Raguram Rajan Bloomberg/Getty Images

Politik à la Trump in Indien

PHILADELPHIA – Die Entscheidung des weithin respektierten Ökonomen Raghuram Rajan auf eine zweite Amtszeit als Gouverneur der indischen Notenbank (Reserve Bank of India, RBI) zu verzichten, dürfte Indiens Finanzmärkte in Aufruhr versetzen, die ihn als entscheidenden Anker der Wirtschaft des Landes betrachten. Investoren werden jetzt die Folgen seines Weggangs für die Fähigkeit der Währungsbehörden analysieren, die Preisstabilität zu gewährleisten und das Wachstum zu fördern oder ein Bankensystem zu sanieren, das mit notleidenden Krediten zu kämpfen hat.

Seit Alan Greenspans Zeit als Vorsitzender der US-Notenbank Fed neigen die Märkte und auch die Medien dazu, Institutionen wie Zentralbanken zu verklären und zu personifizieren. Doch dieser „Greenspan-Effekt“ kann eine objektive Analyse verhindern.

Zwischen der indischen Notenbank und der Regierung von Premierminister Narendra Modi hat es echte politische Differenzen gegeben und die Spannungen haben sich verschärft, als öffentliche Äußerungen Rajans von Regierungsvertretern als Einmischung außerhalb seines Kompetenzbereichs gewertet wurden. Doch die gegen die Person Rajan gerichteten Angriffe in den vergangenen Monaten werfen große Fragen mit schwerwiegenden Folgen für Indien auf.

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