''India's new central bank governor, Raghuram Rajan, is waging a vigorous two-front war.
At home, Mr. Rajan is trying to repair the damage inflicted on his country's decelerating economy after investors this summer retreated from emerging markets in anticipation of an end to easy-money policies in the U.S.
Abroad, he is campaigning to persuade the U.S. Federal Reserve and other central banks that they need to pay more attention to the consequences of their actions for the developing world and do more to mitigate the fallout.
This past week, he brought his fight here to Washington, where the International Monetary Fund was holding its annual meeting.
"If you want stronger global demand, you really need to think about international arrangements to deal with these issues," Mr. Rajan said in an interview on the sidelines of the meetings. He urged a process by which the central banks of advanced nations give greater weight to the global spillover effects of their policies.
In May, mere mention by the Fed of an eventual shift sparked a global emerging-market selloff. In the three months that followed, India's currency lost nearly a quarter of its value. Stocks dived.
Countries from Indonesia to South Africa, Brazil and Turkey also got slammed, as investors, betting that returns in the U.S. would rise, pulled their money out.
Mr Rajan an MIT Economist,was Chief economist at the IMF,and taught at the University of Chicago.
And he has been right before about the unintended consequences of Fed policy.
Famously, in 2005 he warned a roomful of Fed officials in Jackson Hole, Wyo., that the world risked a dangerous financial bubble.
In January, Mr. Rajan, at the time an adviser to India's finance minister, warned his counterparts at a meeting in New Delhi of officials from the Group of 20 industrial and developing nations that they should wake up to the dangers posed to emerging markets by an end to easy-money policies in the U.S.''
