Teaching

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

Area of Research:

• International finance
• International macroeconomics
• Global capital flows
• Sovereign and sub-sovereign credit ratings
• Corporate financing patterns in emerging economies
• Poverty, inequality and economic growth
• International migration and remittances

Publications/Articles/Cases:

Publications:

• Insolvency Regimes and Firms’ Default Risk Under Economic Uncertainty and Shocks, with B. Gopalakrishnan, Economic Modelling (forthcoming), 2020.
• Foreign Currency Borrowing and Firm Financing Constraints in Emerging Markets: Evidence from India, with J.P. Nagar, Managerial Finance (forthcoming), 2020.
  
• 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.
• 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.
• India's International Integration and Challenges to Sustaining Growth: Introduction, with A. Das, Colloquium in Vikalpa: The Journal for Decision Makers, 2017.
• 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.
• 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.
• 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.
• Migration, Taxation, and Inequality, with B. Moreno-Dodson and D. Ratha, Economic Premise, No. 80, World Bank Poverty Reduction and Economic Management Network, 2012.
• Shadow Sovereign Ratings for Unrated Developing Countries, with D. Ratha and P. De, World Development, Vol. 39(3), 2011.
• Remittance Markets in Africa, with D. Ratha (edited volume), World Bank Directions in Development: Finance series, 2011.
• Forecasting Migrant Remittances During the Global Financial Crisis, with D. Ratha in Migration Letters, Transnational Press, 2010.
• Migration and Remittances in South Asia, with C. Ozden, Chapter in The Services Revolution in South Asia, Ejaz Ghani (editor), Oxford University Press, 2010.
• 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.
• 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.

Working papers:

• Diversified Syndicate Structure and Loan Spreads for Non-U.S. Firms, with B. Gopalakrishnan, MPRA Working Paper 96297, University Library of Munich, 2019.
• Institutional Quality and International Differences in Firm Productivity, with A. Issar and J. Lim, Indian Institute of Management, Ahmedabad, Working Paper 2017-02-01.
• 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.
• Global Risk and Demand for Gold by Central Banks, with B. Gopalakrishnan, Indian Institute of Management, Ahmedabad, Working Paper 2017-01-01.
• 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.
• 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.
• Estimates of Global Diaspora Savings, with D. Ratha, Brief, 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.

Consulting

PricewaterhouseCoopers (PwC)

World Bank

Thoughts

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

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

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

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