Book Review: Alok Misra, Responsible Finance India Report 2016—Client First: Tracking Social Performance Practices

Abstract

The capital mobility, which is an integral part of CMI, finds little attention in this book. A clear picture of capital flows in the region with country-specific problems/hurdles would have added information for the readers. The kind of capital flows is also important as the world is experiencing financial crises from time to time. The discussion on CMI in the region at the time of financial crises would have been important for regional investors. Again, if marginal product of capital is not an important determinant of capital flows, then perhaps other factors that this book calls as unconventional factors may be important for the CMI. The financial liberalization is another important aspect which does not find due discussion in this book. The book should have provided cost-benefit analysis of CMI to grab the attention of the stakeholders. Finally, the book should have provided a clear road map with timeline for CMI in the region with all member countries. CMI is a recent phenomenon, and given its importance, the idea would have been conceptualized earlier. The book is having limited purpose of looking at the potentials and opportunities of CMI in the SAARC region. It does not dare to enter into the theoretical debate and literature on CMI. However, the author has thrown different innovative ideas and demonstrated his understandings of practical aspects of CMI in the regional framework. The best part of the book is that it raises many interesting questions and tries to answer them comprehensively. Regardless of the observations made, this is an excellent book, making valuable contribution to the literature of CMI. This is a non-technical book with comprehensive presentation and hence general audience from interdisciplinary field can read it. The book is no doubt an essential reference for the policymakers and practitioners in the field of financial integration, specifically for those bankers, investors, companies and organizations who are looking at SAARC region. The book can be referred by the students pursuing research in the field of financial integration.