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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


In Conversation With Raghuram Rajan

interview with Raghuram Rajanvia Lowy Institute
Tuesday, June 8, 2021

Hoover Institution fellow Raghuram Rajan talks about risks to financial stability that lay ahead and how the dramatic shift in favor of fiscal activism is affecting advanced economies. Rajan also discusses whether Big Tech is helping or hindering innovation as well as the place of social institutions in the economy.


COVID-19 Has Shown Indian Political Leadership's Lack Of Vision: Raghuram Rajan

interview with Raghuram Rajanvia The Wire
Saturday, June 5, 2021

Hoover Institution fellow Raghuram Rajan discusses India's response to COVID.


A Global Incentive To Reduce Emissions

by Raghuram Rajanvia Project Syndicate
Monday, May 31, 2021

Proposals for coordinated climate action at the global level all too easily run into free-rider and fairness problems, leaving many of the most popular policy proposals dead on arrival. But a simple framework that gives all countries similar incentives would overcome these problems.


India Underestimated The Virus: Raghuram Rajan

interview with Raghuram Rajanvia Bloomberg
Monday, May 3, 2021

Hoover Institution fellow Raghuram Rajan discusses the recent wave of coronavirus infections in India, what he thinks went wrong and what India needs to do to recover from the virus.


We’ve Had A Really Tragic Pandemic And Yet Markets Are At An All Time High: Raghuram Rajan

interview with Raghuram Rajanvia Yahoo! Finance
Thursday, April 8, 2021

Hoover Institution fellow Raghuram Rajan discusses the US economy following the pandemic.


All Eyes On Digital Payments

by Raghuram Rajanvia Project Syndicate
Saturday, March 27, 2021

Digital payments are attracting growing interest, and eye-popping numbers abound, as demonstrated by the US payment processor Stripe’s recent $95 billion valuation. Why all the excitement, and why now?

In the News

Drastic Changes In Monetary Policy Framework Can Upset Bond Market: Raghuram Rajan

featuring Raghuram Rajanvia Tribune India
Monday, March 15, 2021

As the economy slowly comes out of the pandemic blues, former RBI Governor Raghuram Rajan on Sunday cautioned that “drastic changes” in India’s monetary policy framework can upset the bond market as the current system has helped in containing inflation and promoting growth.


Prannoy Roy, Raghuram Rajan, Kaushik Basu On Farmers' Protest, Economy

interview with Raghuram Rajanvia NDTV
Thursday, March 4, 2021

Hoover Institution fellow Raghuram Rajan joins a panel to take a close look at the Union Budget, and in particular, on the word privatization. The panel will also discuss the importance of global ratings.


Demonetisation Disrupted India's Strengthening Growth: Raghuram Rajan

interview with Raghuram Rajanvia NDTV
Wednesday, March 3, 2021

Hoover Institution fellow Raghuram Rajan discusses India's growth and whether the country will see a post-pandemic rebound.

Analysis and Commentary

Building Back Broader

by Raghuram Rajanvia Project Syndicate
Monday, February 8, 2021

Developed countries are spending enormous amounts of money in an attempt to recover from the pandemic, and should not waste it on old and tired schemes that have rarely worked. Instead, national or state governments should fund innovative local projects with high levels of community involvement and engagement.