Raghuram Rajan

Raghuram Rajan
Name	Raghuram Rajan
Birth date	1963
Birth place	Bhopal, Madhya Pradesh, India
Nationality	Indian
Alma mater	Indian Institute of Technology Madras, Indian Institute of Management Ahmedabad, Massachusetts Institute of Technology
Occupation	Economist, academic, central banker
Known for	Former Governor of the Reserve Bank of India, former Chief Economist of the International Monetary Fund

Raghuram Rajan is an Indian economist, academic, and policy maker known for his roles in international finance and Indian monetary policy. He served as Chief Economist at the International Monetary Fund and as Governor of the Reserve Bank of India, and has been a professor at the University of Chicago Booth School of Business and a visiting scholar at institutions such as the London School of Economics and the Massachusetts Institute of Technology. His work spans financial stability, banking crises, and development, intersecting with debates involving figures like Ben Bernanke, Janet Yellen, Paul Krugman, and institutions such as the World Bank and the Bank for International Settlements.

Early life and education

Rajan was born in Bhopal and grew up in New Delhi and Uttarakhand, attending St. Xavier's School, Delhi and later studying engineering at Indian Institute of Technology Madras and management at Indian Institute of Management Ahmedabad, before completing a Ph.D. in economics at the Massachusetts Institute of Technology under advisors connected to scholars like Rudiger Dornbusch and colleagues such as Oliver Hart and Esther Duflo. His formative education connected him to networks spanning IIT Madras alumni, IIM Ahmedabad alumni, and MIT alumni, and introduced him to debates prominent at institutions such as the National Council of Applied Economic Research and the Centre for Development Economics.

Academic career

Rajan joined the faculty at the University of Chicago Booth School of Business, teaching alongside economists like Eugene Fama, Lars Peter Hansen, and Kenneth Arrow, and held visiting positions at the London School of Economics and the Massachusetts Institute of Technology. His academic work appeared in journals associated with the American Economic Association and publications connected to scholars such as Raghavendra Rau and Anil Kashyap, and he supervised doctoral students who later joined institutions like the Federal Reserve Bank of Chicago and the International Monetary Fund. Rajan also engaged with policy research networks including the National Bureau of Economic Research and the Brookings Institution, collaborating with researchers such as Hyun Song Shin and Tobias Adrian.

Tenure as Chief Economist at the IMF

As Chief Economist at the International Monetary Fund from 2003 to 2006, he worked on issues related to Global Financial Crisis precursors, debt crises, and sovereign lending alongside directors from the European Central Bank, the Bank of England, and the Federal Reserve System. His IMF tenure involved engagement with policymakers from the G7 and G20 and interactions with economists such as José Viñals and Olivier Blanchard, contributing to IMF research programs that intersected with studies by the World Bank and the Organisation for Economic Co-operation and Development. He participated in policy dialogues at venues including the Bretton Woods Conference legacy forums and workshops with the International Finance Corporation and the Asian Development Bank.

Governor of the Reserve Bank of India

As Governor of the Reserve Bank of India from 2013 to 2016, he confronted challenges involving the Indian banking sector, non-performing assets linked to public sector banks like State Bank of India, and macroeconomic pressures influenced by commodity shocks such as movements in Brent crude oil and trends noted by the International Monetary Fund. His tenure included policy actions with implications for inflation targeting debates involving frameworks from the Bank of England and the Riksbank, coordination with the Government of India and the Finance Ministry led by officials aligned with figures like Arun Jaitley and interactions with international central bankers including Mario Draghi and Haruhiko Kuroda. He promoted reforms in banking regulation drawing on principles from the Basel Committee on Banking Supervision and restructuring dialogues with the Securities and Exchange Board of India.

Post-RBI career and public commentary

After leaving the Reserve Bank of India, he returned to academia at the University of Chicago and engaged in public commentary through venues such as the Harvard Kennedy School lectures, the Indian Express, and international outlets like the Financial Times and The Economist. He has advised institutions including the International Monetary Fund and the Asian Development Bank, participated in forums such as the World Economic Forum and the Munich Security Conference, and commented on leaders and policymakers including Narendra Modi, Manmohan Singh, and Pranab Mukherjee on fiscal and financial governance.

Research, publications, and economic views

His research includes influential papers on banking crises, financial intermediation, and corporate finance published in journals affiliated with the American Economic Association and the National Bureau of Economic Research, and his book "Fault Lines" engages with themes debated by economists like Joseph Stiglitz and Kenneth Rogoff. He has argued about the risks of financial sector instability in ways that converse with work by Hyman Minsky, Gary Gorton, and Robert Shiller, and his policy prescriptions often reference regulatory frameworks promoted by the Basel Committee on Banking Supervision and analyses by the Bank for International Settlements.

Honors and personal life

He has received honors including awards connected to institutions like the Royal Economic Society and the Chicago Alumni Association, and has been conferred fellowships in networks such as the American Academy of Arts and Sciences. His family life includes ties to professionals in academia and public service, and he maintains residences and affiliations in Chicago, New Delhi, and has participated in cultural events at venues like the Kennedy Center and the Tata Literature Live festival.

Category:Indian economists Category:University of Chicago faculty Category:Governors of the Reserve Bank of India