Raghuram G. Rajan is the Economic Counselor and Director of Research at the International Monetary Fund. Prior to holding this post, Rajan taught at the Graduate School of Business at the University of Chicago where he is the Joseph L. Gidwitz Professor of Finance. His research is broadly on the role of institutions, especially financial institutions, in fostering economic development. In 2003, Rajan was awarded the inaugural Fischer Black Prize by the American Finance Association for contributions to finance by an economist under 40. Rajan is an electrical engineering graduate from the Indian Institute of Technology in Delhi. He earned his M.B.A. from the Indian Institute of Management, Ahmedabad, and his Ph.D. from MIT.