Will Raghuram Rajan, former RBI governor, win Nobel Prize for Economics 2017?
New Delhi, October 9: The name of Raghuram Rajan, the former Reserve Bank of India Governor has been featured in the list of probables for 2017 Nobel Prize in Economics brought out by Clarivate Analytics. Clarivate Analytics is a firm that maintains a list of dozens of possible Nobel Prize winners based on research citations.
According to Clarivate Analytics, Raghuram Rajan is considered a candidate for his contributions highlighting the dimensions of decisions in the corporate finance. Raghuram Rajan was selected for his significant contributions in the field. At the age of 40, Raghuram Rajan was the first non-western and the youngest to become the chief economist at the International Monetary Fund. Raghuram Rajan predicted a financial crisis at a gathering of economists and bankers in the United States in 2005.
In 2013, Raghuram Rajan was appointed as the Reserve Bank of India Governor by the former United Progressive Alliance government. His three-year term as Reserve Bank of India Governor ended on September 4, 2016. At present, Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business, University of Chicago.
Raghuram Rajan is one of the six economists on the list of probable winners compiled by Clarivate Analytics. The six selected economists are Colin Camerer of the California Institute of Technology and George Loewenstein of Carnegie Mellon University for research in behavioural economics and in neuroeconomics, Robert Hall of Stanford University for analysis of worker productivity and studies of recessions and unemployment, Michael Jensen of Harvard, Stewart Myers of MIT and Raghuram Rajan of the University of Chicago for contributions highlighting the dimensions of decisions in corporate finance.
Raghuram Rajan published a book titled “I Do What I Do” exactly a year after his term ended. In the book, it is conveyed that what it was like to be at the helm of the central bank in those unstable but exciting times. Raghuram Rajan wrote in his book that I was asked by the government in February 2016 for my own views on demonetization, which I gave orally. There maybe long-term benefits, Although there might be long-term benefits, I felt the likely short-term economic costs would outweigh them, and felt there were obviously better alternatives to achieve the main goal.
In 2011, Raghuram Rajan wrote the renowned Fault Lines on how the hidden financial fractures threaten the world economy. Raghuram Rajan who is an IIT Delhi graduate, he is the winner of the British magazine Central Banking’s Central Banker of the Year award. Raghuram Rajan was awarded for his handling of the rupee crisis in 2013 and bringing back foreign investors to the country. He also served as guest faculty at Stockholm School of Economics and at Kellogg School of Management. He was also a visiting professor at MIT Sloan School of Management.