forward. 8. the surge in capital flows into some emes even as the crisis is not yet fully behind us has seen the return of the familiar question – the advisability of imposing a tobin type tax on capital flows. both before and after the crisis, there are examples of countries, notably chile, colombia, brazil and malaysia, which have experimented with a tobin tax or its variant. even as there are some lessons to be drawn from the country experience, on the aggregate, it does not constitute a sufficient body of knowledge for drawing definitive conclusions. 9. critics of tobin tax contend that the tax is ineffective, is difficult to implement, easy to evade and that its costs far exceed the potential benefits, and all this because financial markets always outsmart policy makers. supporters of the tax argue that if designed and implemented well, the tax can be effective in smoothing flows and that evading controls is not such a straight forward option as efforts to evade require incurring additional costs to move funds in and out of a country which is precisely what the tax aims to achieve. 10. in india, given the overall thrust of policy, we are quite agnostic on the choice of different instruments. the stereotype view is that we have an express preference for quantity based controls over price based controls. a critical examination of our policy will show that this view is mistaken. for example, on bonds we impose both a limit on the amount foreigners can invest as well as a withholding tax. similarly, our policy on external commercial borrowing employs both price and quantity variables. we have not so far imposed a tobin type tax nor are we contemplating one. however, it needs reiterating that no policy instrument is clearly off the table and our choice of instruments will be determined by the context. 11. the recent crisis has clearly been a turning point in the world view on capital controls. the asian crisis of the mid - 90s demonstrated the risk of instability inherent in a fully open capital account. even so, the intellectual orthodoxy continued to denounce controls on capital flows as being inefficient and ineffective. the recent crisis saw, across emerging economies, a rough correlation between the extent of openness of the capital account and the extent of adverse impact of the crisis. surely, this should not be read as a denouncement of open capital account, but a powerful demonstration of the tenet that premature opening hurts more than it helps. 12. notably, the imf published a policy note in

legislator do? offer a chance, but the chance should be used. a person should believe that the chance is not only a dead letter, a quota. evidence is needed that the chance is real. but these are only successful examples. examples at all levels. because society is led by the best, but society also needs the average ones whom we must promote. let us not forget that official state policies also play a role in the division of responsibilities of both parents. it is not only that state policies aim to equalise the cost of labour for men and women. they can affect, often indirectly, the companies ’ decisions on who to promote more or more frequently. in serbia, the state guarantees a year of paid maternity leave for the first and second child. the leave can be used either by the mother or the father. for the third and fourth child, this period is two years. unfortunately, sometimes policies that seem neutral at first sight in fact widen the gap between men and women. for instance, some universities introduce the possibility for men to go on maternity leave. some men use such leave to write books and carry out research, and not to look after the baby. in this way, they ensure advantage over other colleagues. i do not wish to generalise, i ’ m just giving examples. what is the situation in serbia? from a legal perspective, citizens of serbia enjoy gender equality guaranteed by the constitution. through generations, a lot has been done to raise social awareness about the fact that there are no special women ’ s rights, but the obligation of society and each individual to consistently respect the basic human rights. in serbia, women make up 56 % of students who enrol in universities, and as much as 58 % of those who graduate. women take a lead in phd studies as well, whereby they have an educational advantage over men in serbia. 2 / 3 bis central bankers'speeches women in government institutions in the government of the republic of serbia, the situation today is much more favourable. women take five places – including the president of the government and four ministerial positions. the number of women in government institutions is increasing as well. one third of the total number of mps in the serbian assembly are women, which is almost five times more than ten years ago. in serbia ’ s financial sector as the central bank governor, i can say that i am proud that women in serbia are dominant in the financial sector. women in serbian banking make up the majority of employees, though they are