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Raghuram G. Rajan

Raghuram G. Rajan

Writing for PS since 2003
88 commentaries
1 videos & podcasts

Raghuram G. Rajan, former governor of the Reserve Bank of India, is Professor of Finance at the University of Chicago Booth School of Business and the author, most recently, of Monetary Policy and Its Unintended Consequences (The MIT Press, 2023).

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  1. The Danger of Forgetting the 2023 Banking Crisis
    rajan89_Justin SullivanGetty Images_svb Justin Sullivan/Getty Images

    The Danger of Forgetting the 2023 Banking Crisis

    Feb 8, 2024 Raghuram G. Rajan & Viral V. Acharya worry that smaller banks’ troubles remain unresolved, and that the episode perpetuated moral hazard.

  2. Raghuram G. Rajan on inflation, financial risks, interest rates, and more
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    Raghuram G. Rajan on inflation, financial risks, interest rates, and more

    Jan 9, 2024 Raghuram G. Rajan says when the US Federal Reserve might start cutting rates, considers how to mitigate monetary-policy spillovers, proposes measures to boost financial stability, and more.

  3. The World Needs a Humble Approach to Central Banking
    op_frenkel1_MANDEL NGANAFP via Getty Images_fed MANDEL NGAN/AFP via Getty Images

    The World Needs a Humble Approach to Central Banking

    Dec 8, 2023 Jacob Frenkel, et al. explain why monetary policymakers must accept a deliberately narrow mandate.

  4. When More Financial Regulation Is Not Better
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    When More Financial Regulation Is Not Better

    Oct 31, 2023 Raghuram G. Rajan warns that higher capital requirements for banks become counterproductive beyond a certain point.

  5. The Populist Advantage
    rajan84_Alex WongGetty Images_mmt Alex Wong/Getty Images

    The Populist Advantage

    Aug 18, 2023 Raghuram G. Rajan explains why so many previously discredited economic policies have become easier to sell to the public.

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  1. haass167_ANATOLII STEPANOVAFP via Getty Images_ukrainesoldiers Anatolii Stepanov/AFP via Getty Images

    Defining Success in Ukraine

    Richard Haass

    Jake Sullivan, the US National Security Adviser, has expressed the view that 2025 could be the time for Ukraine to once again mount a counter-offensive against Russian troops. Given the strategic math, that would be a serious mistake.

    calls for a shift to a defensive posture and efforts to bring about a long-term ceasefire.
  2. aslund75_Pierre CromGetty Images_ukraineconflict Pierre Crom/Getty Images

    A Unified Western Strategy for Ukraine

    Anders Åslund proposes a maximalist approach to military aid to replace the current piecemeal injections of old weapons.
  3. khrushcheva180_ContributorGetty Images_shoiguputin Contributor/Getty Images

    Russia’s Battle of the Ministries

    Nina L. Khrushcheva sees a high-ranking official's recent arrest as a sign of declining confidence in Vladimir Putin's leadership.
  4. ghosh77_MANDEL NGANAFP via Getty Images_ajaybanga Mandel Ngan/AFP via Getty Images

    The “Billions to Trillions” Charade

    Jayati Ghosh

    Multilateral development banks and international financial institutions argue that mobilizing private investment is crucial to meeting developing economies’ needs for climate and development finance. But boosting government revenues is far more likely to generate the trillions of dollars needed to close these financing gaps.

    explains why using development banks' resources to incentivize private-sector finance is unlikely to succeed.
  5. aljasser1_SEYLLOUAFP via Getty Images_dakarairport Seyllou/AFP via Getty Images

    Leveraging Islamic Finance for Sustainable and Resilient Infrastructure

    Muhammad Al Jasser shows how a hybrid financing model could help fund desperately needed projects in the developing world.
  6. GettyImages-1357300450

    Adekeye Adebajo on the Non-Aligned Movement, United Nations peacekeeping, African institution-building, and more

    Adekeye Adebajo argues that Israel’s war in Gaza is accelerating the trend toward global apartheid, highlights the strengths and weaknesses of United Nations peacekeeping missions, criticizes the militarization of US engagement with Africa, and more.
  7. alemanno1_MARCEL VAN HOORNANPAFP via Getty Images_debate MARCEL VAN HOORN/ANP/AFP via Getty Images

    Europe’s Non-European Elections

    Alberto Alemanno highlights structural flaws that impede the European Union’s ability to address its current and future challenges.
  8. almubarak1_In Pictures Ltd.Corbis via Getty Images_africawomancooking In Pictures Ltd./Corbis via Getty Images

    A Turning Point for Clean Cooking

    Razan Khalifa Al Mubarak & Joseph Nganga urge global leaders to provide the financing to end a practice with dire effects for health and the climate.
  9. qxu2_VCGVCG via Getty Images_chinashipping VCG via Getty Images

    Why the US Can’t Win the Trade War With China – and Shouldn’t Try

    Qiyuan Xu argues that high capital outflows – largely a result of US policy – have resulted in an undervalued renminbi.

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