Related Articles

Authors Name: Raghuram G. Rajan

The Independence of the Central Bank

Central banking does not mean just rates cuts and rate rising. There are many decisions to be taken sometimes unpopular or hard-to-explain ones, to be made under conditions of extreme uncertainty. The...

On 06 Sep 2016

Policy and Evidence

There has to be evidence in the policy dialogue. Some may believe that all it takes to convince the body politic of the necessity to choose one policy over another is to present the evidence, complete...

On 03 Aug 2016

Resolving Stress in the Banking System

The slowdown in credit growth has been largely because of stress in the public sector banking and not because of high interest rates. As such, what is required is a clean-up of the balance sheets of p...

On 29 Jun 2016

The Fight against Inflation: A Measure of our Institutional Development

There are efforts to control inflation. A new governor and the committee should try to bring low inflation future for India which has got many benefits.

On 21 Jun 2016

Words Matter but so Does Intent

For effective communication there has to be mutual respect among the speakers. To reach our goals don't accept jobs which you don't like. To have a joyful life it is important to enjoy the work which...

On 28 Apr 2016

India in the Global Economy

The global economy is finding it hard to restore pre-Great Recession growth rates – every report of the IMF seemingly downgrades its previous growth forecasts. Why has the recovery been so slow? When ...

On 14 Mar 2016

Towards Rules of the Monetary Game

There are few areas of robust growth around the world, with the IMF repeatedly reducing its growth forecasts in recent quarters. This period of slow growth is particularly dangerous because both ind...

On 14 Mar 2016

Financial Reforms - Past and Present

Industrial countries are still struggling, with a few exceptions, to grow. Our fellow BRICS all have deep problems, with confidence about China waxing and waning. India appears to be better in this l...

On 01 Feb 2016

Tolerance and Respect for Economic Progress

Our tradition of debate in an environment of respect and tolerance. By upholding it, by fighting for it, the students can repay their teachers and your parents. And you will be doing our country a gre...

On 03 Nov 2015

Strong Sustainable Growth for the Indian Economy

How is the RBI helping the government to create the conditions for a sustainable growth? Structural reforms will help strengthen this growth – two weeks ago, the Government announced Indradhanush, la...

On 25 Aug 2015

Second Bi-monthly Monetary Policy Statement, 2015-16

On the basis of an assessment of the current and evolving macroeconomic situation the statement suggest that the global recovery is still slow and getting increasingly differentiated across regions.

On 03 Jun 2015

Democracy, Inclusion, and Prosperity

People want to live in a safe prosperous country where they enjoy freedom of thought and action, and where they can exercise their democratic rights to choose their government. But how do countries en...

On 24 Feb 2015

Aid, Dutch Disease, and Manufacturing Growth

The authors examine the effects of aid on the growth of manufacturing using a methodology that exploits the variation within countries and across manufacturing sectors and that corrects for possible r...

On 20 Oct 2014

What Undermines Aid’s Impact on Growth?

Why it is so hard to find a robust effect of aid on the long-term growth of poor countries, even those with good policies. A possible offset to the beneficial effects of aid is examined using a meth...

On 20 Oct 2014

Economic and Financial Outlook

A picture about the macroeconomy that is, the world economy and the domestic economy is given. The two recent regulatory measures are given here. [FICCI/IBA Annual Banking Conference].

On 18 Sep 2014

Finance and Opportunity in India

One of the greatest dangers to the growth of developing countries is the middle income trap, where crony capitalism creates oligarchies that slow down growth. If the debate during the elections is any...

On 13 Aug 2014

Essays on Banking

This thesis comprises three essays on various aspects of the relationship between a firm or a country and its creditor banks. The first essay focuses on a firm's choice between borrowing from banks an...

On 19 Aug 2013

Failed States, Vicious Cycles, and a Proposal

The problems of failed states, including the repeated return to power of former warlords are examined. It is argued that this causes institutions to become weaker and people to get poorer. It is argue...

On 04 Mar 2011

Draft Report of the Committee on financial Sector Reforms

The financial sector has built capabilities such that, with appropriate policy changes, it can grow tremendously, both domestically and internationally. the report touches upon two reasons for financi...

On 14 Apr 2008

The Persistence of Underdevelopment:Institutions, Human Capital or Constituencies?

Why is underdevelopment so persistent? One explanation is that poor countries do not have institutions that can support growth. Because institutions (both good and bad) are persistent, underdevelopmen...

On 26 Mar 2006

Has Financial Development Made the World Riskier?

Developments in the financial sector have led to an expansion in its ability to spread risks. The increase in the risk bearing capacity of economies, as well as in actual risk taking, has led to a ran...

On 16 Nov 2005

Aid and Growth: What Does The Cross-Country Evidence Really Show?

We examine the effects of aid on growth--in cross-sectional and panel data--after correcting for the bias that aid typically goes to poorer countries, or to countries after poor performance. Even afte...

On 06 Aug 2005