Raghuram Rajan Quotes
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I will say this: the central banks can actually support growth beyond a point. When there is no inflation, they can cut interest rates, and that is the way they support growth, but if you cut interest rate to the bone, there is nothing more to cut. It is very hard to support growth beyond that.
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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.
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The few emerging economies that have avoided booms and busts have done so by adhering to sound policy frameworks.
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The American political scientist Francis Fukuyama has argued that liberal democracies, with their political freedom and economic success, have three important pillars: a strong government, the rule of law, and democratic accountability. I would add a fourth: free markets.
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Improving the opportunities across the board is extremely important to sustain the legitimacy of wealth. If a whole horde of people, whole sections of society don't feel they have the opportunities, then the focus is going to be on those who have it and who have made it and say that is illegitimate.
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What is important for a central banker is that you have to convey that you know what you are doing.
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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.
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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.'
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Expectations are high. Clearly I am not a superman. There is a little bit of euphoria in India. I have a wife and two kids.
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We should make sure that unscrupulous schools do not prey on uninformed students, leaving them with high debt and useless degrees.
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Indeed, if what you do offends me but does not harm me otherwise, there should be a very high bar for prohibiting your act. After all, any ban, and certainly any vigilante acts to enforce it, may offend you as much, or more, than the offence to me. Excessive political correctness stifles progress as much as excessive license and disrespect.
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Taking my bike out and riding the bike path along Lake Shore Drive, that's one of the great experiences in my life. And I hope to do it as long as I can.
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Every adverse development across the world affects the rest of the world in some way.
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A 007 James Bond image is very dangerous for a central banker to have.