"The Indian central bank understands central banking and regulation much better [than the US Fed]. . . There were some political pressures to deregulate and RBI resisted some of those pressures," Stiglitz said.
"Now I think the financial markets are thankful that India's central bank did resist those pressures. The result is that India's financial markets are in better shape than they would have been if the RBI allowed wholesale deregulation [the way the] United States has done," he said, while keynoting the India Conference at the Columbia University.
Image: Delegates network at the 5th annual India Business Conference organized by Columbia Business School's South Asia Business Association, the South Asia students' wing, on the campus in New York City, April 10. | Photograph: Paresh Gandhi
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