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The economist who predicted the financial crisis just sounded another alarm
The economist who predicted the financial crisis just sounded another alarm—it would be wise to listen this time. In his first official act as the new governor of the Reserve Bank of India (RBI), Raghuram Rajan raised the benchmark interest rate from 7.5 to 7.75%, causing a ripple of surprise in financial circles and eliciting protests from various business representatives. But for people who know the current condition of emerging markets and Rajan’s professional trajectory, this was not surprising, at all. Rajan has no qualms about staging such challenges. In 2005, Rajan was chief economist of the ... (full story)
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