, dr. jha served as india ’ s ambassador to the united states and as governor of jammu and kashmir. he was also a member of the widely acclaimed brandt commission which made a persuasive case for north - south cooperation. that some of the issues raised in the brandt commission are relevant even today is a testimonial to the foresight and wisdom of the commission ’ s members such as dr. jha. 5. this lecture series in his name honours dr. jha ’ s outstanding service to the nation and his leadership of the reserve bank during a very critical period. so far, there have been 11 lectures. the last one was given by prof. john taylor in february 2010, two years ago, on “ lessons from the financial crisis for monetary policy in emerging markets ”. the lecture by prof. obstfeld this evening will be the 12th in the series. the distinguished speaker – prof. maurice obstfeld 6. it is perhaps presumptuous to introduce prof. maurise obstfeld, who is a distinguished academic and internationally renowned economist. regardless, i will indulge in the pleasure of doing so because the occasion demands it. 7. prof. obstfeld is currently the class of 1958 professor of economics and director of the center for international and development economic research ( cider ) at the university of california in berkeley. he got his doctorate from the massachusetts institute of bis central bankers ’ speeches technology ( mit ) in 1979 under the supervision of the legendary professor rudiger dornbusch of the textbook fame. thereafter, prof. obstfeld taught at columbia, university of pennsylvania and harvard before moving to uc, berkeley in 1989. 8. publishing papers is part of plying the trade of being an academic. a few of them also write text books. but far fewer of them write text books that become standard teaching material cutting across university and national barriers. prof. obstfeld belongs to that select category. many among the audience here must have learnt economics from his seminal textbook on international economics, co - authored with prof. paul krugman. 9. economists have been categorized in several ways – classical and neo - classical, macro and micro, keynesian and monetarist, free market and leftist. it is fashionable these days to categorize economists as salt water or fresh water to classify their academic persuasion which, curiously, seems to be correlated with whether their university is located inland or on the coast. prof

duvvuri subbarao : gross financial flows, global imbalances, and crises welcome remarks by dr duvvuri subbarao, governor of the reserve bank of india, at the twelfth l k jha memorial lecture, mumbai, 13 december 2011. * * * 1. good evening. on behalf of the reserve bank of india, i have great pleasure in welcoming prof. maurice obstfeld, who will shortly be delivering the l. k. jha memorial lecture. warm welcome also to mrs. jeniffer obstfeld. i also have pleasure in acknowledging the presence here of members of the family of late dr. l. k. jha – smt. dipika maharaj singh, smt. sharika glover and master kiran glover. your presence here means a lot to us. thank you very much. of course, a warm welcome to all our distinguished invitees who have made time to be here for this lecture. dr. l. k. jha 2. dr. l. k. jha was by far one of india ’ s most distinguished civil servants. with a remarkable career as an economic administrator and several impressive accomplishments to his credit, he has been a role model for generations of civil servants. after graduating from the banaras hindu university, “ lk ”, as he was popularly known, went on to study at trinity college, cambridge where he was a student of legendary economists such as a. c. pigou, j. m. keynes and d. h. robertson. he joined the indian civil service in 1936. after an early career in bihar, he was seconded to government of india in 1942 where he served in several important positions, and ended up in the pivotal job of secretary to prime minister. 3. dr. jha was governor of the reserve bank from july 1967 to may 1970, at a time when the economy was going through one of india ’ s most challenging phases. the country was shaken by food security concerns, and initiatives to redress this resulted in the much celebrated “ green revolution ”. the reserve bank, under governor jha, was an influential force in shaping these initiatives. the distress suffered by the poor because of the overall scarcity situation resulted in poverty reduction becoming the overarching consideration of all policy. the reserve bank, under dr. jha ’ s stewardship, contributed to designing and implementing many of these policies. 4. after his tenure in the reserve bank