............. As an economist who foretold the death of Wall Street as it existed before 2008, Rajan can, and should, bring to bear his rich knowledge of that “irrational exuberance.” The RBI’s traditional gradualism on loosening up, once berated, can, in fact, find endorsement by a prescient intellect. As Governor that is where Rajan can make a difference, but not much elsewhere. The rest could just be par for the course — once the hype dies down.
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