Essays Banking Rajan
is just one measure of performance," Rajan told students graduating from the National Institute of Bank Management in Pune last week. We are still one of the poorest large countries in the world on a per capita basis, and have a long way to go before we reasonably address the concerns of each one of our citizens," he added, reported The Economic Times.As the governor of the RBI, Raghuram holds an esteemed position and it's a given that he is bound to enjoy a whole lot of perks.He has worked with Luigi Zingales on the effect of institutions on economic growth, their research showing that development of free financial markets is fundamental to economic modernisation.Rajan and Zingales built on their work to publish Saving Capitalism from the Capitalists in 2003.After graduation and a brief stint at the Tata Administrative Services as a management trainee, he joined the doctoral program in management at the MIT Sloan School of Management.In 1991 he received a Ph D for his thesis titled ' Essays on Banking'."Growth...His book, Fault Lines: How Hidden Fractures Still Threaten the World Economy, won the Financial Times/Goldman Sachs Business Book of the Year award in 2010.
In 2003, 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.It is an attempt to spread hope and encouragement amid the negativity that we are bombarded with on a daily basis.At the Federal Reserve annual Jackson Hole conference in 2005, Rajan warned about the growing risks in the financial system and proposed policies that would reduce such risks. However, following the financial crisis of 2007–2008, Rajan's views came to be seen as prescient and he was extensively interviewed for the Academy Awards-winning documentary Inside Job (2010).The greatest perk enjoyed by him is the fact that he gets to have signature across all currency notes in the country.Raghuram is also entitled to use a colonial bungalow on Carmicheal Road, a posh street that weaves along a ridge across South Mumbai- living opposite India's richest industrialists.The established orthodoxy claimed that deregulation must necessarily increase competition, which would translate into greater efficiency.In his thesis, Rajan argued that this might not necessarily be the case.The book argued that entrenched incumbents in closed financial markets stifle competition and reforms, thereby inhibiting economic growth.Rajan's 2010 book Fault Lines: How Hidden Fractures Still Threaten the World Economy examined the fundamental stresses in the American and the global economy that led to the financial crisis of 2007–2008.After having passed out from school he enrolled at Indian Institute of Technology, Delhi, for a bachelor's degree in electrical engineering. He was awarded the Director's Gold Medal as the best all-round student.In 1987 he earned a Post Graduate Diploma in Business Administration from the Indian Institute of Management, Ahmedabad.