Raghuram Rajan

Senior Fellow

Raghuram Rajan is a senior fellow at the Hoover Institution and is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago's Booth School.

Prior to that, he was the twenty-third governor of the Reserve Bank of India from 2013 to 2016, as well as the vice chairman of the board of the Bank for International Settlements from 2015 to 2016. He was the chief economist and director of research at the International Monetary Fund from 2003 to 2006. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. His latest book, The Third Pillar: How Markets and the State Leave the Community Behind, was released on February 2019 by Penguin Press. He coauthored 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. Rajan was the president of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences and the Group of Thirty.

In January 2003, the American Finance Association awarded him the inaugural Fischer Black Prize for the best finance researcher under the age of forty. 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, the Deutsche Bank Prize for Financial Economics in 2013, and Euromoney magazine’s Central Banker of the Year Award 2014.

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Recent Commentary


Surveillance: Inflation Expectations With Raghuram Rajan

interview with Raghuram Rajanvia Bloomberg
Friday, May 13, 2022

Hoover Institution fellow Raghuram Rajan discusses inflation.

Analysis and Commentary

We Need To Revitalize The World Economy In Inclusive Ways

by Raghuram Rajanvia Financial Times
Monday, May 9, 2022

[Subscription Required] It is hard but necessary for governments to reverse the trend towards deglobalization

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Losing the Anchor

by Raghuram Rajanvia Hoover Digest
Wednesday, May 4, 2022

Rather than holding fast, central banks have slipped their moorings. This time, the course back to stability will be much harder to chart.

In the News

RBI Will Have To Raise Rates: Former Governor Raghuram Rajan

quoting Raghuram Rajanvia Bloomberg Quint
Monday, April 25, 2022

With inflation up in India, the nation's central bank will have to raise rates like global peers, Raghuram Rajan, former governor of the Reserve Bank of India, said in a post on LinkedIn on Monday. This, Rajan said, should not be seen as against the interests of the economy.


Raghuram Rajan On Why India Shouldn’t Follow China’s Path & Put All Eggs In The Manufacturing Basket

interview with Raghuram Rajanvia Economic Times (India)
Monday, April 25, 2022

Hoover Institution fellow Raghuram Rajan talks about why India shouldn’t follow China’s path and put all their eggs in the manufacturing basket.


Raghuram Rajan At IEC 2022: Let’s Not Follow China When Comes To Manufacturing

interview with Raghuram Rajanvia ET NOW
Friday, April 22, 2022

Hoover Institution fellow Raghuram Rajan discusses democracy.


Out of Focus, Raghuram Rajan

interview with Raghuram Rajanvia MediaoneTV Live
Friday, April 22, 2022

Hoover Institution fellow Raghuram Rajan warns about anti-minority attacks that are destroying the market.


Raghuram Rajan At Finance 3.0

interview with Raghuram Rajanvia Project Syndicate
Friday, April 22, 2022

Hoover Institution fellow Raghuram Rajan talks about how governments should weigh the risks and rewards of the growth of digital assets and how governments that harness these new technologies effectively stand to gain a competitive edge.

In the News

Populism And The Future Of The Fed: A New Book From Cato’s Center For Monetary And Financial Alternatives

quoting John B. Taylor, Raghuram Rajanvia CATO
Tuesday, April 19, 2022

These beautifully written, jargon‐​free essays provide a much‐​needed and careful assessment of the Fed’s future following the 2008 financial crisis and COVID-19.


Raghuram Rajan Sees No Reason For BOJ To Change Policy Stance

interview with Raghuram Rajanvia Bloomberg
Thursday, March 31, 2022

Hoover Institution fellow Raghuram Rajan talks about the Bank of Japan's policy. (BOJ Governor Haruhiko Kuroda is determined to stick with targeting long-term bond yields near zero, even as it leaves him increasingly at variance with global peers and propels a depreciating exchange rate.) Rajan also shares his views on economic sanctions, and global governments' debt burdens amid the Covid-19 pandemic.