Janice Lozano
Raghuram Govind Rajan is a renowned Indian economist with an impressive academic and professional background. Born in Bhopal, India, Rajan's early life was marked by frequent international travel due to his father's work with the Research and Analysis Wing (R&AW), India's external intelligence agency. Rajan's educational journey began at the Indian Institute of Technology Delhi, where he excelled in electrical engineering. He further enhanced his knowledge by obtaining an MBA and eventually a PhD in management, solidifying his expertise in the realm of economics and finance. Rajan's career encompasses notable positions such as serving as the Chief Economist of the International Monetary Fund and the Governor of the Reserve Bank of India. With a profound understanding of economics and a bold approach to speaking truth to power, Rajan has earned a reputation as one of the foremost financial analysts of our time. His predictions and insights, including his accurate foresight of the 2008 financial crisis, have shaped global economic discourse. As an influential figure, Rajan's opinions carry weight, and his contributions to the field of economics continue to be recognized and celebrated.
| Characteristics | Values |
|---|---|
| Date of Birth | 3 February 1963 |
| Place of Birth | Bhopal, Madhya Pradesh |
| Father's Name | R. Govindarajan |
| Education | Electrical Engineering at Indian Institute of Technology Delhi; MBA from Indian Institute of Management Ahmedabad; PhD in Management from Massachusetts Institute of Technology |
| Career | Professor of Finance at University of Chicago Booth School of Business; Chief Economist and Director of Research at the International Monetary Fund; 23rd Governor of the Reserve Bank of India; Vice-Chairman of the Bank for International Settlements; Chairman of the Group of Thirty; Senior Economic Advisor to BDT&MSD; Managing Director at Andersen Tax; Member of Advisory Boards at PIMCO and RLUSD |
| Awards and Honours | Fischer Black Prize by the American Finance Association; Financial Times/Goldman Sachs Business Book of the Year award in 2010; Honorary Doctorate degrees from London Business School, Hong Kong University of Science and Technology, and Université Catholique de Louvain; Named one of the "100 Most Influential People in the World" by Time magazine in 2016 |
| Publications | "Fault Lines: How Hidden Fractures Still Threaten the World Economy"; "Finance and Climate Resilience: Evidence from the long 1950s US Drought"; "Sovereign Debt and Economic Growth when the Government is Myopic and Self-interested"; "Liquidity, Liquidity Everywhere, Not a Drop to Use: Why Flooding Banks with Central Bank Reserves May Not Expand Liquidity"; "The Decline of Secured Debt"; "Economic Weapons of Mass Destruction" |
| Personal Life | Married to Radhika Puri Rajan with two children; Enjoys outdoor activities, tennis, squash, and reading |
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What You'll Learn
Raghuram Rajan's academic background
Raghuram Rajan, born on February 3, 1963, in Bhopal, Madhya Pradesh, is an Indian citizen with a US Green Card. He comes from a Tamil Brahmin family and his father, R Govindarajan, worked for India's external intelligence agency, the Research and Analysis Wing (R&AW). Rajan travelled frequently as a child due to his father's job and attended a French international school in Belgium before returning to India in 1974. He attended Delhi Public School from 1974 to 1981 and then enrolled at the Indian Institute of Technology Delhi, where he obtained a bachelor's degree in electrical engineering in 1985. During his time at IIT Delhi, he represented the institute in a quiz show telecasted on national television.
After graduating with the Director's Gold Medal for the best all-round student, Rajan went on to pursue a Post Graduate Diploma in Management (equivalent to an MBA) from the Indian Institute of Management Ahmedabad in 1987. He graduated with a gold medal for academic performance and joined the Tata Administrative Services as a management trainee. However, he soon left to pursue a doctoral program at the Sloan School of Management at the Massachusetts Institute of Technology. In 1991, he received his PhD for his thesis titled "Essays on Banking", which consisted of three essays exploring the relationship between a firm or country and its creditor banks.
Rajan joined the Booth School of Business at the University of Chicago in 1991 as an assistant professor of finance and became a full-time professor in 1995. He has also taught as a visiting professor at various prestigious institutions worldwide, including the Stockholm School of Economics, Kellogg School of Management, MIT Sloan School of Management, and the Indian School of Business.
Rajan's research interests include banking, corporate finance, international finance, growth and development, and organizational structures. He has published extensively and received numerous awards for his contributions to the field of economics and finance, including the inaugural Fischer Black Prize in 2003, the Infosys Prize for Economic Sciences in 2012, and recognition as one of Time's "100 Most Influential People in the World" in 2016.
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Rajan's career in finance
Raghuram Rajan is an Indian economist with a distinguished career in finance. He is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, where he has been teaching since 1991.
In 1991, Rajan joined the Booth School of Business at the University of Chicago as an assistant professor of finance and became a full-time professor in 1995. He has also taught as a visiting professor at various prestigious institutions, including the Stockholm School of Economics, Kellogg School of Management, MIT Sloan School of Management, and the Indian School of Business.
From 2003 to 2006, Rajan served as the Chief Economist and Director of Research at the International Monetary Fund (IMF). During this time, he gained recognition for his warnings about the growing risks in the financial system and proposed policies to mitigate these risks. Despite initial criticism, his views were later vindicated by the 2008 financial crisis, and he was extensively interviewed for an Academy Award-winning documentary.
Rajan then served as the 23rd Governor of the Reserve Bank of India from 2013 to 2016. During his tenure, he also became the Vice-Chairman of the Bank for International Settlements in 2015. In 2017, Rajan announced his decision not to serve a second term as RBI Governor and returned to academia at the University of Chicago.
Throughout his career, Rajan has published numerous articles in renowned finance and economics journals, such as the American Economic Review, Journal of Economic Perspectives, Journal of Political Economy, and Journal of Finance. He has also authored several influential books, including "Fault Lines: How Hidden Fractures Still Threaten the World Economy," which won the Financial Times/Goldman Sachs Business Book of the Year award in 2010.
In addition to his academic contributions, Rajan has held various positions in organizations related to finance. He is the Chairman of the Group of Thirty and the Per Jacobsson Foundation. He also serves as a senior economic advisor to BDT&MSD, a managing director at Andersen Tax, and a member of advisory boards at PIMCO and RLUSD.
Rajan's research interests and publications cover a range of topics within finance, including banking, corporate finance, international finance, growth and development, and organizational structures. His work has earned him several awards, including the Fischer Black Prize in 2003, the Infosys Prize for Economic Sciences in 2012, and recognition as one of Time's "100 Most Influential People in the World" in 2016.
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Rajan's time in government
Rajan served as the 23rd Governor of the Reserve Bank of India from September 2013 to 2016. He also served as the Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006. In 2015, during his tenure at the RBI, he became the Vice-Chairman of the Bank for International Settlements.
Rajan has been a vocal critic of the Indian government's economic policies. He warned the government about the potential negative consequences of demonetization, arguing that it would not be an economic success. At the 2005 Federal Reserve annual Jackson Hole conference, Rajan correctly predicted the 2008 financial crisis and proposed policies to mitigate its impact. Despite initial criticism, his views were later recognized as prescient.
During his time in government, Rajan made significant contributions to economic policy and research. He has written extensively on banking, corporate finance, international finance, growth, and development. 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 one of the "100 Most Influential People in the World" by Time magazine.
Rajan chose not to serve a second term as RBI Governor and returned to academia at the University of Chicago. He has held various academic positions and is currently the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.
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Rajan's publications
Raghuram Rajan is an Indian economist and the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. He has authored and co-authored several publications and books during his career.
Rajan's thesis consisted of three essays on the relationship between a firm or country and its creditor banks. His research argued that the deregulation of markets does not necessarily increase competition and efficiency, contrary to the established view. He has since written extensively on banking, corporate finance, and economic development, international finance, growth and development, and organisational structures.
Rajan co-authored the book 'Saving Capitalism from the Capitalists' with Luigi Zingales in 2003. In 2010, he published 'Fault Lines: How Hidden Fractures Still Threaten the World Economy', which won the Financial Times/Goldman Sachs Business Book of the Year award. In this book, Rajan argues that serious flaws in the economy were to blame for the 2008 financial crisis, and warns of a potentially more devastating crisis in the future if these issues are not addressed. He also highlights the role of individual choices made by bankers, government officials, and ordinary homeowners, which were rational responses to a flawed global financial system.
Rajan's other works include 'The Third Pillar: How Markets and the State Hold the Community Behind', published in 2019, and several academic papers, including:
- 'Finance and Climate Resilience: Evidence from the long 1950s US Drought' (forthcoming)
- 'Sovereign Debt and Economic Growth when the Government is Myopic and Self-interested' (2024)
- 'Liquidity, Liquidity Everywhere, Not a Drop to Use: Why Flooding Banks with Central Bank Reserves May Not Expand Liquidity' (2024)
- 'The Decline of Secured Debt' (2024)
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Rajan's personal life
Raghuram Rajan was born on February 3, 1963, in Bhopal, Madhya Pradesh, India. His father, R Govindarajan, worked for India's external intelligence agency, the Research and Analysis Wing (R&AW). Rajan travelled frequently with his family during his childhood due to his father's job. He attended a French international school in Belgium and later returned to India, where he attended Delhi Public School from 1974 to 1981.
Rajan enrolled at the Indian Institute of Technology Delhi in 1981 and graduated with a bachelor's degree in electrical engineering in 1985, receiving the Director's Gold Medal for the best all-round student. He then earned an MBA from the Indian Institute of Management Ahmedabad in 1987, where he met his future wife, Radhika Puri Rajan. Radhika teaches at the University of Chicago Law School and is also an Adjunct Associate Professor of Behavioral Science at the University of Chicago Booth School of Business. Raghuram and Radhika Rajan have two children and enjoy reading and playing tennis and squash.
After completing his MBA, Rajan joined the Tata Administrative Services as a management trainee before deciding to pursue a doctoral program. He joined the faculty at the University of Chicago Booth School of Business in 1991 as an assistant professor of finance and became a full-time professor in 1995. He has also taught as a visiting professor at various other institutions, including the Stockholm School of Economics and the MIT Sloan School of Management.
In addition to his academic career, Rajan has held several prominent positions in the field of economics and finance. He served as the Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006 and later became the 23rd Governor of the Reserve Bank of India from 2013 to 2016. During his tenure at the RBI, he also served as Vice-Chairman of the Bank for International Settlements. Rajan has received numerous awards and honours for his contributions to economics and finance, including the inaugural Fischer Black Prize in 2003 and the Financial Times/Goldman Sachs Business Book of the Year award in 2010 for his book, "Fault Lines: How Hidden Fractures Still Threaten the World Economy."
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Frequently asked questions
Raghuram Govind Rajan is an Indian economist and the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.
Rajan attended Delhi Public School, RK Puram, from 1974 to 1981 and enrolled at the Indian Institute of Technology Delhi for a bachelor's degree in electrical engineering in 1981. He graduated in 1985 and was awarded the Director's Gold Medal for the best all-round student. He went on to earn an MBA from the Indian Institute of Management Ahmedabad in 1987 and a PhD in management from the Massachusetts Institute of Technology.
Rajan's research interests include banking, corporate finance, international finance, growth and development, and organizational structures.
Rajan is a renowned economist and financial analyst who has been considered for the Nobel Prize in economics multiple times. He won the Financial Times/Goldman Sachs Business Book of the Year award in 2010 for his book "Fault Lines: How Hidden Fractures Still Threaten the World Economy". In 2015, he was named one of the "100 Most Influential People in the World" by Time magazine.
Raghuram Rajan was one of the founders of Krea University, an Indian private university established in 2018. The university focuses on liberal arts, sciences, and management education. It offers residential undergraduate programs in the liberal arts and sciences, leading to BA and BSc degrees.
