Document Type

Lessons Learned

JEL Codes

G01, G28


Raghuram Rajan, a University of Chicago professor of economics and finance, served as director of research at the International Monetary Fund (IMF) from 2003 to 2006. In 2005, Rajan warned very publicly of the risks of a financial crisis. Following his tenure at the IMF, Rajan served as chief economic adviser to India’s Finance Ministry and governor of the Reserve Bank of India. An expert on financial institutions and their effects on economic growth and development across countries, Rajan was recognized as a fellow of the American Academy of Arts and Sciences in 2009. He is co-author of Saving Capitalism from the Capitalists (2003) and author of The Third Pillar (2019), about community organization. This Lessons Learned is based on an interview with Rajan conducted on December 16, 2020.