Statements 2013


Nicola Fuchs-Schündeln (Professor for Macroeconomics and Development at Goethe University Frankfurt)

"Especially in times of a prolonged financial crisis, it is crucial not to forget the potential positive effects of financial development on growth. Raghuram Rajan’s work in this area has been pioneering an entire new strand of the literature; countless scholars have followed the methodological approach developed in Rajan’s work with Luigi Zingales. That said, Rajan has been one of the first to raise flags concerning the developments in the financial sector in the 2000s, pointing to excessive risk taking which could have substantial negative consequences on the real economy. Rajan is an exceptional scholar in the way he creates new insights in a wide area of subfields related to financial economics by combining theoretical and empirical work."


Otmar Issing (President of the Center for Financial Studies; Chairman Kuratorium Gesellschaft für Kapitalmarktforschung; Chairman Kuratorium House of Finance, Goethe University; Honorary Professorships at the University of Würzburg and the Goethe University Frankfurt; Hochschul­rat University of Würzburg; International Advisor Goldman Sachs)

"Raghuram Rajan has made a remarkable number of outstanding theoretical and empirical contributions to the field of financial economics. His work has substantially deepened our understanding of developments in these areas. His  research, however is not confined to academia it is also highly relevant for policy makers."


Robert C. Merton (Nobel Prize Laureate; School of Management Distinguished Professor of Finance at the MIT Sloan School of Management and University Professor Emeritus at Harvard University)

"Raghuram Rajan is an outstanding financial economist and the right person at the right time to be recognized by the DB Prize.”


Kenneth Rogoff (Award winner of the Deutsche Bank Prize in Financial Economics 2011, Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University)

"Rajan has done pioneering empirical and theoretical work across a range of fields in finance, including development and growth, systemic risk and banking, and exchange rate policy."


Raman Uppal (Professor of Finance at Edhec Business School, London)

"Raghuram Rajan is a worthy winner of the Deutsche Bank Prize for the substantial body of elegant theoretical work and clever empirical work that he has done, and for the application of this work to some of the most pressing problems of our time. I hope that this prize will not only draw attention to his work but also encourage other researchers to examine the important areas of the role of financial markets in growth and development, the effects of financial regulation on risk taking and financial stability, and the interaction between the banking and real sectors of the global economy."


Uwe Walz (Director of the Center for Financial Studies, Professor in Economics at Goethe University, Frankfurt)

"The Jury has selected Raghuram Rajan as winner of the DB Prize 2013 for his very innovative and strong-impact research to many areas of finance as well as to the general role of the financial systems in economic growth and development."