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Early life and Raghuram Govind Rajan (born 3 Small

education Raghuram Rajan
February 1963) is an Indian
Standard
Career economist and the Katherine Dusak
Miller Distinguished Service Large
Academic career
Professor of Finance at the University Width
Policymaking
of Chicago's Booth School of
International
Business.[1][2][3][4] Between 2003 Standard
Monetary Fund
and 2006 he was Chief Economist Wide
Economic Advisor
and director of research at the
to Government of
International Monetary Fund.[3] From Color (beta)
India
September 2013 through September Automatic
Reserve Bank of
India 2016 [3] he was the 23rd Governor of
Light
the Reserve Bank of India. In 2015,
Economic and political
during his tenure at the RBI, he Dark
views
became the Vice-Chairman of the
Financial markets Rajan in 2004
Bank for International Settlements.[5]
Austerity vs stimulus 23rd Governor of the Reserve Bank of
At the 2005 Federal Reserve annual India
Demonetization in
India Jackson Hole conference, three In office
years before the 2008 crash, Rajan 4 September 2013 – 4 September 2016
Bharat Jodo Yatra
warned about the growing risks in the Prime Minister Manmohan Singh
Awards financial system, that a financial crisis Narendra Modi
Bibliography could be in the offing, and proposed Preceded by Duvvuri Subbarao
policies that would reduce such risks. Succeeded by Urjit Patel
Personal life
[6] Former U.S. Treasury Secretary
15th Chief Economic Adviser to the
References
Lawrence Summers called the Government of India
External links warnings "misguided" and Rajan In office
himself a "luddite".[7] However, 10 August 2012 – 4 September 2013
following the financial crisis of 2007– Prime Minister Manmohan Singh
2008, Rajan's views came to be seen Preceded by Kaushik Basu
as prescient, and he was extensively Succeeded by Arvind Subramanian
interviewed for the Academy Awards- 7th Chief Economist of the
winning documentary Inside Job International Monetary Fund
(2010). In office
1 September 2003 – 1 January 2007
In 2003, Rajan received the inaugural
Preceded by Kenneth Rogoff
Fischer Black Prize, given every two
Succeeded by Simon Johnson
years by the American Finance
Personal details
Association to the financial economist
Born 3 February 1963
younger than 40 who has made the
(age 61)
most significant contribution to the Bhopal, Madhya
theory and practice of finance. His Pradesh, India
book, Fault Lines: How Hidden Spouse Radhika Puri
Fractures Still Threaten the World Education Indian Institute of
Economy, won the Financial Technology, Delhi
Times/Goldman Sachs Business (BTech)
Indian Institute of
Book of the Year award in 2010. In
Management,
2016, he was named by Time in its
Ahmedabad (PGDM)
list of the '100 Most Influential People Massachusetts Institute
in the World'.[8][9] of Technology (PhD)
Signature

Early life and education

[ edit ]

Raghuram Rajan was born on 3 February 1963 in Bhopal, Madhya Pradesh,[10]

some metres from where the Gas Tragedy took place.[11] Raghuram Rajan was
born to Raghavachari Govindarajan who was the topper of the 1953 batch of Indian
Police Service who was then chosen to hold key positions in IB under the
earmarking scheme and then R&AW when it was segregated from IB in 1962.[12]

Assigned to the Intelligence Bureau, R. Govindarajan, his father, was posted to

Indonesia in 1966. In 1968, he joined the newly created external intelligence unit,
the Research and Analysis Wing (R&AW) where he served as staff officer under R.
N. Kao and became part of the "Kaoboys". In 1970, he was posted to Sri Lanka,
where Rajan missed school one year because of political turmoil. After Sri Lanka,
R. Govindarajan was posted to Belgium where the children attended a French
school. In 1974, the family returned to India.[13] Throughout his childhood, Rajan
presumed his father to be a diplomat since the family traveled on diplomatic
passports.[14] He was a half-term student of Campion School, Bhopal until 1974.

From 1974 to 1981 Rajan attended Delhi Public School, R. K. Puram,[15][16] In

1981 he enrolled at Indian Institute of Technology Delhi for a bachelor's degree in
electrical engineering. In the final year of his four-year degree, he headed the
Student Affairs Council.[13] He graduated in 1985 and was awarded the Director's
Gold Medal as the best all-round student. In 1987, he earned a Post Graduate
Diploma in Management (equivalent to MBA) from the Indian Institute of
Management Ahmedabad, graduating with a gold medal for academic
performance.[17] He joined the Tata Administrative Services as a management
trainee, but left after a few months to join the doctoral program at the Sloan School
of Management[13] at Massachusetts Institute of Technology.

In 1991, he received a PhD for his thesis titled Essays on Banking under the
supervision of Stewart Myers, consisting of three essays on the nature of the
relationship between a firm or a country, and its creditor banks. The nature of
financial systems had witnessed widespread changes in the 1980s, with markets
getting deregulated, information becoming more widely available and easier to
process, and competition having increased. The established orthodoxy claimed that
deregulation must necessarily increase competition, which would translate into
greater efficiency.[18] In his thesis, Rajan argued that this might not necessarily be
the case. The first essay focused on the choice available to firms between arm's
length credit and relationship-based credit. The second focused on the Glass-
Steagall Act, and the conflict of interest involved when a commercial lending bank
enters into investment banking. The final essay examined why indexation of a
country's debt, despite offering potential advantages, seldom featured in debt
reduction plans.[18]

He was awarded an honorary doctorate degree by the London Business School in

2012,[19] the Hong Kong University of Science and Technology in 2015,[20] and the
Catholic University of Louvain in 2019.

Career [ edit ]

Academic career [ edit ]

In 1991, Rajan joined as an assistant professor of finance at the Booth School of

Business at the University of Chicago, and became a full professor in 1995. He has
taught as a visiting professor at Stockholm School of Economics, Kellogg School of
Management, MIT Sloan School of Management, and Indian School of Business.

Rajan has written extensively on banking,

corporate finance, international finance, growth
SINES
and development, and organisational OKOK
YEA
structures.[21][22] He is a regular contributor to
Project Syndicate. He has collaborated with
Douglas Diamond to produce much-cited work
on banks, and their interlinkages with
macroeconomic phenomena. He has worked Rajan, with Lionel Barber
with Luigi Zingales on the effect of institutions (left) and Lloyd Blankfein
on economic growth, their research showing (right), at the FT and Goldman
Sachs Business Book of the
that development of free financial markets is
Year Award ceremony in
fundamental to economic modernisation.[23] 2010.
Rajan and Zingales built on their work to
publish Saving Capitalism from the Capitalists
in 2003. The book argued that entrenched incumbents in closed financial markets
stifle competition and reforms, thereby inhibiting economic growth.[24] Rajan's 2010
book Fault Lines: How Hidden Fractures Still Threaten the World Economy
examined the fundamental stresses in the American and the global economy that
led to the financial crisis of 2007–2008. He argued that widening income inequality
in the US, trade imbalances in the global economy, and the clash between arm's
length financial systems, were responsible for bringing about the crisis.[25] The
book won the Financial Times and Goldman Sachs Business Book of the Year
Award.

The Research Papers in Economics project ranks him among the world's most
influential economists, featuring him among the top 5% of authors.[26][27] He was
awarded the inaugural 2003 Fischer Black Prize, given biennially by the American
Finance Association to the best finance researcher under the age of 40, for his
"path-breaking contributions to our knowledge of financial institutions, the workings
of the modern corporation, and the causes and consequences of the development
of the financial sector across countries."[28][23]

He became a member of the American Academy of Arts and Sciences in 2009, and
served as the president of the American Finance Association in 2011.[17] He is a
member of the Group of Thirty international economic body.[29] He has served as a
founding member of the academic council of the Indian School of Business since
1998.[30]

Policymaking [ edit ]

International Monetary Fund [ edit ]

In the aftermath of the 1997 Asian financial crisis, the International Monetary Fund
was facing criticism for its imposition of fiscal austerity and tighter monetary policies
on developing nations. Critics, including Nobel laureate and former chief economist
at the World Bank, Joseph Stiglitz, held the IMF's policies responsible for increased
economic volatility and destabilisation.[13][31] While the role of the chief economist
had previously always been held by a leading macroeconomist, the IMF wanted to
strengthen its financial expertise. American economist Anne Krueger, then the
IMF's first deputy managing director, had recently read Rajan's book Saving
Capitalism from the Capitalists, and reached out to him to understand if he would
be interested. Although Rajan seemed to harbour reservations initially, reportedly
telling her, "Well, Anne, I don't know any macroeconomics", he appeared for an
interview, and was subsequently appointed.[23] In announcing his appointment,
IMF managing director Horst Köhler noted that Rajan's "particular experience in
financial sector issues will help strengthen the IMF's role as a centre of excellence
in macroeconomic and financial sector stability."[32] At 40, he was the youngest
individual, and the first born in an emerging-market nation, to be appointed the
chief economist at the IMF.[13] He served in the position from October 2003 to
December 2006.[33]

At the IMF, Rajan laid the groundwork for integrating financial sector analysis into
the IMF's economic country models. He also led a team to assist some major
economies in reducing balance of payments imbalances.[23] During his tenure the
Research Department, which Rajan led, contributed to a complete review of the
IMF's medium-term strategy, worked on introducing modern modelling and
exchange rate assessment techniques to the IMF's consultations with member
countries, and analysed the growth and integration of China and India into the
world economy.[34] While he largely kept fiscal austerity policies intact, on
occasions he also published research that went against the prevailing orthodoxy at
the IMF.[13][31] A 2005 paper, published with Arvind Subramanian, questioned the
efficacy of foreign aid, arguing that aid inflows have adverse effects on growth in
developing economies.[35] A 2006 paper, published with Eswar Prasad and Arvind
Subramanian, concluded that while growth and the extent of foreign financing were
positively correlated in industrial countries, non-industrial countries that had relied
on foreign finance had grown slower than those that had not.[36]

While he was asked to stay on as the chief economist for a second term, Rajan left
after one term as the University of Chicago indicated that his leave could not be
extended.[34]

Economic Advisor to Government of India [ edit ]

In 2007, then Deputy Chairman of the Planning

Commission, Montek Singh Ahluwalia, drafted
Rajan to write a report proposing the next
generation of financial sector reforms in India. A
High Level Committee on Financial Sector
Reforms was constituted consisting of twelve Chief Economic Advisor
Raghuram Rajan addressing
members, with Rajan as chairman. The
a press conference in New
committee, in its report titled A Hundred Small Delhi in 2013.
Steps, recommended broad-based reforms
across the financial sector, arguing that instead
of focusing "on a few large, and usually politically controversial steps", India must
"take a hundred small steps in the same direction".[37]

In November 2008, Indian Prime Minister Dr Manmohan Singh appointed Rajan as

an honorary economic adviser, a role that involved writing policy notes at Singh's
request.[38][13] On 10 August 2012 Rajan was appointed as chief economic
adviser to India's Ministry of Finance, succeeding Kaushik Basu in the role.[39] He
prepared the Economic Survey of India for the year 2012–13.[40] In the annual
survey, he urged the government to reduce spending and subsidies, and
recommended the redirection of Indians from agriculture to service and skilled
manufacturing sector. He was also skeptical of the Food Security Bill in light of the
rising fiscal deficits.[41]

Reserve Bank of India [ edit ]

On 6 August 2013 it was announced that Rajan would take over as the Governor of
the Reserve Bank of India for a term of 3 years, succeeding Duvvuri Subbarao.[42]
On 5 September 2013 he took charge as the 23rd governor, at which point he took
a leave of absence from the University of Chicago Booth School of Business.[43]

In his first speech as RBI governor, Rajan

promised banking reforms and eased curbs on
foreign banking, following which the BSE
SENSEX rose by 333 points or 1.83%. After his
first day at office, the rupee rose 2.1% against
the US dollar. As Governor of the RBI, Rajan
made curbing inflation his primary focus,
bringing down retail inflation from 9.8% in
Raghuram Rajan meeting
September 2013 to 3.78% in July 2015 – the Prime Minister Narendra Modi
lowest since the 1990s. Wholesale inflation in 2014.
came down from 6.1% in September 2013 to a
historic low of -4.05% in July 2015.

In a 2014 interview, Rajan said his major targets as governor of the Reserve Bank
of India were to lower inflation, increase savings and deepen financial markets, of
which he believed reducing inflation was the most important. A panel he appointed
proposed an inflation target for India of 6% for January 2016 and 4%(+-2%)
thereafter.[44] Under Rajan, the RBI adopted consumer price index (CPI) as the key
indicator of inflation, which is the global norm, despite the government
recommending otherwise. Foreign exchange reserves of India grew by about 30%
to the tune of $380 billion in two years. Under Rajan, the RBI licensed two universal
banks and approved eleven payments banks to extend banking services to the
nearly two-thirds of the population who are still deprived of banking facilities.

During his tenure, he enforced two-factor authentication of domestic credit card

transactions to ensure the safety of customers. However, in an apparent
contradiction of his previous stance of encouraging customers to use banks, he
also permitted banks to charge customers for conducting ATM transactions beyond
a certain number of times per month, at a time when the Indian Government was
actively attempting to promote financial inclusion through its Pradhan Mantri Jan
Dhan Yojana scheme, which effectively prevented people from easily accessing
their own savings and discouraged them from using formal banking channels.[45]
[46][47]

Media reports positioned Rajan as a prospective successor to Christine Lagarde as

head of the IMF when her term expired in 2016,[44][48] even as Rajan himself
countered such speculation.[49] This did not eventually come to bear, as Lagarde
was nominated for a second term at the end of her tenure.[50] On 9 November
2015, Rajan was appointed as Vice-Chairman of the Bank for International
Settlements (BIS).[51]

In May 2016, in a letter to Prime Minister Narendra Modi, Rajya Sabha MP

Subramanian Swamy leveled several allegations against Rajan.[52][53] He accused
Rajan of raising interest rate to the detriment of small and medium industries. He
also claimed that Rajan has been sending confidential and sensitive financial
information using his University of Chicago unsecured personal email address.[54]
[53] But Rajan said that these allegations are fundamentally wrong and baseless

and addressing them would amount to giving them legitimacy.[55]

On 18 June 2016, Rajan announced that he would not be serving a second term as
RBI Governor, and planned to return to academia.[56] In September 2017, Rajan
revealed that though he was willing to take an extension and serve a second term
as RBI Governor, the government had not extended any offer to him which left him
with no choice but to return to the University of Chicago.[57] He also denied claims
that the University of Chicago had, at that time, refused to accept his leave of
absence to continue for a second term.[58]

Economic and political views [ edit ]

Rajan's economic and political views

Rajan on economic weapons
were influenced by his experience of
When fully unleashed, sanctions, too,
the Indian economy during The
are weapons of mass destruction.
Emergency. As an economist, he was
They may not topple buildings or
therefore wary of the risks of both
collapse bridges, but they destroy
unnecessary government intervention
firms, financial institutions, livelihoods,
as well as unregulated financial
and even lives. Like military WMDs,
markets, while remaining a champion
they inflict pain indiscriminately,
of capitalism.[41] He is a proponent of
striking both the culpable and the
democracy working with capitalism.
[60] In May 2023, in his speech[61] at innocent.

the Ideas for India Conference Raghuram Rajan, "Economic Weapons

organised by Bridge India[62] he of Mass Destruction". Project
argued that India’s democracy is the Syndicate. 17 March 2022[59]
path to its economic growth, attracting
media attention.[63][64]

Financial markets [ edit ]

Rajan advocates giving financial markets a greater role in the economy. In the book
Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets
to Create Wealth and Spread Opportunity[65] co-authored with Luigi Zingales, the
two authors argue in favour of deregulated financial markets in order to facilitate
access of the poor to finance: "Capitalism, or more precisely, the free market
system, is the most effective way to organise production and distribution that
human beings have found … healthy and competitive financial markets are an
extraordinarily effective tool in spreading opportunity and fighting poverty. …Without
vibrant, innovative financial markets, economies would ossify and decline." (p 1)

In 2005, at a celebration honouring Alan Greenspan, who was about to retire as

chairman of the US Federal Reserve, Rajan delivered a controversial paper that
was critical of the financial sector.[66] In that paper, "Has Financial Development
Made the World Riskier?", Rajan "argued that disaster might loom."[67] Rajan
argued that financial sector managers were encouraged to "take risks that generate
severe adverse consequences with small probability but, in return, offer generous
compensation the rest of the time. These risks are known as tail risks. But perhaps
the most important concern is whether banks will be able to provide liquidity to
financial markets so that if the tail risk does materialise, financial positions can be
unwound and losses allocated so that the consequences to the real economy are
minimised."

The response to Rajan's paper at the time was negative. For example, former U.S.
Treasury Secretary and former Harvard President Lawrence Summers called the
warnings "misguided" and Rajan himself a "luddite".[68] However, following the
financial crisis of 2007–2008, Rajan's views came to be seen as prescient; by
January 2009, The Wall Street Journal proclaimed that now, "few are dismissing his
ideas."[67] In fact, Rajan was extensively interviewed on the global crisis for the
Academy Award-winning documentary film Inside Job. Rajan wrote in May 2012
that the causes of the ongoing economic crisis in the US and Europe in the 2008–
2012 period were substantially due to workforce competitiveness issues in the
globalisation era, which politicians attempted to "paper-over" with easy credit. He
proposed supply-side solutions of a long-term structural or national competitiveness
nature: "The industrial countries should treat the crisis as a wake-up call and move
to fix all that has been papered over in the last few decades... Rather than
attempting to return to their artificially inflated GDP numbers from before the crisis,
governments need to address the underlying flaws in their economies. In the United
States, that means educating or retraining the workers who are falling behind,
encouraging entrepreneurship and innovation, and harnessing the power of the
financial sector to do good while preventing it from going off track. In southern
Europe, by contrast, it means removing the regulations that protect firms and
workers from competition and shrinking the government's presence in a number of
areas, in the process eliminating unnecessary, unproductive jobs."[69]

Austerity vs stimulus [ edit ]

During May 2012, Rajan and Paul Krugman expressed differing views on how to
reinvigorate the economies in the US and Europe, with Krugman mentioning Rajan
by name in an opinion editorial. This debate occurred against the backdrop of a
significant "austerity vs stimulus" debate occurring at the time, with some
economists arguing one side or the other or a combination of both strategies.[70]
[71][72] In an article in Foreign Affairs magazine, Rajan advocated structural or

supply-side reforms to improve competitiveness of the workforce to better adapt to

globalisation, while also supporting fiscal austerity measures (E.g., raising taxes
and cutting spending), although he conceded that austerity could slow economies
in the short-run and cause significant "pain" for certain constituencies.[69][73]
Krugman rejected this focus on structural reforms combined with fiscal austerity.
Instead he advocated traditional Keynesian fiscal (government spending and
investment) and monetary stimulus, arguing that the primary factor slowing the
developed economies at that time was a general shortfall in demand across all
sectors of the economy, not structural or supply-side factors that affected particular
sectors.[74]

As far as his position on India is concerned, Rajan stayed away from the Bhagwati
vs. Sen debate , and has tended to sympathize with both sides of the so-called
"growth vs. welfare" argument. While Rajan's views in general align with Bhagwati's
(with respect to how growth is seen as the main source of development), he has
also argued for government involvement in health and education like Sen, and has
pointed to the resultant threat of oligarchy or alienation of the poor.[41]

In 2019, Rajan said that, following the financial crisis of 2007–2008 and the
imposition of austerity, contemporary capitalism "is under serious threat" because it
has stopped providing opportunities for the many and is now facing a possible
revolt from the masses.[75]

Demonetization in India [ edit ]

In interviews in September 2017, Rajan said the Government of India had

consulted the Reserve Bank of India, during his Governorship, on the issue of
demonetization but never asked to take a decision.[76] He said the RBI was against
the move and warned the government of the potential negative effects. Rajan also
termed the currency notes ban exercise as, "One cannot in any way say it has been
an economic success". In addition to his work at the University of Chicago and RBI,
Raghuram is also a member of the Berggruen Institute's 21st Century Council.[77]

Bharat Jodo Yatra [ edit ]

A longtime critic of Modi's government, Rajan was criticized by BJP leaders after
attending the Rahul Gandhi-led Bharat Jodo Yatra.[78]

Awards [ edit ]

In 2003, Rajan won the inaugural Fischer Black Prize awarded by the American
Finance Association for contributions to the theory and practice of finance by an
economist under age 40.[79]
In February 2010 NASSCOM named him Global Indian at its 7th annual global
leadership awards.[80]
In 2010, he was awarded the Financial Times and McKinsey Business Book of
the Year Award, Fault Lines: How Hidden Fractures Still Threaten the World
Economy.[17]
In November 2011 he received the Infosys Prize for Social Sciences –
Economics for his work in analyzing the contribution of financial development to
economic growth, as well as the potentially harmful effects of dysfunctional
incentives that lead to excessive risk-taking.[81]
In 2013, he was awarded the fifth Deutsche Bank Prize in Financial Economics
for his "ground-breaking research work which influenced financial and macro-
economic policies around the world".[82]
In 2014 he was conferred with the "Governor of the Year Award 2014" from
London-based financial journal Central Banking.[83][84]
In March 2019, he was awarded "Yashwantrao Chavan National Award 2018"
for his contribution to economic development.[85]
In May 2023 he was awarded an honorary doctorate by the London School of
Economics. [86]

Bibliography [ edit ]

Saving Capitalism from the Capitalists (2004), Random House. Co-authored

with fellow Chicago Booth professor Luigi Zingales.
Fault Lines: How Hidden Fractures Still Threaten the World Economy (2010),
Princeton University Press.[87] Financial Times and Goldman Sachs Business
Book of the Year Award for 2010.[87][88][89][90]
I Do What I Do (2017), Harper Collins. A collection of speeches delivered during
his stint as the Governor of the Reserve Bank of India[91]
The Third Pillar: How the State and Markets are leaving Communities Behind
(2019), Penguin Press.
What the Economy Needs Now (2019), Juggernaut Books. Co-authored.
Breaking the Mould: Reimagining India's Economic Future (2023), Penguin
Press. Co-authored with Rohit Lamba.

Rajan has also published numerous articles in finance and economics journals
including the American Economic Review, Journal of Economic Perspectives,
Journal of Political Economy, Journal of Financial Economics, Journal of Finance
and Oxford Review of Economic Policy.

The True Lessons of the Recession; The West Can't Borrow and Spend Its Way
to Recovery by Rajan in May/June 2012 Foreign Affairs

Personal life [ edit ]

Raghuram Rajan is an Indian citizen and holds a USA Green Card.[92] He is

married to Radhika Puri Rajan, whom he met while they were both students at IIM
Ahmedabad. Radhika teaches at University of Chicago Law School. She is also an
Adjunct Associate Professor of Behavioral Science at the University of Chicago
Booth School of Business. They have a daughter and a son.[citation needed]

Rajan is a vegetarian. He likes the outdoors and plays tennis and squash.[14][44]
He enjoys reading Tolstoy, J. R. R. Tolkien and Upamanyu Chatterjee.[93] Rajan
appeared on Siddharth Basu's quiz show Quiz Time, telecasted on the national
television channel Doordarshan, in 1985, teaming up with his batchmate Jayant
Sinha to represent IIT Delhi.[94][95] He has also participated in various marathons,
such as the Standard Chartered Mumbai Marathon 2015.[96]

References [ edit ]

1. ^ "I am an Indian citizen: Raghuram Rajan" . The Hindu. 30 October 2013.

Quote: "I am an Indian citizen. I have always been an Indian citizen. I always
held an Indian passport. I held an Indian diplomatic passport when my father
was in the foreign service and when I travelled on behalf of the Ministry of
Finance. I have never applied for the citizenship of another country. I have
never been a citizen of another country and have never taken a pledge of
allegiance to another country."
2. ^ Crabtree, James (30 August 2013) Raghuram Rajan, academic in a raging
storm The Financial Times (requires a subscription), Retrieved 11
November 2014
3. ^ a b c "Raghuram G. Rahan: Katherine Dusak Miller Distinguished Service
Professor of Finance" . University of Chicago, Booth School of Business.
Archived from the original on 6 May 2019. Retrieved 18 March 2017.
4. ^ "Faculty members recognized with named, distinguished service
professorships" . University of Chicago Booth School of Business. 9 January
2017. Retrieved 2 February 2017.
5. ^ "RBI Governor Raghuram Rajan first Indian to be appointed BIS Vice Chairman" .
The Economic Times. Retrieved 2 February 2017.
6. ^ "The Economic Crisis and the Crisis in Economics" . [Link].
7. ^ Lahart, Justin (2 January 2009). "Mr. Rajan Was Unpopular (But Prescient) at
Greenspan Party" . The Wall Street Journal.
8. ^ Raghuram Rajan in TIME's 100 most influentials list Business Standard, 22
April 2016
9. ^ Raghuram Rajan, Sania Mirza, Sundar Pichai Among Times 100 Most Influential
People Huffington Post, 22 April 2016
10. ^ "Bhopal: Raghuram Rajan visits his hometown" . Hindustan Times. 28 April
2016. Retrieved 19 February 2024.
11. ^ Crabtree, James (15 August 2014). "Lunch with the FT: Raghuram Rajan" .
Financial Times. Retrieved 13 July 2024.
12. ^ Frank, Ben (12 September 2024). "Raghuram Rajan: Biography of The
Economic Rebel" . [Link]. Retrieved 25 November 2024.
13. ^ a b c d e f g Mark Bergen (1 October 2013). "Line of Credit: Raghuram Rajan
takes charge at the RBI" . Caravan Magazine. Retrieved 19 February 2016.
14. ^ a b Crabtree, James (15 August 2014) Lunch with the FT: Raghuram Rajan
The Financial Times, Retrieved 11 November 2014
15. ^ "Didn't own a blazer in school, Raghuram Rajan tells students" . Press Trust of
India. The Hindu. 24 January 2014. Retrieved 19 February 2016.
16. ^ "The roots of Recession" Quote: "Raghuram Rajan has always been a little
precocious. Arguably the most famous alumnus of Delhi Public School, R. K.
Puram. he was one of the youngest professors at Chicago's Booth School of
Business, and, at 40, the youngest chief economist of the International
Monetary Fund."[1]
17. ^ a b c "Raghuram G. Rajan (Curriculum Vitae)" (PDF). Booth School of
Business. Retrieved 13 August 2015.
18. ^ a b Rajan, Raghuram (1991). Essays on banking . DSpace@MIT
(Thesis). Massachusetts Institute of Technology. hdl:1721.1/13883%23files-
area . Retrieved 18 May 2018.
19. ^ "Honorary Awards" . London Business School. Retrieved 30 April 2017.
20. ^ "HKUST Holds 23rd Congregation Conferring Honorary Doctorates on Five
Distinguished Academics and Community Leaders" . The Hong Kong University
of Science and Technology. 20 November 2015. Retrieved 18 May 2018.
21. ^ "Raghuram G. Rajan" . Chicago Booth. The University of Chicago Booth
School of Business. Archived from the original on 6 May 2019. Retrieved
18 May 2018.
22. ^ "Raghuram Rajan Paper by Topic" . The University of Chicago Booth School
of Business. Retrieved 18 May 2018.
23. ^ a b c d Wallace, Laura (March 2015). "Finder of Financial Fault Lines" .
Finance and Development. 52 (1). International Monetary Fund. Retrieved
18 May 2018.
24. ^ Postrel, Virginia (4 December 2003). "Economic Scene; Are open markets
threatened more by a pro-business or by an antibusiness ideology?" . The New
York Times. Retrieved 19 May 2018.
25. ^ Crook, Clive (21 June 2010). "We were all to blame for the crash" . Financial
Times. Archived from the original on 11 December 2022. Retrieved 19 May
2018.
26. ^ "Raghuram G. Rajan" . RePEc IDEAS. Retrieved 18 May 2018.
27. ^ "Top 10% Authors" . RePEc IDEAS. Retrieved 18 May 2018.
28. ^ Chan, Jessamine (23 January 2003). "Rajan wins first Fischer Black Prize" .
The University of Chicago Chronicle. Retrieved 18 May 2018.
29. ^ "Group of Thirty Members" . Group of Thirty. Retrieved 19 May 2018.
30. ^ "Raghuram Rajan - Indian School of Business (ISB)" . [Link].
31. ^ a b Kishore, Roshan (18 June 2016). "The economics of Raghuram Rajan" .
Mint. Mint on Sunday. Retrieved 18 May 2018.
32. ^ "Press Release: IMF Managing Director Köhler Proposes Raghuram Rajan as
Economic Counsellor and Director of the IMF's Research Department" .
International Monetary Fund. 2 July 2003. Retrieved 18 May 2018.
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