“Portfolio investment, often called 'hot money' because of its volatile...” — Gita Gopinath Quote

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 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.

Unfortunately, governments do not have a philanthropic approach towards future governments.

Business cycles in emerging markets behave differently from developed markets.

I learned to be a hot-air balloon pilot to take tourists over the Masai Mara Reserve in order to earn some money and finance the work I was doing with my wife, Anne. We were studying the life of a family of lions for more than two years. Taking pictures was a way to capture information we could not put in words.

The art and culture that is New York, communications, finance, all these things help make up New York. The rest of the country should be happy that we are what we are.

Small- and medium-sized businesses need access to a diverse range of finance options, including non-bank lending. These new forms of finance are still small in scale today but they should, over time, bring additional choice and greater competition to the lending market.

I went to the Wharton School of Finance, the toughest place to get into. I was a great student.