Tuesday, July 15, 2003
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Meet the IMF's new economist-in-chief
Earlier this month, the International Monetary Fund announced that Raghuram Rajan -- the Joseph L. Gidwitz Professor of Finance at the U of C's business school -- will be replacing Kenneth Rogoff as the IMF's chief economist.
The BBC -- in typical fashion -- is painting this as a blow to the United States:
Leave it to the BBC to eliminate any trace of nuance or background in their coverage. A closer look shows that Rajan probably agrees a lot more with American policymakers than BBC paleolibs when it comes to IMF policy. [What about other policies?--ed. Rajan opposes both the hike in steel tariffs and the removal of the estate tax. This makes him a friend to the BBC because that means opposing the Bush administration on high-profile issues.]
Click here, here, and here for some excellent recent interviews with Rajan. Some highlights that suggest the BBC is off its rocker:
Go to the links above to read more on Rajan's views, as well as this precis of his latest book (co-authored Luigi Zingales).
Brink Lindsey, by the way, provides this review of : "Wide-ranging, idea-crammed case for free financial markets and analysis of why they seldom exist."
Fierce opposition to protectionism of any kind, combined with the conviction that globally integrated financial markets are the best way to help both poor countries and poor individuals, make Rajan an excellent selection to replace Ken Rogoff. The BBC's coverage of this replacement suggests just how one-dimensional their reporting has become.posted by Dan on 07.15.03 at 11:37 AM