.... does Rajan “have enough domain knowledge” to comprehend India’s myriad monetary and public finance problems? Much of his approach to Western financial markets seems divorced from the reality of how India’s peculiar credit markets and monetary and banking system have evolved. Mathematical finance is a relatively new small specialized sub-field. Rajan’s academic path of engineering and management in India followed by a finance thesis in the management department of a US engineering school may have exposed him to relatively little textbook economic theory, monetary economics, public finance, international economics, economic development, etc., especially as these relate to Indian circumstances..........
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