RBI governor Raghuram Rajan receives Deutsche Bank Prize in Financial Economics 2013
On 26 September 2013, Jürgen Fitschen, Co-CEO of Deutsche Bank AG, presented the Deutsche Bank Prize in Financial Economics 2013 to the Governor of the Reserve Bank of India Raghuram G. Rajan in Frankfurt. The award was presented prior to the international academic symposium "Banking, Liquidity, and Monetary Policy", organized by the Center for Financial Studies (CFS).
“Raghuram G. Rajan’s work spans a remarkably broad range of areas in financial economics most important to the development of economies worldwide. This includes the impact of financial development on growth, banking and financial crises, as well as corporate finance and governance. His work develops novel empirical and theoretical approaches with significant policy implications,” says jury chairman and CFS director Michael Haliassos, summarizing the view of the international jury.
Raghuram Rajan is Governor of the Reserve Bank of India since September 2013. Previously, he was Chief Economic Adviser in the Finance Ministry, Government of India and Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago’s Booth School of Business. Rajan has chaired the Indian government’s Committee on Financial Sector Reforms (2007 – 2008). Before that, he was Chief Economist and Director of Research at the International Monetary Fund (2003 – 2006).
Professor Rajan served as the President of the American Finance Association in 2011. He is a member of the Group of Thirty and of the American Academy of Arts and Sciences. Rajan’s work spans a remarkably broad range of areas in financial economics most important to the development of economies worldwide, ranging from the central role of banks in creating liquidity and the role of finance in economic growth to the nature of corporations and their financing.
The Deutsche Bank academic prize is sponsored by the Deutsche Bank Donation Fund and carries an endowment of 50,000 euros. The CFS awards the prize biannually in partnership with Goethe University Frankfurt since 2005. The Deutsche Bank Prize in Financial Economics honours internationally renowned economic researchers whose work has a marked influence on research concerning questions of financial economics and macroeconomics, and has led to fundamental advances in economic theory and practice.
2013 marks the international academic award's 5th edition. The prize was awarded for the first time to Eugene F. Fama, Professor of Finance at the University of Chicago, for researching the concept of individual rationality in financial market behavior. In 2007 Michael Woodford, Professor of Political Economy at Columbia University, received the prize for his groundbreaking redefinition of monetary analysis.
In 2009 Robert J. Shiller, Professor of Economics at Yale University and Professor of Finance at Yale School of Management, received the prize for his constructive challenge of rationality and promotion of behavioral considerations. Kenneth Rogoff, Professor of Economics and Professor of Public Policy at Harvard University in Cambridge, USA, received the prize in 2011 for his analysis of financial crises.