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.
Dr. Rajan was awarded the inaugural Fischer Black award for the best financial economist under the age of 40 in 2003, the Deutsche Bank prize for financial economics in 2013, the Euromoney Central Bank Governor of the Year in 2014, and Banker magazine's Global Central Bank Governor of the Year in 2016.
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Liquidity, liquidity everywhere, not a drop to use: Why flooding banks with central bank reserves may not expand liquidity, with Viral Acharya, April 2022. Presentation
What Purpose do Corporations Purport? Evidence from Letters to Shareholders. (with Pietro Ramella and Luigi Zingales, February 2022) Presentation
Secured Credit Spreads and the Issuance of Secured Debt (with Efraim Benmelech and Nitish Kumar, forthcoming Journal of Financial Economics)
Central banks, Political Pressure, and its Unintended Consequences, December 2021.
The Decline of Secured Debt (with Efraim Benmelech and Nitish Kumar, December 2021)
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
Going the Extra Mile: Distant Lending and the Credit Cycle (with Joao Granja and Christian Leuz, forthcoming, Journal of Finance) Presentation
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) in John H. Cochrane (Editor), Kyle Palermo (Editor), John B. Taylor (Editor) Currencies, Capital, and Central Bank Balances, Hoover Institution, Stanford, 2020
Phone: (773) 702-4437
University of Chicago
Booth School of Business
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Chicago, IL 60637