RAGHURAM G. RAJAN (C.V.) OFFICE ADDRESS AND TELEPHONE Booth School of Business, University of Chicago 5807 South Woodlawn Ave, Chicago, IL 60637 Ph: 773-702-4437 Webpage gsbuchicago.edu/fac/raghuram.rajan/research/ Blog : blogs.chicagobooth.edu/faultlines GRADUATE STUDIES: Massachusetts Institute of Technology, Ph.D., May 1991. Thesis Title: Essays on Banking. Indian Institute of Management (Ahmedabad), M.B.A., March 1987. Indian Institute of Technology (Delhi), B.Tech. (Electrical), May 1985. EMPLOYMENT: Eric J. Gleacher Distinguished Service Professor of Finance, Graduate School of Business, University of Chicago, 2006 - Chief Economic Advisor, Finance Ministry, Government of India, 2012- Economic Advisor to the Prime Minister of India (Honorary), 2008-2012 Chairman of High Level Committee on Financial Sector Reforms, India, 2007-2008 Economic Counselor and Director of Research, International Monetary Fund, 2003-2006 Fischer Black Visiting Professor, M.I.T. Sloan School of Management, 2000-2001 Joseph L. Gidwitz Professor of Finance, Graduate School of Business, University of Chicago, 1997-2003. Visiting Professor of Finance, Kellogg School, Northwestern University, 1996-1997 Bertil Danielsson Visiting Professor of Banking, Stockholm School of Economics, 1996-1997. 2 Professor of Finance, Graduate School of Business, University of Chicago, 1995-96. Assistant Professor of Finance, Graduate School of Business, University of Chicago, July 1991 to June 1995. AWARDS, HONORS AND MEMBERSHIPS: Center for Financial Studies Deutsche Bank Prize for Financial Economics, 2013 Infosys Prize for the Economic Sciences, 2012 Global Indian of the Year Award, NASSCOM, 2011 Bernhard Harms Prize awarded by the Kiel Institute for International Economics 2010 Financial Times/Goldman Sachs Best Business Book of the Year Award, 2010 Fellow of the American Academy of Arts and Sciences 2009. Jensen prize (runner-up) for paper in Journal of Financial Economics, 2006 Fama/DFA prize for best paper in the Journal of Financial Economics, 2003 Inaugural Fisher Black Prize awarded by the American Finance Association in January 2003 Brattle Prize for distinguished paper in the Journal of Finance, 2002 Brattle Prize for distinguished paper in the Journal of Finance, 2001 Brattle Prize for distinguished paper in the Journal of Finance, 2000. Michael Brennan Award for the Best Paper published in the Review of Financial Studies, 1997. Smith Breeden Prize awarded for best paper published in the Journal of Finance, 1994. Best Paper Award, Fifth Annual Small Firm Research Symposium, 1993. Smith Breeden Prize awarded for distinguished paper published in the Journal of Finance, 1992. Treffstz Prize for outstanding academic achievement, Western Finance Association, 1991. Gold Medal for academic performance, I.I.M (Ahmedabad), India, 1987. Directors Gold Medal for all round performance in the class of 1985, I.I.T. (Delhi), 1985. ACADEMIC POSITIONS: President of the American Finance Association (2011) Director of the American Finance Association (2001-2004). Program Director (Corporate Finance) at the National Bureau of Economic Research 1998-2010 Founding member of the Academic Council of the Indian School of Business Associate Editor of the American Economic Review, Annual Review of Finance, Journal of Finance, Quarterly Journal of Economics, Journal of Financial Intermediation, Review of Financial Studies, Financial Management (various times) NON ACADEMIC POSITIONS 3 Economic Advisor to Indian Prime Minister, Advisory Board of the Comptroller General of the United States, Advisory Committee on Systemic Resolution, FDIC, Director Chicago Council on Global Affairs, Director Heymath, Advisory boards: BDT Capital, Bank Itau-Unibanco, Moodys, and senior advisor, Booz and Co. GRANTS: National Science Foundation Grant 2010-2012 National Science Foundation Grant, 2002-07. National Science Foundation Grant, 1999-02. Sloan Foundation Grant 1999 National Science Foundation Grant, 1995-98. William Ladany Faculty Scholarship 1994-95, Graduate School of Business, University of Chicago. Grant for Research on International Corporate Capital Structures from CIBER, University of Chicago, 1993-1994. National Science Foundation Grant, 1992-93. BOOKS Fault Lines: How Hidden Fractures Still Threaten the World Economy, Princeton University Press, May 2010. Winner of Financial Times/Goldman Sachs Business Book of the Year Award. Saving Capitalism from the Capitalists with Luigi Zingales, February 2003, Crown Business Division of Random House. REPORTS Banks and Cross-Border Capital Flows: Policy Challenges and Regulatory Responses (with the Committee on International Economic Policy and Reform), Brookings Institution, September 2012 Rethinking Central Banking (with the Committee on International Economic Policy and Reform), Brookings Institution, September 2011 The Squam Lake Report: Fixing the Financial System. Princeton: Princeton University Press 2010. With Kenneth R. French, Martin N. Baily, John Y. Campbell, John Cochrane, Douglas W. Diamond, Darrell Duffie, Anil K. Kashyap, Frederic S. Mishkin, David S. Scharfstein, Robert J. Shiller, Hyun Song Shin, Matthew J. Slaughter, Jeremy C. Stein, and Rene M. Stultz A Hundred Small Steps: Report of the High Level Committee on Financial Sector Reforms to the Prime Minister of India, Sage Publications, 2008 4 PAPERS: Can be found at gsbuchicago.edu/fac/raghuram.rajan/research/ “Sovereign debt, government myopia, and the financial sector”, with Viral Acharya, Review of Financial Studies, Volume: 26 Issue: 6 Pages: 1526-1560 DOI: 10.1093/rfs/hht011 Published: JUN 2013 “Presidential Address: The Corporation in Finance”, Journal of Finance Volume: 67 Issue: 4 Pages: 1173-1217, AUG 2012 “Illiquid Banks, Financial Stability, and Interest Rate Policy”, with Douglas Diamond, Journal of Political Economy Volume: 120 Issue: 3 Pages: 552-591, JUN 2012 “Trade Credit Contracts”, with Leora Klapper and Luc Laeven, Review of Financial Studies, Volume: 25 Issue: 3 Pages: 838-867, Mar 2012. “Land and Credit: A Study of the Political Economy of Banking in the United States in the Early 20th Century”, with Rodney Ramcharan, Journal of Finance. Volume: 66 Issue: 6 Pages: 1895-1931, Dec 2011. “The Internal Governance of Firms”, with Viral Acharya and Stewart Myers, Journal of Finance Volume: 66 Issue: 3 Pages: 689-720: Jun 2011 “Fear of Fire Sales, Illiquidity Seeking, and Credit Freezes”, with Douglas Diamond, Quarterly Journal of Economics Volume: 126 Issue: 2 Pages: 557-591: May 2011. “Aid, Dutch Disease, and Manufacturing Growth”, with Arvind Subramanian, Journal of Development Economics. Volume: 94 Issue: 1 Pages: 106-118 Published: JAN 2011 “The Financial Crisis and the Death (or Hegemony) of Development Economics”, Journal of Economic Education Volume: 41 Issue: 4 Pages: 398-402 Published: OCT-DEC 2010 “The Credit Crisis and Cycle-Proof Regulation”, Federal Reserve Bank of St Louis Review, Volume 91 Issue 5 Pages: 397-402 Published: SEP-OCT 2009 “The Credit Crisis: Conjectures about Causes and Remedies”, American Economic Review, Papers and Proceedings, with Douglas Diamond, May 2009, 606-610 “Rent Preservation and the Persistence of Underdevelopment”, American Economic Journal: Macroeconomics, vol 1, no 1, January 2009, 178-218. “Aid and Growth: What does the Cross-Country Evidence Really Show?”, with Arvind Subramanian, Review of Economics and Statistics, Volume: 90 Issue: 4 Pages: 643-665 Published: NOV 2008 5 “Rethinking Capital Regulation”, with Anil Kashyap and Jeremy Stein, Proceedings of the 2008 Jackson Hole Symposium organized by the Kansas City Fed. “The Contributions of Stewart Myers to the Theory and Practice of Corporate Finance”, with Franklin Allen, Sudipto Bhattacharya, and Antoinette Schoar, Journal of Applied Corporate Finance, Vol. 20 No. 4 (Fall 2008). “Practical Approaches to Capital Account Liberalization”, with Eswar Prasad, Journal of Economic Perspectives, Summer 2008, vol 22, no 3, 149-172 “The Future of the IMF and the World Bank”, American Economic Review, Papers and Proceedings, Volume: 98 Issue: 2 Pages: 110-115 Published: MAY 2008 “Global Imbalances or Why are the Poor Financing the Rich”, 2008, De Economist, 156:3-24. “The Real Effect of Banking Crises”, with Giovanni Dell”Arricia and Enrica Detragiache, Journal of Financial Intermediation, 2008, 17 (1), 89-112. “Foreign Capital and Economic Growth”, with Eswar Prasad and Arvind Subramanian, Brookings Papers on Economic Activity, 2007 (1), 153-230. “Does Aid Affect Governance?” with Arvind Subramanian, American Economic Review, Papers and Proceedings, May 2007 to be reprinted in Institutions and Governance in Developing Countries, edited by Kunal Sen, Professor of Development Economics, University of Manchester, UK. “Modernizing China’s Growth Paradigm”, with Eswar Prasad, American Economic Review, Papers and Proceedings, 2006, vol 96 (2), 331-336. “Entry Regulation as a Barrier to Entrepreneurship”, with Leora Klapper and Luc Laeven, Journal of Financial Economics, 2006, 82, (3), 591-629 “The Flattening Firm: Evidence from Panel Data on the Changing Nature of Corporate Hierarchies”, with Julie Wulf, Review of Economics and Statistics, 2006, 88, (4), 759-773 “India’s Pattern of Development: What Happened, What Follows?”, With Kalpana Kochhar, Utsav Kumar, Arvind Subramanian, and Ioannis Tokatlidis, Journal of Monetary Economics, vol 53, 2006, p 981-1019. “Money in a Theory of Banking”, with Douglas Diamond, American Economic Review, 2006, 96, (1), 30-53, reprinted in Financial Crises, International Library of Critical Writings in Economics, Franklin Allen and Douglas Gale ed. 6 “Are perks purely managerial excess?”, with Julie Wulf, Journal of Financial Economics, 2006, 79, (1), 1-33. “Has Financial Development Made the World Riskier?”, 2005, Proceedings of the Jackson Hole Conference organized by the Kansas City Fed. “Dollar Shortages and Crisis”, 2005, with Ioannis Tokatlidis, International Journal of Central Banking, vol 1, no 2, 177-220. “Is the Tide Turning”, in The Legacy of Milton and Rose Friedman’s Free to Choose, Mark Wynne, Harvey Rosenblum, and Robert Formaini ed., Federal Reserve Bank of Dallas, Dallas, Texas. “Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks”, with Allen Berger, Nathan Miller, Mitchell Petersen, and Jeremy Stein, Journal of Financial Economics 2005, 76, (2), 237-269 “Liquidity Shortages and Banking Crises”, with Douglas Diamond, Journal of Finance, 2005, 60, (2), 615-647. “Banks and Markets: The Changing Character of European Finance”, with Luigi Zingales, in The Transformation of the European Financial System, V. Gaspar. P. Hartrmann, O. Sleijpen ed., European Central Bank, 2003. The Great Reversals: The Politics of Financial Development in the 20th Century, with Luigi Zingales, Journal of Financial Economics, vol69, 1, July 2003, 5-50. Reprinted in Recent Developments in International Trade Theory, Falvey, Rodney and Udo Kreickemeier, Edward Elgar, Cheltenham. Does Distance Still Matter? The Information Revolution in Small Business Lending, with Mitchell Petersen, Journal of Finance, 57 (6): 2533-2570 Dec 2002. An Investigation into the Economics of Extending Bank Powers, Journal of Emerging Market Finance, vol 1, no 2, Dec 2002, pp 125-156. “Should Banks have the Power to Enter All Financial Businesses?”, in Designing Financial Systems in Transition Economies, A. Meyendorff and A. Thakor ed., MIT Press, Cambridge MA, 2002. “Bank Bailouts and Aggregate Liquidity Shortages”, with Douglas Diamond, American Economic Review (Papers and Proceedings), May 2002, vol 92 (2), 38-41. 7 Financial Systems, Industrial Structure, and Growth, with Luigi Zingales, Oxford Review of Economic Policy. 17 (4): 467-482 WIN 2001 Banks as Providers of Liquidity: An Explanation for the Co-Existence of Lending and Deposit-Taking, with Anil Kashyap and Jeremy Stein, Journal of Finance. 57 (1): 33-73 FEB 2002 “The Influence of the Financial Revolution on the Nature of Firms,” with Luigi Zingales, American Economic Review (Papers and Proceedings), 91 (2): 206-211 MAY 2001. “Banks and liquidity”, with Douglas Diamond, American Economic Review (Papers and Proceedings), 91 (2): 422-425 MAY 2001 “Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking”, 2001, with Douglas Diamond, Journal of Political Economy , vol 109, 2, 287-327. The Firm as a Dedicated Hierarchy: A Theory of the Origins and Growth of Firms, with Luigi Zingales, Quarterly Journal of Economics, 116 (3): 805-851 AUG 2001. Banks, Short term Debt, and Financial Crises: Theory, Policy Implications, and Applications, with Douglas Diamond, Proceedings of Carnegie Rochester Series on Public Policy 54 (2001) 37-71. A Theory of Bank Capital, 2000, with Douglas Diamond, Journal of Finance, vol 55, no 6, 2431-2465. The Governance of the New Corporation, 2000, with Luigi Zingales, in Xavier Vives, ed. Corporate Governance Theoretical and Empirical Perspectives, Cambridge: Cambridge University Press, 2000. “The Eclipse of the U.S. Tire Industry” with Luigi Zingales, 2000, in Mergers and Productivity, edited by Steven Kaplan, University of Chicago Press. “The Costs of Diversity: The diversification discount and inefficient investment”, 2000, with Henri Servaes and Luigi Zingales, Journal of Finance, vol 55, no 1, 35-80 reprinted in Recent Developments in Corporate Finance, jay Ritter ed., The International Library of Critical Writings in Financial Economics, Edward Elgar Publishing Ltd. The Tyranny of the Inequality: An Enquiry into the Adverse Consequences of Power Struggles, with Luigi Zingales, Journal of Public Economics 76 (3): 521-558 JUN 2000. Which Capitalism? Lessons from the East Asian Crisis, with Luigi Zingales, Journal of Applied Corporate Finance, Fall 1998, vol 11, no 3, 40-48. 8 The Paradox of Liquidity, with Stewart Myers, Quarterly Journal of Economics, August 1998, vol 113: (3), pp 733-771. The Past and Future of Commercial Banking Viewed through an Incomplete Contract Lens, Journal of Money, Credit, and Banking, August 1998, vol 30: (3), pp 524-550. Financial Dependence and Growth, with Luigi Zingales, American Economic Review, June 1998, vol 88, pp 559-586 reprinted in Emerging Markets Geert Bekaert and Campbell Harvey ed., International Library of Critical Writings in Financial Economics and in Recent Developments in Growth Theory, Daron Acemoglu ed. International Library of Critical Writings in Economics. Power in a Theory of the Firm, with Luigi Zingales, Quarterly Journal of Economics, May 1998, vol 113, pp 387-432, to be reprinted in The Economics of Organization and Bureaucracy, Peter Jackson ed. Debt, Folklore, and Cross-country Differences in Financial Structure 1998, with Luigi Zingales, Journal of Applied Corporate Finance, Winter 1998, vol 10, no 4. Organization Structure and Credibility: Evidence from Commercial Bank Securities Activities before the Glass-Steagall Act, with Randall Kroszner, August 1997, Journal of Monetary Economics, 39, no 3, 475-516. Trade Credit : Some Theories and Evidence with Mitchell Petersen, Review of Financial Studies, Fall 1997, vol 10, no 3, 661-692 reprinted in Empirical Corporate Finance, Michael Brennan ed., Edward Elgar. Analyst Following of Initial Public Offerings with Henri Servaes, 1997, Journal of Finance, vol 52, 2, 507-530 reprinted in Empirical Corporate Finance, Michael Brennan ed., Edward Elgar. Why Banking Has a Future: Towards a New Theory of Banking, Journal of Applied Corporate Finance, July 1996. What do we know about capital structure? Some Evidence from International Data, with Luigi Zingales, Journal of Finance, 1995, vol 50, pp 1421-1460 reprinted in International Business Management, Pugh, et al ed., Sage Publications and in Fundamentals of Financial Management, Brigham and Houston, Elm Street. Covenants and Collateral as Incentives to Monitor, with Andrew Winton, Journal of Finance, 50 (4): 1113-1146 Sep 1995. Commercial Bank Entry into the Securities Business: A Survey of Theories and Evidence, in 9 Universal Banking, Anthony Saunders and Ingo Walter ed. The Effect of Credit Market Competition on Lending Relationships, with Mitchell Petersen, 1995, Quarterly Journal of Economics, vol 110, pp 407-443. Is the Glass-Steagall Act Justified?: Evidence from the U.S. experience with Universal Banking 1921-1933, 1994, with Randall Kroszner, American Economic Review, vol 84, pp 810-832. Reprinted in Credit Intermediation and the Macroeconomy, Sudipto Bhattacharya, Arnoud Boot, and Anjan Thakor ed. Oxford University Press, Oxford. Why Bank Credit Policies Fluctuate: A Theory and Some Evidence, 1994, Quarterly Journal of Economics, vol 109, pp 399-442. The Benefits of Firm-Creditor Relationships: Evidence from small business data, with Mitchell Petersen, 1994, Journal of Finance, Vol 49, pp 3-37 reprinted in Empirical Corporate Finance, Michael Brennan ed., Edward Elgar. Insiders and Outsiders: The Choice between Informed and Arms-length debt, 1992, Journal of Finance, Vol 47, pp 1367-1400 reprinted in Studies in Financial Institutions: Commercial Banks, 1994, Christopher James and Clifford Smith Ed., McGraw Hill and reprinted in The Theory of Corporate Finance, Michael Brennan Ed. Pricing Commodity Bonds, 1991, in R. Duncan and T. Priovolos (Ed.) Commodity Risk Management and Finance, (Oxford University Press, New York), pp 61-81. MANUSCRIPTS: “Financing Capacity and Fire sales: Evidence from Bank Failures”, with Rodney Ramcharan, working paper, University of Chicago. “Pledgeability and Slow Recoveries from Busts”, with Douglas Diamond, working paper, University of Chicago. “The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s”, with Rodney Ramcharan, working paper, University of Chicago. “Constituencies and Legislation: The Fight over the McFadden Act of 1927”, with Rodney Ramcharan, working paper, University of Chicago. “Failed States, Vicious Cycles, and a Proposal”, mimeo, University of Chicago. What determines firm size?, 1999, with Krishna Kumar and Luigi Zingales, mimeo, University of Chicago. 10 Indexation in the Presence of Debt, 1991, working paper, M.I.T. COMMENTS AND BOOK REVIEWS: Review of The Japanese Main Bank System by Aoki and Patrick in Journal of Economic Literature, 34 (3): 1363-1365 SEP 1996. Comment on Rochet and Tirole in Journal of Money, Credit, and Banking, 28 (4): 763-765 Part 2 NOV 1996 Comment on Gron, in The Financing of Catastrophic Risk, Ken Froot ed., University of Chicago Press. Comment on Flannery, in Prudential Supervision, Ric Mishkin ed., University of Chicago Press. BLOG (most new op-eds are on this as blog entries) blogs.chicagobooth.edu/faultlines ARTICLES Articles for Finance and Development: faculty.chicagogsb.edu/raghuram.rajan/research/Straight%20Talk.htm Articles for other Newspapers and Magazines faculty.chicagogsb.edu/raghuram.rajan/research/Other%20articles.mht SPEECHES faculty.chicagogsb.edu/raghuram.rajan/research/speeches.htm
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