Raghuram Rajan

Governor of the Reserve Bank of India. Former Chief economist of IMF

Professor of Finance at Booth School Business

Raghuram Rajan

Raghuram Rajan assumed charge as the 23rd Governor of the Reserve Bank of India on September 4, 2013. Prior to this, he was the Chief Economic Advisor, Ministry of Finance, Government of India and the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago’s Booth School.

Raghuram Rajanjoined the Booth faculty in 1991 after he received a PhD from the Massachusetts Institute of Technology. Earlier, he received an MBA from the Indian Institute of Management in Ahmedabad and an undergraduate degree from the Indian Institute of Technology in New Delhi.

Raghuram Rajan  chaired the Indian government’s Committee on Financial Sector Reforms in 2007 and 2008, and he was economic counselor and director of research for the International Monetary Fund from 2003 to 2006.

Before the financial crisis struck, Raghuram Rajan presented his research paper titled “Has Financial Development Made the World Riskier?” at the central bankers’ annual Jackson Hole Conference in 2005. In the paper, he concluded that serious risks to the financial system existed, and proposed policies that would reduce such risks.

Earlier this year, Raghuram Rajan , Eric J. Gleacher Distinguished Service Professor of Finance at Booth, was awarded the Center for Financial Studies – Deutsche Bank Prize in Financial Economics 2013.

Raghuram Rajan  received the inaugural Fischer Black Prize, given every two years to the financial economist younger than 40 who has made the most significant contribution to the theory and practice of finance.

Dr. Raghuram Rajan ‘s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. He has co-authored Saving Capitalism from the Capitalists with Luigi Zingales in 2003. He then wrote Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010.

Dr. Raghuram Rajan is a member of the Group of Thirty. He 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 Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the global Indian of the year award from NASSCOM in 2011, the Infosys prize for the Economic Sciences in 2012, and the Center for Financial Studies-Deutsche Bank Prize for financial economics in 2013.

Having worked as a consultant for the Indian Finance Ministry, World Bank, Federal Reserve Board and Swedish Parliamentary Commission, Raghuram Rajan is a respected American economist. With all his credentials, he is arguably the most prominent economist of Indian origin of his generation


Make in India, Largely for India,

Finance and Opportunity in India

Financial Sector Legislative Reforms Committee: What to do and when

Concerns about competitive monetary easing,

Competition in the Banking Sector: Opportunities and Challenges,

Competitive Monetary Easing: Is it yesterday once more,

Fighting Inflation, speech

Financial Inclusion: Technology, Institutions, and Policies,

Fault Lines: How Hidden Fractures Still Threaten the World Economy

Rajan shows how the individual choices that collectively brought about the economic meltdown--made by bankers, government officials, and ordinary homeowners--were rational responses to a flawed global financial order in which the incentives to take on risk are incredibly out of step with the dangers those risks pose. He traces the deepening fault lines in a world overly dependent on the indebted American consumer to power global economic growth and stave off global downturns. He exposes a system where America's growing inequality and thin social safety net create tremendous political pressure to encourage easy credit and keep job creation robust, no matter what the consequences to the economy's long-term health; and where the U.S. financial sector, with its skewed incentives, is the critical but unstable link between an overstimulated America and an underconsuming world.

In Fault Lines, Rajan demonstrates how unequal access to education and health care in the United States puts us all in deeper financial peril, even as the economic choices of countries like Germany, Japan, and China place an undue burden on America to get its policies right. He outlines the hard choices we need to make to ensure a more stable world economy and restore lasting prosperity.

Fault Lines: How Hidden Fractures Still Threaten the World Economy

Saving Capitalism from the Capitalists

Saving Capitalism from the Capitalists is a groundbreaking book that will radically change our understanding of the capitalist system, particularly the role of financial markets. They are the catalyst for inspiring human ingenuity and spreading prosperity. The perception of many, especially in the wake of never-ending corporate scandals, is that financial markets are parasitic institutions that feed off the blood, sweat, and tears of the rest of us. The reality is far different.

This book breaks free of traditional ideological arguments of the Right and Left and points to a new way of understanding and spreading the extraordinary wealth-generating capabilities of capitalism.

Saving Capitalism from the Capitalists