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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


Raghuram Rajan: Need To Fix NBFCs, Power Sector Immediately To Stimulate Economy

interview with Raghuram Rajanvia CNBC-TV18
Tuesday, August 20, 2019
Hoover Institution fellow and former Reserve Bank of India (RBI) governor, Raghuram Rajan, shares his views and outlook on the ongoing economic slowdown and its impact on India.

Is A Recession Round The Corner? Hear It From Raghuram Rajan, The Man Who Predicted 2008 Correctly

interview with Raghuram Rajanvia CNBC
Monday, August 19, 2019

Hoover Institution fellow Raghuram Rajan, who predicted the 2008 crash correctly, is not too worried about the risks of a potential recession in the US.


Raghuram Rajan: Slate Money: The India Edition

interview with Raghuram Rajanvia Slate
Saturday, August 17, 2019

Hoover Institution fellow Raghuram Rajan talks about about the state of Indian economics and his new book The Third Pillar.

In the News

Best Form Of Education Is To Open Minds: Raghuram Rajan

quoting Raghuram Rajanvia The Hindu Business Line
Tuesday, August 13, 2019

The best form of education will help students open their minds and think in a rigorous way, said Raghuram Rajan, Advisor, Krea University, in a televised message from the US to the inaugural batch. “It will give you a sense of how you will embark on the process of thinking. That is the only way we can prepare you for a world that is dynamic,  where the old truths are forever questioned,” he said.


How Indians Cleaned Up One Of Their Dirtiest Cities—And Have Kept It That Way

by Raghuram Rajanvia Quartz India
Monday, August 12, 2019

We do know that enhanced trade and technological change transmitted through markets have led to the loss of middle-income jobs and weakened the economic basis for the community in many parts of the developed world. It may be this, coupled with the flight of those who can leave, that is more responsible for the social disintegration of the community.


The New IMF Head Should Not Be Dictated By The Tired, Old, EU Order

by John B. Taylor, Raghuram Rajanvia Financial Times
Sunday, August 11, 2019

[Subscription Required] It is not easy to predict where financial stresses that require alleviation by the IMF will emerge next, or what form the mitigation strategies will take. Almost certainly, though, after a period of extremely easy liquidity and associated leveraging in financial markets, the call on IMF advice and resources will be greater than in the past. Its support will have to take new forms. It will also have to sell economic-policy packages to a governing body from an increasingly multipolar world.

Analysis and Commentary

Central Banks Are The Fall Guys

by Raghuram Rajanvia Project Syndicate
Wednesday, July 31, 2019

For decades, the freedom of monetary policymakers to make difficult decisions without having to worry about political blowback has proven indispensable to macroeconomic stability. But now, central bankers must ease monetary policies in response to populist mistakes for which they themselves will be blamed.

In the News

The Big Rethink: Notes From Session 3 Of TEDSummit 2019

featuring Raghuram Rajanvia TED Blog
Tuesday, July 23, 2019

In an incredible session, speakers and performers laid out the biggest problems facing the world — from political and economic catastrophe to rising violence and deepfakes — and some new thinking on solutions.


Raghuram Rajan On Prospects For A World Recession

interview with Raghuram Rajanvia BBC News
Monday, July 22, 2019

Hoover Institution fellow Raghuram Rajan says trade friction between the US and China and the prospects of Brexit have helped damage business confidence, but it was not clear yet whether this would lead to a recession.

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Three Pillars of Wisdom

by Edward Glaeser interview with Raghuram Rajanvia Hoover Digest
Tuesday, July 16, 2019

To restrain both arrogant rulers and reckless populists, Hoover economist Raghuram Rajan argues in his new book, we must restore strong local communities.