The advantages of globalization are actually much like the advantages of technological improvement. They have very similar effects: they raise output in countries, raise productivity, create more jobs, raise wages, and lower prices of products in the world economy.
Portfolio investment, often called 'hot money' because of its volatile nature, can increase the economy's vulnerability to the vagaries of international finance. Foreign direct investment, on the other hand, is far more stable and driven by domestic fundamentals.
The biggest losers from international trade are always those whose skills have a cheaper competitor in a different market.
The awareness has increased about the need to increase womenwomen participation in the workplace, but there are no amenities to assure that.
Having a proper understanding of countries' external positions - current accounts, stock positions, and currencies - is critical to highlight policymakers' shared responsibility to tackle external imbalances before they become too risky.
By promising to intervene in vulnerable markets in the event of excessive financial volatility, the IMF, as the largest player, would reduce coordination problems among investors.
There was never a perception that I was second-class relative to boys. That gave me confidence.
An intensification of trade or geopolitical tensions - with negative repercussions for global growth and risk appetite - could affect economies that are highly dependent on foreign demand or external financing.
When I was doing my bachelors from Delhi University, India experienced its first major external financing and currency crisis in 1990-91. This inspired me to pursue graduate work in economics and was the foundation for my interest in international finance.
Opponents of central-bank intervention are right about one thing: monetary financing carries serious risks. In order to ensure that it is as safe and effective as possible, it must be used primarily in the event of self-fulfilling debt crises.
We need to realise that entrepreneurship is not necessarily increasing employment.
Fiscal policy will need to manage trade-offs between supporting demand, protecting social spending, and ensuring that public debt remains on a sustainable path, with the optimal mix depending on country-specific circumstances.
Emerging market and developing economies have benefited from monetary easing in major economies but have also faced volatile risk sentiment tied to trade tensions.
Monetary policy should remain data dependent, be well communicated, and ensure that inflation expectations remain anchored.
I don't attach any labels to myself and if I can be of any help to Kerala in terms of thinking about some of the economic issues there, provide my input which can be taken or discarded, I thought that would be a good thing to do.
The idea that RBI will be able to make a big transfer to the government was misplaced. It was a very good signalling device that the government was very serious about cracking down on corruption and black money. But I do not think it was very effective in curbing it.