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Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund.

Dr. Rajan’s research interests are in banking, corporate finance, and economic development. The books he has written include The Third Pillar: How the State and Markets hold the Community Behind 2019 which was a finalist for the Financial Times Business Book of the Year prize and Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times prize for Business Book of the Year in 2010.

Dr. Rajan is a member of the Group of Thirty. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences and ECGI Fellow. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, Euromoney Central Banker Governor of the Year 2014, and Banker Magazine (FT Group) Central Bank Governor of the Year 2016.

Recent publications include “The Decline of Secured Debt”, with Efraim Benmelech and Nitish Kumar, forthcoming, Journal of Finance; “Secured Credit Spreads”, with Efraim Benmelech and Nitish Kumar, forthcoming, Journal of Financial Economics; “The Relationship Dilemma: Organizational Culture and the Adoption of New Technology in Indian Banking”, with Prachi Mishra and R. Prabhala, Review of Financial Studies, June 2022; “Going the Extra Mile: Distant Lending and Credit Cycles”, with Joao Granja and Christian Leuz, Journal of Finance, Apr 2022; “Liquidity, Pledgeability, and the Nature of Lending”, with Douglas Diamond and Yunzhi Hu, Journal of Financial Economics,  Mar 2022; “Communities, the State, and Markets:  The Case for Inclusive Localism”, Oxford Review of Economic Policy, 2021.

Research Interests

Economic growth

Working Papers

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