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Raghuram Rajan

Senior Fellow
Biography: 

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

Analysis and Commentary

Truly Taking Back Control

by Raghuram Rajanvia Project Syndicate
Monday, March 25, 2019

When people are more able to shape their own futures, they are less likely to be convinced that others are to blame for their plight. To the extent that it weakens support for virulent nationalism, devolution of global governance to national and local communities may make the world a little more prosperous – and a lot safer.

In the News

Saving The World From Misguided Populism: Raghuram Rajan Offers Some Prescriptions

quoting Raghuram Rajanvia CNBC
Monday, March 25, 2019

A common theme underlying political changes in the United States, Europe, Britain and in many Asian countries is the rise of populism. President Donald Trump, Brexit, Marine Le Pen in France, and the emphatic rise of Hindu nationalism in India all represent anger of displaced majorities.

In the News

Raghuram Rajan: The Central Banker Trying To Save Globalisation From Itself

featuring Raghuram Rajanvia City AM
Monday, March 18, 2019

Political and economic debate generally divides around two pillars: markets and state.

In the News

Raghuram Rajan: The Central Banker Trying To Save Globalisation From Itself

featuring Raghuram Rajanvia City A.M.
Monday, March 18, 2019

Free-marketeers see a world where, when people are free to buy and sell according to the laws of supply and demand, business competition naturally drives quality up and prices down, resulting in prosperity and productivity for all.

In the News

France’s Message For Capitalism Is Quite Simple: Adapt Or Die

quoting Raghuram Rajanvia Bloomberg
Sunday, March 17, 2019

France is sounding an alarm for the world’s advanced economies: capitalism is tearing them apart. President Emmanuel Macron and his Finance Minister Bruno Le Maire are using France’s presidency of the Group of Seven to argue that the system fuels inequality, destroys the planet and is ineffective at delivering goals in the public interest. The country has already experienced some of the fallout firsthand in the Yellow Vest movement that erupted late last year.

In the News

City Council Approves Police Academy; Law School Affinity Groups Boycott Admitted Students Weekend

quoting Raghuram Rajanvia The Chicago Maroon
Thursday, March 14, 2019
Professor Raghuram Rajan, Booth School professor and former governor of the Reserve Bank of India, weighed in on Wednesday. He characterized “the extreme nature of the race for academic qualifications” in college applications as “increasingly a rich person’s race.”
In the News

The Bank Of Japan's Never-Ending Crisis Is A Lesson To The World's Central Banks

quoting Raghuram Rajanvia Bloomberg
Wednesday, March 13, 2019

Central bankers searching for options to fight the next downturn should look to Japan, where policy makers are gathering for a regular review of the world’s most epic monetary stimulus program.

In the News

‘Very Little’ Ammunition Left For Japan And Europe’s Central Banks, Rajan Says

featuring Raghuram Rajanvia Bloomberg
Wednesday, March 13, 2019
While the U.S. and China are able to cut interest rates, the Bank of Japan and the European Central Bank have less room to maneuver in the event of another downturn.
Interviews

Raghuram Rajan Says College Admissions Scandal Is A `Blow To The System'

interview with Raghuram Rajanvia Bloomberg
Wednesday, March 13, 2019

Hoover Institution fellow Raghuram Rajan discusses the US college admissions scandal and notes this needs to be cleaned up as soon as possible.

In the News

Raghuram Rajan Warns Of Perils Of Neglecting Social Issues, Rising Inequalities

featuring Raghuram Rajanvia Business Today
Tuesday, March 12, 2019

The former chief economist at the IMF said as markets have expand and become more international, governance also tends to become, first more national and then international.

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