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Raghuram Rajan Quotes
Raghuram Rajan Quotes
Raghuram Rajan
Indian
Economist
Born:
Feb 3
,
1963
Always
Competition
Government
Will
World
You
Related authors:
Adam Smith
Alan Greenspan
E. F. Schumacher
John Kenneth Galbraith
John Maynard Keynes
Milton Friedman
Paul A. Volcker
Thomas Sowell
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
Government
Good
Intelligence
Words
Strong
Power
Military
Other
Administration
Simply
Instead
Fair
Governance
Effective
Efficient
In Other Words
Mean
Should
Apparatus
Military Power
Good Governance
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
People
Disagree
Country
Other
Unlike
Secretaries
Significant
Powerful
Over
Powerful People
Most
Most Powerful
Occasionally
Policy
Command
Governor
Bank
Central
Central Bank
Who
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.
Raghuram Rajan
Success
Government
Freedom
Democracy
Strong
Law
Political
Free
Three
Important
Accountability
Add
Liberal
Rule
Francis
Rule Of Law
Markets
Would
Economic
Free Markets
Argued
Democratic
Pillars
Scientist
Political Freedom
American
Fourth
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.
Raghuram Rajan
You
Value
Think
Tool
Markets
Unnecessarily
Area
Pick
Part
Policy
Makers
Surprise
Where
Predictability
Certain
Your
Amount
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.
Raghuram Rajan
World
Rest
Country
Live
Other
Other Countries
Worry
Circumstances
Would
About
Rather
Given
Take
Countries
Like
Policies
Effect
Effects
Account
Than
Just
Where
Should
Right
The Reserve Bank cannot just exist; its ability to say 'no' has to be protected.
Raghuram Rajan
Say
Ability
Protected
Exist
Bank
Just
Cannot
Reserve
If anybody was to look towards a big source of demand in future, it would be hard for them to miss India.
Raghuram Rajan
Future
Big
Would
Would-Be
India
Miss
Towards
Demand
Look
Source
Anybody
Them
Hard
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
History
Will
Few
Medium
Everyone
Destroy
Some
Rate
Rates
Take
Term
Advise
How
May
Bank
Want
Deposit
Decisions
Lending
Cut
View
Your
Function
Raise
By killing transparency and competition, crony capitalism is harmful to free enterprise, opportunity, and economic growth. And by substituting special interests for the public interest, it is harmful to democratic expression.
Raghuram Rajan
Capitalism
Competition
Opportunity
Free
Harmful
Enterprise
Free Enterprise
Economic
Economic Growth
Democratic
Interest
Public
Interests
Public Interest
Transparency
Special
Special Interests
Expression
Growth
Uncertainty of any sort results in volatility, and Brexit will be no exception.
Raghuram Rajan
Will
No Exception
Uncertainty
Results
Exception
Volatility
Sort
Any
Brexit
If economists were to wait for careful studies before offering opinions about policy, we would never have anything timely to say.
Raghuram Rajan
Wait
Before
Say
Would
About
Never
Studies
Economists
Policy
Opinions
Were
Timely
Offering
Anything
Careful
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
Better
Slow
Matters
Worse
Slightly
High
Citizens
Slow Growth
About
High Unemployment
Could
Developed
Developed Countries
Feel
Countries
Economies
Contemplate
Institutions
Without
How
How Much
Unemployment
Want
Much
Should
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
You
Competition
Faster
Speed
Run
Never
New
Like
Terrain
Still
Cover
Off
Than
Get
Really
Stand
Swept
Treadmill
Set
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
World
Competition
Will
Become
Increasingly
Weak
Futile
Share
Unconventional
Demand
Countries
Policies
Greater
Exit
Process
Creating
Aggregate
Engaging
Apparent
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
Long
Down
Rate
Exchange
Exchange Rate
Long-Term
Term
Like
Policy
Juggling
Balls
Up
Yields
Six
Short
Short-Term
Interest
Monetary
Monetary Policy
Credit
Growth
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
You
Nothing
Faster
Monopoly
Run
Running
See
Some
More
Scenery
Firm
Like
Move
Move Forward
Incentive
Ground
Forward
Fast
Compels
Every adverse development across the world affects the rest of the world in some way.
Raghuram Rajan
World
Rest
Every
Way
Some
Development
Adverse
Affects
Across
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
Time
You
Yourself
World
Job
Think
Difficulties
Real
Off
Get
Real World
Quote
Room
Really
Shut
The few emerging economies that have avoided booms and busts have done so by adhering to sound policy frameworks.
Raghuram Rajan
Few
Adhering
Emerging
Economies
Policy
Sound
Done
Avoided
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
Work
Love
You
Respect
Complicated
Will
Country
Every
Way
Say
Mother-In-Law
Go
Person
Different
Your
Show
Different Way
The problem with forbearance is that it always looks like a good thing to do until it stops working.
Raghuram Rajan
Good
Problem
Good Thing
Like
Until
Forbearance
Looks
Always
Stops
The Problem With
Working
Thing
Endorsing unconventional monetary policies unquestioningly is tantamount to saying that it is acceptable to distort asset prices if there are other domestic constraints on growth.
Raghuram Rajan
Saying
Other
Distort
Constraints
Prices
Unconventional
Policies
Acceptable
Tantamount
Domestic
Endorsing
Asset
Monetary
Growth
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
Power
Country
India
Developed
Developed Countries
Put
Support
Countries
Like
Does
Fallen
Itself
Afford
Any
Cannot
Which
Spain
Trap
Multilateral
Even
Belong
Portugal
Needing
Position
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.
Raghuram Rajan
Time
Good
People
Value
Few
Rich
Signals
Tell
More
Price
Cheap
Because
Up
Than
Model
Afford
Accurately
Goes
Few People
Owner
May
Often
Expensive
Customers
Reason
Mechanical
Watch
Buying
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.
Raghuram Rajan
Quality
Politicians
Approaches
System
More
Both
Obvious
Answer
How
Reduce
Improve
Fixing
Get
Reforming
Move
Dependence
Either
Public
Them
Services
Necessary
I have said repeatedly that the way to sustainable growth is to bring down inflation to much more reasonable levels.
Raghuram Rajan
Inflation
Down
Way
More
Said
Repeatedly
Sustainable
Much
Reasonable
Growth
Bring
Levels
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