Raghuram Rajan held the office of the 23rd Governor of the Reserve Bank of India between 2013 and 2016, a tenure marked by his oversight of national monetary policy. An economist by training, he has spent decades navigating the intersection of corporate finance, banking regulation, and international economic development from both academic and public policy institutions.
Academic Foundations and Early Research
Born in Bhopal in 1963, Rajan pursued undergraduate studies in electrical engineering at the Indian Institute of Technology Delhi, graduating in 1985 with a Director's Gold Medal. He subsequently earned a postgraduate diploma from the Indian Institute of Management Ahmedabad in 1987. His doctoral work at the MIT Sloan School of Management culminated in a 1991 PhD thesis titled Essays on Banking, which examined the relationships between creditor banks and firms. This research formed the basis for his long-standing academic career, beginning at the University of Chicago Booth School of Business.
Twenty questions, eight minutes on the clock, and a percentile measured against everyone who has taken it. No sign-up.
Take the IQ test →Contributions to Financial Theory
Rajan's research investigates how financial institutions and corporate structures influence global economic growth. In his 2003 book, Saving Capitalism from the Capitalists, co-authored with Luigi Zingales, he argued that closed financial systems often protect entrenched interests and suppress competition. His academic influence was formally recognized with the inaugural Fischer Black Prize in 2003, awarded by the American Finance Association to the top finance researcher under the age of 40.
Global Economic Policy and Crises
Between 2003 and 2006, Rajan served as the chief economist of the International Monetary Fund. His subsequent work gained significant public attention through his analysis of the 2008 financial crisis, detailed in the 2010 book Fault Lines: How Hidden Fractures Still Threaten the World Economy. He identified widening income inequality and global trade imbalances as primary factors leading to the market collapse. The book received the Financial Times and McKinsey Business Book of the Year Award.
Leadership at the Reserve Bank of India
Appointed Governor of the Reserve Bank of India in 2013, Rajan directed the country's monetary policy during a volatile period. His appointment coincided with his increasing presence in global financial governance, including a role as Vice-Chairman of the Bank for International Settlements starting in 2015. He remains a member of the Group of Thirty and the American Academy of Arts and Sciences, continuing his work as a university teacher and researcher.
Fast facts
- Born: 1963, Bhopal, India
- Education: IIT Delhi, IIM Ahmedabad, MIT
- Governor of the Reserve Bank of India: 2013-2016
- Chief Economist, International Monetary Fund: 2003-2006
- Fischer Black Prize winner: 2003
- Financial Times and McKinsey Business Book of the Year Award: 2010
- Fields: Economics, banking, corporate finance
Questions readers ask
What is the primary focus of Rajan's research?
His academic work focuses on corporate finance, economic development, financial regulation, and the role of banks in macroeconomic phenomena.
What positions has he held in government and international organizations?
He served as the Chief Economist of the IMF and as the 23rd Governor of the Reserve Bank of India, in addition to being Vice-Chairman of the Bank for International Settlements.
Achievements
- Fischer Black Prize — 2003
- Infosys Prize — 2011
- Deutsche Bank Prize in Financial Economics — 2013
- Amundi Smith Breeden Prize — 1994
- Clarivate Citation Laureates — 2017
- Affiliated with Massachusetts Institute of Technology, MIT Sloan School of Management and Reserve Bank of India
- Educated at Indian Institute of Technology Delhi and Massachusetts Institute of Technology
.jpg)