Raghuram Rajan Quotes
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Promoters do not have a divine right to stay in charge regardless of how badly they mismanage an enterprise, nor do they have the right to use the banking system to recapitalize their failed ventures.
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Uncertainty of any sort results in volatility, and Brexit will be no exception.
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A monopoly is like running on firm ground. Nothing compels you to move, but if you do, you move forward. The faster you run, the more scenery you see - so you have some incentive to run fast.
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Not taking risks one doesn't understand is often the best form of risk management.
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Instead of abandoning competition and giving banks protected monopolies once again, the public would be better served by making it easier to close banks when they get into trouble. Instead of making banking boring, let us make it a normal industry, susceptible to destruction in the face of creativity.
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On the retail side, I particularly want to emphasize the use of the unique ID, Aadhaar, in building individual credit histories. This will be the foundation of a revolution in retail credit.
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I don't think policy makers surprise unnecessarily. You don't pick surprise as a part of your policy. Markets value a certain amount of predictability. But there are certain areas where surprise is a tool.
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Central bankers have had enormous responsibilities thrust on them to compensate, essentially, for the failings of the political system. And my worry is we don't have sufficient tools to do that, but we're not willing to say it.
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The Reserve Bank cannot just exist; its ability to say 'no' has to be protected.
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How do we get more politicians to move from 'fixing' the system to reforming the system? The obvious answer is to either improve the quality of public services or reduce the public's dependence on them. Both approaches are necessary.
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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.
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Common man is always benefited by a rate cut.
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In a competitive industry, only paranoid incumbents - those constantly striving for betterment - have any hope of surviving.
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I am a 10th class pass in Hindi. From 7th grade to 12th grade, I was in Delhi; before that, I was abroad. I came in not knowing a word of Hindi in 7th grade and learned Hindi and passed the exam in 10th. I think I was north of 50 percent, so I feel very proud of that accomplishment.
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I'm not a publicity hound, I hope.
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If you are an outsider looking at India, learn to filter out both the irrational exuberance and the excessive pessimism. We're subject to both. You will become manic-depressive if you follow our moods.
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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.
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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.
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The U.S. should worry about the effects of its polices on the rest of the world. We would like to live in a world where countries take into account the effect of their policies on other countries and do what is right, broadly, rather than what is just right given the circumstances of that country.
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Customers often value a good more when its price goes up. One reason may be its signaling value. An expensive handcrafted mechanical watch may tell time no more accurately than a cheap quartz model; but, because few people can afford one, buying it signals that the owner is rich.
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Democratic accountability means that governments must be popularly accepted, with citizens empowered to replace corrupt or incompetent rulers.
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The more that everyone has access to the same educational opportunities, the more society will tend to accept some receiving disproportionate rewards. After all, they themselves have a chance to be winners.
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If economists were to wait for careful studies before offering opinions about policy, we would never have anything timely to say.
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The gap in India has always been between the promise and the execution.