The most effective modern central bankers deploy an old-fashioned virtue in the teeth of market distress: stoic calm. Few, however, have articulated this ethic with as much clarity and charm during a trial by fire as Indian central bank governor Raghuram Rajan. As Fed-tapering fears triggered investors to punish India for its fiscal and current-account deficits last year, Rajan, during his maiden speech on September 4, cited excerpts from Rudyard Kipling’s classic poem ‘If’ as a paean to the steely resolve of a central banker.
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