If developed countries’ citizens want to feel slightly better about their economies’ slow growth and high unemployment, they should contemplate how much worse matters could be without the institutions that they have. Raghuram Rajan Read Quote
To ensure stable and sustainable economic growth, world leaders must re-examine the international rules of the monetary game, with advanced and emerging economies alike adopting more mutually beneficial monetary policies. Raghuram Rajan Read Quote
As a country that does not belong to any power bloc, India cannot afford to put itself in the position of needing multilateral support – a trap into which even developed countries, like Portugal and Spain, have fallen. Raghuram Rajan Read Quote
Uncertainty of any sort results in volatility, and Brexit will be no exception. Raghuram Rajan Read Quote
Strong government doesn’t mean simply military power or an efficient intelligence apparatus. Instead, it should mean effective, fair administration – in other words, ‘good governance.’ Raghuram Rajan Read Quote
Everyone may have some advise for the RBI. Some may advise, ‘Cut your lending rates and raise the deposit rate.’ How will a bank function? We take a medium term view. The bank has an 80-year-old history. I don’t want to destroy it for a few decisions. Raghuram Rajan Read Quote
Politicians know that structural reforms – to increase competition, foster innovation, and drive institutional change – are the way to tackle structural impediments to growth. But they know that while the pain from reform is immediate, gains are typically delayed and their beneficiaries uncertain. Raghuram Rajan Read Quote
In emerging markets, slow growth in the advanced economies has shut down a traditional development path: export-led growth. As a result, emerging markets have had to rely once again on domestic demand. This is always a difficult task, given the temptation to over-stimulate. Raghuram Rajan Read Quote
Indian cricket fans are manic-depressive in their treatment of their favorite teams. They elevate players to god-like status when their team performs well, ignoring obvious weaknesses; but when it loses, as any team must, the fall is equally steep, and every weakness is dissected. Raghuram Rajan Read Quote
Indian-ness, love for your country, is complicated. For every person, there is a different way that you show respect for your country… my mother-in-law will say karmayogi is the way to go – do your work. Raghuram Rajan Read Quote
