Raghu ram rajan biography of barack

At the Federal Reserve annual Jackson Hole conference , three years before the crash , Rajan warned about the growing risks in the financial system, that a financial crisis could be in the offing, and proposed policies that would reduce such risks. Treasury Secretary Lawrence Summers called the warnings "misguided" and Rajan himself a " luddite ".

In , Rajan received the inaugural Fischer Black Prize , given every two years by the American Finance Association to the financial economist younger than 40 who has made the most significant contribution to the theory and practice of finance. Assigned to the Intelligence Bureau , R. Govindarajan, his father, was posted to Indonesia in Kao and became part of the "Kaoboys".

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In , he was posted to Sri Lanka , where Rajan missed school one year because of political turmoil. After Sri Lanka, R. Govindarajan was posted to Belgium where the children attended a French school. In , the family returned to India. Puram , [ 14 ] [ 15 ] In he enrolled at Indian Institute of Technology Delhi for a bachelor's degree in electrical engineering.

In the final year of his four-year degree, he headed the Student Affairs Council. In , he received a PhD for his thesis titled Essays on Banking under the supervision of Stewart Myers , consisting of three essays on the nature of the relationship between a firm or a country, and its creditor banks. The nature of financial systems had witnessed widespread changes in the s, with markets getting deregulated, information becoming more widely available and easier to process, and competition having increased.

The established orthodoxy claimed that deregulation must necessarily increase competition, which would translate into greater efficiency.