About me


Welcome to my personal website

I am an Associate Professor at the Indian Institute of Management, Ahmedabad. I was earlier a Senior Economist with the World Bank’s Global Macroeconomics Team in Washington, DC. My research interests include international finance, international macroeconomics, global capital flows, sovereign and sub-sovereign credit ratings, corporate financing patterns in emerging economies, poverty, inequality and economic growth, and international migration and remittances. I have contributed to various issues of the World Bank’s flagship reports such as Global Economic Prospects and Global Development Finance. I was a core team member of the Africa regional flagship report Leveraging Migration for Africa: Remittances, Skills, and Investments and co-edited a volume on Remittance Markets in Africa, published as part of the World Bank’s Directions in Development Finance series. I graduated with an M.A from the Delhi School of Economics and a Ph.D in Economics from Columbia University (New York).

This website contains some of my research during my time with IIM Ahmedabad and the World Bank, and some earlier research from my graduate school days.



Selected Publications

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, Taylor & Francis, 2017.

India's International Integration and Challenges to Sustaining Growth: Introduction, with A. Das, Colloquium in Vikalpa: The Journal for Decision Makers (forthcoming), Indian Institute of Management, Ahmedabad, and Sage Publications, 2017.

Quantitative Easing and the Post-Crisis Surge in Financial Flows to Developing Countries, with J. Lim, Journal of International Money and Finance, Elsevier, 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, Springer, Vol. 14(3), 2012.

Shadow Sovereign Ratings for Unrated Developing Countries, with D. Ratha and P. De, World Development, Elsevier, 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, Elsevier, 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

Institutional Quality and International Differences in Firm Productivity, with A. Issar and J. Lim, Indian Institute of Management, Ahmedabad (IIMA) 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 (IIMA) Working Paper 2017-04-02.

Global Risk and Demand for Gold by Central Banks, with B. Gopalakrishnan, Indian Institute of Management, Ahmedabad (IIMA) 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.

Migration, Taxation, and Inequality, with B. Moreno-Dodson and D. Ratha, Economic Premise, Number 80, World Bank Poverty Reduction and Economic Management Network, 2012.

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.

On the campus


  • Macroeconomics and Policy
  • Issues in International Finance
  • World Economy
  • Econometrics


News & Briefs

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

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


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