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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

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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.

In the News

India Needs To Tap Into Foreign Capital To Trigger Investment And Growth: CEA Subramanian

quoting Raghuram Rajanvia Money Control
Tuesday, July 16, 2019

He also said that although the goal is a bit of a stretch, achieving $5 trillion economy by 2024-25 is possible. There is a need to consider tapping into foreign capital to trigger a cycle of investment and growth, Chief Economic Adviser (CEA) Krishnamurthy Subramanian said on July 16.

In the News

Opinion | We Should Not Be Crying Wolf Over Dollar Sovereign Bonds

quoting Raghuram Rajanvia Live Mint
Tuesday, July 16, 2019

Even if we assume a falling rupee, there is no reason why some risk cannot be taken on such bonds. It is interesting how committed globalizers suddenly turn near-nationalist when it comes to sovereign borrowings in non-rupee debt.


How Good Or Bad Is The Budget Decision To Issue Foreign Currency Debt?

by Raghuram Rajanvia Economic Times (India)
Saturday, July 13, 2019

India wants to internationalise rupee eventually – to make it a currency other countries will use. 


Raghuram Rajan: How Markets And The State Betray Communities

interview with Raghuram Rajanvia The Wharton School of the University of Pennsylvania
Tuesday, July 9, 2019

Hoover Institution fellow Raghuram Rajan talks about his new book, as well as India, China, and a host of other topics.

In the News

State-Run Banks Should Be Freed Of Constraints, Says Raghuram Rajan

featuring Raghuram Rajanvia Money Control
Thursday, July 4, 2019
Public sector banks might perform better if they are freed from some of the constraints they operate under but such freedom typically requires distance from the government, says former Reserve Bank of India governor Raghuram Rajan.
In the News

The Third Pillar Explores How Community Control And Solidarity Are Necessary Pillars In A Vibrant Society

featuring Raghuram Rajanvia International Examiner
Sunday, June 30, 2019

The Third Pillar: How Markets and the State Leave the Community Behind is three-part look at how modern nations and markets developed at the expense of community control and solidarity. Authored by Raghuram Rajan, currently a professor at the University of Chicago who grew up in India and headed the Reserve Bank of India from 2013-2016, The Third Pillar argues that national governments in many countries have grown so large that they have increasingly allocated resources and created policies without local input.


Raghuram Rajan: The Roots Of Our Discontent

interview with Raghuram Rajanvia Project Syndicate
Friday, June 28, 2019

Hoover Institution fellow Raghuram Rajan talks about a wide range of topics relating to this year’s theme at the Trento Festival of Economics: “Globalization, Nationalism, and Representation.”

In the News

Lecture - Costa Mesa, CA.

featuring Raghuram Rajanvia India West
Tuesday, June 18, 2019

The World Affairs Council of Orange County has organized a lecture/dinner event with world renowned economist Raghuram Rajan. He is the former Governor of the Reserve Bank of India and Chief Economist of the IMF. He will be speaking about his new book, 'The Third Pillar: How Markets & the State Leave the Community Behind.'


We Can't Rely On National Governments To Save Failing Communities. It's Time For A New Approach

by Raghuram Rajanvia CNN Business
Tuesday, June 18, 2019

As technological change has allowed societies around the world to prosper, others are being left behind.