Faculty & Research

Sanket Mohapatra


Prof. Sanket Mohapatra is an Associate Professor in the Economics Area at the Indian Institute of Management Ahmedabad. Previous to joining IIMA, he was a Senior Economist with the World Bank’s Global Macroeconomics Team in Washington, DC. He graduated with an M.A from the Delhi School of Economics and holds a Ph.D in Economics from Columbia University (New York, USA). His research interests include international finance, international macroeconomics, global capital flows, sovereign and sub-sovereign credit ratings, corporate productivity, foreign debt and corporate financing patterns in emerging economies, inequality and economic growth, and international migration and remittances. He has contributed to various issues of the World Bank’s flagship reports such as Global Economic Prospects and Global Development Finance. He was a core team member of Leveraging Migration for Africa: Remittances, Skills, and Investments. He is co-editor of books on Remittance Markets in Africa (published as part of the World Bank’s Directions in Development Finance series) and The Financial Landscape of Emerging Economies (Springer). His research has been published in prominent peer-reviewed journals such as Journal of Empirical FinanceJournal of International Money and FinanceJournal of Banking and FinanceEuropean Journal of Political EconomyEconomic Modelling, and World Development. He was the recipient of the gold medal for first position in M.A Economics at the Delhi School of Economics, Delhi University.


Primary Area : Economics

Secondary Area : Finance and Accounting


Email : sanketm@iima.ac.in

Phone : +91-79-7152 4806

Secretary : Viddhi Kotak

Phone : +91-79-7152 7901

Website : Personal Website


Ph.D, Economics, Columbia University, New York, USA

M.A, Economics, Delhi School of Economics, India


  • Macroeconomics and Policy
  • Global Finance and Trade
  • World Economy
  • Econometrics

Research Area

International finance

International macroeconomics

Global capital flows

Sovereign and sub-sovereign credit ratings

Corporate financing patterns in emerging economies

Inequality and economic growth

International migration and remittances

Academic Experience

Faculty, Economics (Primary) and Finance (Secondary), Indian Institute of Management, Ahmedabad

Professional Experience

Chairperson, Misra Centre for Financial Markets and Economy at IIMA

Life Member, Indian Economic Association

Life Member, Indian Finance Association

Life Member, Association of Indian Economic and Financial Studies

Member, American Economic Association

Member, American Finance Association

Member, India Gold Policy Centre at IIMA

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Selected Publications

Pandemic Panic? Effects of Health System Capacity on Firm Confidence During COVID-19, with B. Gopalakrishnan and J. Lim, European Journal of Political Economy (forthcoming), 2023.

Central bank gold reserves and sovereign credit risk, with S. Rathi and A. Sahay, Finance Research Letters, Vol. 45, 2022.

COVID-19 pandemic and debt financing by firms: Unravelling the channels, with B. Gopalakrishnan and J. Jacob, Economic Modelling, Vol. 114, 2022.

Risk-sensitive Basel regulations and firms’ access to credit: Direct and indirect effects, with B. Gopalakrishnan and J. Jacob, Journal of Banking and Finance, Vol. 126, 2021.

Global Monetary Policies and Implications for Financial Flows to India and Other Emerging Markets, in Revisiting the Indian Financial Sector: Recent Issues and Perspectives, Paramita Mukherjee (editor), Springer, 2022.

The Financial Landscape of Emerging Economies, with A.K. Mishra, V. Arunachalam, and D. Olson (Edited volume), Springer, 2021.

Foreign Currency Borrowing and Firm Financing Constraints in Emerging Markets: Evidence from India, with J.P. Nagar, Managerial Finance, Vol. 47(2), 2021.

The implications of economic uncertainty for bank loan portfolios, with S. Purohit, Applied Economics, Vol. 53, 2021.

Insolvency Regimes and Firms’ Default Risk Under Economic Uncertainty and Shocks, with B. Gopalakrishnan, Economic Modelling, Vol. 91, 2020.

Determinants of the Distance between Sovereign Credit Ratings and Sub-Sovereign Bond Ratings: Evidence from Emerging Markets and Developing Economies, with M.Nose and D. Ratha, Applied Economics, Vol. 50(9), 2017.

Turning Over a Golden Leaf? Global Liquidity and Emerging Market Central Banks' Demand for Gold after the Financial Crisis, with B. Gopalakrishnan, Journal of International Financial Markets, Institutions & Money, Vol. 57, 2018.

India's International Integration and Challenges to Sustaining Growth: Introduction, with A. Das, Colloquium in Vikalpa: The Journal for Decision Makers, 2017.

Remittances and Natural Disasters: Ex-post Response and Contribution to Ex-ante Preparedness, with G. Joseph and D. Ratha, Journal of Environment, Development and Sustainability, Vol. 14(3), 2012.

Unconventional Monetary Policy Normalization and Emerging Market Capital Flows, with A. Burns, M. Kida, J. Lim, and M. Stocker, in Quantitative Easing: Evolution of economic thinking as it happened on Vox, Wouter J. Den Haan (editor), A VoxEU.org eBook, CEPR Press, 2016.

Quantitative Easing and the Post-Crisis Surge in Financial Flows to Developing Countries, with J. Lim, Journal of International Money and Finance, Vol. 68(C), 2016.

Shadow Sovereign Ratings for Unrated Developing Countries, with D. Ratha and P. De, World Development, Vol. 39(3), 2011.

Migration, Taxation, and Inequality, with B. Moreno-Dodson and D. Ratha, Economic Premise, No. 80, World Bank Poverty Reduction and Economic Management Network, 2012.

Remittance Markets in Africa, with D. Ratha (edited volume), World Bank Directions in Development: Finance series, 2011.

Migration and Remittances in South Asia, with C. Ozden, Chapter in The Services Revolution in South Asia, Ejaz Ghani (editor), Oxford University Press, 2010.

Forecasting Migrant Remittances During the Global Financial Crisis, with D. Ratha in Migration Letters, Transnational Press, 2010.

Poverty, inequality and the distribution of income in the Group of 20, with X. Sala-i-Martin, Commonwealth Treasury of Australia Economic Roundup, Autumn 2003.

Corporate Financing Patterns and Performance in Emerging Markets, with P. Suttle and D. Ratha, Chapter in The Future of Domestic Capital Markets in Developing Countries, World Bank, IMF & Brookings, 2003.

Income Inequality: The Aftermath of Stock Market Liberalization in Emerging Markets, with M. Das, in Journal of Empirical Finance, Vol. 10(1-2), 2002.

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Articles in the Media

Will the second Covid wave dent resilient foreign investment inflows into India?, with S. Thaker, Economic Times, May 20th, 2021.

‘Normalising' the COVID-19 pandemic, Indian Express Healthcare, Apr 2nd, 2020.

How to resolve Indian corporate vulnerability to COVID-19 through policy options, with B. Gopalakrishnan & J. Jacob, Hindu BusinessLine, March 26th, 2020.

The unprecedented COVID-19 crisis will require a multipronged policy response, with S. Pinjani, BusinessWorld, Apr 21st, 2020.

Push growth without fiscal imbalances, Budget Countdown for FY2017-18, Hindu BusinessLine, January 29, 2017.

The spectre of current account deficits, surpluses, Live Mint, Sep 18th, 2017.

Taper tremors, Financial Express, Jan 30th, 2014.

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Working Papers & Projects

State-owned banks and credit allocation in India: Evidence from an asset quality review, with A. Das and A. Nigania, Indian Institute of Management, Ahmedabad, Working Paper 2022-02-23.

Diversified Syndicate Structure and Loan Spreads for Non-U.S. Firms, with B. Gopalakrishnan, MPRA Working Paper 96297, University Library of Munich, 2019.

Global Risk and Demand for Gold by Central Banks, with B. Gopalakrishnan, Indian Institute of Management, Ahmedabad, Working Paper 2017-01-01.

Turning Over a Golden Leaf? Global Liquidity and Emerging Market Central Banks' Demand for Gold after the Financial Crisis, with B. Gopalakrishnan, Indian Institute of Management, Ahmedabad, Working Paper 2017-04-02.

Institutional Quality and International Differences in Firm Productivity, with A. Issar and J. Lim, Indian Institute of Management, Ahmedabad, Working Paper 2017-02-01.

Impacts of Sovereign Rating on Sub-sovereign Bond Ratings in Emerging and Developing Economies, with M. Nose and D. Ratha, World Bank Policy Research Working Paper 7618, 2016.

Tinker, Taper, QE, Bye: Effect of Quantitative Easing on Financial Flows to Developing Countries, with J. Lim and M. Stocker, World Bank Policy Research Working Paper 6820, 2014.

Estimates of Global Diaspora Savings, with D. Ratha, Brief, 2011

Impact of Migration on Economic and Social Development: A Review of Evidence and Emerging Issues, with D. Ratha and E. Scheja, World Bank Policy Research Working Paper 5558, 2011.

Migrant Remittance Flows: Findings from a Global Survey of Central Banks, with J. Irving and D. Ratha World Bank Working Paper 194, 2010.

International Migration and Technological Progress, with A. Burns, Brief, 2008.

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