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. His most recent book, with Rohit Lamba, is Breaking the Mold on reimagining India's economic future.

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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Recent Research 

Finance and Climate Resilience: Evidence from the long 1950s US Drought (with Rodney Ramcharan), revised March 2024. 

Sovereign Debt and Economic Growth when Government is Myopic and Self-interested (with Viral Acharya and Jack Shim, forthcoming, Journal of International Economics

Liquidity, liquidity everywhere, not a drop to use: Why flooding banks with central bank reserves may not expand liquidity, with Viral Acharya, forthcoming, Journal of Finance,  Presentation   Online Appendix

The Decline of Secured Debt (with Efraim Benmelech and Nitish Kumar, Journal of Finance, Jan 2024vol 79, issue 1, pp 35-93.)

Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets   (with Viral Acharya, Rahul Chauhan, and Sascha Steffens, December 2023) Online Appendix

Cross-border Spillovers: How US Financial Conditions affect M&As Around the World  (with Katharina Bergant and Prachi Mishra, April 2023)

What Purpose do Corporations Purport? Evidence from Letters to Shareholders. (with Pietro Ramella and Luigi Zingales, March 2023)   Presentation

Joined at the hip: Why continued globalization offers us the best chance of addressing climate change:  The Per Jacobsson Lecture at the IMF, October 2022.

Kill Zone (with Krishna Kamepalli and Luigi Zingales, June 2022)   

Secured Credit Spreads and the Issuance of Secured Debt (with Efraim Benmelech and Nitish Kumar, Journal of Financial Economics, 2022, Vol 146, 1, pp 143-171)

Central banks, Political Pressure, and its Unintended Consequences, in Populism and the Future of the Fed , 2022, James Dorn ed., Cato Institute, Washington DC.  

The Relationship Dilemma: Organizational Culture and the Adoption of Credit Scoring Technology in Indian Banking (with Prachi Mishra and Nagpurnanand Prabhala, Review of Financial Studies, June 2022, vol 35, 7, pp 3418-3466)  Presentation

Going the Extra Mile: Distant Lending and the Credit Cycle (with Joao Granja and Christian Leuz, Journal of Finance, Apr 2022, |77 (2) , pp.1259-1324)  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, Journal of Financial Economics, Mar 2022 143 (3), pp.1275-1294)

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, in Essays in Honor of Isher Ahluwalia, Ashok Gulati and Radhicka Kapoor ed. ICRIER.

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

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

E-Mail: Raghuram.Rajan@chicagobooth.edu


University of Chicago
Booth School of Business

5807 South Woodlawn Avenue
Chicago, IL 60637