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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: 2020 And Africa's Decade For Trade

interview with Raghuram Rajanvia BBC
Monday, December 23, 2019

Hoover Institution fellow Raghuram Rajan notes that trading under the new African Continental Free Trade Agreement (AfCFTA) will commence in July 2020 promising to open borders, cut tariffs, and boost intra-African trade by more than 50%.

In the News

Raghuram Rajan Says India Is In The Middle Of An "Economic Depression"

featuring Raghuram Rajanvia Industry Global News24
Thursday, December 12, 2019

Former Indian Reserve Bank (RBI) Governor Raghuram Rajan said India is in the middle of an "economic depression" with signs of a deep malaise in the Indian economy running through extreme power centralization in the Office of the Prime Minister and weak ministers.

In the News

Raghuram Rajan: India In Growth Recession; Extreme Centralization Of Power In PMO Not Good

featuring Raghuram Rajanvia CNBC
Saturday, December 7, 2019

Former Reserve Bank of India (RBI) governor Raghuram Rajan said India is in the midst of a "growth recession" with signs of deep malaise in the Indian economy that is being run through extreme centralization of power in Prime Minister's Office and powerless ministers.

In the News

India’s Real Estate, Construction Industries In Deep Trouble: Raghuram Rajan

featuring Raghuram Rajanvia Hindustan Times
Saturday, December 7, 2019

There is also “significant distress in rural areas,” Rajan wrote in an opinion piece in India Today magazine. He said India is in a growth recession, defined as an economy growing at a slow pace and where unemployment is rising.

In the News

Economy In A Mess: Raghuram Rajan Lists 5 Burdens That Modi Govt Inherited From UPA

featuring Raghuram Rajanvia India Today
Friday, December 6, 2019

Raghuram Rajan said PM Modi was elected in 2014, not just because of his record in Gujarat suggested he would resolve issues borne out of problems inherited from past govts, but also because he promised reforms that would enhance growth and employment.

In the News

Rethinking Economy And Civil Societies: Lessons From Raghuram Rajan’s ‘The Third Pillar’

featuring Raghuram Rajanvia Youth Ki Awaaz
Wednesday, December 4, 2019

I just finished reading the book “The Third Pillar” authored by Raghuram Rajan. As expected, the book has enriched me with significant insight into the subject. I am here just to give you all a glimpse of the book. It revolves around three pillars—state, market and community, and “community” is the third pillar. Rajan’s sole intent in writing this book is to explain the disturbance, harmony, and cooperation among these three, and make the readers see the solution for global problems in balancing of these pillars.

In the News

Global Economy Improved After Fed Rate Cut: Raghuram Rajan

featuring Raghuram Rajanvia Grain Mart
Wednesday, November 13, 2019
Former RBI governor, Raghuram Rajan highlighted the improvement in the global economy due to fed rate cut. This was a highly anticipated move to cut interest rate by quarter point. Federal Open Market Committee decreased benchmark funds rate by 25 points.

Is Economic Winter Coming?

by Raghuram Rajanvia Project Syndicate
Tuesday, November 12, 2019

Now that the old rules governing macroeconomic cycles no longer seem to apply, it remains to be seen what might cause the next recession in the United States. But if recent history is our guide, the biggest threat stems not from the US Federal Reserve or any one sector of the economy, but rather from the White House.

In the News

Trump May Not Be Able To Secure A Lasting US-China Deal: Raghuram Rajan

featuring Raghuram Rajanvia Business Standard
Friday, November 8, 2019

The US-China trade war could still escalate despite recent discussions on removing imposed tariffs, and the Trump administration may not be able to secure a lasting deal, former Reserve Bank of India Governor Raghuram Rajan said.

In the News

India Can Be Educational Hub For Asia, Africa: Former RBI Governor Raghuram Rajan

featuring Raghuram Rajanvia First Post
Friday, November 8, 2019

The country can become an educational hub for Asia and Africa if it builds world-class universities, former Reserve Bank of India governor Raghuram G Rajan has said. He said what the country needs is to create an environment where an educational ecosystem can flourish.