Some of these things are mutually compounding, and others are simply unable to cope with the abnormal strains to which they are subject. So it is with the Asian “currency” crisis. The search for a single key cause - and, by implication, a single key solution to prevent recurrence - will miss the complexity of the task ahead.
Since 2007, we in the Reserve Bank have been celebrating Statistics Day in the honour of Prof. P.C. Mahalanobis. Professor Mahalanobis was not only an outstanding statistician, but a great visionary. He is regarded as the father of the Indian statistical system.