Our concern was not so much rescuing a collapsing financial sector but rather arresting the moderation in economic growth. Second, we never had a fear of deflation although WPI inflation was negative for a short period; in fact, inflation has been and continues to be our dominant concern.
Third, in advanced economies, the crisis spread from the financial sector to the real sector whereas in emerging economies, the direction was the reverse – the fault lines spread from the real sector to the financial sector. Finally, much of our pressures came from the supply side, not the demand side.