The gap in India has always been between the promise and the execution. Raghuram Rajan More Quotes by Raghuram Rajan More Quotes From Raghuram Rajan It is the central bank governor, unlike other regulators or government secretaries, who has command over significant policy levers and has to occasionally disagree with the most powerful people in the country. Raghuram Rajan government powerful country people 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 result down growth path The first step to prescribing the right medicine is to recognize the cause of the illness. And, when it comes to what is ailing the global economy, extreme monetary easing has been more cause than cure. The sooner we recognize that, the stronger and more sustainable the global economic recovery will be. Raghuram Rajan first-step step stronger medicine Uncertainty of any sort results in volatility, and Brexit will be no exception. Raghuram Rajan brexit will uncertainty results If economists were to wait for careful studies before offering opinions about policy, we would never have anything timely to say. Raghuram Rajan opinions wait say never 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 slow feel better growth Competition is like a treadmill. If you stand still, you get swept off. But when you run, you can never really get ahead of the treadmill and cover new terrain - so you never run faster than the speed that is set. Raghuram Rajan new never you competition 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. Raghuram Rajan you support growth way In a world with weak aggregate demand, countries are engaging in a futile competition for a greater share of it. In the process, they are creating financial-sector and cross-border risks that will become increasingly apparent as countries exit their unconventional policies. Raghuram Rajan risks will competition world 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 cricket weakness team fall Monetary policy is like juggling six balls... it is not 'interest rate up, interest rate down.' There is the exchange rate, there are long term yields, there are short term yields, there is credit growth. Raghuram Rajan short down growth long 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. Raghuram Rajan nothing see you scenery 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. Raghuram Rajan say political tools worry Every adverse development across the world affects the rest of the world in some way. Raghuram Rajan rest development way world 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. Raghuram Rajan i-am feel think proud One of the difficulties of a job in the, quote, 'real world' is you don't really get time to shut yourself off in a room and think. Raghuram Rajan yourself you time world Perhaps the hardest challenge has been to persuade the public, impatient for rapid growth, of the need to ensure stability first. Growth, it is argued, is always more important, regardless of the looming economic risks. Raghuram Rajan challenge risks growth important 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 rules game growth world The few emerging economies that have avoided booms and busts have done so by adhering to sound policy frameworks. Raghuram Rajan few policy done sound 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. Raghuram Rajan will accept society chance
