PUBLICATIONS
Books
Financial Inclusion in Asia and Beyond. Routledge. Forthcoming (co-edited with Rashesh Shrestha)
Complexities of Financial Globalisation: Analytical and Policy Issues in Emerging and Developing Economies. Routledge. Forthcoming 2020 (with Sasidaran Gopalan and Ramkishen Rajan). (link here)
Issues in Globalisation, Growth and Governance: An Asian Perspective. World Scientific Press, Singapore. 2014. (co-edited with Siona Listokin and Ramkishen Rajan). (link here)
Exchange Rates Regimes and Macroeconomic Management in Asia. Hong Kong University Press, Hong Kong. 2009. (with Ramkishen Rajan). (Link to website here)
Articles in Refereed Journals
“Can Macroprudential Policies Mitigate Pressures from Capital Inflows on Real Exchange Rates? Empirical Evidence from Emerging Markets” Forthcoming, International Review of Finance (with Sasidaran Gopalan and Ramkishen S Rajan)
“Can Macroprudential Policies Counter the Financial Dutch Disease Phenomenon? Empirical Evidence from Panel Data”. The World Economy, 44:7, pp. 2164-2187, 2021. (with Sasidaran Gopalan and Ramkishen S Rajan)
"Do managed exchange rates and monetary sterilization encourage capital inflows?” PLoS ONE 15(8), August 2020 (with Vandana Arya and Ilke Onur)
“Foreign Aid, Institutional Quality and Economic Growth: Evidence from the Developing World”. Economic Modelling 89, July 2020, pp 444-63 (with Rajabrata Banerjee and Admasu Maruta)
"Does Financial Inclusion Amplify Output Volatility in Emerging and Developing Economies?”. Open Economies Review 30, 2019. (with Sasidaran Gopalan and Ramkishen Rajan)
“Capital flows to Asia and Latin America: Does institutional quality matter?”. The World Economy 42:7, 2019, pp 2039-69. (with Vandana Arya and Rajabrata Banerjee)
“Exchange Rate Policies in Asia in an Era of Financial Globalisation: An Empirical Assessment”. The World Economy 42:6, 2019, pp 1774-95 . (with Sasidaran Gopalan and Ramkishen Rajan)
“The Relative Importance of Capital Inflows: Some Evidence from Emerging Market Economies”. Applied Economics Letters, 25:15, pp 1101-06, 2017. (with Vandana Arya and Rajabrata Banerjee)
“What drives banks’ income diversification decisions? Evidence from China’s banks.” Applied Economics, 50:17, 2017, pp 1934-51. (with Xiangnan Meng and Xin Deng)
“Economic and Financial Interconnections and Business Cycle Convergence in Asia: A Real-Financial Nexus?” Emerging Markets Finance and Trade, 53:12, 2017, pp 2672-85. (with Sasidaran Gopalan)
“Managing Capital Inflows Indirectly? On the Determinants of Monetary Sterilization with Reference to Asia”. Review of International Economics, 25:2, 2017, pp 262–78.
“Capital inflows and the Interest Premium Puzzle: The effects of Sterilized Intervention in Asia”. International Review of Economics and Finance 39, 2015, pp 1–18. (with Ramkishen Rajan)
“Corruption, Central Bank (In)dependence and Optimal Monetary Policy in a Simple Model.” Journal of Policy Modeling 37, 2015, pp 501-9. (with John K Wilson)
“FDI inflows; how do they interact with non-FDI inflows during crises? Some evidence from Asia” Applied Economics Letters, 22:7, pp 572-5, 2015
“Substitutes or Complements? The interactions between components of capital flows for Asia” Journal of Asian Economics 31-32, pp 32-41, 2014
“South Asian Exchange Rate Regimes: Fixed, Flexible or Something In-Between?” South Asian Economic Journal 14:1, Pp 1-15. May 2013. (with Ramkishen Rajan)
“Exploring Dimensions of Regional Economic Integration in Asia: More than the Sum of its parts?” Journal of Asian Economics 23, Pp 643-53, December 2012
“Managed Floating by Stealth: The Case of Taiwan”. Journal of the Asia Pacific Economy 17:3, Pp 514-26. August 2012. (with Victor Pontines and Ramkishen Rajan)
The Determinants of Inflation in Vietnam during the last decade” ASEAN Economic Bulletin 29:1, pp 1-14, April 2012. (with Minh Nguyen and John K Wilson)
“Cross-listing and Financial Integration in Asia”. ASEAN Economic Bulletin. 28:2, pp 241-56, August 2011. (with Ron McIver and John Nowland)
“The Impact of Trade and Investment Agreements on Australia’s Inward FDI Flows”. Australian Economic Papers 49:4, pp 259-75, December 2010. (with Simon Crotti and John K Wilson)
“A Note on Exchange Rate Regimes in Asia: Are they really what they claim to be?” Economics Bulletin, Vol. 30 no.4 pp. 2864-2876, November 2010. (with Ramkishen Rajan)
“What Drives Monetary Policy in Asia? Interest Rate Rules or Exchange Rate Rules” Journal of Asian Economics 21, pp 456-65, October 2010
“Managing Risks in a Volatile Environment: The Capital Inflows Problem in Asia” Economia Internazionale, Vol LXII, No 3, August 2009. (with Ramkishen Rajan)
“Is Fear of Floating Justified? The East Asian Experience”, Journal of Policy Modeling 31, pp 1-16, January 2009
“Open Economy Inflation Targeting Arrangements and Monetary Policy Rules: Application to India” Indian Growth and Development Review 1:2, pp 237-51, 2008. (with Ramkishen Rajan)
“The Exchange Rate, Optimal Monetary Policy Rules in Open and Developing Economies: Some Simple Analytics” Economic Modelling 25:5, pp 1011-21, September 2008
“Extent of Exchange Rate Intervention in India: Basket Pegger or Closet US Dollar Pegger”, India Macroeconomics Annual 2007, pp 125-40, February 2008. (with Ramkishen Rajan)
“Inflation Targeting Arrangements in Asia: Exploring the Role of the Exchange Rate”, Briefing Notes in Economics 74, September/October 2007. (with Ramkishen Rajan)
“Managing in the Middle: Characterizing Singapore’s Exchange Rate Policy”, Asian Economic Journal: 21:3, pp 321-42, September 2007. (with Ramkishen Rajan)
“Exploring the Case for Monetary Integration between Mainland China and Hong Kong”. China and the World Economy, 15:4 July-August 2007, pp 17-34. (with Ramkishen Rajan)
“Capital Mobility, Sterilization and Interest Rate Determination in East Asia”, Journal of Economic Integration, 22:1, pp 210-30, March 2007
“The Capital Inflows Problem in Selected Asian Economies in the 1990s Revisited”. Asian Economic Journal, 20:4, pp 409-23, December 2006. (with Ramkishen Rajan)
“Monetary Policy Rules for Small and Open Developing Economies: A Counterfactual Policy Analysis”. Journal of Economic Development, 31:1, pp 89-111, June 2006. (with Ramkishen Rajan)
Chapters in Books and Edited Volumes
“Regions in Foreign Trade – Insights for Australia”. In Uminski, S. and Nazarchuk, J. Regions in International Trade. De Gruyter Open Ltd Warsaw, Poland. 2021. (with Dandan Lin and Laura Marquez-Ramos).
“The Nature and Landscape of Financial Inclusion in Asia”, in Cavoli, T. and R. Shrestha (eds). Financial Inclusion in Asia and Beyond. Routledge. 2021 . (with Rashesh Shrestha)
“Financial Inclusion, Active Bank Accounts and Poverty Reduction in India”. In Cavoli, T. and R. Shrestha (eds). Financial Inclusion in Asia and Beyond. Routledge. 2021. (with Ilke Onur and Patricia Sourdin)
“Defining the extent of openness and economic interconnection in East and Southeast Asia”, in Corbett, J and Y. Xu (eds) "Rebalancing Economies in Financially Integrating East Asia". Routledge. 2015
“Exchange Rate Regimes in Asia: Intervention and the Influence of the G3 currencies on Asian Exchange Rates”, in Cavoli, T., S. Listokin and R.S. Rajan (eds), “Issues in Globalisation, Growth and Governance in Asia. World Scientific, Singapore, 2014. (with Ramkishen Rajan)
“The Extent of Real and Financial Integration in Asia: Some Patterns and Stylised Facts” in Cavoli, T., S. Listokin and R.S. Rajan (eds), “Issues in Globalisation, Growth and Governance in Asia. World Scientific Singapore, 2014
“Regional Economic Integration amongst ASEAN, China, Japan and Korea: A Simple Multivariate Examination.” in Thangavelu, S and A. Chongvilaivan (eds) Links Between Real and Financial Aspects of Economic Integration in East Asia. Routledge, 2013
"How Flexible are South Asian Exchange Rate Regimes?" in Rajan, R.S., Exchange Rates and Foreign Direct Investment in Emerging Asia. Routledge. 2012. (with Ramkishen Rajan)
“How Integrated is East Asia?: The Real and Financial Dimensions” in Rajan, R.S., S, Gopalan and R. Hattari,. Crisis, Capital Flows and FDI in Emerging Asia. Oxford University Press. 2011. (with Ramkishen Rajan)
“Have Exchange Rate Regimes in Asia Become More Flexible Post Crisis? Re-visiting the Evidence” in Y.W. Cheung and K.Y. Wong (eds.), China and Asia: Economic and Financial Interactions. 2009, Routledge. (with Ramkishen Rajan)
“Still Searching for the Middle Ground?: Asian Exchange Rate Regimes a Decade Since the 1997-98 Crisis” In R.S. Rajan, S. Thangavelu and R.A. Parinduri (eds.), Monetary and Financial Issues in Asia, 2009. World Scientific Press. (with Ramkishen Rajan)
“India’s De Facto Exchange Rate Regime” in Rajan, R.S. Monetary, Investment and Trade Issues in India, Oxford University Press, 2009. (with Ramkishen Rajan)
“Should India Adopt an Inflation Target?”, in Rajan, R.S. Monetary, Investment and Trade Issues in India, Oxford University Press, 2009. (with Ramkishen Rajan)
“Capital Mobility” in Rajan, R and K. Reinert, L. Davis and A. Glass (eds), Princeton Dictionary of the World Economy, Princeton University Press. 2009. (with Ramkishen Rajan)
“Inflation Targeting” in Rajan, R and K Reinert, L. Davis and A. Glass (eds), Princeton Dictionary of the World Economy, Princeton University Press. 2009
“Monetary Policy Rules” in Rajan, R and K Reinert, L. Davis and A. Glass (eds), Princeton Dictionary of the World Economy, Princeton University Press. 2009
“A Central Banker's Holy Grail: Inflation-Targeting Frameworks with Reference to Asia” in R. Rajan and S. Rongala, Asia and the Global Economy: Finance, Trade and Investment. World Scientific, 2008. (with Ramkishen Rajan)
IN PROGRESS
“Understanding SME Trade Finance in ASEAN: An Overview”. October 2021. (with David Christian and Rashesh Shrestha)
“Can Financial Inclusion Improve Access to Water and Sanitation?: An Empirical Analysis for Emerging and Developing Economies” September 2021 (with Sasidaran Gopalan, Ilke Onur and Stefanos Xenarios).
“The effect of non-pharmaceutical interventions on COVID-19 infections for lower and middle-income countries: A Debiased LASSO Approach” August 2021 (with Akbar Zamanzadeh).
“Financial Inclusion and Consumption Smoothing in Emerging and Developing Economies”. In Progress. (With Sasidaran Gopalan)
“Is Exchange Rate Centered Monetary Policy Asymmetric? Empirical Evidence from Singapore” June 2021 (with Sasidaran Gopalan and Ramkishen Rajan)
“Foreign Aid, Institutional Risk and Development: A Disaggregated Sectoral Analysis” (With Admasu Maruta, Rajabrata Banerjee and Vandana Arya)
“Financial Inclusion and the Optimal Interest Rate Rule”. (with Sasidaran Gopalan and Ramkishen Rajan)
“Stock Market Returns and Macroeconomic Activity in Australia: Some Stylised Facts”. (with Rajabrata Banerjee, Ron McIver and John Wilson)
“Capital Inflows and Emerging Market Economies: Crises, Openness and Institutions.” (With Vandana Arya and Ilke Onur)
Books
Financial Inclusion in Asia and Beyond. Routledge. Forthcoming (co-edited with Rashesh Shrestha)
Complexities of Financial Globalisation: Analytical and Policy Issues in Emerging and Developing Economies. Routledge. Forthcoming 2020 (with Sasidaran Gopalan and Ramkishen Rajan). (link here)
Issues in Globalisation, Growth and Governance: An Asian Perspective. World Scientific Press, Singapore. 2014. (co-edited with Siona Listokin and Ramkishen Rajan). (link here)
Exchange Rates Regimes and Macroeconomic Management in Asia. Hong Kong University Press, Hong Kong. 2009. (with Ramkishen Rajan). (Link to website here)
Articles in Refereed Journals
“Can Macroprudential Policies Mitigate Pressures from Capital Inflows on Real Exchange Rates? Empirical Evidence from Emerging Markets” Forthcoming, International Review of Finance (with Sasidaran Gopalan and Ramkishen S Rajan)
“Can Macroprudential Policies Counter the Financial Dutch Disease Phenomenon? Empirical Evidence from Panel Data”. The World Economy, 44:7, pp. 2164-2187, 2021. (with Sasidaran Gopalan and Ramkishen S Rajan)
"Do managed exchange rates and monetary sterilization encourage capital inflows?” PLoS ONE 15(8), August 2020 (with Vandana Arya and Ilke Onur)
“Foreign Aid, Institutional Quality and Economic Growth: Evidence from the Developing World”. Economic Modelling 89, July 2020, pp 444-63 (with Rajabrata Banerjee and Admasu Maruta)
"Does Financial Inclusion Amplify Output Volatility in Emerging and Developing Economies?”. Open Economies Review 30, 2019. (with Sasidaran Gopalan and Ramkishen Rajan)
“Capital flows to Asia and Latin America: Does institutional quality matter?”. The World Economy 42:7, 2019, pp 2039-69. (with Vandana Arya and Rajabrata Banerjee)
“Exchange Rate Policies in Asia in an Era of Financial Globalisation: An Empirical Assessment”. The World Economy 42:6, 2019, pp 1774-95 . (with Sasidaran Gopalan and Ramkishen Rajan)
“The Relative Importance of Capital Inflows: Some Evidence from Emerging Market Economies”. Applied Economics Letters, 25:15, pp 1101-06, 2017. (with Vandana Arya and Rajabrata Banerjee)
“What drives banks’ income diversification decisions? Evidence from China’s banks.” Applied Economics, 50:17, 2017, pp 1934-51. (with Xiangnan Meng and Xin Deng)
“Economic and Financial Interconnections and Business Cycle Convergence in Asia: A Real-Financial Nexus?” Emerging Markets Finance and Trade, 53:12, 2017, pp 2672-85. (with Sasidaran Gopalan)
“Managing Capital Inflows Indirectly? On the Determinants of Monetary Sterilization with Reference to Asia”. Review of International Economics, 25:2, 2017, pp 262–78.
“Capital inflows and the Interest Premium Puzzle: The effects of Sterilized Intervention in Asia”. International Review of Economics and Finance 39, 2015, pp 1–18. (with Ramkishen Rajan)
“Corruption, Central Bank (In)dependence and Optimal Monetary Policy in a Simple Model.” Journal of Policy Modeling 37, 2015, pp 501-9. (with John K Wilson)
“FDI inflows; how do they interact with non-FDI inflows during crises? Some evidence from Asia” Applied Economics Letters, 22:7, pp 572-5, 2015
“Substitutes or Complements? The interactions between components of capital flows for Asia” Journal of Asian Economics 31-32, pp 32-41, 2014
“South Asian Exchange Rate Regimes: Fixed, Flexible or Something In-Between?” South Asian Economic Journal 14:1, Pp 1-15. May 2013. (with Ramkishen Rajan)
“Exploring Dimensions of Regional Economic Integration in Asia: More than the Sum of its parts?” Journal of Asian Economics 23, Pp 643-53, December 2012
“Managed Floating by Stealth: The Case of Taiwan”. Journal of the Asia Pacific Economy 17:3, Pp 514-26. August 2012. (with Victor Pontines and Ramkishen Rajan)
The Determinants of Inflation in Vietnam during the last decade” ASEAN Economic Bulletin 29:1, pp 1-14, April 2012. (with Minh Nguyen and John K Wilson)
“Cross-listing and Financial Integration in Asia”. ASEAN Economic Bulletin. 28:2, pp 241-56, August 2011. (with Ron McIver and John Nowland)
“The Impact of Trade and Investment Agreements on Australia’s Inward FDI Flows”. Australian Economic Papers 49:4, pp 259-75, December 2010. (with Simon Crotti and John K Wilson)
“A Note on Exchange Rate Regimes in Asia: Are they really what they claim to be?” Economics Bulletin, Vol. 30 no.4 pp. 2864-2876, November 2010. (with Ramkishen Rajan)
“What Drives Monetary Policy in Asia? Interest Rate Rules or Exchange Rate Rules” Journal of Asian Economics 21, pp 456-65, October 2010
“Managing Risks in a Volatile Environment: The Capital Inflows Problem in Asia” Economia Internazionale, Vol LXII, No 3, August 2009. (with Ramkishen Rajan)
“Is Fear of Floating Justified? The East Asian Experience”, Journal of Policy Modeling 31, pp 1-16, January 2009
“Open Economy Inflation Targeting Arrangements and Monetary Policy Rules: Application to India” Indian Growth and Development Review 1:2, pp 237-51, 2008. (with Ramkishen Rajan)
“The Exchange Rate, Optimal Monetary Policy Rules in Open and Developing Economies: Some Simple Analytics” Economic Modelling 25:5, pp 1011-21, September 2008
“Extent of Exchange Rate Intervention in India: Basket Pegger or Closet US Dollar Pegger”, India Macroeconomics Annual 2007, pp 125-40, February 2008. (with Ramkishen Rajan)
“Inflation Targeting Arrangements in Asia: Exploring the Role of the Exchange Rate”, Briefing Notes in Economics 74, September/October 2007. (with Ramkishen Rajan)
“Managing in the Middle: Characterizing Singapore’s Exchange Rate Policy”, Asian Economic Journal: 21:3, pp 321-42, September 2007. (with Ramkishen Rajan)
“Exploring the Case for Monetary Integration between Mainland China and Hong Kong”. China and the World Economy, 15:4 July-August 2007, pp 17-34. (with Ramkishen Rajan)
“Capital Mobility, Sterilization and Interest Rate Determination in East Asia”, Journal of Economic Integration, 22:1, pp 210-30, March 2007
“The Capital Inflows Problem in Selected Asian Economies in the 1990s Revisited”. Asian Economic Journal, 20:4, pp 409-23, December 2006. (with Ramkishen Rajan)
“Monetary Policy Rules for Small and Open Developing Economies: A Counterfactual Policy Analysis”. Journal of Economic Development, 31:1, pp 89-111, June 2006. (with Ramkishen Rajan)
Chapters in Books and Edited Volumes
“Regions in Foreign Trade – Insights for Australia”. In Uminski, S. and Nazarchuk, J. Regions in International Trade. De Gruyter Open Ltd Warsaw, Poland. 2021. (with Dandan Lin and Laura Marquez-Ramos).
“The Nature and Landscape of Financial Inclusion in Asia”, in Cavoli, T. and R. Shrestha (eds). Financial Inclusion in Asia and Beyond. Routledge. 2021 . (with Rashesh Shrestha)
“Financial Inclusion, Active Bank Accounts and Poverty Reduction in India”. In Cavoli, T. and R. Shrestha (eds). Financial Inclusion in Asia and Beyond. Routledge. 2021. (with Ilke Onur and Patricia Sourdin)
“Defining the extent of openness and economic interconnection in East and Southeast Asia”, in Corbett, J and Y. Xu (eds) "Rebalancing Economies in Financially Integrating East Asia". Routledge. 2015
“Exchange Rate Regimes in Asia: Intervention and the Influence of the G3 currencies on Asian Exchange Rates”, in Cavoli, T., S. Listokin and R.S. Rajan (eds), “Issues in Globalisation, Growth and Governance in Asia. World Scientific, Singapore, 2014. (with Ramkishen Rajan)
“The Extent of Real and Financial Integration in Asia: Some Patterns and Stylised Facts” in Cavoli, T., S. Listokin and R.S. Rajan (eds), “Issues in Globalisation, Growth and Governance in Asia. World Scientific Singapore, 2014
“Regional Economic Integration amongst ASEAN, China, Japan and Korea: A Simple Multivariate Examination.” in Thangavelu, S and A. Chongvilaivan (eds) Links Between Real and Financial Aspects of Economic Integration in East Asia. Routledge, 2013
"How Flexible are South Asian Exchange Rate Regimes?" in Rajan, R.S., Exchange Rates and Foreign Direct Investment in Emerging Asia. Routledge. 2012. (with Ramkishen Rajan)
“How Integrated is East Asia?: The Real and Financial Dimensions” in Rajan, R.S., S, Gopalan and R. Hattari,. Crisis, Capital Flows and FDI in Emerging Asia. Oxford University Press. 2011. (with Ramkishen Rajan)
“Have Exchange Rate Regimes in Asia Become More Flexible Post Crisis? Re-visiting the Evidence” in Y.W. Cheung and K.Y. Wong (eds.), China and Asia: Economic and Financial Interactions. 2009, Routledge. (with Ramkishen Rajan)
“Still Searching for the Middle Ground?: Asian Exchange Rate Regimes a Decade Since the 1997-98 Crisis” In R.S. Rajan, S. Thangavelu and R.A. Parinduri (eds.), Monetary and Financial Issues in Asia, 2009. World Scientific Press. (with Ramkishen Rajan)
“India’s De Facto Exchange Rate Regime” in Rajan, R.S. Monetary, Investment and Trade Issues in India, Oxford University Press, 2009. (with Ramkishen Rajan)
“Should India Adopt an Inflation Target?”, in Rajan, R.S. Monetary, Investment and Trade Issues in India, Oxford University Press, 2009. (with Ramkishen Rajan)
“Capital Mobility” in Rajan, R and K. Reinert, L. Davis and A. Glass (eds), Princeton Dictionary of the World Economy, Princeton University Press. 2009. (with Ramkishen Rajan)
“Inflation Targeting” in Rajan, R and K Reinert, L. Davis and A. Glass (eds), Princeton Dictionary of the World Economy, Princeton University Press. 2009
“Monetary Policy Rules” in Rajan, R and K Reinert, L. Davis and A. Glass (eds), Princeton Dictionary of the World Economy, Princeton University Press. 2009
“A Central Banker's Holy Grail: Inflation-Targeting Frameworks with Reference to Asia” in R. Rajan and S. Rongala, Asia and the Global Economy: Finance, Trade and Investment. World Scientific, 2008. (with Ramkishen Rajan)
IN PROGRESS
“Understanding SME Trade Finance in ASEAN: An Overview”. October 2021. (with David Christian and Rashesh Shrestha)
“Can Financial Inclusion Improve Access to Water and Sanitation?: An Empirical Analysis for Emerging and Developing Economies” September 2021 (with Sasidaran Gopalan, Ilke Onur and Stefanos Xenarios).
“The effect of non-pharmaceutical interventions on COVID-19 infections for lower and middle-income countries: A Debiased LASSO Approach” August 2021 (with Akbar Zamanzadeh).
“Financial Inclusion and Consumption Smoothing in Emerging and Developing Economies”. In Progress. (With Sasidaran Gopalan)
“Is Exchange Rate Centered Monetary Policy Asymmetric? Empirical Evidence from Singapore” June 2021 (with Sasidaran Gopalan and Ramkishen Rajan)
“Foreign Aid, Institutional Risk and Development: A Disaggregated Sectoral Analysis” (With Admasu Maruta, Rajabrata Banerjee and Vandana Arya)
“Financial Inclusion and the Optimal Interest Rate Rule”. (with Sasidaran Gopalan and Ramkishen Rajan)
“Stock Market Returns and Macroeconomic Activity in Australia: Some Stylised Facts”. (with Rajabrata Banerjee, Ron McIver and John Wilson)
“Capital Inflows and Emerging Market Economies: Crises, Openness and Institutions.” (With Vandana Arya and Ilke Onur)