A wand for Raghuram Rajan

Raghuram Rajan deserves everyone’s congratulations on his elevation to the Reserve Bank of India’s (RBI’s) governorship. Having a doctoral degree from a top school is a rarity among India’s policymakers. Rajan earned a PhD in finance at MIT’s management school in 1991 for a thesis titled Essays on banking, having to do, we are told, “with the downside to cozy bank-firm relationships”. He has been president of the American Finance Association.

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