He also led a team to assist some major economies in reducing balance of payments imbalances.[1] During his tenure the Research Department, which Rajan led, contributed to a complete review of the IMF's medium-term strategy, worked on introducing modern modelling and exchange rate assessment techniques to the IMF's consultations with member countries, and analysed the growth and integration of China and India into the world economy.[31] While he largely kept fiscal austerity policies intact, on occasions he also published research that went against the prevailing orthodoxy at the IMF.[3][4] A 2005 paper, published with Arvind Subramanian, questioned the efficacy of foreign aid, arguing that aid inflows have adverse effects on growth in developing economies.[32] 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.[33]