In this piece that I wrote last week for MINT, I noted that Raghuram Rajan, RBI Governor, was an equal opportunity offender with a purpose. In this podcast posted on IMF site, he says that IMF is more likely to view policy innovations in emerging economies as ‘crankiness’ on the part of the government and the Governor rather than being appropriate for the circumstances. Whereas, it was more likely to accept innovations coming from developed world. Presumably, he was alluding to the acceptance of QE, negative rates, etc., being accepted and even endorsed by the IMF.
I am not sure if they think of it as ‘crankiness’ but surely there is less tolerance, let alone understanding, of emerging economy circumstances, priorities and capabilities. May be, the Governor was hinting that the policies of the developed world were all cranky. If so, it is a fair observation.