Raguram Rajan Bloomberg/Getty Images

La política a lo Trump llega a la India

FILADELFIA – La decisión del muy respetado economista Raghuram Rajan de no postularse para un segundo mandato como gobernador del Banco de la Reserva de la India (RBI, por su sigla en inglés, el banco central) probablemente enturbie los mercados financieros de ese país, que lo consideran un ancla fundamental para su economía. Los inversores ahora analizarán minuciosamente las implicaciones de su partida para la capacidad de las autoridades monetarias de garantizar la estabilidad de los precios y fomentar el crecimiento, o reconstruir un sistema bancario asediado por los créditos improductivos.

Desde la presidencia de Alan Greenspan en la junta de la Reserva Federal de EE. UU., tanto los mercados como los medios han tendido a idolatrar y personalizar a las instituciones como los bancos centrales. Pero el «efecto Greenspan» puede obstaculizar el análisis desapasionado.

Existieron diferencias genuinas entre las políticas del RBI y el gobierno del primer ministro Narendra Modi, y estallaron tensiones cuando los funcionarios percibieron que los comentarios públicos de Rajan no se limitaban a sus incumbencias. Pero los ataques ad hominem contra Rajan en los últimos meses plantean grandes preguntas con graves implicaciones para la India.

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