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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 the News

A New Book Argues Weakened Communities Threaten Liberal Democracy

featuring Raghuram Rajanvia Economist
Tuesday, February 19, 2019

Raghuram Rajan’s “The Third Pillar” says that society matters.

In the News

Why Do People Hate Finance?

quoting Raghuram Rajanvia Forbes India
Monday, February 18, 2019

It's important for young finance professionals to understand the weaknesses of the Indian financial system, for them to take the industry forward.

In the News

Will Catastrophe Strike The World Economy?

quoting Raghuram Rajanvia The Friday Times
Friday, February 15, 2019

Back in 2005, some of the world’s top economists gathered at Jackson Hole, Wyoming (USA). This place is known for gathering of top central bankers around the world. 

In the News

Neglecting Social Issues Is Not Just Myopic But Dangerous, Says Raghuram Rajan

featuring Raghuram Rajanvia Bloomberg Quint
Tuesday, February 12, 2019

Neglecting social issues is not just myopic but dangerous, warned the former governor of the Reserve Bank of India Raghuram Rajan as he called for a return to empowering local communities as an antidote to growing despair and unrest.

In the News

Raghuram Rajan: How Markets And The State Leave The Community Behind

featuring Raghuram Rajanvia Brookings Institution
Wednesday, February 6, 2019

As markets are embedded in a web of human relations, values and norms, they are impacted by human events. Indeed, throughout history, technological advancements have displaced the market from its traditional webs, precipitating sometimes violent backlashes and periods of surging populism. Currently, the strain of globalization and technological shift is both reflecting and exacerbating the polarizing political tensions so evident around the world today.


Raghuram G. Rajan Says Capitalism’s Future Lies In Stronger Communities

by Raghuram Rajanvia Chicago Booth Review
Tuesday, February 5, 2019

What is the third pillar?

In the News

Disparities Divide People, States And The Country

quoting Raghuram Rajanvia Tehelka
Sunday, February 3, 2019

More than seven decades have passed since India’s Independence on August 15, 1947. The country has gradually become the world’s sixth-largest economy in terms of nominal GDP and the third-largest in purchasing power parity. After the 1991 economic liberalisation, India achieved 6-7 per cent average GDP growth annually. The country, according to former Reserve Bank of India governor Raghuram Rajan, is likely to become bigger than China in the long run.


Raghuram Rajan: ‘The 7% Growth That We’ve Achieved Is Not To Be Sneered At’

interview with Raghuram Rajanvia Hindu Business Line (India)
Thursday, January 31, 2019

Hoover Institution fellow Raghuram Rajan discusses a wide range of issues, including the need for the next wave of economic reforms, the reality of India’s ease of doing business, and consolidation in the banking sector. 


Raghuram Rajan Talks About Challenges To Revive Real-Estate In India

interview with Raghuram Rajanvia Business Today
Monday, January 28, 2019

Hoover Institution fellow Raghuram Rajan discusses several issues including the 2019 elections and how government policies affect India's economy.

Comments and Related Research

The Two Faces of Liquidity

by Raghuram Rajanvia Revisiting the 2008 Financial Crisis
Friday, October 19, 2018

"It has been about 10 years since the global financial crisis. What have we learnt about it? The behavior of financial-sector participants was clearly aberrant, and needed to be rectified..." The 2018 Martin Feldstein Lecture. NBER Reporter, No.3 September 2018