Indian American professor to quit IMF

Indo-Asian News Service, Washington, August 23, 2006; – Raghuram Rajan, the International Monetary Fund’s economic counsellor and director of its research department, plans to return to his professorship at the University of Chicago by early 2007.

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Rajan was awarded the inaugural Fischer Black Prize by the American Finance Association for contributions to finance by an economist under 40. During his tenure at the Fund, it has undertaken a complete review of its medium-term strategy, a process to which the research department has contributed substantially. Rajan said in his letter: “Research has also worked on bringing modern modelling techniques and techniques of exchange rate assessment to bear on our Article IV discussions with member countries. We have expanded work on finance, aid and development, the political economy of reforms, and reform of the IMF.” In cooperation with the Asia and Pacific Department, the research department has also analysed the growth and integration of China and India into the world economy, and has put the Fund in the forefront of policy analysis and discussion on these two countries, Rajan said. In a statement to the IMF Executive Board, de Rato acknowledged Rajan’s many important contributions to the IMF.

He has held the important position of Economic Counsellor during a period when the Fund has been going through a re-orientation of its direction and an intensive review of its core functions. In that role, he has ensured that the research department has had a major impact on the internal policy debate and in enhancing support for the Fund’s operational activities. Rajan has also been an articulate and influential voice of the Fund on the need to seize the opportunities presented by globalisation while pointing to the emerging risks stemming from global imbalances and rising oil prices, he said. (Read the whole article on Hindustan

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