Raghuram Rajan

Raghuram Rajan

Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago's Booth School. Prior to that, he was the 23rd 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. Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006.

Dr. Rajan’s research interests range from banking and monetary policy to corporate finance, political economy, communities, and economic development. He co-authored 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. In 2019, his book, The Third Pillar: How Markets and the State Leave the Community Behind was a finalist for the Financial Times/McKinsey Business Book of the Year Award.

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Recent Research

Central banks, Political Pressure, and its Unintended Consequences, December 2021. 

Liquidity, liquidity everywhere, not a drop to use: Why flooding banks with central bank reserves may not expand liquidity, with Viral Acharya, November 2021.  Presentation 

The Relationship Dilemma: Organizational Culture and the Adoption of Credit Scoring Technology in Indian Banking (with Prachi Mishra and Nagpurnanand Prabhala, forthcoming, Review of Financial Studies)  Presentation

Secured Credit Spreads and the Issuance of Secured Debt (with Efraim Benmelech and Nitish Kumar, revised July 2021)

Going the Extra Mile: Distant Lending and the Credit Cycle (with Joao Granja and Christian Leuz, forthcoming, Journal of Finance)  Presentation

The Decline of Secured Debt (with Efraim Benmelech and Nitish Kumar, April 2021)

Communities, the State, and Markets:  The Case for Inclusive Localism Oxford Review of Economic Policy, Volume 37, Number 4, 2021, pp 811-823.

 Liquidity, Pledgeability, and the Nature of Lending (with Douglas Diamond and Yunzhi Hu, forthcoming, Journal of Financial Economics)

Kill Zone (with Krishna Kamepalli and Luigi Zingales, February 2021)   Presentation

G30 Report on Reviving and Restructuring the Corporate Sector Post-Covid (with Mario Draghi, Douglas Elliott, and Victoria Ivashina, October 2020)

Indian Banks: A Time to Reform? (with Viral Acharya, September 2020)

G30 Report on Digital Currencies and Stable Coins (with Darell Duffie, Ken Rogoff, and Hyun Shin, July 2020)

When is Debt Odious: A Theory of Repression and Growth Traps (with Viral Acharya and Jack Shim, March 2020)  Presentation

The Spillovers from Easy Liquidity and the Implications for Multilateralism (with Douglas Diamond and Yunzhi Hu), IMF Economic Review, January 2020, vol 68(1), pp 4-34

Pledgeability, Industry Liquidity, and Financing Cycles (with Douglas Diamond and Yunzhi Hu), Journal of Finance, February 2020, vol 75, no 1. 

Rules of the Monetary Game (with Prachi Mishra) forthcoming, in Currencies, Capital, and Central Bank Balances





Phone: (773) 702-4437

E-Mail: Raghuram.Rajan@chicagobooth.edu


University of Chicago
Booth School of Business

5807 South Woodlawn Avenue
Chicago, IL 60637