Rajan is an expert on international finance and banking, particularly in areas concerning the growth and development of poor nations. From 2003-06, he served as the Economic Counselor and Director of Research at the International Monetary Fund.
Among Rajan's many honors, he won the inaugural Fisher Black Prize awarded by the American Finance Association in January 2003 as the person under 40 who has contributed the most to the theory and practice of finance. He is also the co-author (with Luigi Zingales) of Saving Capitalism from the Capitalists (Random House, 2003).
After his original professorship at Chicago Booth (1991-96), Rajan served as the Bertil Daniellson Visiting Professor of Banking and Finance, Stockholm School of Economics, 1996-97; the Visiting Professor of Finance, Northwestern University, 1996-97; and the Fischer Black Visiting Professor, Massachusetts Institute of Technology, 2000-01. He earned his MBA in 1987 from the Indian Institute of Management, Ahmedabad, and his PhD in 1991 from MIT.