He is among the six economists selected by Clarivate. The prestigious award would be announced in Stockholm on 9 October.
According to Clarivate, Rajan's contribution to economics illuminated "the dimensions of decisions in corporate finance."
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The six "Citation Laureates" for economics
According to Clarivate Analysis' website, the six economists it has chosen as the probable Nobel winners for this year are Colin F. Camerer, George F. Loewenstein, Robert E. Hall, Michael C. Jensen, Stewart C. Myers, Raghuram G. Rajan.
Entry into Clarivate's list doesn't mean Rajan is a front-runner
Currently, Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago's Booth School of Business.
Releasing its list, Clarivate said these candidates were "Citation Laureates" whose research is "of Nobel Class".
However, the entry into the list doesn't guarantee anything. Rajan may not be a front-runner but a probable candidate who stands a chance to win.
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The Nobel committee's selection process much complex than Clarivate's
Clarivate Analytics (formerly owned by Thomson Reuters) is an academic and scientific research company, which compiles a list of possible Nobel winners on the basis of research citations.
In the past 15 years, 45 of the researchers it selected went on to win a Nobel Prize.
Nine of them received the award the year they were chosen by Clarivate while 18 within two years.
Raghuram Rajan: The 23rd Governor of RBI
Raghuram Rajan is one of India's leading economists, who took over the reins as Governor for the country's central bank in Sep'13.
His term as the RBI Governor ended in Sep'16.
Rajan warned government against demonetization
In Sep'17, Rajan published a book "I Do What I Do", a collection of his "commentary and speeches" when he was the RBI Governor in "those turbulent but exciting times."
He wrote the government's demonetization-drive could have long-term advantages, which are outweighed by the short-term economic costs.
In Nov'16, the Centre announced demonetization of Rs. 1,000 and Rs. 500 to eliminate black money.
Awards received by Raghuram Rajan
Rajan won American Finance Association's 2003 Fischer Black Prize.
He was NASSCOM's "Global Indian" for 2010. His "Fault Lines" (book on hidden financial-fractures threatening World Economy) was the 2010 "Financial Times/McKinsey Business Book of the Year".
He received the 2011 Infosys Prize for Social Sciences and 2013 Deutsche Bank Prize in Financial Economics.
He won Euromoney magazine's "Best Central Bank Governor" for 2014.
Raghuram Rajan predicted 2008 financial crisis
Rajan predicted the 2008 global market crash/financial crisis caused by the US's housing market crisis. The US economy fell into deep recession, resulting in a global slowdown.
In 2014, the London-based financial journal, Central Banking, conferred Raghuram Rajan with the "Central Banker of the Year" award for handling the "2013 rupee crisis" and also bringing back foreign investors to India.
Nobel Prize in Economics
Reserve Bank Of India (RBI)
's Booth School of Business
American Finance Association
Best Central Bank Governor