Center for Financial Studies awards 5th Deutsche Bank Prize in Financial Economics 2013 to Raghuram G. Rajan
(firmenpresse) - (DGAP-Media / 06.02.2013 / 07:15)
Center for Financial Studies awards 5th Deutsche Bank Prize in Financial
Economics 2013 to Raghuram G. Rajan
- Chicago Booth professor receives prize for highly influential
contributions in a remarkably broad range of areas in financial
economics
- Prize to be presented as part of academic symposium on 26 September
2013
- Jury Chairman Michael Haliassos: 'Raghuram G. Rajan's work develops
novel empirical and theoretical approaches with significant policy
implications.'
Frankfurt, 6 February 2013 - The Center for Financial Studies (CFS) has
awarded the 5th Deutsche Bank Prize in Financial Economics 2013 to the
Indian economist Raghuram G. Rajan for his highly influential contributions
in a remarkably broad range of areas in financial economics. Jury Chairman
and CFS Director Michael Haliassos summarized the view of the international
Jury: 'Raghuram G. Rajan's work spans a remarkably broad range of areas in
financial economics most important to the development of economies
worldwide. This includes the impact of financial development on growth,
banking and financial crises, as well as corporate finance and governance.
His work develops novel empirical and theoretical approaches with
significant policy implications.'
The academic prize is sponsored by the Deutsche Bank Donation Fund and
carries an endowment of EUR50,000. The CFS awards the prize biannually in
partnership with Goethe University Frankfurt. The prize will be presented
to Raghuram G. Rajan as part of an academic symposium in Frankfurt on 26
September 2013. The Deutsche Bank Prize in Financial Economics honors
internationally renowned economic researchers whose work has a marked
influence on research concerning questions of financial economics and
macroeconomics, and has led to fundamental advances in economic theory and
practice.
An original thinker with outstanding contributions to theory and practice
Raghuram G. Rajan's broad research interests include banking, corporate
finance, and the role of finance in economic development. He is one of few
economists who warned the world about the financial crisis that eventually
broke out in 2008.
Rajan's penetrating analysis of the changing growth experience during the
postwar era and of the differences in the nature of the crises faced by the
United States and by Southern Europe is essential reading for understanding
the current policy dilemmas between austerity and growth facing both sides
of the Atlantic. Rajan argued forcefully the futility of excessive
spending, the need to focus on sustainable long-term growth in designing
short-term measures, and the importance of not forgetting to provide for
those most adversely hit by austerity, such as the poor, the young, and the
elderly.
His recent book, 'Fault Lines: How Hidden Fractures Still Threaten the
World Economy', won the Financial Times Business Book of the Year award in
2010. Rajan analyzed the complex interactions between the financial
industry, politics, and society, focusing on the role of income inequality
in the United States in creating an environment in which financial excesses
were tolerated. He demonstrated how rational choices by individuals
collectively brought down a flawed financial system.
Raghuram G. Rajan is the Eric J. Gleacher DistinguishedService Professor
of Finance at the University of Chicago's Booth School of Business. He
serves as Chief Economic Adviser in the Finance Ministry, Government of
India. Previously, he was Chief Economist at the International Monetary
Fund (2003 - 2006). Raghuram G. Rajan was the President of the American
Finance Association in 2011 and is a member of the American Academy of Arts
and Sciences. In January 2003, the American Finance Association awarded him
the inaugural Fischer Black Prize, given every two years to the financial
economist under age 40 who has made the most significant contribution to
the theory and practice of finance.
International Jury and renowned academic prize
A Jury of internationally renowned experts in financial research and
practice decides on the recipient of the Deutsche Bank Prize in Financial
Economics. Members of the international Jury, alongside the Chairman
Michael Haliassos, include (in alphabetical order) Professors Ricardo
Caballero (Massachusetts Institute of Technology), David Folkerts-Landau
(Deutsche Bank's Group Chief Economist, Global Head of Market Research and
member of the Group Executive Committee), Nicola Fuchs-Schündeln (Goethe
University), Otmar Issing (CFS President) and Jan Pieter Krahnen (CFS
Director). Furthermore, the Jury includes Robert C. Merton (Nobel Prize
Winner; Massachusetts Institute of Technology), the winner of the Deutsche
Bank Prize in Financial Economics 2011, Kenneth Rogoff (Harvard
University), Raman Uppal (EDHEC Business School) and Uwe Walz (CFS
Director).
The prize was awarded for the first time in 2005 to Eugene F. Fama,
Professor of Finance at the University of Chicago, for researching the
concept of individual rationality in financial market behavior. In 2007
Michael Woodford, Professor of Political Economy at Columbia University,
received the prize for his groundbreaking redefinition of monetary
analysis. In 2009 Robert J. Shiller, Professor of Economics at Yale
University and Professor of Finance at Yale School of Management, received
the prize for his constructive challenge of rationality and promotion of
behavioral considerations. Kenneth Rogoff, Professor of Economics and
Professor of Public Policy at Harvard University in Cambridge, USA,
received the prize in 2011 for his analysis of financial crises.
___________________________________________________________
About the Center for Financial Studies
The Center for Financial Studies (CFS) located in Goethe University's House
of Finance, is an independent non-profit research center, funded by
contributions from donors and members, as well as by national and
international research grants. The CFS member institutions comprise the
major players in Germany's financial industry. Mission: CFS affiliated
professors and fellows conduct research in several topical areas, ranging
from Stability and Banking Regulation, to Household Finance, Law and
Economics of Financial Organizations, Monetary Policy, and the Economics of
Financial Markets. CFS is also a contributor to policy debates and policy
analyses, in particular on banking regulation and monetary policy. CFS
focuses on building a platform for research, relying on its international
network among academics, the financial industry and central banks in
Europe. Activities: Among other recurring activities, CFS organizes a
number of widely recognized events, including the annual 'ECB and Its
Watchers' conference, the Presidential Lectures under the auspices of the
CFS President Otmar Issing, the bi-annual Deutsche Bank Prize in Financial
Economics, and the quarterly CFS Financial Center Index. Its community
services at the House of Finance focus on a set of activities promoting
research. These include an academic visitors program, a financial market
data center, the CFS-GSFEM policy research initiative, and the House of
Finance Policy Platform co-founded by CFS. In collaboration with Goethe
University, CFS has recently been successful in its application to the
excellence initiative of the State of Hessen, LOEWE, for a multi-million
Euro new center. The new LOEWE Center is called SAFE ('Sustainable
Architecture for Finance in Europe') and is dedicated to top-level
scientific research and research-based policy advice. People: CFS President
is Professor Otmar Issing, former chief economist and member of the
Executive Board of the ECB; Chairman of the Board is Dr. Rolf-E. Breuer,
former CEO of Deutsche Bank AG; CFS Directors are Professors Michael
Haliassos, Jan Pieter Krahnen and Uwe Walz. For more details on CFS
activities and its research programs please visit www.ifk-cfs.de.
Contact:
Sabine Kimmel
Managing Director Communications
Center for Financial Studies
Goethe-Universität Frankfurt
House of Finance
Grüneburgplatz 1, HPF H5
60323 Frankfurt am Main
Deutschland
Tel.: +49 (0)69-798-30066
Email: kimmel(at)ifk-cfs.de
www.db-prize.org
End of Media Release
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