Selected Bibliography for Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Home page of Raghuram G. Rajan

Raghuram Rajan author profile at Scopus

Published Works  

"The Relationship Dilemma: Why Do Banks Differ in the Pace at Which They Adopt New Technology?" Prachi Mishra, Nagpurnanand Prabhala and Raghuram G. Rajan; The Review of Financial Studies, 2022, 35(7), pp. 3418-66.

"Going the Extra Mile: Distant Lending and Credit Cycles." João Granja, Christian Leuz and Raghuram G. Rajan; The Journal of Finance, 2022, 77(2), pp. 1259-324.

"Liquidity, Pledgeability, and the Nature of Lending." Douglas W. Diamond, Yunzhi Hu and Raghuram G. Rajan; Journal of Financial Economics, 2022, 143(3), pp. 1275-94.

"Dealing with Corporate Distress, Repair, and Reallocation." Raghuram G. Rajan; Journal of Policy Modeling, 2021, 43(4), pp. 739-48.

"Communities, the State, and Markets: The Case for Inclusive Localism." Raghuram Rajan; Oxford Review of Economic Policy, 2021, 37(4), pp. 811-23.

"The Spillovers from Easy Liquidity and the Implications for Multilateralism." Douglas W. Diamond, Yunzhi Hu and Raghuram G. Rajan; IMF Economic Review, 2020, 68(1), pp. 4-34.

"Pledgeability, Industry Liquidity, and Financing Cycles." Douglas W. Diamond, Yunzhi Hu and Raghuram G. Rajan; The Journal of Finance, 2020, 75(1), pp. 419-61.

"Unconventional Monetary Policy and the Role of Central Banks." Raghuram Rajan; Business Economics, 2017, 52(4), pp. 189-93.

"Banking and the Evolving Objectives of Bank Regulation." Douglas W. Diamond, Anil K. Kashyap and Raghuram G. Rajan; Journal of Political Economy, 2017, 125(6), pp. 1812-25.

"Crises and the Development of Economic Institutions: Some Microeconomic Evidence." Raghuram Rajan and Rodney Ramcharan; American Economic Review, 2016, 106(5), pp. 524-27.

"Local Financial Capacity and Asset Values: Evidence from Bank Failures." Raghuram Rajan and Rodney Ramcharan; Journal of Financial Economics, 2016, 120(2), pp. 229-51.

"Constituencies and Legislation: The Fight over the Mcfadden Act of 1927." Raghuram G. Rajan and Rodney Ramcharan; Management Science, 2015, 62(7), pp. 1843-59.

"Competitive Monetary Easing: Is It Yesterday Once More?" Raghuram Rajan; Macroeconomics and Finance in Emerging Market Economies, 2015, 8(1-2), pp. 5-16.

"The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s." Raghuram Rajan and Rodney Ramcharan; American Economic Review, 2015, 105(4), pp. 1439-77.

"Sovereign Debt, Government Myopia, and the Financial Sector." Viral V. Acharya and Raghuram G. Rajan; Review of Financial Studies, 2013, 26(6), pp. 1526-60.

"Market Institutions, Financial Market Risks, and the Financial Crisis." Mark Carey, Anil K. Kashyap, Raghuram Rajan and René M. Stulz; Journal of Financial Economics, 2012, 104(3), pp. 421-24.

"The Next Generation of Reforms in India: Why They Are Urgent and What Stands in Their Way." Raghuram Rajan; Indian Journal of Economics and Business, 2012, 11(2), pp. 521-26.

"The True Lessons of the Recession." Raghuram Rajan; Foreign Affairs, 2012, 91, pp. 69-79.

"Illiquid Banks, Financial Stability, and Interest Rate Policy." Douglas W. Diamond and Raghuram G. Rajan; Journal of Political Economy, 2012, 120(3), pp. 552-91.

"Presidential Address: The Corporation in Finance." Raghuram G. Rajan; The Journal of Finance, 2012, 67(4), pp. 1173-217.

"Trade Credit Contracts." Leora Klapper, Luc Laeven and Raghuram Rajan; Review of Financial Studies, 2012, 25(3), pp. 838-67.

"Can Soft Power Help the Imf Make the World More Stable?" Raghuram Rajan; Review of World Economics, 2011, 147(1), pp. 1-10.

"Fear of Fire Sales, Illiquidity Seeking, and Credit Freezes." Douglas W. Diamond and Raghuram G. Rajan; The Quarterly Journal of Economics, 2011, 126(2), pp. 557-91.

"Land and Credit: A Study of the Political Economy of Banking in the United States in the Early 20th Century." Raghuram G. Rajan and Rodney Ramcharan; The Journal of Finance, 2011, 66(6), pp. 1895-931.

"Land for Sale." Raghuram Rajan and Rodney Ramcharan; Finance & Development, 2011, 48(4), pp. 30-33.

"The Internal Governance of Firms." Viral V. Acharya, Stewart C. Myers and Raghuram G. Rajan; The Journal of Finance, 2011, 66(3), pp. 689-720.

"Currencies Aren't the Problem." Raghuram Rajan; Foreign Affairs, 2011, 90(2), pp. 104-16.

"Aid, Dutch Disease, and Manufacturing Growth." Raghuram G. Rajan and Arvind Subramanian; Journal of Development Economics, 2011, 94(1), pp. 106-18.

"The Financial Crisis and the Death (or Hegemony) of Development Economics." Raghuram Rajan; The Journal of Economic Education, 2010, 41(4), pp. 398 - 402.

Fault Lines : How Hidden Fractures Still Threaten the World Economy Raghuram Rajan; Princeton: Princeton University Press, 2010.

The Squam Lake Report : Fixing the Financial System Kenneth R. French, Martin N. Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Anil K. Kashyap, Frederic S. Mishkin, Raghuram G. Rajan, David S. Scharfstein, Robert J. Shiller, Hyun Song Shin, Matthew J. Slaughter, Jeremy C. Stein and René Stulz; Princeton: Princeton University Press, 2010.

"The Credit Crisis: Conjectures About Causes and Remedies." Douglas W. Diamond and Raghuram G. Rajan; American Economic Review, 2009, 99(2), pp. 606-10.

"Rent Preservation and the Persistence of Underdevelopment." Raghuram G. Rajan; American Economic Journal: Macroeconomics, 2009, 1(1), pp. 178-218.

"The Credit Crisis and Cycle-Proof Regulation." Raghuram G. Rajan; Federal Reserve Bank of Saint Louis Review, 2009, 91, pp. 397-402.

"A Pragmatic Approach to Capital Account Liberalization." Eswar S. Prasad and Raghuram G. Rajan; Journal of Economic Perspectives, 2008, 22(3), pp. 149-72.

"The Contributions of Stewart Myers to the Theory and Practice of Corporate Finance*." Franklin Allen, Sudipto Bhattacharya, Raghuram G. Rajan and Antoinette Schoar; Journal of Applied Corporate Finance, 2008, 20(4), pp. 8-19.

"Aid and Growth: What Does the Cross-Country Evidence Really Show?" Raghuram G. Rajan and Arvind Subramanian; Review of Economics and Statistics, 2008, 90(4), pp. 643-65.

"Next Generation Financial Reforms for India." Eswar S. Prasad and Raghuram G. Rajan; Finance & Development, 2008, 45(3), pp. 23-27.

"The Future of the Imf and the World Bank." Raghuram G. Rajan; American Economic Review, 2008, 98(2), pp. 110-15.

"The Real Effect of Banking Crises." Giovanni Dell'Ariccia, Enrica Detragiache and Raghuram Rajan; Journal of Financial Intermediation, 2008, 17(1), pp. 89-112.

"Global Imbalances or Why Are the Poor Financing the Rich?" Raghuram Rajan; De Economist, 2008, 156(1), pp. 3-24.

"Foreign Capital and Economic Growth." Eswar S. Prasad, Raghuram G. Rajan and Arvind Subramanian; Brookings Papers on Economic Activity, 2007, (1), pp. 153-209.

"Does Aid Affect Governance?" Raghuram Rajan and Arvind Subramanian; American Economic Review, 2007, 97(2), pp. 322-27.

"The Paradox of Capital." Eswar Prasad, Raghuram G. Rajan and Arvind Subramanian; Finance & Development, 2007, 44(1), pp. 16.

"The Great Game Again?" Rajan Raghuram; Finance & Development, 2006, 43(4), pp. 54.

"India: The Past and Its Future." Raghuram G. Rajan; Asian Development Review, 2006, 23(2), pp. 36-52.

"Modernizing China's Growth Paradigm." Eswar Prasad, S and Raghuram G. Rajan; American Economic Review, 2006, 96(2), pp. 331.

"The Flattening Firm: Evidence from Panel Data on the Changing Nature of Corporate Hierarchies." Raghuram G. Rajan and Julie Wulf; Review of Economics and Statistics, 2006, 83(4), pp. 759.

"Entry Regulation as a Barrier to Entrepreneurship." Leora Klapper, Luc Laeven and Raghuram Rajan; Journal of Financial Economics, 2006, 82(3), pp. 591-629.

"From Paternalistic to Enabling." Raghuram Rajan; Finance & Development, 2006, 43(3), pp. 54.

"Global Imbalances and Financial Reform with Examples from China." Raghuram G. Rajan; Cato Journal, 2006, 26(2), pp. 267-73.

"Has Finance Made the World Riskier?" Raghuram G. Rajan; European Financial Management, 2006, 12(4), pp. 499-533.

"Money in a Theory of Banking." Douglas W. Diamond and Raghuram G. Rajan; The American Economic Review, 2006, 96(1), pp. 30.

"Separate and Unequal." Raghuram Rajan; Finance & Development, 2006, 43(1), pp. 56-57.

"Are Perks Purely Managerial Excess?" Raghuram G. Rajan and Julie Wulf; Journal of Financial Economics, 2006, 79(1), pp. 1-33.

"Aid and Growth: The Policy Challenge." Raghuram Rajan; Finance & Development, 2005, 42(4), pp. 53.

"Risky Business." Raghuram G. Rajan; Finance & Development, 2005, 42(3).

"Making India a Global Hub." Raghuram G. Rajan; The McKinsey Quarterly, 2005, pp. 112.

"Debt Relief and Growth." Raghuram Rajan; Finance & Development, 2005, 42(2), pp. 56.

"Institutional Reform and Sovereign Debt Crises." Raghuram G. Rajan; Cato Journal, 2005, 25(1), pp. 17.

"Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks." Allen N. Berger, Nathan H. Miller, Michell A. Petersen, Raghuram G. Rajan and Jeremy C. Stein; Journal of Financial Economics, 2005, 76(2), pp. 237.

"Rules Versus Discretion." Raghuram Rajan; Finance & Development, 2005, 42(1), pp. 56.

"Liquidity Shortages and Banking Crises." Douglas W. Diamond and Raghuram G. Rajan; Journal of Finance, 2005, 60(2), pp. 615.

"Making Capitalism Work for Everyone." Raghuram G Rajan and Luigi Zingales; The Bank of America Journal of Applied Corporate Finance, 2004, 16(4), pp. 101.

"Odious or Just Malodorous?" Raghuram Rajan; Finance & Development, 2004, 41(4), pp. 54.

"Why Are Structural Reforms So Difficult?" Raghuram Rajan; Finance & Development, 2004, 41(2), pp. 56-57.

"Assume Anarchy? Why an Orthodox Economic Model May Not Be the Best Guide for Policy." Raghuram Rajan; Finance & Development, 2004, 41(3), pp. 56-57.

"Reason for Optimism." Raghuram Rajan; Far Eastern Economic Review, 2004, 167(4), pp. 38.

"How Useful Are Clever Solutions? Why Fashionable Proposals Often Don't Work, as in the Case of a New Approach to Dollarized Debt and "Original Sin "." Raghuram Rajan; Finance & Development, 2004, 41(1), pp. 56-57.

"Fischer Black Prize for 2003." Raghuram G. Rajan; Journal of Finance, 2003, 58( 2), pp. 5.

"The Price of Influence Peddling." Raghuram Rajan and Luigi Zingales; Barron's, 2003, 83(40), pp. 41.

Saving Capitalism from the Capitalists : Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity Raghuram Rajan and Luigi Zingales; New York: Crown Business, 2003.

"The Great Reversals: The Politics of Financial Development in the Twentieth Century." Raghuram G. Rajan and Luigi Zingales; Journal of Financial Economics, 2003, 69(1), pp. 5-50.

"Commentary on 'Life-Cycle Dynamics in Industrial Sectors: The Role of Banking Market Structure'." Raghuram G. Rajan; Federal Reserve Bank of St. Louis Review, 2003, 85(4), pp. 149-50.

"Banks and Markets: The Changing Character of European Finance," Luigi Zingales and Raghuram Rajan, in The Transformation of the European Financial System: Second Ecb Central Banking Conference. V. Gaspar, P. Hartmann and O. Sleijpen, Frankfurt am Main: European Central Bank, 2002, pp. 123 - 68.

"Does Distance Still Matter? The Information Revolution in Small Business Lending." Mitchell A. Petersen and Raghuram G. Rajan; Journal of Finance, 2002, 57(6), pp. 2533-70.

"Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-Taking." Anil K. Kashyap, Raghuram Rajan and Jeremy C. Stein; Journal of Finance, 2002, 57(1), pp. 33-73.

"Bank Bailouts and Aggregate Liquidity." Douglas W. Diamond and Raghuram G. Rajan; American Economic Review, 2002, 92(2), pp. 38-41.

"Financial Systems, Industrial Structure, and Growth." Raghuram G. Rajan and Luigi Zingales; Oxford Review of Economic Policy, 2001, 17(4), pp. 467-82.

"The Firm as a Dedicated Hierarchy: A Theory of the Origins and Growth of Firms." Raghuram G. Rajan and Luigi Zingales; Quarterly Journal of Economics, 2001, 116(3), pp. 805-51.

"The Influence of the Financial Revolution on the Nature of Firms." Raghuram G. Rajan and Luigi Zingales; American Economic Review, 2001, 91(2), pp. 206-11.

"Market Discipline in the Governance of U S Bank Holding Companies: Monitoring Versus Influencing: Comment," Raghuram G. Rajan, in Prudential Supervision: What Works and What Doesn't. F. S. Mishkin, NBER Conference Report series. Chicago and London: University of Chicago Press, 2001, pp. 143-45.

"Banks, Short-Term Debt and Financial Crises: Theory, Policy Implications and Applications." Douglas W. Diamond and Raghuram G. Rajan; Carnegie-Rochester Conference Series on Public Policy, 2001, 54, pp. 37-71.

"Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking." Douglas W. Diamond and Raghuram G. Rajan; Journal of Political Economy, 2001, 109(2), pp. 287-327.

"Banks and Liquidity." Douglas W. Diamond and Raghuram G. Rajan; American Economic Review, 2001, 91(2), pp. 422-25.

"The Governance of the New Enterprise," Luigi Zingales and Raghuram Rajan, in Corporate Governance : Theoretical and Empirical Perspectives. X. Vives, Cambridge: Cambridge University Press, 2000, pp. 201-27.

"Corporate Finance." Raghuram G. Rajan; NBER Reporter, 2000, Spring, pp. 1-5.

"The Eclipse of the U S Tire Industry," Raghuram Rajan, Paolo Volpin and Luigi Zingales, in Mergers and Productivity. S. N. Kaplan, Chicago and London: University of Chicago Press, 2000, pp. 51-86.

"Globalization of Financial Institutions: Evidence from Cross-Border Banking Performance: Comments and Discussion." Raghuram G. Rajan; Brookings-Wharton Papers on Financial Services, 2000, pp. 126-30.

"The Tyranny of Inequality." Raghuram G. Rajan and Luigi Zingales; Journal of Public Economics, 2000, 76(3), pp. 521-58.

"The Cost of Diversity: The Diversification Discount and Inefficient Investment." Raghuram Rajan, Henri Servaes and Luigi Zingales; Journal of Finance, 2000, 55(1), pp. 35-80.

"A Theory of Bank Capital." Douglas W. Diamond and Raghuram G. Rajan; Journal of Finance, 2000, 55(6), pp. 2431-65.

"Insurer Demand for Catastrophe Reinsurance: Comment," Raghuram Rajan, in The Financing of Catastrophe Risk. K. A. Froot, Chicago and London: University of Chicago Press, 1999, pp. 48-49.

"Do We Still Need Commercial Banks?" Raghuram G. Rajan; NBER Reporter, 1998, (Fall), pp. 14-19.

"Debt, Folklore, and Cross Country Differences in Financial Structure." Raghuram Rajan and Luigi Zingales; The Bank of America Journal of Applied Corporate Finance, 1998, 10(4), pp. 102.

"Which Capitalism? Lesson from the East Asia Crisis." Raghuram G Rajan and Luigi Zingales; The Bank of America Journal of Applied Corporate Finance, 1998, 11(3), pp. 40.

"Power in a Theory of the Firm." Raghuram G. Rajan and Luigi Zingales; Quarterly Journal of Economics, 1998, 113(2), pp. 387-432.

"Financial Dependence and Growth." Raghuram G. Rajan and Luigi Zingales; American Economic Review, 1998, 88(3), pp. 559-86.

"The Past and Future of Commercial Banking Viewed through an Incomplete Contract Lens." Raghuram G. Rajan; Journal of Money, Credit and Banking, 1998, 30(3), pp. 524-50.

"The Paradox of Liquidity." Stewart C. Myers and Raghuram G. Rajan; Quarterly Journal of Economics, 1998, 113(3), pp. 733-71.

"Analyst Following of Initial Public Offerings." Raghuram Rajan and Henri Servaes; Journal of Finance, 1997, 52(2), pp. 507-29.

"Trade Credit: Theories and Evidence." Michell A. Peterson and Raghuram G. Rajan; Review of Financial Studies, 1997, 10(3), pp. 661-91.

"Organization Structure and Credibility: Evidence from Commercial Bank Securities Activities before the Glass--Steagall Act." Randall S. Kroszner and Raghuram G. Rajan; Journal of Monetary Economics, 1997, 39(3), pp. 475-516.

"Why Banks Have a Future: Toward a New Theory of Commercial Banking." Raghuram G. Rajan; The Bank of America Journal of Applied Corporate Finance, 1996, 9(2), pp. 114.

"Review of 'the Japanese Main Bank System: Its Relevance for Developing and Transforming Economies'." Raghuram G. Rajan; Journal of Economic Literature, 1996, 34(3), pp. 1363-65.

"Comment on Interbank Lending and System Risk." Raghuram G. Rajan; Journal of Money, Credit and Banking, 1996, 28(4), pp. 763-65.

"The Effect of Credit Market Competition on Lending Relations." Mitchell A. Petersen and Raghuram G. Rajan; Quarterly Journal of Economics, 1995, 110(2), pp. 407.

"Is Bank Lending Special? Discussion," Raghuram G. Rajan, in Is Bank Lending Important for the Transmission of Monetary Policy? J. Peek and E. S. Rosengren, Boston: Federal Reserve Bank of Boston, 1995, pp. 41-44.

"The Effect of Credit Market Competition on Lending Relationships." Mitchell A. Petersen and Raghuram G. Rajan; Quarterly Journal of Economics, 1995, 110(2), pp. 407-43.

"Covenants and Collateral as Incentives to Monitor." Raghuram Rajan and Andrew Winton; Journal of Finance, 1995, 50(4), pp. 1113-46.

"What Do We Know About Capital Structure? Some Evidence from International Data." Raghuram G. Rajan and Luigi Zingales; Journal of Finance, 1995, 50(5), pp. 1421-60.

"The Benefits of Lending Relationships: Evidence from Small Business Data." Mitchell A. Petersen and Raghuram G. Rajan; Journal of Finance, 1994, 49(1), pp. 3-37.

"Why Bank Credit Policies Fluctuate: A Theory and Some Evidence." Raghuram G. Rajan; Quarterly Journal of Economics, 1994, 109(2), pp. 399-441.

"Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking before 1933." Randall S. Kroszner and Raghuram G. Rajan; American Economic Review, 1994, 84(4), pp. 810-32.

"Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt." Raghuram G. Rajan; Journal of Finance, 1992, 47(4), pp. 1367-400.

Essays on Banking; Raghuram Govind Rajan; Ph.D Dissertation, Massachusetts Institute of Technology, 1991.

"Pricing Commodity Bonds Using Binomial Option Pricing," Raghuram Rajan, in Commodity Risk Management and Finance. T. Priovolos and R. C. Duncan, Oxford; New York; Toronto and Melbourne: Oxford University Press for the World Bank, 1991, pp. 61-81.