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Indian American professor to quit IMF

india Updated: Aug 23, 2006 11:54 IST
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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.

A successor to Rajan, who joined IMF in July 2003, will be named in due course, according to an International Monetary Fund (IMF) press release about Rajan notifying IMF Managing Director Rodrigo de Rato of his intention to go back to his old job when his leave ends.

Rajan an electrical engineering graduate from the Indian Institute of Technology in Delhi, who earned his MBA from the Indian Institute of Management, Ahmedabad, and his Ph.D from MIT, taught at the Graduate School of Business at the University of Chicago before taking up the IMF job.

He returns to Chicago as the Joseph L Gidwitz Professor of Finance. His research is broadly on the role of institutions, especially financial institutions, in fostering economic development.

In 2003, 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.

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