Raghuram Rajan

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Raghuram Rajan
Raghuram Rajan, IMF 69MS040421048l.jpg
Raghuram G. Rajan in 2004
23rd Governor of the Reserve Bank of India
In office
4 September 2013 – 4 September 2016
Preceded byDuvvuri Subbarao
Succeeded byUrjit Patel
15th Chief Economic Adviser to the Government of India
In office
10 August 2012 – 4 September 2013
Preceded byKaushik Basu
Succeeded byArvind Subramanian
3rd Chief Economist of the International Monetary Fund
In office
September 1, 2003 – January 1, 2007
Preceded byKenneth Rogoff
Succeeded bySimon Johnson
Personal details
Born (1963-02-03) 3 February 1963 (age 55)
Bhopal, Madhya Pradesh, India
NationalityIndian [1]
Spouse(s)Radhika Puri aka "Radhika Rajan"
Alma materIIT Delhi (BTech)
IIM Ahmedabad (PGDBM)
MIT Sloan School of Management (PhD)

Raghuram Govind Rajan (born 3 February 1963) is an Indian [1] economist and an international academician who is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.[2][3] He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016.[2] Between 2003 and 2006, Rajan was the Chief Economist and Director of Research at the International Monetary Fund.[2] In 2015, during his tenure at the Indian Reserve Bank he also became Vice-Chairman of the Bank for International Settlements.[4]

At the Federal Reserve annual Jackson Hole conference in 2005, Rajan warned about the growing risks in the financial system and proposed policies that would reduce such risks. Former U.S. Treasury Secretary Lawrence Summers called the warnings "misguided" and Rajan himself a "luddite".[5] However, following the 2008 economic crisis, Rajan's views came to be seen as prescient and he was extensively interviewed for the Oscar-winning documentary Inside Job (2010).

In 2003, Rajan received the inaugural 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) in its list of the '100 Most Influential People in the World'.[6][7]

Early life and education[edit]

Raghuram Rajan was born on 3 February 1963 in Bhopal, Madhya Pradesh[8][9] into a Tamil Brahmin family.[10] He is the third of four children of R Govindarajan, an Indian Police Service officer who topped his 1953 batch.[citation needed]

Assigned to the Intelligence Bureau, R Govindarajan was posted to Indonesia in 1966. In 1968 he joined the newly created external intelligence unit of the Intelligence Bureau, 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 Raghuram Rajan missed school one year because of political turmoil. After Sri Lanka, R Govindarajan was posted to Belgium where the children attended a French school. In 1974 the family returned to India.[8] Throughout his childhood, Rajan presumed his father to be a diplomat since the family traveled on diplomatic passports.[11] He was a half-term student of Campion School, Bhopal until 1974.[citation needed]

From 1974 to 1981 Rajan attended Delhi Public School, RK Puram,[12][13] In 1981 he enrolled at 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.[8] 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 Business Administration from the Indian Institute of Management Ahmedabad, graduating with a gold medal for academic performance.[14] He joined the Tata Administrative Services as a management trainee, but left after a few months to join the doctoral program at the Sloan School of Management[8] 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.[15] In his thesis, Rajan argued that this might not necessarily be the case. The first essay focussed on the choice available to firms between arm's length credit and relationship-based credit. The second focussed on the 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.[15]

He was awarded an honorary doctorate degree by the London Business School in 2012,[16] and by the Hong Kong University of Science and Technology in 2015.[17]

Career[edit]

Academic career[edit]

In 1991, Rajan joined as an assistant professor of finance at the 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.

caption
Rajan, with Lionel Barber (left) and Lloyd Blankfein (right), at the 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.[18][19] 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.[20] 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.[21] 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.[22] The book won the 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.[23][24] 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."[25][20]

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.[14] He is a member of the Group of Thirty international economic body.[26] He has served as a founding member of the academic council of the Indian School of Business since 1998.[27]

Policymaking[edit]

International Monetary Fund[edit]

In the aftermath of 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.[8][28] While the role of the chief economist had previously always been held by a leading macroeconomist, the IMF wanted to strengthen its financial expertise. American economist 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.[20] 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."[29] 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.[8] He served in the position from October 2003 to December 2006.[30]

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.[20] 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.[31] While he largely kept fiscal austerity policies intact, on occasions he also published research that went against the prevailing orthodoxy at the IMF.[8][28] 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.[32] 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.[33]

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.[31]

Economic Adviser to Government of India[edit]

In 2007, then Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia, drafted Rajan to write a report proposing the next generation of financial sector reforms in India. A 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".[34]

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.[35][8] On 10 August 2012 Rajan was appointed as chief economic adviser to India's Ministry of Finance, succeeding Kaushik Basu in the role.[36] He prepared the Economic Survey of India for the year 2012–13.[37]

Reserve Bank of India[edit]

On 6 August 2013 it was announced that Rajan would take over as the Governor of the Reserve Bank of India for a term of 3 years, succeeding Duvvuri Subbarao.[38] On 5 September 2013 he took charge as the 23rd governor, at which point he took a leave of absence from the University of Chicago Booth School of Business.[39]

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%(+-2%) thereafter.[40] 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 banks and approved eleven payments banks 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.[41][42][43]

Media reports positioned Rajan as a prospective successor to Christine Lagarde as head of the IMF when her term expired in 2016,[40][44] even as Rajan himself countered such speculation.[45] This did not eventually come to bear, as Lagarde was nominated for a second term at the end of her tenure.[46] On 9 November 2015, Rajan was appointed as Vice-Chairman of the Bank for International Settlements (BIS).[47]

On 18 June 2016, Rajan announced that he would not be serving a second term as RBI Governor, and planned to return to academia.[48] 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.[49] 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.[50]

Economic and political views[edit]

Financial markets[edit]

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[51] 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.[52] In that paper, "Has Financial Development Made the World Riskier?", Rajan "argued that disaster might loom."[53] 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".[54] However, following the 2008 economic 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."[53] In fact, Rajan was extensively interviewed on the global crisis for the Academy Award-winning documentary 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 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."[55]

Austerity vs stimulus[edit]

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.[56][57][58] 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.[55][59] 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.[60]

Demonetization in India[edit]

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 demonetization but never asked to take a decision.[61] 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 anyway say it has been an economic success". In addition to his work at the University of Chicago and RBI, Raghuram is also a member of the Berggruen Institute's 21st Century Council.[62]

Awards[edit]

  • In 2003, Rajan won the inaugural Fischer Black Prize awarded by the American Finance Association for contributions to the theory and practice of finance by an economist under age 40.[63]
  • In February 2010 NASSCOM named him Global Indian at its 7th annual global leadership awards.[64]
  • 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.[14]
  • 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.[65]
  • 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".[66]
  • In 2014, he was conferred the Best Central Bank Governor award by Euromoney Magazine.
  • In 2014 He was conferred with the Governor of the Year Award 2014 from London-based financial journal Central Banking.[67][68]
  • Clarivate Citation Laureate (2017)

Bibliography[edit]

Personal life[edit]

Raghuram Rajan is an Indian citizen and holds a USA Green Card.[74] 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 Behavioral Science at the University of Chicago Booth School of Business. They have a daughter and a son.

Rajan's elder brother works for a solar company in the United States. Rajan's sister is married to an Indian Administrative Service officer and is a French teacher in New Delhi. Rajan's younger brother, Mukund Rajan, was born in Chennai in 1968.[8] He was the Brand Custodian and Chief Ethics Officer of Tata Sons[75][76][77]

Rajan is a vegetarian. He likes the outdoors and plays tennis and squash.[11][40] He enjoys reading Tolstoy, J. R. R. Tolkien and Upamanyu Chatterjee.[78] 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.[79][80] He has also participated in various marathons, such as the Standard Chartered Mumbai Marathon 2015.[81]

References[edit]

  1. ^ a b "I am an Indian citizen: Raghuram Rajan". 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."
  2. ^ a b c "Raghuram G. Rahan: Katherine Dusak Miller Distinguished Service Professor of Finance". University of Chicago, Booth School of Business. Retrieved 18 March 2017.
  3. ^ "Faculty members recognized with named, distinguished service professorships". University of Chicago Booth School of Business. Retrieved 2 February 2017.
  4. ^ "RBI Governor Raghuram Rajan first Indian to be appointed BIS Vice Chairman". The Economic Times. Retrieved 2 February 2017.
  5. ^ Lahart, Justin (2 Jan 2009). "Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party". The Wall Street Journal.
  6. ^ Raghuram Rajan in TIME's 100 most influentials list Business Standard, 22 April 2016
  7. ^ Raghuram Rajan, Sania Mirza, Sundar Pichai Among Times 100 Most Influential People Huffington Post, 22 April 2016
  8. ^ a b c d e f g h i Mark Bergen (1 October 2013). "Line of Credit: Raghuram Rajan takes charge at the RBI". Caravan Magazine. Retrieved 19 Feb 2016.
  9. ^ Singh, Mammohan (4 February 2014) 7 Interesting facts about 23rd RBI Governor Raghuram Rajan Daily Bhaskar, Retrieved 11 November 2014
  10. ^ Crabtree, James (30 August 2013) Raghuram Rajan, academic in a raging storm The Financial Times (requires a subscription), Retrieved 11 November 2014
  11. ^ a b Crabtree, James (15 August 2014) Lunch with the FT: Raghuram Rajan The Financial Times, Retrieved 11 November 2014
  12. ^ "Didn't own a blazer in school, Raghuram Rajan tells students". Press Trust of India. The Hindu. 24 January 2014. Retrieved 19 Feb 2016.
  13. ^ "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."[1]
  14. ^ a b c "Raghuram G. Rajan (Curriculum Vitae)" (PDF). Booth School of Business. Retrieved 13 August 2015.
  15. ^ a b Rajan, Raghuram (1991). "Essays on banking". DSpace@MIT. Massachusetts Institute of Technology. Retrieved 18 May 2018.
  16. ^ "Honorary Awards". London Business School. Retrieved April 30, 2017.
  17. ^ "HKUST Holds 23rd Congregation Conferring Honorary Doctorates on Five Distinguished Academics and Community Leaders". The Hong Kong University of Science and Technology. 20 November 2015. Retrieved 18 May 2018.
  18. ^ "Raghuram G. Rajan". Chicago Booth. The University of Chicago Booth School of Business. Retrieved 18 May 2018.
  19. ^ "Raghuram Rajan Paper by Topic". The University of Chicago Booth School of Business. Retrieved 18 May 2018.
  20. ^ a b c d Wallace, Laura (March 2015). "Finder of Financial Fault Lines". Finance and Development. International Monetary Fund. 52 (1). Retrieved 18 May 2018.
  21. ^ Postrel, Virginia (4 December 2003). "Economic Scene; Are open markets threatened more by a pro-business or by an antibusiness ideology?". The New York TImes. Retrieved 19 May 2018.
  22. ^ Crook, Clive (21 June 2010). "We were all to blame for the crash". Financial Times. Financial Times. Retrieved 19 May 2018.
  23. ^ "Raghuram G. Rajan". RePEc IDEAS. Retrieved 18 May 2018.
  24. ^ "Top 10% Authors". RePEc IDEAS. Retrieved 18 May 2018.
  25. ^ Chan, Jessamine (23 January 2003). "Rajan wins first Fischer Black Prize". The University of Chicago Chronicle. Retrieved 18 May 2018.
  26. ^ "Group of Thirty Members". Group of Thirty. Retrieved 19 May 2018.
  27. ^ "Raghuram Rajan - Indian School of Business (ISB)". www.isb.edu.
  28. ^ a b Kishore, Roshan (18 June 2016). "The economics of Raghuram Rajan". Mint. Mint on Sunday. Retrieved 18 May 2018.
  29. ^ "Press Release: IMF Managing Director Köhler Proposes Raghuram Rajan as Economic Counsellor and Director of the IMF's Research Department". International Monetary Fund. 2 July 2003. Retrieved 18 May 2018.
  30. ^ "Raghuram G. Rajan". International Monetary Fund. Retrieved 18 May 2018.
  31. ^ a b "Press Release: Economic Counsellor Raghuram Rajan Notifies IMF Management of Intention to Return to the University of Chicago". Inernational Monetary Fund. 22 August 2006. Retrieved 18 May 2018.
  32. ^ Rajan, Raghuram G.; Subramanian, Arvind (9 January 2006). What Undermines Aid's Impact on Growth? (PDF). Conference on Trade and Growth, Research Department. Washington, DC: International Monetary Fund. Retrieved 19 May 2018.
  33. ^ Prasad, Eswar; Rajan, Raghuram G.; Subramanian, Arvind (30 August 2006). "Foreign Capital and Economic Growth" (PDF). International Monetary Fund. Retrieved 19 May 2018.
  34. ^ Planning Commission, Government of India (2009). A Hundred Small Steps. SAGE Publications. ISBN 978-81-7829-950-1.
  35. ^ Sanjiv Shankaran et al. "Raghuram Rajan is adviser to PM". Mint. 4 November 2008. Retrieved on 18 August 2012.
  36. ^ "Raghuram Rajan appointed as new CEA. The Hindu. August 11, 2012. Retrieved on 18 August 2012.
  37. ^ Jagannathan, R (20 December 2014). "Economic Survey: Raghuram Rajan reads the riot act to UPA". Firstpost. Retrieved 24 May 2018.
  38. ^ Raghuram Rajan in RBI's new Guv list. The Indian Express. May 20, 2011
  39. ^ "Chicago Booth professor Raguhram Rajan is named Governor of Reserve Bank of India". 6 August 2013. 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."
  40. ^ a b c Verma, Sid (October 2014) Rajan’s surgical strikes Euromoney, Retrieved 11 November 2014
  41. ^ "Making ATM transactions expensive: Is RBI contradicting its own stance? - Firstpost". www.firstpost.com. Retrieved 2018-02-19.
  42. ^ Rebello, Joel (2014-09-15). "Rajan defends RBI stand ATM fees, two-factor authentication". livemint.com/. Retrieved 2018-02-19.
  43. ^ Shetty, Mayur (2017-07-04). "Vague RBI guidelines see banks cap PM's Jan Dhan Yojana accounts". The Economic Times. Retrieved 2018-02-19.
  44. ^ "Speculation rife over Rajan succeeding IMF chief Lagarde". Business Standard India. 7 April 2015. Retrieved 26 July 2018.
  45. ^ "RBI head brushes off talk of top IMF role". The Business Times. 9 April 2015. Retrieved 26 July 2018.
  46. ^ "IMF's Lagarde re-elected to second term". Deutsche Welle. Reuters, AFP. 19 February 2016. Retrieved 25 August 2016.
  47. ^ "Press release: BIS Board appoints Raghuram Rajan as Vice-Chairman". Bank for International Settlements. 10 November 2015. Retrieved 19 Feb 2016.
  48. ^ "ET: Raghuram pours cold water on speculations". Economic Times. 18 June 2016. Retrieved 18 June 2016.
  49. ^ "Raghuram Rajan Says, Chicago University Leave Wasn't Issue in RBI Exit". News18. Retrieved 2017-09-10.
  50. ^ "Raghuram Rajan says Chicago university leave wasn't issue in RBI exit". Mint. PTI. 10 September 2017. Retrieved 16 July 2018.
  51. ^ 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.
  52. ^ Raghuram Rajan. "Has Financial Development Made the World Riskier?". National Bureau of Economic Research. 2005. Retrieved on 18 August 2012.
  53. ^ a b Justin Lahart. "Mr Rajan Was Unpopular (But Prescient) at Greenspan Party". Wall Street Journal. 2 January 2009. Retrieved on 18 August 2012.
  54. ^ Paul Krugman. "How Did Economists Get It So Wrong?". The New York Times. 2 September 2009. Retrieved on 18 August 2012.
  55. ^ a b Rajan, Raghuram G. (2012-05-01) Foreign Affairs-Rhaguram Rajan-The True Lessons of the Financial Crisis-May/June 2012. Foreignaffairs.com. Retrieved on 2012-05-16.
  56. ^ Ummelas, Ott. (2012-05-12) Bloomberg-Rehn Rejects ‘False’ Choice Between Austerity, Stimulus-May 2012. Bloomberg.com. Retrieved on 2012-05-16.
  57. ^ Christine Romer-Hey Not So Fast on European Austerity. NY Times. 28 April 2012
  58. ^ Project Syndicate-Michael Spence-The Global Jobs Challenge-October 2011. Project-syndicate.org (2011-10-17). Retrieved on 2012-05-16.
  59. ^ Project Syndicate-Raghuram Rajan-Central Bankers Under Siege-May 2012. Project-syndicate.org (2012-05-08). Retrieved on 2012-05-16.
  60. ^ Paul Krugman Easy Useless Economics. NY Times. May 2012
  61. ^ "Warned government about cost of demonetisation, former RBI governor Raghuram Rajan says - Times of India". The Times of India. Retrieved 2017-09-10.
  62. ^ "Berggruen Institute". Retrieved 5 January 2017.
  63. ^ "Raghuram G. Rajan: Biographical Information". International Monetary Fund. Retrieved on 18 August 2012.
  64. ^ "NASSCOM announces the 7th Annual Global Leadership Awards". NASSCOM. 8 February 2010. Archived from the original on 3 March 2016. Retrieved 19 February 2016.
  65. ^ "Infosys Prize / Laureates 2011 / Prof. Raghuram G. Rajan". Infosys Science Foundation. 17 Nov 2011. Retrieved 19 Feb 2016.
  66. ^ "RBI governor Raghuram Rajan receives Deutsche Bank Prize, 2013". Business Standard. 27 September 2013. Retrieved 27 September 2013.
  67. ^ (15 October 2014) Raghuram Rajan gets Euromoney's best central bank governor award The Hindu Business Line, Retrieved 11 November 2014
  68. ^ "The winners of the Central Banking Awards 2015 - Central Banking".
  69. ^ a b Rajan, R.G.: Fault Lines: How Hidden Fractures Still Threaten the World Economy Archived 3 June 2016 at the Wayback Machine.. Press.princeton.edu (2012-04-17). Retrieved on 2012-05-16.
  70. ^ Ovide, Shira (28 October 2010). "The Best Business Book of 2010: 'Fault Lines'". The Wall Street Journal.
  71. ^ Our Thinking. Goldman Sachs. Retrieved on 2012-05-16.
  72. ^ Business Book Of The Year Award 2010: Longlist announced for the Financial Times and Goldman Sachs | About us | FT.com. Aboutus.ft.com (2010-08-09). Retrieved on 2012-05-16.
  73. ^ "I Do What I Do". harpercollins.co.in.
  74. ^ "Raghuram Rajan taken aback by query about citizenship". Times of India. Retrieved 29 Oct 2013.
  75. ^ (4 September 2014) Raghuram Rajan: 10 things to know about the new RBI governor NDTV, Retrieved 11 November 2014
  76. ^ Raman, Kripa (2 September 2013) The new Rajan Mumbai Mirror, Retrieved 11 November 2014
  77. ^ http://www.law.uchicago.edu/faculty/puri. Missing or empty |title= (help)
  78. ^ Seema Sirohi (21 Jul 2003). "I Doubt, Therefore IMF". Outlook India. Retrieved 19 Feb 2016.
  79. ^ Kumar, Anuj (3 July 2016). "The mastermind". The Hindu. ISSN 0971-751X. Retrieved 20 July 2018.
  80. ^ Ganguly, Achintya (8 September 2016). "Three Cs to success, Jayant style". The Telegraph. Retrieved 20 July 2018.
  81. ^ "Mumbai marathon: Running for glory". India Today. 19 Jan 2015. Retrieved 2 October 2015.

External links[edit]

Business positions
Preceded by
Kenneth Rogoff
IMF Chief Economist
2003-07
Succeeded by
Simon Johnson
Preceded by
Kaushik Basu
Chief Economic Adviser
2012–2013
Succeeded by
Arvind Subramanian
Preceded by
Duvvuri Subbarao
Governor of Reserve Bank of India
2013-2016
Succeeded by
Urjit Patel