief Economist, India at JPMorgan on the lessons the world and India learnt from these crises. The key lessons, from Lehman, the experts say, are need to capitalise banks commensurate with the risks they take while the Taper Tantrum crisis taught India to keep macros like inflation, fiscal deficit and current account deficit within limits. Listen in.
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