{{Short description|Indian economist and former governor of Reserve Bank of India}} {{Use Indian English|date=April 2018}} {{Use dmy dates|date=February 2016}} {{Infobox officeholder | name = Raghuram Rajan | image = Raghuram Rajan, IMF 69MS040421048l.jpg | caption = Rajan in 2004 | office = 23rd [[Governor of the Reserve Bank of India]] | prime_minister = [[Manmohan Singh]]<br>[[Narendra Modi]] | term_start = 4 September 2013 | term_end = 4 September 2016 | predecessor = [[Duvvuri Subbarao]] | successor = [[Urjit Patel]] | office1 = 15th [[Chief Economic Adviser to the Government of India]] | prime_minister1 = [[Manmohan Singh]] | term_start1 = 10 August 2012 | term_end1 = 4 September 2013 | predecessor1 = [[Kaushik Basu]] | successor1 = [[Arvind Subramanian]] | office2 = 7th [[Chief Economist of the International Monetary Fund]] | term_start2 = 1 September 2003 | term_end2 = 1 January 2007 | predecessor2 = [[Kenneth Rogoff]] | successor2 = [[Simon Johnson (economist)|Simon Johnson]] | birth_date = {{Birth date and age|df=yes|1963|02|03}} | birth_place = [[Bhopal]], [[Madhya Pradesh]], India | death_date = | death_place = | spouse = Radhika Rajan | education = [[IIT Delhi]] ([[Bachelor of Technology|BTech]])<br>[[Indian Institute of Management Ahmedabad]] ([[Master of Business Administration|PGDM]])<br>[[Massachusetts Institute of Technology]] ([[Doctor of Philosophy|PhD]]) | signature = Raghuram Rajan signature - en.jpg }}
'''Raghuram Govind Rajan''' (born 3 February 1963) is an Indian economist and the Katherine Dusak [[Merton Miller|Miller]] Distinguished Service Professor of Finance at the [[University of Chicago]]'s [[Booth School of Business]].<ref name="thehindu.com">{{cite news|url=http://www.thehindu.com/business/i-am-an-indian-citizen-raghuram-rajan/article5286188.ece|title=I am an Indian citizen: Raghuram Rajan|newspaper=The Hindu| date=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."</ref><ref name=":0">Crabtree, James (30 August 2013) [http://www.ft.com/intl/cms/s/0/48090996-10bf-11e3-b291-00144feabdc0.html Raghuram Rajan, academic in a raging storm] The Financial Times (requires a subscription), Retrieved 11 November 2014</ref><ref name="Raghuram Rajan Chicago Booth">{{cite web|url=https://www.chicagobooth.edu/faculty/directory/r/raghuram-g-rajan|title=Raghuram G. Rahan: Katherine Dusak Miller Distinguished Service Professor of Finance|access-date=18 March 2017|publisher=University of Chicago, Booth School of Business|archive-date=6 May 2019|archive-url=https://web.archive.org/web/20190506234625/https://www.chicagobooth.edu/faculty/directory/r/raghuram-g-rajan|url-status=dead}}</ref><ref name="RGR Chicago Named Professor">{{cite web|title=Faculty members recognized with named, distinguished service professorships|date=9 January 2017 |url=https://news.uchicago.edu/article/2017/01/09/faculty-members-recognized-named-distinguished-service-professorships|publisher=[[University of Chicago Booth School of Business]]|access-date=2 February 2017}}</ref> He served as the Chief Economist of the [[International Monetary Fund]] from 2003 to 2006 and the 23rd [[Governor of the Reserve Bank of India|Governor]] of the [[Reserve Bank of India]] from 2013 to 2016.<ref name="Raghuram Rajan Chicago Booth" /> In 2015, during his tenure at the RBI, he became the Vice-Chairman of the [[Bank for International Settlements]].<ref name="RGR BIS Vice Chairman">{{cite news|title=RBI Governor Raghuram Rajan first Indian to be appointed BIS Vice Chairman|url=http://economictimes.indiatimes.com/news/politics-and-nation/rbi-governor-raghuram-rajan-first-indian-to-be-appointed-bis-vice-chairman/articleshow/49735594.cms|newspaper=[[The Economic Times]]|access-date=2 February 2017}}</ref>
At the 2005 [[Federal Reserve]] annual [[Federal Reserve Bank of Kansas City#Economic policy symposium|Jackson Hole conference]], three years before the [[2008 financial crisis]], Rajan warned about the growing risks in the financial system, that a [[financial crisis]] could be in the offing, and proposed policies that would reduce such risks.<ref>{{Cite web |url=http://www.eatonak.org/EC402/page9/page9.html |archive-url=https://web.archive.org/web/20230302010643/http://www.eatonak.org/EC402/page9/page9.html|url-status=usurped|archive-date=2 March 2023|title=The Economic Crisis and the Crisis in Economics|website=www.eatonak.org}}</ref> Former [[U.S. Treasury Secretary]] [[Lawrence Summers]] called the warnings "misguided" and Rajan himself a "[[luddite#In modern thought|luddite]]".<ref>{{cite news|last1=Lahart|first1=Justin|title=Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party|url=http://online.wsj.com/articles/SB123086154114948151|work=[[The Wall Street Journal]]|date=2 Jan 2009}}</ref> However, after the [[2008 financial crisis]], Rajan's views came to be seen as prescient, and he was extensively interviewed for the [[Academy Awards]]-winning documentary ''[[Inside Job (2010 film)|Inside Job]]'' (2010).
In 2003, Rajan received the inaugural [[Fischer Black#Fischer Black Prize|Fischer Black Prize]], given every two years by the [[American Finance Association]] to the financial economist younger than 40 who has made the most significant contribution to the theory and practice of finance. His book, ''[[Fault Lines: How Hidden Fractures Still Threaten the World Economy]]'', won the Financial Times/Goldman Sachs Business Book of the Year award in 2010. In 2016, he was named by ''[[Time (magazine)|Time]]'' in its list of the '100 Most Influential People in the World'.<ref>[http://www.business-standard.com/article/current-affairs/raghuram-rajan-in-time-s-100-most-influentials-list-116042101285_1.html Raghuram Rajan in TIME's 100 most influentials list] Business Standard, 22 April 2016</ref><ref>[https://www.huffpost.com/archive/in/entry/raghuram-rajan-sania-mirza-sundar-pichai-among-time-magazines_n_9755712 Raghuram Rajan, Sania Mirza, Sundar Pichai Among Times 100 Most Influential People] [[HuffPost]], 22 April 2016</ref>
==Early life and education== Raghuram Rajan was born on 3 February 1963 in [[Bhopal]], Madhya Pradesh,<ref>{{Cite news |url=https://www.hindustantimes.com/bhopal/bhopal-raghuram-rajan-visits-his-hometown/story-Lip8UMB3jCUlS4SE9GkwjM.html |title=Bhopal: Raghuram Rajan visits his hometown | work=[[Hindustan Times]] |date=2016-04-28}}</ref> to a Tamil family, some metres from where the [[Bhopal disaster|Gas Tragedy]] took place.<ref name=lunch>{{Cite news |url=https://www.ft.com/content/b049ce16-230e-11e4-a424-00144feabdc0 |last=Crabtree |first=James |title=Lunch with the FT: Raghuram Rajan |work=[[Financial Times]] |date=2014-08-15}}</ref>
His father, R. Govindarajan, was posted to [[Indonesia]] in 1966 due to his work with the [[Intelligence Bureau (India)|Intelligence Bureau]]. 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 political turmoil in the country caused Rajan to miss one year of school. His father was then posted to [[Belgium]], where Rajan attended a French international school. The family returned to India in 1974.<ref name="Caravan">{{cite news | title=Line of Credit: Raghuram Rajan takes charge at the RBI | url=http://www.caravanmagazine.in/reportage/line-credit | author=Mark Bergen | publisher = Caravan Magazine | date=1 October 2013 | access-date = 19 Feb 2016}}</ref> Throughout his childhood, Rajan presumed his father to be a diplomat since the family traveled on diplomatic passports.<ref name=lunch/> He was a half-term student of [[Campion School, Bhopal]] until 1974.
From 1974 to 1981 Rajan attended [[Delhi Public School, R. K. Puram]],<ref name="rajan_pti-2014-01-24">{{cite news | title = Didn't own a blazer in school, Raghuram Rajan tells students | url = http://www.thehindu.com/todays-paper/tp-national/tp-newdelhi/didnt-own-a-blazer-in-school-raghuram-rajan-tells-students/article5612217.ece | work = Press Trust of India | publisher = The Hindu | date = 24 January 2014 | access-date = 19 Feb 2016}}</ref><ref>"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."[http://www.thefreelibrary.com/The+roots+of+recession.-a0234020538]</ref> In 1981 he enrolled at [[Indian Institute of Technology Delhi|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.<ref name="Caravan"/> 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|Indian Institute of Management, Ahmedabad]], graduating with a gold medal for academic performance.<ref name="CV-booth"/> He joined the Tata Administrative Services as a management trainee, but left after a few months to join the doctoral program at the [[MIT Sloan School of Management|Sloan School of Management]]<ref name="Caravan"/> 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.<ref name="PhD thesis">{{cite thesis|last1=Rajan|first1=Raghuram|title=Essays on banking|url=https://dspace.mit.edu/handle/1721.1/13883#files-area|website=DSpace@MIT|publisher=Massachusetts Institute of Technology|access-date=18 May 2018|date=1991|hdl=1721.1/13883%23files-area|type=Thesis}}</ref> 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 legislation|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.<ref name="PhD thesis"/>
He was awarded an honorary doctorate degree by the [[London Business School]] in 2012,<ref>{{cite web |url=https://www.london.edu/news-and-events/congregation/honorary-awards |title=Honorary Awards |publisher=[[London Business School]] |access-date=April 30, 2017}}</ref> the [[Hong Kong University of Science and Technology]] in 2015,<ref>{{cite web|title=HKUST Holds 23rd Congregation Conferring Honorary Doctorates on Five Distinguished Academics and Community Leaders|url=http://www.ust.hk/about-hkust/media-relations/press-releases/hkust-holds-23rd-congregation-conferring-honorary-doctorates-five-distinguished-academics-community-leaders-2/|publisher=The Hong Kong University of Science and Technology|access-date=18 May 2018|date=20 November 2015|archive-date=14 June 2017|archive-url=https://web.archive.org/web/20170614030448/http://www.ust.hk/about-hkust/media-relations/press-releases/hkust-holds-23rd-congregation-conferring-honorary-doctorates-five-distinguished-academics-community-leaders-2/|url-status=dead}}</ref> and the [[Université catholique de Louvain|Catholic University of Louvain]] in 2019.
==Career== ===Academic career=== In 1991, Rajan joined as an assistant professor of finance at the [[The University of Chicago Booth School of Business|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]].
[[File:Lionel Barber, Raghuram Rajan and Lloyd Blankfein.jpg|thumb|right|alt=caption|Rajan, with [[Lionel Barber]] (left) and [[Lloyd Blankfein]] (right), at the [[Financial Times and McKinsey Business Book of the Year Award|FT and Goldman Sachs Business Book of the Year Award]] ceremony in 2010.]] Rajan has written extensively on banking, corporate finance, international finance, growth and development, and organisational structures.<ref name="Booth_Profile">{{cite web|title=Raghuram G. Rajan|url=https://www.chicagobooth.edu/faculty/directory/r/raghuram-g-rajan|website=Chicago Booth|publisher=The University of Chicago Booth School of Business|access-date=18 May 2018|archive-date=6 May 2019|archive-url=https://web.archive.org/web/20190506234625/https://www.chicagobooth.edu/faculty/directory/r/raghuram-g-rajan|url-status=dead}}</ref><ref>{{cite web|title=Raghuram Rajan Paper by Topic|url=https://faculty.chicagobooth.edu/raghuram.rajan/research/topic.html|website=The University of Chicago Booth School of Business|access-date=18 May 2018}}</ref> 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 with [[Luigi Zingales]] on the effect of institutions on economic growth, their research showing that development of free financial markets is fundamental to economic modernisation.<ref name="Wallace"/> 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.<ref>{{cite web|last1=Postrel|first1=Virginia|title=Economic Scene; Are open markets threatened more by a pro-business or by an antibusiness ideology?|url=https://www.nytimes.com/2003/12/04/business/economic-scene-are-open-markets-threatened-more-pro-business-antibusiness.html|work=The New York Times|access-date=19 May 2018|date=4 December 2003}}</ref> 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 [[2008 financial crisis]]. 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.<ref name="FT">{{cite web|last1=Crook|first1=Clive|title=We were all to blame for the crash|url=https://www.ft.com/content/f63ff6c6-7c9f-11df-8b74-00144feabdc0|archive-url=https://ghostarchive.org/archive/20221211181245/https://www.ft.com/content/f63ff6c6-7c9f-11df-8b74-00144feabdc0|archive-date=11 December 2022|url-access=subscription|url-status=live|website=Financial Times|access-date=19 May 2018|date=21 June 2010}}</ref> The book won the [[Financial Times and McKinsey Business Book of the Year Award|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.<ref>{{cite web|title=Raghuram G. Rajan|url=https://ideas.repec.org/e/pra149.html|website=RePEc IDEAS|access-date=18 May 2018}}</ref><ref>{{cite web|title=Top 10% Authors|url=https://ideas.repec.org/top/top.person.all.html|website=RePEc IDEAS|access-date=18 May 2018}}</ref> 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."<ref>{{cite web|last1=Chan|first1=Jessamine|title=Rajan wins first Fischer Black Prize|url=http://chronicle.uchicago.edu/030123/black-prize.shtml|website=The University of Chicago Chronicle|access-date=18 May 2018|date=23 January 2003}}</ref><ref name="Wallace">{{cite journal|last1=Wallace|first1=Laura|title=Finder of Financial Fault Lines|journal=Finance and Development|date=March 2015|volume=52|issue=1|url=http://www.imf.org/external/pubs/ft/fandd/2015/03/people.htm|access-date=18 May 2018|publisher=International Monetary Fund}}</ref>
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.<ref name="CV-booth" /> He is a member of the [[Group of Thirty]] international economic body.<ref>{{cite web|title=Group of Thirty Members|url=http://group30.org/members|website=Group of Thirty|access-date=19 May 2018}}</ref> He has served as a founding member of the academic council of the Indian School of Business since 1998.<ref>{{cite web|url=http://www.isb.edu/caf/about/board-of-advisors/raghuram-rajan|title=Raghuram Rajan - Indian School of Business (ISB)|website=www.isb.edu}}</ref>
===International Monetary Fund=== After 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.<ref name="Caravan"/><ref name="Mint">{{cite web|last1=Kishore|first1=Roshan|title=The economics of Raghuram Rajan|url=https://www.livemint.com/Sundayapp/YyhgAI4zNq4pvdoE4p7pXK/The-economics-of-Raghuram-Rajan.html|website=Mint|publisher=Mint on Sunday|access-date=18 May 2018|date=18 June 2016}}</ref> While the role of the [[List of IMF Economic Counsellors|chief economist]] had previously always been held by a leading macroeconomist, the IMF wanted to strengthen its financial expertise. American economist [[Anne Osborn Krueger|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.<ref name="Wallace"/> 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."<ref>{{cite web|title=Press Release: IMF Managing Director Köhler Proposes Raghuram Rajan as Economic Counsellor and Director of the IMF's Research Department|url=http://www.imf.org/en/News/Articles/2015/09/14/01/49/pr03100|website=International Monetary Fund|access-date=18 May 2018|date=2 July 2003}}</ref> 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.<ref name="Caravan"/> He served in the position from October 2003 to December 2006.<ref>{{cite web|title=Raghuram G. Rajan|url=https://www.imf.org/external/np/bio/eng/rr.htm|website=International Monetary Fund|access-date=18 May 2018}}</ref>
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.<ref name="Wallace"/> 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.<ref name="IMF_PR">{{cite web|title=Press Release: Economic Counsellor Raghuram Rajan Notifies IMF Management of Intention to Return to the University of Chicago|url=https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr06182|website=International Monetary Fund|access-date=18 May 2018|date=22 August 2006}}</ref> While he largely kept fiscal austerity policies intact, on occasions he also published research that went against the prevailing orthodoxy at the IMF.<ref name="Caravan"/><ref name="Mint"/> 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.<ref>{{cite conference |url=https://www.imf.org/external/np/res/seminars/2006/trade/pdf/rajan.pdf |title=What Undermines Aid's Impact on Growth? |last1=Rajan |first1=Raghuram G. |last2=Subramanian |first2=Arvind |date=9 January 2006 |publisher=International Monetary Fund |location=Washington, DC |conference=Conference on Trade and Growth, Research Department|access-date=19 May 2018}}</ref> 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.<ref>{{cite journal|last1=Prasad|first1=Eswar|last2=Rajan|first2=Raghuram G.|last3=Subramanian|first3=Arvind|title=Foreign Capital and Economic Growth|date=30 August 2006|url=https://www.imf.org/External/NP/seminars/eng/2006/growth/as.pdf|access-date=19 May 2018|publisher=International Monetary Fund}}</ref>
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.<ref name="IMF_PR"/>
===Economic Advisor to Government of India=== [[File:The Chief Economic Advisor, Shri Raghuram Rajan addressing a press conference, in New Delhi on June 11, 2013.jpg|thumb|right|Chief Economic Advisor Raghuram Rajan addressing a press conference in New Delhi in 2013.]] In 2007, then Deputy Chairman of the [[Planning Commission (India)|Planning Commission]], [[Montek Singh Ahluwalia]], drafted Rajan to write a report proposing the next generation of financial sector reforms in India. A [[Raghuram Rajan Committee on Financial Sector Reforms|High Level Committee on Financial Sector Reforms]] was constituted consisting of twelve members, with Rajan as chairman. The committee, in its report titled ''A Hundred Small 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".<ref>{{Cite book |title=A Hundred Small Steps |last=Planning Commission, Government of India |publisher=SAGE Publications |year=2009 |isbn=978-81-7829-950-1}}</ref>
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.<ref>Sanjiv Shankaran et al. "[http://www.livemint.com/2008/11/04000614/Raghuram-Rajan-is-adviser-to-P.html Raghuram Rajan is adviser to PM]". ''[[Mint (newspaper)|Mint]]''. 4 November 2008. Retrieved on 18 August 2012.</ref><ref name="Caravan"/> On 10 August 2012 Rajan was appointed as [[Chief Economic Adviser to the Government of India|chief economic adviser]] to India's [[Ministry of Finance (India)|Ministry of Finance]], succeeding [[Kaushik Basu]] in the role.<ref>"[http://www.thehindu.com/news/national/article3753883.ece Raghuram Rajan appointed as new CEA]. ''[[The Hindu]]''. August 11, 2012. Retrieved on 18 August 2012.</ref> He prepared the [[Economic Survey of India]] for the year 2012–13.<ref>{{Cite web |url=https://www.firstpost.com/business/economy/economic-survey-raghuram-rajan-reads-the-riot-act-to-upa-641408.html |title=Economic Survey: Raghuram Rajan reads the riot act to UPA |last=Jagannathan |first=R |website=Firstpost |date=20 December 2014 |access-date=24 May 2018}}</ref> 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.<ref name="Bergen">{{Cite web|url=https://caravanmagazine.in/reportage/line-credit|title=Raghuram Rajan takes charge at the RBI|last=Bergen|first=Mark|website=The Caravan|language=en|access-date=2019-05-22}}</ref>
===Reserve Bank of India=== On 6 August 2013 it was announced that Rajan would take over as the [[Governor of the Reserve Bank of India|Governor]] of the [[Reserve Bank of India]] for a term of 3 years, succeeding [[Duvvuri Subbarao]].<ref>[http://www.indianexpress.com/news/raghuram-rajan-in-rbis-new-guv-list/793476 Raghuram Rajan in RBI's new Guv list]. ''[[The Indian Express]]''. May 20, 2011</ref> On 5 September 2013 he took charge as the [[List of Governors of Reserve Bank of India|23rd governor]], at which point he took a leave of absence from the [[University of Chicago Booth School of Business]].<ref>{{cite web|url=http://www.chicagobooth.edu/about/newsroom/press-releases/2013/2013-08-06|title=Chicago Booth professor Raguhram Rajan is named Governor of Reserve Bank of India|date=6 August 2013|access-date=9 September 2013|archive-date=9 June 2016|archive-url=https://web.archive.org/web/20160609221356/http://www.chicagobooth.edu/about/newsroom/press-releases/2013/2013-08-06|url-status=dead}} Quote: "Raghuram Rajan, a professor of finance at the University of Chicago Booth School of Business and the Indian government's Chief Economic Adviser, has been named Governor of the Reserve Bank of India, the school announced today. While in this post, Rajan will be on leave from the university."</ref>
[[File:RBI Governor Raghuram Rajan meets Prime Minister Modi on 3 June 2014.jpg|thumb|right|Raghuram Rajan meeting Prime Minister [[Narendra Modi]] in 2014.]] 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 September 2013 to 3.78% in July 2015 – the lowest since the 1990s. Wholesale inflation 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% (+ or -2%) thereafter.<ref name="Euromoney"/> 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 bank]]s and approved eleven [[payments bank]]s 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.<ref>{{Cite web|url=http://www.firstpost.com/business/making-atm-transactions-expensive-is-rbi-contradicting-its-own-stance-1984317.html|title=Making ATM transactions expensive: Is RBI contradicting its own stance? - Firstpost|website=www.firstpost.com|date=17 August 2014|access-date=2018-02-19}}</ref><ref>{{Cite news|url=http://www.livemint.com/Industry/Zt75NnStquASRmzIGgxjIL/Raghuram-Rajan-defends-stand-on-twofactor-authentication-A.html|title=Rajan defends RBI stand ATM fees, two-factor authentication|last=Rebello|first=Joel|date=2014-09-15|work=livemint.com/|access-date=2018-02-19}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/vague-rbi-guidelines-see-banks-cap-pms-jan-dhan-yojana-accounts/articleshow/59434020.cms|title=Vague RBI guidelines see banks cap PM's Jan Dhan Yojana accounts|last=Shetty|first=Mayur|date=2017-07-04|work=The Economic Times|access-date=2018-02-19}}</ref>
Media reports positioned Rajan as a prospective successor to [[Christine Lagarde]] as head of the IMF when her term expired in 2016,<ref name="Euromoney">Verma, Sid (October 2014) [http://www.euromoney.com/Article/3388337/Rajans-surgical-strikes.html?single=true Rajan's surgical strikes] Euromoney, Retrieved 11 November 2014</ref><ref>{{Cite news |url=https://www.business-standard.com/article/finance/speculation-rife-over-rajan-succeeding-imf-chief-lagarde-115040601311_1.html |title=Speculation rife over Rajan succeeding IMF chief Lagarde |date=7 April 2015 |work=Business Standard India |access-date=26 July 2018}}</ref> even as Rajan himself countered such speculation.<ref>{{Cite news |url=https://www.businesstimes.com.sg/government-economy/rbi-head-brushes-off-talk-of-top-imf-role |title=RBI head brushes off talk of top IMF role |date=9 April 2015 |work=The Business Times |access-date=26 July 2018}}</ref> This did not eventually come to bear, as Lagarde was nominated for a second term at the end of her tenure.<ref>{{cite news|title=IMF's Lagarde re-elected to second term|url=http://www.dw.com/en/imfs-lagarde-re-elected-to-second-term/a-19061862|access-date=25 August 2016|work=Deutsche Welle|agency=Reuters, AFP|date=19 February 2016}}</ref> On 9 November 2015, Rajan was appointed as Vice-Chairman of the [[Bank for International Settlements]] (BIS).<ref>{{Cite news | url = https://www.bis.org/press/p151110.htm | title = Press release: BIS Board appoints Raghuram Rajan as Vice-Chairman|date = 10 November 2015 | access-date = 19 Feb 2016 | publisher = Bank for International Settlements}}</ref>
In May 2016, in a letter to Prime Minister [[Narendra Modi]], [[Member of Parliament, Rajya Sabha|Rajya Sabha MP]] [[Subramanian Swamy]] leveled several allegations against Rajan.<ref>{{Cite web|last=Venkataramakrishnan|first=Rohan|title=Now Subramanian Swamy claims Raghuram Rajan is part of an American plot to ruin India|url=http://scroll.in/article/808825/now-subramanian-swamy-claims-raghuram-rajan-is-part-of-an-american-plot-to-ruin-india|access-date=2021-12-31|website=Scroll.in|date=26 May 2016 |language=en-US}}</ref><ref name=":1">{{Cite web|agency=PTI|date=May 26, 2016|title='Sack him': Subramanian Swamy writes to PM Modi again, lists 6 'charges' against Raghuram Rajan - Times of India|url=https://timesofindia.indiatimes.com/business/india-business/sack-him-subramanian-swamy-writes-to-pm-modi-again-lists-6-charges-against-raghuram-rajan/articleshow/52448258.cms|access-date=2021-12-31|website=The Times of India|language=en}}</ref> 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.<ref>{{Cite news|title=Subramanian Swamy fires fresh salvo, makes 6-point case for Raghuram Rajan's sacking|work=The Economic Times|url=https://economictimes.indiatimes.com/news/politics-and-nation/subramanian-swamy-fires-fresh-salvo-makes-6-point-case-for-raghuram-rajans-sacking/articleshow/52448923.cms?from=mdr|access-date=2021-12-31}}</ref><ref name=":1" /> But Rajan said that these allegations are fundamentally wrong and baseless and addressing them would amount to giving them legitimacy.<ref>{{Cite web|title='Time Bomb': Subramanian Swamy's New Attack On Raghuram Rajan|url=https://www.ndtv.com/india-news/time-bomb-subramanian-swamys-new-attack-on-raghuram-rajan-1417342|access-date=2021-12-31|website=NDTV.com}}</ref>
On 18 June 2016, Rajan announced that he would not be serving a second term as RBI Governor, and planned to return to academia.<ref>{{cite news | url = http://economictimes.indiatimes.com/news/economy/policy/raghuram-rajan-pours-cold-water-on-speculations-says-wont-accept-second-term/articleshow/52809474.cms | title = ET: Raghuram pours cold water on speculations|date = 18 June 2016 | access-date = 18 June 2016 | newspaper = Economic Times}}</ref> 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]].<ref>{{Cite news|url=http://www.news18.com/news/business/raghuram-rajan-says-chicago-university-leave-wasnt-issue-in-rbi-exit-1514293.html|title=Raghuram Rajan Says, Chicago University Leave Wasn't Issue in RBI Exit|work=News18|access-date=2017-09-10}}</ref> 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.<ref>{{Cite news |url=https://www.livemint.com/Industry/6c0TJqYpVioNDLFR82YU6H/Raghuram-Rajan-says-Chicago-university-leave-wasnt-issue-i.html |title=Raghuram Rajan says Chicago university leave wasn't issue in RBI exit |date=10 September 2017 |work=Mint |access-date=16 July 2018 |agency=PTI}}</ref>
==Economic and political views== {{Quote box | title = Rajan on economic weapons | quote = When fully unleashed, sanctions, too, are weapons of mass destruction. They may not topple buildings or collapse bridges, but they destroy firms, financial institutions, livelihoods, and even lives. Like military WMDs, they inflict pain indiscriminately, striking both the culpable and the innocent. | author = Raghuram Rajan | source = "''Economic Weapons of Mass Destruction''". [[Project Syndicate]]. 17 March 2022<ref>{{Cite web |last=Rajan |first=Raghuram G. |date=2022-03-17 |title=Economic Weapons of Mass Destruction |url=https://www.project-syndicate.org/commentary/economic-wmds-and-the-risk-of-deglobalization-by-raghuram-rajan-2022-03 |access-date=2022-04-10|url-access=registration |website=Project Syndicate |language=en}}</ref> | align = right | width = 300px }} Rajan's economic and political views were influenced by his experience of the Indian economy during [[The Emergency (India)|The Emergency]]. As an economist, he was therefore wary of the risks of both unnecessary government intervention as well as unregulated financial markets, while remaining a champion of capitalism.<ref name="Bergen" /> He is a proponent of democracy working with capitalism.<ref>{{cite web |last1=Keen |first1=Andrew |title=How to Fix Democracy with Raghuram Rajan |url=https://humanityinaction.org/knowledge_detail/how-to-fix-democracy-with-raghuram-rajan-s2-e2/ |website=Humanity in Action |access-date=2 August 2023}}</ref> In May 2023, in his speech<ref>{{cite web |last1=India |first1=Bridge |title=Prof Raghuram Rajan speech at 'Ideas for India': India: The Road Ahead |url=https://www.youtube.com/watch?v=FtG7ymPZI30 |website=Youtube |date=23 May 2023 |publisher=Bridge India |access-date=2 August 2023}}</ref> at the Ideas for India Conference organised by Bridge India<ref>{{cite web |last1=India |first1=Bridge |title=Past Event: Ideas for India Conference |url=https://www.bridgeindia.org.uk/event/ideas-for-india-2023/ |website=bridgeindia.org.uk |publisher=Bridge India |access-date=2 August 2023}}</ref> he argued that India’s democracy is the path to its economic growth, attracting media attention.<ref>{{cite news|title=Raghuram Rajan harps on liberal democracy for India to earn world's trust |url=https://economictimes.indiatimes.com/news/economy/policy/raghuram-rajan-harps-on-liberal-democracy-for-india-to-earn-worlds-trust/articleshow/100200754.cms#:~:text=He%20stressed%20that%20the%20country%27s,global%20presence%20in%20chip%20design |newspaper=The Economic Times | date=13 May 2023 |access-date=2 August 2023}}</ref><ref>{{cite news |title=Raghuram Rajan says India's path to global leadership lies in liberal democracy |url=https://timesofindia.indiatimes.com/business/india-business/raghuram-rajan-says-indias-path-to-global-leadership-lies-in-liberal-democracy/articleshow/100202099.cms?from=mdr |newspaper=The Times of India | date=13 May 2023 |access-date=2 August 2023}}</ref>
===Financial markets===
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''<ref>Rajan, R. G., & Zingales, L. (2003). Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity. New York: Crown Business.</ref> 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.<ref>Raghuram Rajan. "[http://www.nber.org/papers/w11728 Has Financial Development Made the World Riskier?]". [[National Bureau of Economic Research]]. 2005. Retrieved on 18 August 2012.</ref> In that paper, "Has Financial Development Made the World Riskier?", Rajan "argued that disaster might loom."<ref name="WSJ">Justin Lahart. "[http://online.wsj.com/article/SB123086154114948151.html Mr Rajan Was Unpopular (But Prescient) at Greenspan Party]". ''[[Wall Street Journal]]''. 2 January 2009. Retrieved on 18 August 2012.</ref> 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".<ref>[[Paul Krugman]]. "[https://www.nytimes.com/2009/09/06/magazine/06Economic-t.html How Did Economists Get It So Wrong?]". ''[[The New York Times]]''. 2 September 2009.</ref> However, following the [[2008 financial crisis]], Rajan's views came to be seen as prescient; by January 2009, ''[[The Wall Street Journal]]'' proclaimed that now, "few are dismissing his ideas."<ref name="WSJ"/> In fact, Rajan was extensively interviewed on the global crisis for the Academy Award-winning documentary film ''[[Inside Job (2010 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 economics|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."<ref name="foreignaffairs1">Rajan, Raghuram G. (2012-05-01) [http://www.foreignaffairs.com/articles/134863/raghuram-g-rajan/the-true-lessons-of-the-recession Foreign Affairs-Rhaguram Rajan-The True Lessons of the Financial Crisis-May/June 2012]. Foreignaffairs.com. Retrieved on 2012-05-16.</ref>
===Austerity vs stimulus===
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.<ref>Ummelas, Ott. (2012-05-12) [https://www.bloomberg.com/news/2012-05-12/rehn-rejects-false-choice-between-austerity-stimulus.html Bloomberg-Rehn Rejects ‘False’ Choice Between Austerity, Stimulus-May 2012]. Bloomberg.com. Retrieved on 2012-05-16.</ref><ref>Christine Romer-Hey [https://www.nytimes.com/2012/04/29/business/austerity-is-no-quick-answer-for-europe-economic-view.html Not So Fast on European Austerity]. NY Times. 28 April 2012</ref><ref>[http://www.project-syndicate.org/commentary/the-global-jobs-challenge Project Syndicate-Michael Spence-The Global Jobs Challenge-October 2011]. Project-syndicate.org (2011-10-17). Retrieved on 2012-05-16.</ref> 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.<ref name="foreignaffairs1"/><ref>[http://www.project-syndicate.org/commentary/central-bankers-under-siege Project Syndicate-Raghuram Rajan-Central Bankers Under Siege-May 2012]. Project-syndicate.org (2012-05-08). Retrieved on 2012-05-16.</ref> 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.<ref>Paul Krugman [https://www.nytimes.com/2012/05/11/opinion/krugman-easy-useless-economics.html Easy Useless Economics]. NY Times. May 2012</ref>
As far as his position on India is concerned, Rajan stayed away from the [https://www.business-standard.com/article/economy-policy/bhagwati-versus-sen-what-s-going-on-113072400516_1.html 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.<ref name="Bergen"/>
In 2019, Rajan said that, after the [[2008 financial crisis]] 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.<ref>{{cite news |author=<!--Staff writer(s); no by-line.--> |date=March 12, 2019 |title=Raghuram Rajan says capitalism is 'under serious threat'|url=https://www.bbc.com/news/business-47532522|work=[[BBC]] |access-date=March 12, 2019 }}</ref>
===Demonetization in India===
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 [[2016 Indian banknote demonetisation|demonetization]] but never asked to take a decision.<ref>{{Cite news|url=http://timesofindia.indiatimes.com/business/india-business/warned-government-about-cost-of-demonetisation-former-rbi-governor-raghuram-rajan-says/articleshow/60343662.cms|title=Warned government about cost of demonetisation, former RBI governor Raghuram Rajan says - Times of India|work=The Times of India|access-date=2017-09-10}}</ref> 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".
=== Bharat Jodo Yatra === Rajan was criticized by BJP leaders after attending the [[Rahul Gandhi]]-led [[Bharat Jodo Yatra]].<ref>{{Cite news |date=2022-12-15 |title=BJP slams Raghuram Rajan as he joins Bharat Jodo Yatra |work=The Times of India |url=https://timesofindia.indiatimes.com/india/bjp-slams-raghuram-rajan-as-he-joins-bharat-jodo-yatra/articleshow/96237047.cms?from=mdr |access-date=2023-07-04 |issn=0971-8257}}</ref>
==Awards== * In 2003, Rajan won the inaugural [[Fischer Black#Fischer Black Prize|Fischer Black Prize]] awarded by the American Finance Association for contributions to the theory and practice of finance by an economist under age 40.<ref>"[https://www.imf.org/external/np/bio/eng/rr.htm Raghuram G. Rajan: Biographical Information]". [[International Monetary Fund]]. Retrieved on 18 August 2012.</ref> * In February 2010 [[NASSCOM]] named him Global Indian at its 7th annual global leadership awards.<ref name="rajan_2010-02-08">{{cite web | title = NASSCOM announces the 7th Annual Global Leadership Awards | url = http://www.nasscom.in/nasscom-announces-7th-annual-global-leadership-awards?id=60535 | publisher = NASSCOM | date = 8 February 2010 | access-date = 19 Feb 2016 | archive-url = https://web.archive.org/web/20160303160030/http://www.nasscom.in/nasscom-announces-7th-annual-global-leadership-awards?id=60535 | archive-date = 3 March 2016 | url-status = dead | df = dmy-all }}</ref> * 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]]''.<ref name=CV-booth>{{cite web|title=Raghuram G. Rajan (Curriculum Vitae)|url=http://faculty.chicagobooth.edu/raghuram.rajan/vitae/CV.pdf|publisher=[[Booth School of Business]]|access-date=13 August 2015}}</ref> * 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''.<ref name="rajan_2011-11-17">{{cite web | title = Infosys Prize / Laureates 2011 / Prof. Raghuram G. Rajan | url = http://www.infosys-science-foundation.com/prize/laureates/2011/raghuram-rajan.asp | publisher = Infosys Science Foundation | date = 17 Nov 2011 | access-date = 19 Feb 2016}}</ref> * 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".<ref>{{cite news|url=http://www.business-standard.com/article/pti-stories/rbi-governor-raghuram-rajan-receives-deutsche-bank-prize-2013-113092700070_1.html|title=RBI governor Raghuram Rajan receives Deutsche Bank Prize, 2013|newspaper=Business Standard|date=27 September 2013|access-date=27 September 2013}}</ref> * In 2014 he was conferred with the "Governor of the Year Award 2014" from London-based financial journal Central Banking.<ref>(15 October 2014) {{usurped|1=[https://archive.today/20141015112345/http://www.thehindubusinessline.com/industry-and-economy/banking/raghuram-rajan-gets-euromoneys-best-central-bank-governor-award/article6503206.ece Raghuram Rajan gets Euromoney's best central bank governor award]}} The Hindu Business Line, Retrieved 11 November 2014</ref><ref>{{cite web|url=http://www.centralbanking.com/central-banking/news/2389654/the-winners-of-the-central-banking-awards-2015|title=The winners of the Central Banking Awards 2015 - Central Banking|date=12 January 2015}}</ref> * In March 2019, he was awarded "Yashwantrao Chavan National Award 2018" for his contribution to economic development.<ref>{{cite news|url=https://www.thehindubusinessline.com/money-and-banking/raghuram-rajan-to-get-yashwantrao-chavan-award/article26459352.ece/|title=Raghuram Rajan to get Yashwantrao Chavan award|work=thehindubusinessline|access-date=8 March 2019}}</ref> * In May 2023 he was awarded an honorary doctorate by the London School of Economics.<ref>{{cite news|url=https://www.youtube.com/watch?v=_EsRVZb5Rjw|title=Central Bank Balance Sheet Expansion and Financial Stability: why less can be more LSE Event}}</ref>
==Bibliography== * ''[[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.<ref name="princeton1">[http://press.princeton.edu/titles/9111.html Rajan, R.G.: Fault Lines: How Hidden Fractures Still Threaten the World Economy] {{webarchive|url=https://web.archive.org/web/20160603155736/http://press.princeton.edu/titles/9111.html |date=3 June 2016 }}. Press.princeton.edu (2012-04-17). Retrieved on 2012-05-16.</ref> [[Financial Times and McKinsey Business Book of the Year Award|Financial Times and Goldman Sachs Business Book of the Year Award]] for 2010.<ref name="princeton1"/><ref>{{cite news| url=https://blogs.wsj.com/deals/2010/10/28/financial-crisis-cassandra-takes-home-book-prize/ | work=The [[Wall Street Journal]] | first=Shira | last=Ovide | title=The Best Business Book of 2010: 'Fault Lines' | date=28 October 2010}}</ref><ref>[http://www2.goldmansachs.com/ideas/business-book-award/2010-business-book-award/press/winner.html Our Thinking] {{Webarchive|url=https://web.archive.org/web/20110817140224/http://www2.goldmansachs.com/ideas/business-book-award/2010-business-book-award/press/winner.html |date=17 August 2011 }}. Goldman Sachs. Retrieved on 2012-05-16.</ref><ref>[http://aboutus.ft.com/2010/08/09/business-book-of-the-year-award-2010-longlist-announced-for-the-financial-times-and-goldman-sachs/ Business Book Of The Year Award 2010: Longlist announced for the Financial Times and Goldman Sachs {{!}} About us {{!}} FT.com] {{Webarchive|url=https://web.archive.org/web/20160303224016/http://aboutus.ft.com/2010/08/09/business-book-of-the-year-award-2010-longlist-announced-for-the-financial-times-and-goldman-sachs/ |date=3 March 2016 }}. Aboutus.ft.com (2010-08-09). Retrieved on 2012-05-16.</ref> * ''[[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]]<ref>{{cite web|url=https://harpercollins.co.in/book/i-do-what-i-do/|title=I Do What I Do|website=harpercollins.co.in}}</ref> * ''[[The Third Pillar: How the State and Markets are leaving Communities Behind]]'' (2019), [[Penguin Group|Penguin Press]]. *''What the Economy Needs Now'' (2019), [[Juggernaut Books]]. Co-authored. *''[[Breaking the Mould (book)|Breaking the Mould: Reimagining India's Economic Future]]'' (2023), [[Penguin Group|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''. * [http://www.foreignaffairs.com/articles/134863/raghuram-g-rajan/the-true-lessons-of-the-recession ''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== Raghuram Rajan is an Indian citizen and holds a USA [[Permanent residence (United States)|Green Card]].<ref>{{cite news|url=http://timesofindia.indiatimes.com/business/india-business/Raghuram-Rajan-taken-aback-by-query-about-citizenship/articleshow/24886706.cms|title=Raghuram Rajan taken aback by query about citizenship|newspaper=Times of India|access-date= 29 Oct 2013}}</ref> 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 [[Behavioural sciences|Behavioral Science]] at the [[University of Chicago]] [[Booth School of Business]]. They have a daughter and a son.{{citation needed|date=July 2023}}
Rajan is a vegetarian. He likes the outdoors and plays tennis and squash.<ref name=lunch/><ref name="Euromoney"/> He enjoys reading [[Tolstoy]], [[J. R. R. Tolkien]] and [[Upamanyu Chatterjee]].<ref name="rajan_2003-07-21">{{cite magazine | title=I Doubt, Therefore IMF | url=http://www.outlookindia.com/magazine/story/i-doubt-therefore-imf/220833 | author=Seema Sirohi | magazine=Outlook India | date=21 July 2003 | access-date = 19 Feb 2016}}</ref> 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.<ref>{{Cite news |url=https://www.thehindu.com/features/metroplus/radio-and-tv/The-mastermind/article14468983.ece |title=The mastermind |last=Kumar |first=Anuj |date=3 July 2016 |work=The Hindu |access-date=20 July 2018 |issn=0971-751X}}</ref><ref>{{Cite news |url=https://www.telegraphindia.com/1160908/jsp/jharkhand/story_106837.jsp |archive-url=https://web.archive.org/web/20160925180742/http://www.telegraphindia.com/1160908/jsp/jharkhand/story_106837.jsp |url-status=dead |archive-date=25 September 2016 |title=Three Cs to success, Jayant style |last=Ganguly |first=Achintya |date=8 September 2016 |work=The Telegraph |access-date=20 July 2018}}</ref> He has also participated in various marathons, such as the Standard Chartered Mumbai Marathon 2015.<ref name=RRMarathon>{{cite magazine | title=Mumbai marathon: Running for glory | url = https://www.indiatoday.in/lifestyle/whats-hot/story/mumbai-marathon-running-for-glory-236314-2015-01-19 | magazine = India Today | date = 19 Jan 2015 | access-date = 2 October 2015}}</ref>
==References== {{Reflist}}
==External links== {{commons}} {{wikiquote}} * {{cite news|title=Read Full Text: Raghuram Rajan's first speech as RBI governor|url=http://www.firstpost.com/business/read-full-text-raghuram-rajans-first-speech-as-rbi-governor-1084971.html|work=Firstpost|date=5 September 2013}} * {{cite web|title=A Journey of thoughts - with Raghuram Rajan|url=https://www.youtube.com/watch?v=bKGBfsdCNsE&list=PLUiMfS6qzIMw2W2x9W27wPRexwVzatTa9 |archive-url=https://ghostarchive.org/varchive/youtube/20211219/bKGBfsdCNsE |archive-date=2021-12-19 |url-status=live|website=[[YouTube]]|publisher=[[Doordarshan]]|date=8 March 2013}}{{cbignore}} * {{cite web|title=Citations|publisher=[[Google Scholar]]|url=https://scholar.google.com/citations?user=Tb6hnVoAAAAJ&hl=en&oi=sra}}
{{s-start}} {{s-dip}} {{s-bef|before=[[Kenneth Rogoff]]}} {{s-ttl|title=[[Chief Economist of the International Monetary Fund]]|years=2003–2007}} {{s-aft|after=[[Simon Johnson (economist)|Simon Johnson]]}} |- {{s-gov}} {{s-bef|before=[[Kaushik Basu]]}} {{s-ttl|title=[[Chief Economic Adviser to the Government of India|Chief Economic Adviser of India]]|years=2012–2013}} {{s-aft|after=[[Arvind Subramanian]]}} |- {{s-bef|before=[[Duvvuri Subbarao]]}} {{s-ttl|title=[[List of governors of the Reserve Bank of India|Governor of the Reserve Bank of India]]|years=2013–2016}} {{s-aft|after=[[Urjit Patel]]}} |- {{s-npo}} {{s-bef|before=[[John H. Cochrane]]}} {{s-ttl|title=President of the [[American Finance Association]]|years=2011}} {{s-aft|after=[[Sheridan Titman]]}} {{s-end}}
{{Governors of Reserve Bank of India}} {{Ministry of Finance (India)}} {{Authority control}}
{{DEFAULTSORT:Rajan, Raghuram}} [[Category:1963 births]] [[Category:20th-century Indian economists]] [[Category:21st-century Indian economists]] [[Category:Presidents of the American Finance Association]] [[Category:Chief Economic Advisers to the Government of India]] [[Category:Fellows of the American Academy of Arts and Sciences]] [[Category:Governors of the Reserve Bank of India]] [[Category:Hoover Institution people]] [[Category:Indian academics]] [[Category:Indian emigrants to the United States]] [[Category:Indian Hindus]] [[Category:Indian Institute of Management Ahmedabad alumni]] [[Category:International Monetary Fund people]] [[Category:IIT Delhi alumni]] [[Category:Living people]] [[Category:MIT Sloan School of Management alumni]] [[Category:MIT Sloan School of Management faculty]] [[Category:People from Bhopal]] [[Category:University of Chicago Booth School of Business faculty]] [[Category:University of Chicago faculty]]