 A 2006 paper, published with Eswar Prasad and Arvind Subramanian, concluded that while growth and the extent of foreign financing were positively correlated in industrial countries, non-industrial countries that had relied on foreign finance had grown slower than those that had not.While he was asked to stay on as the chief economist for a second term, Rajan left after one term as the University of Chicago indicated that his leave could not be extended.In 2007, then Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia, drafted Rajan to write a report proposing the next generation of financial sector reforms in India.