Joseph Stiglitz backs Hillary to be the best US president

Joseph Stiglitz, Former Chief Economist at World Bank and Professor at Columbia University, believes that Hillary Clinton would be the best US President and not only India but the whole world will benefit.

Sharing his views on Reserve Bank of India Governor Raghuram Rajan's term ending in September said, "Lack of cooperation between Central Bank and government will impede the ability of Central Bank to carry out important work."

Below is the verbatim transcript of Jospeh Stiglitz' interview to Rukmini Rao on CNBC-TV18. Q: What is your view on Raghuram Rajan's tenure getting over in September? A: I don’t know what are the issues about the extent of cooperation that he was getting from the government - In the Indian structure, it often is important to have cooperation between the Central Bank and the government, in order for the Central Bank to function and it was the lack of cooperation, it will impede the ability of the Central Bank to carry out its important work. It will be important for there to be a successor that can address those issues as well as many of the others. What worries me in part is that there would be a push for some of the reforms that are misguided going forward.

The hallmark in the past of India's Central Bank is that it has resisted some of the new liberal reforms that United States and Europe adopted that led to the global financial crisis. You had a fantastic governor Reddy, who resisted those reforms. One of the reasons that India has flared so well in 2008-2009 was because what the Central Bank did then.