Raghuram Rajan

Raghuram Rajan is an Indian economist who served as governor of the Reserve Bank of India from 2013 to 2016 and as chief economist of the International Monetary Fund.

International Monetary Fund: The International Monetary Fund is an international organization that promotes monetary cooperation and financial stability. Rajan served as its chief economist from 2003 to 2006.
Inflation targeting: Inflation targeting is a monetary-policy framework in which a central bank publicly commits to an inflation rate or range. Rajan’s governorship introduced a formal inflation-targeting framework in India.
Financial crisis of 2007–2008: The financial crisis of 2007–2008 was a global banking and credit crisis that triggered a severe recession. Rajan warned before the crisis that incentives in finance were building dangerous systemic risks.
Systemic risk: Systemic risk is the possibility that distress at one financial institution or market will disrupt the wider financial system. Rajan’s crisis analysis focused on risks that ordinary firm-by-firm oversight can miss.
Reserve Bank of India: The Reserve Bank of India is India’s central bank, responsible for monetary policy and financial regulation. Rajan led the bank as governor from 2013 to 2016.
Monetary policy: Monetary policy is the use of interest rates and other tools by a central bank to influence economic conditions. Rajan’s rate decisions were the central bank’s main response to elevated inflation.
Inequality and financial crises: Inequality and financial crises is an economic argument linking unequal income distribution to credit expansion and instability. Rajan’s writing examines how political responses to inequality can encourage unsustainable borrowing.
Financial intermediation: Financial intermediation is the process by which institutions connect savers with borrowers and allocate funds. Rajan’s research examines how financial institutions transform incentives and transmit shocks.
University of Chicago Booth School of Business: The University of Chicago Booth School of Business is a graduate business school in Chicago, Illinois. Rajan taught finance there before and after his central-bank governorship.
Repo rate: A repo rate is the interest rate at which a central bank lends short-term funds to commercial banks against securities. Changes to India’s repo rate were a visible instrument of Rajan’s anti-inflation policy.

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Nouriel RoubiniRelated: Like Roubini, Rajan drew attention to vulnerabilities building before the crisis.