National Bureau of Economic Research; University of Chicago
2900
Selected Publications
Journal Articles
Efraim Benmelech, Nitish Kumar, Raghuram G. Rajan (2026). Debt and assets. Journal of Financial Economics.DOI
Raghuram G. Rajan, V. Acharya, Zhi-Quan Shu (2025). When is Less More? Bank Arrangements for Liquidity vs Central Bank Support *. Social Science Research Network.DOI
Viral V. Acharya, Raghuram G. Rajan, Jack B. Shim (2024). Sovereign debt and economic growth when government is myopic and self-interested. Journal Of International Economics, Vol. 1500.DOI
Viral V. Acharya, Raghuram G. Rajan, Jack B. Shim (2024). Sovereign debt and economic growth when government is myopic and self-interested (Reprinted from Journal of International Economics vol 150, 103906, 2024). Journal Of International Economics, Vol. 1490.DOI
Raghuram G. Rajan, R. Lamba (2024). Breaking the Mold.DOI
Viral V. Acharya, Raghuram G. Rajan (2024). Liquidity, Liquidity Everywhere, Not a Drop to Use: Why Flooding Banks with Central Bank Reserves May Not Expand Liquidity. The Journal of Finance.DOI
Prachi Mishra, Nagpurnanand Prabhala, Raghuram G. Rajan (2022). The Relationship Dilemma: Why Do Banks Differ in the Pace at Which They Adopt New Technology? Review Of Financial Studies, Vol. 350, No. 7.DOI
Joao Granja, Christian Leuz, Raghuram G. Rajan (2022). Going the Extra Mile: Distant Lending and Credit Cycles. Journal Of Finance, Vol. 770, No. 2.DOI
Douglas W. Diamond, Yunzhi Hu, Raghuram G. Rajan (2022). Liquidity, pledgeability, and the nature of lending. Journal Of Financial Economics, Vol. 1430, No. 3.DOI
Douglas W. Diamond, Yunzhi Hu, Raghuram G. Rajan (2020). The Spillovers from Easy Liquidity and the Implications for Multilateralism. Imf Economic Review, Vol. 680, No. 10.DOI
Douglas W. Diamond, Yunzhi Hu, Raghuram G. Rajan (2020). Pledgeability, Industry Liquidity, and Financing Cycles. Journal Of Finance, Vol. 750, No. 1.DOI
Abhimanyu Gupta, Sotirios Kokas, Alexander Michaelides, M. Posada, Raghuram G. Rajan, D. Scharfstein, Amir Sufi, John Wilson, Zhen-Lin Yang (2020). Credit Market Spillovers in a Financial Network: Evidence from a Spatial Autoregressive Model*.
E. Benmelech, Nitish Kumar, Raghuram G. Rajan (2020). The Decline of Secured Debt. Social Science Research Network.DOI
E. Benmelech, Nitish Kumar, Raghuram G. Rajan (2020). Secured Credit Spreads and the Issuance of Secured Debt. Social Science Research Network.DOI
V. Acharya, Raghuram G. Rajan, John J. Shim (2020). When is Debt Odious? A Theory of Repression and Growth Traps. Social Science Research Network.DOI
Sai Krishna Kamepalli, Raghuram G. Rajan, L. Zingales, Kill Zone (2019). Kill Zone.
Krisztina Orbán, Karthik Nagarajan, Nuno Paixão, Ľuboš Pástor, Jeremy Pearce, Raghuram G. Rajan (2019). The Inception of Capitalism through the Lens of Firms.
Raghuram G. Rajan (2018). Comment. NBER Macroeconomics Annual.DOI
Raghuram G. Rajan (2017). I Do What I Do. HarperCollins India.
Ye Li, Guojun Chen, G. Chemla, D. Choi, Yun-Zhi Hu, Yi Huang, Gur Huberman, Christian Julliard, P. Kondor, Arvind Krishnamurthy, Siyuan Liu, Marco Di Maggio, Harry Mamaysky, Konstantin W. Milbradt, Emi Nakamura, M. Oehmke, Mitchell Petersen, Tomasz Piskorski, V. Quadrini, A. Rampini, Raghuram G. Rajan, J. Rochet, J. Steinsson, Amir Sufi, Hui-Jun Sun, S. Sundaresan, H. Uhlig, Dimitri Vayanos, S. Viswanathan, Chen Wang, Neng Wang, Kathy Yuan (2017). Charles A. Dice Center for Research in Financial Economics Procyclical Finance: The Money View.
Raghuram G. Rajan, Rodney Ramcharan (2016). Constituencies and Legislation: The Fight Over the McFadden Act of 1927. Management Science, Vol. 620, No. 7.DOI
Raghuram G. Rajan, Rodney Ramcharan (2016). Crises and the Development of Economic Institutions: Some Microeconomic Evidence.DOI
Raghuram G. Rajan, Rodney Ramcharan (2016). Local financial capacity and asset values : Evidence from bank failures.DOI
Yun-Zhi Hu, Veronica Guerrieri, K. Hachem, Paymon Khorrami, Sunil Kumar, M. Li, Ernest Liu, Michael Minnis, Stavros Panageas, Aaron Pancost, Xiao Qiao, Raghuram G. Rajan, Sakong Jung, Lawrence D. W. Schmidt, Amit Seru, Amir Sufi, Fabrice Tourre, Robert Townsend, Chen Yeh, Yao Zeng, Han-Zheng Zhang (2016). Recovery Dynamics : An Explanation from Bank Screening and Entrepreneur Entry.
Raghuram G. Rajan, Rodney Ramcharan (2015). The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s.DOI
Rodney Ramcharan, Raghuram G. Rajan (2014). Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board , Washington , D . C . Financial Fire Sales : Evidence from Bank Failures.
Viral V. Acharya, Raghuram G. Rajan (2013). Sovereign Debt, Government Myopia, and the Financial Sector. Review Of Financial Studies, Vol. 260, No. 6.DOI
M. Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, D. Duffie, K. French, A. Kashyap, Frederic S. Mishkin, Raghuram G. Rajan, D. Scharfstein, R. Shiller, M. Slaughter, H. Shin, Jeremy C. Stein, René M. Stulz (2013). Aligning Incentives at Systemically Important Financial Institutions: A Proposal by the Squam Lake Group.DOI
Raghuram G. Rajan (2012). Presidential Address: The Corporation in Finance. Journal Of Finance, Vol. 670, No. 4.DOI
Douglas W. Diamond, Raghuram G. Rajan (2012). Illiquid Banks, Financial Stability, and Interest Rate Policy. Journal Of Political Economy, Vol. 1200, No. 3.DOI
Mark S. Carey, Anil Kashyap, Raghuram G. Rajan, René M. Stulz (2012). Market institutions, financial market risks, and the financial crisis. Journal of Financial Economics.DOI
Rodney Ramcharan, Raghuram G. Rajan (2012). Constituencies and Legislation: The Fight Over the McFadden Act of 1927. Finance and Economics Discussion Series.DOI
Raghuram G. Rajan, Rodney Ramcharan (2011). Land and Credit: A Study of the Political Economy of Banking in the United States in the Early 20th Century. Journal Of Finance, Vol. 660, No. 6.DOI
Viral V. Acharya, Stewart C. Myers, Raghuram G. Rajan (2011). The Internal Governance of Firms. Journal Of Finance, Vol. 660, No. 3.DOI
Douglas W. Diamond, Raghuram G. Rajan (2011). FEAR OF FIRE SALES, ILLIQUIDITY SEEKING, AND CREDIT FREEZES. Quarterly Journal Of Economics, Vol. 1260, No. 2.DOI
Raghuram G. Rajan, Arvind Subramanian (2011). Aid, Dutch disease, and manufacturing growth. Journal Of Development Economics, Vol. 940, No. 1.DOI
Raghuram G. Rajan (2011). Fault Lines. Princeton University Press.
Raghuram G. Rajan (2011). Failed States, Vicious Cycles, and a Proposal.DOI
Timothy J. Riddiough, Raghuram G. Rajan, D. Acemoğlu, E. Glaeser (2011). Income Inequality and the Financial Crisis.DOI
Barry Eichengreen, M. El-Erian, A. Fraga, Takatoshi Ito, Jean Pisani-Ferry, Eswar S. Prasad, Raghuram G. Rajan, Maria Ramos, Carmen M. Reinhart, Hélène Rey, Dani Rodrik, Kenneth S. Rogoff, H. Shin, Andrés Velasco, B. W. di Mauro, Yong-Ding Yu (2011). Rethinking central banking: committee on international economic policy and reform.
Bo Becker, Per Strömberg, Bill Allen, Ken Ayotte, Douglas G. Baird, Carliss Y. Baldwin, Patrick Bolton, Matthieu Bouvard, Thomas J. Chemmanur, John C. Coates, Mihir A. Desai, Alex Edmans, Stuart C. Gilson, Todd Gormley, Jeremy J. Graveline, Rocco R. Huang, Marcin T. Kacperczyk, Mark T. Leary, Mike Lemmon, Edward I. Morrison, Jeffry M. Netter, Raghuram G. Rajan, Mark J. Roe, D. Scharfstein, A. Sheen, Suraj Srinivasan, Guhan Subramanian, Jeremy Stein, M. Weisbach (2011). NBER WORKING PAPER SERIES FIDUCIARY DUTIES AND EQUITY-DEBTHOLDER CONFLICTS.
V. Acharya, O. Merrouche, Catharine Casamatta, Hans Degryse, Arvind Krishnamurthy, David Lando, Loriana Pelizzon, J. Liberti, Kjell G. Nyborg, Raghuram G. Rajan (2011). NBER WORKING PAPER SERIES PRECAUTIONARY HOARDING OF LIQUIDITY AND INTER-BANK MARKETS: EVIDENCE FROM THE SUB-PRIME CRISIS.
Leora F. Klapper, Luc A. Laeven, Raghuram G. Rajan (2011). Trade Credit Contracts. Review of Financial Studies.DOI
Gregor Matvos, George Baker, Alan Bester, B. Carlin, Doug Diamond, Alex Edmans, John N. Friedman, Bob Gibbons, Milton Harris, Richard Holden, J. Huizinga, Ed Lazear, C. Prendergast, Raghuram G. Rajan, Amit Seru, Andrew Wasynczuk (2010). Renegotiation Design: Evidence from NFL roster bonuses.
Raghuram G. Rajan (2009). The Credit Crisis and Cycle-Proof Regulation. Federal Reserve Bank Of St Louis Review, Vol. 91, No. 5.
Raghuram G. Rajan (2009). Rent Preservation and the Persistence of Underdevelopment. American Economic Journal-Macroeconomics, Vol. 1, No. 1.DOI
Douglas W. Diamond, Raghuram G. Rajan (2009). The Credit Crisis: Conjectures About Causes and Remedies.DOI
Douglas W. Diamond, Raghuram G. Rajan (2009). Illiquidity and Interest Rate Policy.DOI
Raghuram G. Rajan, Arvind Subramanian (2008). AID AND GROWTH: WHAT DOES THE CROSS-COUNTRY EVIDENCE REALLY SHOW? Review Of Economics And Statistics, Vol. 900, No. 4.DOI
Raghuram G. Rajan (2008). Global imbalances or why are the poor financing the rich? Economist-Netherlands, Vol. 1560, No. 10.DOI
Eswar S. Prasad, Raghuram G. Rajan (2008). A pragmatic approach to capital account liberalization. Journal Of Economic Perspectives, Vol. 220, No. 3.DOI
A. Kashyap, Raghuram G. Rajan, Jeremy C. Stein (2008). Rethinking Capital Regulation.
Franklin Allen, S. Bhattacharya, Raghuram G. Rajan, A. Schoar (2008). The Contributions of Stewart Myers to the Theory and Practice of Corporate Finance.DOI
Raghuram G. Rajan, Rodney Ramcharan (2008). Landed Interests and Financial Underdevelopment in the United States.DOI
Raghuram G. Rajan (2007). First Draft : September 2005 This Draft : Nov 2007 Competitive Rent Preservation , Reform Paralysis , and the Persistence of Underdevelopment.
Eswar S. Prasad, Raghuram G. Rajan, Arvind Subramanian (2007). Foreign Capital and Economic Growth. National Bureau of Economic Research.DOI
Raghuram G. Rajan (2006). Has finance made the world riskier? European Financial Management, Vol. 120, No. 40.DOI
Luigi Zingales, Raghuram G. Rajan (2006). Salvare il capitalismo dai capitalisti (recensione di Gianpaolo Abatecola).
L. Klapper, L. Laeven, Raghuram G. Rajan (2006). Entry regulation as a barrier to entrepreneurship.DOI
Kalpana Kochhar, Utsav Kumar, Raghuram G. Rajan, Arvind Subramanian (2006). India's Patterns of Development: What Happened, What Follows.DOI
Eswar S. Prasad, Raghuram G. Rajan (2006). Modernizing China's Growth Paradigm. IMF Policy Discussion Papers.DOI
Douglas W. Diamond, Raghuram G. Rajan (2006). Money in a Theory of Banking.DOI
Raghuram G. Rajan, R. N.B.E., L. Zingales (2006). First Draft : September 2005 This Draft : February 2006 The Persistence of Underdevelopment : Institutions , Human Capital , or Constituencies ? 1.
Allen N. Berger, Nathan H. Miller, Mitchell A. Petersen, Raghuram G. Rajan, Jeremy C. Steine (2005). Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks.DOI
Eswar S. Prasad, Raghuram G. Rajan (2005). Controlled Capital Account Liberalization: A Propasal. Social Science Research Network.DOI
Giovanni Dell'Ariccia, Raghuram G. Rajan, E. Detragiache (2005). The Real Effect of Banking Crises.DOI
Raghuram G. Rajan (2004). Saving capitalism from the capitalists : unleashing the power of financial markets to create wealth and spread opportunity.DOI
Raghuram G. Rajan, Julie Wulf (2004). Are Perks Purely Managerial Excess?DOI
Raghuram G. Rajan (2004). Dollar Shortages and Crises.DOI
Luc A. Laeven, Leora F. Klapper, Raghuram G. Rajan (2004). Business Environment and Firm Entry: Evidence from International Data. World Bank, Washington, DC eBooks.DOI
Bo Becker, David H. Greenberg, John Romalis, L. Zingales, Atif R. Mian, Raghuram G. Rajan, Jens Josephson, René M. Stulz, Ulf Axelson, A. Kashyap, Marianne Bertrand (2003). The real effects of finance : evidence from exports.
L. Zingales, Raghuram G. Rajan (2003). Banks and Markets: The Changing Character of European Finance.DOI
R. Levine, Thorsten Beck, A. Demirguc-Kunt, Michael A. Klein, Raghuram G. Rajan, B. Smith, L. Zingales (2003). Finance and Growth: Theory, Evidence, and Mechanisms.
Raghuram G. Rajan, L. Zingales (2003). The Emergence of Strong Property Rights: Speculation from History.DOI
Raghuram G. Rajan, L. Zingales (2003). The great reversals: the politics of financial development in the twentieth century.DOI
Nicola Cetorelli, Raghuram G. Rajan (2003). Life-Cycle Dynamics in Industrial Sectors: The Role of Banking Market Structure / Commentary.
Mitchell A. Petersen, Raghuram G. Rajan (2002). Does Distance Still Matter? The Information Revolution in Small Business Lending.DOI
Douglas W. Diamond, Raghuram G. Rajan (2002). Liquidity Shortages and Banking Crises. The Journal of Finance.DOI
A. Kashyap, Raghuram G. Rajan, Jeremy C. Stein (2002). Banks as Liquidity Providers: an Explanation for the Co-Existence of Lending and Deposit-Taking.DOI
Douglas W. Diamond, Raghuram G. Rajan (2002). Bank Bailouts and Aggregate Liquidity. American Economic Review.DOI
Raghuram G. Rajan, L. Zingales (2001). The Influence of the Financial Revolution on the Nature of Firms.DOI
Raghuram G. Rajan, L. Zingales, Krishna B. Kumar (2001). What Determines Firm Size.DOI
Raghuram G. Rajan, Luigi Zingales (2001). The Firm as a Dedicated Hierarchy: A Theory of the Origins and Growth of Firms. The Quarterly Journal of Economics.DOI
Douglas W. Diamond, Raghuram G. Rajan (2001). Banks, Short Term Debt and Financial Crises: Theory, Policy Implications and Applications.DOI
Douglas W. Diamond, Raghuram G. Rajan (2001). Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking. Journal of Political Economy.DOI
Raghuram G. Rajan, L. Zingales (2000). The Governance of the New Enterprise.DOI
Raghuram G. Rajan, L. Zingales (2000). The Tyranny of Inequality.DOI
Raghuram G. Rajan, H. Servaes, L. Zingales (2000). The Cost of Diversity: The Diversification Discount and Inefficient Investment.DOI
Douglas W. Diamond, Raghuram G. Rajan (2000). A Theory of Bank Capital. The Journal of Finance.DOI
Ross Levine, D. Acemoğlu, Franklin Allen, Maria Carkovic, Nicola Cetorelli, K. Hoff, Kevin A. Kordana, Naomi R. Lamoreaux, Norman V. Loayza, Raghuram G. Rajan (2000). Bank-Based or Market-Based Financial Systems : Which is Better ?
Raghuram G. Rajan, L. Zingales (1998). Power in a Theory of the Firm.DOI
Stewart C. Myers, Raghuram G. Rajan (1998). The Paradox of Liquidity.DOI
Mitchell A. Petersen, Raghuram G. Rajan (1997). Trade Credit: Theories and Evidence.DOI
Randall S. Kroszner, Raghuram G. Rajan (1997). Organization Structure and Credibility: Evidence from Commercial Bank Securities Activities Before the Glass-Steagall Act.DOI
Raghuram G. Rajan, L. Zingales (1996). Financial Dependence and Growth.DOI
Raghuram G. Rajan, L. Zingales (1995). What Do We Know About Capital Structure? Some Evidence from International Data.DOI
Mitchell A. Petersen, Raghuram G. Rajan (1995). The Effect of Credit Market Competition on Lending Relationships.DOI
Kathy Fogel, R. Morck, B. Yeung, H. Orbay, Federica Pazzaglia, Enrico C. Perotti, Raghuram G. Rajan, Rahul Ravi, J. Ricart. NBER WORKING PAPER SERIES BIG BUSINESS STABILITY AND ECONOMIC GROWTH: IS WHAT’S GOOD FOR GENERAL MOTORS GOOD FOR AMERICA?
Yue-Ran Ma, A. Shleifer, H. DeAngelo, Oliver Hart, Steven Kaplan, Kevin J. Murphy, Raghuram G. Rajan, Jeremy Stein, Ren ´ e Stulz, Adi Sunderam. The invention of corporate governance ☆.
Anusha Chari, P. B. Henry, Michael Brennan, Judy Chevalier, Eugene F. Fama, Ľuboš Pástor, Raghuram G. Rajan, Paul H. Romer, Ken. Center for Research on Economic Development and Policy Reform Stock Market Liberalizations and the Repricing of Systematic Risk Stock Market Liberalizations and the Repricing of Systematic Risk.
F. Broner, R. Gelos, Carmen M. Reinhart, Olivier Gourinchas, Alejandro Justiniano, L. Kodres, Miguel Messmacher, Paolo A. Pesenti, Raghuram G. Rajan, Juan Solé, Jeremy Stein. Centre De Referència En Economia Analítica Barcelona Economics Working Paper Series Working Paper Nº 207 When in Peril, Retrench: Testing the Portfolio Channel of Contagion When in Peril, Retrench: Testing the Portfolio Channel of Contagion Barcelona Economics Wp Nº 207.
R. la Porta, Guillermo Zamarripa, D. Baron, John Y. Campbell, Simeon Djankov, Daniel Kessler, Michael Kremer, Kenneth R. French, Peter Mayer, Stewart C. Myers, P. Romer, Raghuram G. Rajan, D. Scharfstein, A. Shleifer, Jeremy Stein, Tuomo Vuolteenaho, L. Zingales, L. Aguilera, J. Botero, Jamal Brathwaite, J. Caballero, C. Cuenca, Mario Gamboa-Cavazos, S. Flores, M. Navarrete, A. Ponce, Ekaterina Trizlova. Yale ICF Working Paper No. 02-19.
Thorsten Beck, Patrick Behr, Ebape, Fundação Getúlio, Vargas Andreas, Madestam, Tore Ellingsen, M. Fafchamps, S. Poelhekke, Raghuram G. Rajan, David Yanagizawa-Drott. WORKING PAPER SERIES Sex and Credit: Is There a Gender Bias in Microfinance?
Preprints
Douglas W. Diamond, Yunzhi Hu, Raghuram G. Rajan (2025). The Long and Short of Financial Development. SSRN Electronic Journal.DOI
Raghuram G. Rajan, Rodney Ramcharan (2023). Finance and Climate Resilience: Evidence from the Long 1950s US Drought. SSRN Electronic Journal.DOI
Katharina Bergant, Prachi Mishra, Raghuram G. Rajan (2023). Cross-border Spillovers: How US Financial Conditions affect M&As Around the World. SSRN Electronic Journal.DOI
Haroon I. Bhorat, Heather Boushey, Kimberly A. Clausing, Alex Cobham, Era Dabla‐Norris, Diana Farrell, Alicia Garcı́a-Herrero, Ugo Gentilini, Vishal Gujadhur, Karen Harris, Byoungchan Lee, Nora Claudia Lustig, Tan Min-Lan, Rain Newton-Smith, Ning Zhu, Raghuram G. Rajan, Bharat Ramamurti, Paul Sheard, Lutfey Siddiqi, Guillaume Hingel (2023). Rethinking Fiscal and Monetary Policy for the New Economy. SSRN Electronic Journal.DOI
Viral V. Acharya, Rahul Singh Chauhan, Raghuram G. Rajan, Sascha Steffen (2022). Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets. SSRN Electronic Journal.DOI
Raghuram G. Rajan, Pietro Ramella, Luigi Zingales (2022). What Purpose Do Corporations Purport? Evidence from Letters to Shareholders. SSRN Electronic Journal.DOI
Sai Krishna Kamepalli, Raghuram G. Rajan, Luigi Zingales (2020). Kill Zone. SSRN Electronic Journal.DOI
Efraim Benmelech, Nitish Kumar, Raghuram G. Rajan (2020). Secured Credit Spreads. SSRN Electronic Journal.DOI
Maureen O’Hara, Kose John, Raghuram G. Rajan, Anthony Saunders (2010). Video: Frontiers of Research on Financial Institutions - Featured Panel. SSRN Electronic Journal.
Raghuram G. Rajan (2010). Timely Papers Session: Additional Papers to be Submitted. SSRN Electronic Journal.
Raghuram G. Rajan (2010). Trial Paper Submission 1. SSRN Electronic Journal.DOI
Raghuram G. Rajan (2010). Trial 2. SSRN Electronic Journal.DOI
Raghuram G. Rajan, Luigi Zingales (2006). The Persistence of Underdevelopment: Institutions, Human Capital or Constituencies. RePEc: Research Papers in Economics.
Raghuram G. Rajan, Arvind Subramanian (2005). What Undermines Aid's Impact on Growth? SSRN Electronic Journal.DOI
Raghuram G. Rajan, Julie M. Wulf (2003). The Flattening Firm: Evidence from Panel Data on the Changing Nature of Corporate Hierarchies. SSRN Electronic Journal.DOI
Raghuram G. Rajan, Luigi Zingales (1998). Which Capitalism? Lessons from the East Asian Crisis. SSRN Electronic Journal.DOI
Luigi Zingales, Raghuram G. Rajan (1998). The Tyranny of the Inefficient: An Enquiry into the Adverse Consequences of Power Struggles. SSRN Electronic Journal.DOI
Book Chapters
Raghuram G. Rajan, Luigi Zingales (2009). 7. Which Capitalism? Columbia University Press eBooks.DOI