The journey over the last seventy-five years has been eventful for the Reserve Bank, shaping not only its intellectual evolution, but also securing its preeminent position in the economic policy space of the country. 6. The Reserve Bank’s 75 year journey has been marked by a host of historic developments both at home and abroad.
Internationally, there were the aftermath of the Great Depression of the 1930s; the Second World War and the consequent challenges of war financing; the establishment of the Bretton Woods system in 1944; the unraveling of the gold standard and the oil price shocks of the 1970s; the Third World debt crisis of the 1980s; the Asian crisis of the mid-1990s; and most recently the global financial turmoil.