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Journal Articles

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Exchange Rate Regimes and Effects

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  • "Can Macroprudential Policies Moderate the Influence of Capital Flows on Real Exchange Rates?," International Review of Finance, 2022, Accepted and Forthcoming (with Tony Cavoli and Sasidaran Gopalan).

  • “House Price Decoupling in East Asia and the Pacific: Trilemma versus Dilemma Revisited,” International Review of Economics & Finance, 79, 2022, pp.518-539 (with Ruijie Cheng).

  • "Do Macroprudential Policies Counter Real Exchange Rate Appreciation in Emerging Markets?," The World Economy, 44(7), 2021, pp.2164-2187 (with Tony Cavoli and Sasidaran Gopalan).

  • “Monetary Trilemma, Dilemma or Something in Between?” International Finance, 23 (2), 2020, pp.257-276 (with Ruijie Cheng).

  • “The Impact of Financial Development on the Effectiveness of Inflation Targeting in Developing Economies” Japan and the World Economy, 50, pp.25-35, 2019 (with Alice Ouyang).

  • “Exchange Rate Policies in Asia in an Era of Financial Globalization: An Empirical Assessment,” The World Economy, 42, 2019, pp.1774-1795 (with Tony Cavoli and Sasidaran Gopalan).

  • “Does Inflation Targeting in Asia Reduce Exchange Volatility?” International Economic Journal, 30(2),  2016, pp.294-311 (with Alice Ouyang).

  • “Exchange Rate Regimes and Real Exchange Rate Volatility: Does Inflation Targeting Hurt?,” Japan and The World Economy, 39, 62-72, 2016 (With Alice Ouyang and Jie Li). 

  • “South Asian Exchange Rates Regimes: Fixed, Flexible or Something In-between?” South Asian Economic Journal, 14 (1), 2013, pp.1-15 (with Tony Cavoli).

  • “Real Exchange Rate Fluctuations and the Relative Importance of Nontradables“, Journal of International Money and Finance, 32 (C), 2013, pp.844-855 (with Alice Ouyang).

  •  “Management of Exchange Rate Regimes in Emerging Asia“, Review of Development Finance, 2 (2), 2012, pp.53-68.

  • “Real Exchange Rate Undervaluation, Resource Allocation and East Asian Growth”, Journal of International Development, 24 (4), 2012, pp.401-414 (with Javier Beverinotti).

  • “Managed Floating by Stealth: The Case of Taiwan“, Journal of the Asia Pacific Economy, 17 (3), 2012, pp.514-526 (with Tony Cavoli and Victor Pontines).

  • “Exchange Rate Regimes in Asia: Are they What they Claim to be?”, Economics Bulletin, 30 (4), 2010, pp.2864-2876 (with Tony Cavoli).

  • “Exchange Rate Pass-through in Korea and Thailand: Trends and Determinants”, Japan and the World Economy, 21 (1), 2009, pp.55-79 (with Amit Ghosh).

  • “What is the Extent of Exchange Rate Pass-through in Singapore?”, Journal of the Asia Pacific Economy, 14 (1), 2009, pp.61-72 (with Amit Ghosh).

  • “Export Price Pass-through in Three Open Asian Economies: A Comparative Analyses of Three Asian Economies”, Global Economic Review, 36 (3), 2008, pp.287-299 (with Amit Ghosh).

  • “Open Economy Inflation Targeting Arrangements and Monetary Policy Rules: Application to India”, India Growth and Development Review, 1 (2), 2008, pp.237-251 (with Tony Cavoli).

  • “Extent of Exchange Rate Flexibility in India”, India Macroeconomics Annual 2007, SAGE Publication, 2008, pp.125-140 (with Tony Cavoli).

  • “A Survey of Exchange Rate Pass-through in Asia: What does the Literature Tell us?”, Asian Pacific Economic Literature, 21 (2), 2007, pp.13-28 (with Amit Ghosh).

  • “How High is Exchange Rate Pass Through in India?”, Journal of International Trade and Development, 16 (3), 2007, pp.373-382 (with Amit Ghosh).

  • “Inflation Targeting Arrangements in Asia and Elsewhere: Exploring the Role of the Exchange Rate”, Briefing Notes in Economics No.74, September-October 2007 (with Tony Cavoli).

  • “Monetary Policy Rules for Small and Open Developing Economies: A Counterfactual Policy Analysis”, Journal of Economic Development, 31 (1), 2006, pp.89-111 (with Tony Cavoli).

  • “Why are Crisis-Induced Devaluations Contractionary?: Exploring Alternative Hypotheses”, Journal of Economic Integration, 21 (3), 2006, pp.526-550 (with Shen Chung-Hua). Winner of the Daeyang Prize of the best manuscript of the year.

  • “Choosing an Appropriate Exchange Rate Regime for Small and Open Emerging Economies”, Briefing Notes in Economics, 59 (January), 2004. Reprinted in Issues in Higher Education Volume 1, ICFAI University Press.

  • “Impact of Exchange Rate Volatility on Indonesia’s Trade Performance in the 1990s”, Journal of Japanese and International Economics, 18 (2), 2004, pp.218-40 (with Reza Siregar).

  • “Does Devaluation Lead to Economic Recovery or Economic Contraction?: Examining the Analytical Issues with Reference to Thailand”, Journal of International Development, 16 (2), 2004, pp.141-56 (with Graham Bird).

  • “Choice of Exchange Rate Regime: Currency Board (Hong Kong) or Monitoring Band (Singapore)?”, Australian Economic Papers, 41 (4), 2002, pp.538-56 (with Reza Siregar).

  • “Exchange Rate Policy Options for Southeast Asia: Is there a Case for Currency Baskets?”, The World Economy, 25 (1), 2002, pp.137-63.

  • “Optimal Currency Baskets and the Third Currency Phenomenon: Exchange Rate Policy in Southeast Asia”, Journal of International Development, 14 (8), 2002, pp.1053-73 (with Graham Bird).

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International Capital Flows, Controls and Reserves

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  • “Do Capital Controls Make Gross Equity Flows to Emerging Markets Less Volatile?” Journal of International Money and Finance, 59 (December), 2015, pp.220-244 (with Jie Li).

  • “Capital Inflows and the Interest Premium Problem: The Effects of Monetary Sterilisation in Selected Asian Economies,” International Review of Economics and Finance, 39, 2015, pp.1-18 (with Tony Cavoli).

  • “What Determines External Debt Tipping Points?”, Journal of Macroeconomics, 39 (A), 2014, pp.215-225 (with Alice Ouyang).

  • “Reserve Accumulation and Monetary Sterilization in Singapore and Taiwan”, Applied Economics, 43 (16), 2011, pp.2015-2031 (with Alice Ouyang).

  • “Foreign Exchange Intervention and Reserve Accumulation in Emerging Asia: Is there Evidence of Fear of Appreciation?”, Economics Letters, 111 (3), 2011, pp.252-255 (with Victor Pontines).

  • “China as a Reserve Sink: Estimating Offset and Sterilization Coefficients”, Journal of International Money and Finance, 29 (5), 2010, pp.951-972 (with Alice Ouyang and Tom Willett).

  • “India’s International Reserves – How Large and How Diversified?”, Global Economy Journal, 10 (3), 2010, pp.1-16 (with Sasidaran Gopalan).

  • “Managing Risks in a Volatile Environment: The Capital Inflows Problem in Asia”, Economia Internazionale, LX11 (3), 2009, pp.325-340 (with Tony Cavoli).

  • “Managing the Monetary Consequences of Reserve Accumulation in Emerging Asia”, Global Economic Review, 37 (2), 2008, pp.171-1999 (with Alice Ouyang and Tom Willett).

  • “Reserve Stockpiling and Managing its Liquidity Impact: The Case of India”, in Macroeconomics and Finance in Emerging Market Economies, 1 (1), 2008, pp.75-91 (with Alice Ouyang).

  • “Hong Kong’s Monetary Integration with Mainland China”, China and the World Economy, 15 (4), 2007, pp.17-34 (with Tony Cavoli).

  • “The Capital Inflows Problem in Selected Asian Economies in the 1990s Revisited”, Asian Economic Journal, 20 (4), 2006, pp.409-423 (with Tony Cavoli).

  • “Can High Reserves Offset Weak Fundamentals? A Simple Model of Precautionary Demand for Reserves”, Economia Internazionale, 59 (3), 2006, pp.317-328 (with Jie Li).

  • “Will the Greenback Remain the World’s Reserve Currency?”, Intereconomics, 41 (3), 2006, pp.124-128 (with Jose Kiran).

  • “Why was there a Pre-Crisis Capital Inflow Boom in Southeast Asia”, Journal of International Development, 15 (3), 2003, pp.1-19 (with Reza Siregar and Iman Sugema).

  • “Too Much of a Good Thing?: The Adequacy of International Reserves in the Aftermath of Crises”, The World Economy, 26 (6), 2003, pp.873-91 (with Graham Bird).

  • “Banks, Financial Liberalisation and Financial Crises in Emerging Markets”, The World Economy, 24 (7), 2001, pp.889-910 (with Graham Bird).

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Currency Crises, Monetary Policy and Banking Sector

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  • "Foreign Banks and Financial Inclusion in Emerging and Developing Economies: An Empirical Investigation,” Journal of International Development , 30(4), 2018, pp.559-583 (with Sasidaran Gopalan).  

  • "Does Foreign Bank Presence Affect Interest Rate Pass-Through in Emerging and Developing Economies?," Journal of Macroeconomics, 54, 2017, pp.373-292 (with Sasidaran Gopalan).

  • "The Great Monetary Gamble in India: Modi's Lee Kuan Yew Moment?," Asian Survey, 57 (5), 2017, pp.833-855 (with Sasidaran Gopalan). 

  • “Bank Lending and Monetary Policy Transmission in India”, International Journal of Economics & Business Research, 3 (5), 2011, pp.557-575 (with M.S. Islam).

  • “Financial Sector Deregulation in Emerging Asia: Focus on Foreign Bank Entry”, The Journal of World Investment and Trade, 11 (1), 2010, pp.91-108 (with Sasidaran Gopalan).

  • “Real Sector Shocks and Monetary Policy Responses in a Financially Vulnerable Emerging Economy”, Emerging Markets Finance and Trade, 44 (3), 2008, pp.21-33 (with Makarand Parulkar).

  • “Managing New Style Currency Crises: The Swan Diagram Revisited”, Journal of International Development, 19 (5), 2007, pp.583-606.

  • “Financial Crisis, Capital Outflows and Policy Responses”, Journal of Economic Education, 38 (1), 2007, pp.92-108.

  • “Banks, Maturity Mismatches and Liquidity Crises: A Simple Model”, Economia Internazionale, 56 (2), 2003, pp.185-92 (with Graham Bird).

  • “Banking Crisis, Restructuring and Liberalization in Emerging Economies: A Case-Study of Thailand”, Asia-Pacific Journal of Economics and Business, 7 (2), 2003, pp.53-78 (with Sakulrat Montreevat).

  • “The Collapse of the Thai Baht and a Simple “New” Second Generation Currency Crisis Model”, Economia Internazionale, 55 (1), 2002, pp.47-54 (with Iman Sugema).

  • “International Financial Liberalisation in Developing Countries: Lessons from Recent Experiences”, Economic and Political Weekly, 37 (29), July 20-26, 2002, pp.3017-21.

  • “Financial Crises and the Composition of International Capital Flows: Does FDI Guarantee Stability?”, Development Policy Review, 20 (2), 2002, pp.191-202 (with Graham Bird).

  • “Banks, Financial Liberalisation and Financial Crises in Emerging Markets”, The World Economy, 24 (7), 2002, pp.889-910 (with Graham Bird). 

  • “Coping With and Cashing In On Capital Volatility”, Journal of International Development, 13 (1), 2001, pp.1-23 (with Graham Bird).

  • “International Currency Taxation and Currency Stabilisation in Developing Countries”, Journal of Development Studies, 37 (3), 2001, pp.21-38 (with Graham Bird).

  • “Still the Weakest Link: The Domestic Financial System and Post-1998 Recovery in East Asia”, Development Policy Review, 19 (3), 2001, pp.355-66 (with Graham Bird).

  • “Restraining International Capital Flows: What does it Mean?”, Global Economic Quarterly, 1 (2), 2000, pp.57-80 (with Graham Bird).

  • “Banks, Maturity Mismatches and Liquidity Crises: A Simple Model”, Economia Internazionale, 56 (2), 2003, pp.185-92 (with Graham Bird).

  • “Government Bailouts and Monetary Disequilibrium: Common Fundamentals in the Mexican and East Asian Crises”, North American Journal of Economics and Finance, 11 (2), 2000, pp.123-35 (with Iman Sugema).

  • “Time to Reconsider the Tobin Tax Proposal?”, New Economy, 6 (4), 1999, pp.229-33 (with Graham Bird).

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Foreign Direct Investment Flows and Financing for Development

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  • "Does Digital Financial Inclusion Moderate or Exacerbate Output Volatility?" Applied Economics Letters, 2021, Accepted and Forthcoming (with Sasidaran Gopalan).

  • “Does Financial Inclusion Amplify Output Volatility in Emerging and Developing Economies?” Open Economies Review, 31, 2020, pp. 901–930 (with Sasidaran Gopalan and Tony Cavoli).

  • “Roads to Prosperity? Determinants of FDI in China and ASEAN,” The Chinese Economy, 52(4), 2019, pp.318-341 (with Sasidaran Gopalan and Luu Nguyen Trieu Duong). 

  • "Impact of Greenfield FDI versus M&As on Growth and Domestic Investment in Emerging Asia,” Economia Politica, 35(1), 2018, pp.41-70 (with Sasidaran Gopalan). 

  • “Has Foreign Aid Been Effective in the Water Supply and Sanitation Sector? Evidence from Panel Data,” World Development, 85, 2016, pp.84-104 (with Sasidaran Gopalan).

  • “Impact of Terrorism on Cross-Border Mergers and Acquisitions (M&As): Prevalence, Frequency and Intensity,” Open Economies Review, 28(1), 2016, pp.79-106 (With Alice Ouyang). 

  • “Revisiting Bilateral Foreign Direct Investment Inflows to BRIC Economies,” Global Policy, 7(4), November 2016, pp.510-520 (with Sasidaran Gopalan).

  • “Understanding Foreign Direct Investment in Indonesia,” Journal of International Trade Law and Policy, 15(1), pp.28-50, 2016 (with Sasidaran Gopalan and Rabin Hattari).

  • “Drivers of Intra-Regional M&As within Developing Asia,” Journal of the Asia Pacific Economy, 21 (1), 2016, pp.116-131 (with Jie Li and Rabin Hattari).

  • “Sources of Foreign Direct Investment Flows to Developing Asia: The Importance of Time Zone,” China Economic Policy Review, 1 (2), 2012, pp.1301-16. (with Rabin Hattari).

  • “Cross-border Investment Linkages among APEC Economies: The Case of Foreign Direct Investment“, Journal of Korea Trade, 15 (3), 2011, pp.89-123 (with Hyun-Hoon Lee).

  • “How Different are FDI and FPI Flows?”, Journal of Economic Integration, 26 (3), 2011, pp.499-525 (with Rabin Hattari).

  • “India as a Source of Capital: Focus on Outward Foreign Direct Investment”, Oxford Journal of Development Studies, 38 (4), 2010, pp.495-517 (with Rabin Hattari).

  • “Understanding FDI Flows in Developing Asia”, Asian Pacific Economic Literature, 23 (2), 2009, pp.73-93 (with Rabin Hattari).

  • “What Explains Intra-Asian FDI Flows: Do Distance and Trade Matter?”, Economics Bulletin, 29 (1), 2009, pp.122-128 (with Rabin Hattari).

  • “Foreign Direct Investment and Technology Transfer under Uncertainty in a Liberalizing Economy”, International Economic Journal, 23 (1), 2009, pp.23-41 (with Jie Li)

  • “The Importance of Workers’ Remittances as a Source of Development Finance”, Georgetown Journal of International Affairs, Winter/Spring, 2007, pp.43-9.

  • “FDI and the Internationalization of Production in the Asia-Pacific Region: Issues and Policy Conundrums”, Asia-Pacific Trade and Investment Review, 1 (1), 2005, pp.3-26.

  • “Financing Development in the Asia-Pacific Region: Trends and Linkages”, The Roles of Trade and Investment Policies in the Implementation of the Monterrey Consensus: Regional Perspectives, Studies in Trade and Investment No.55, 2005, pp.21-65.

  • “Measures to Attract Foreign Direct Investment: Investment Promotion, Incentives”, Economic and Political Weekly, 39, January 3, 2004, pp.12-16.

  • “Are Multinational Sales to Affiliates in High Tax Countries Overpriced? A Simple Illustration”, Economia Internazionale, 53 (4), pp.551-7, 2000.

  • “Liberalization and Foreign Capital Flows in the Presence of Uncertainty and Irreversibility: Theory and Policy Considerations”, Development and International Cooperation, 10 (19), pp.75-98, 1994.

  • “The Effects of Policy Uncertainty on the Choice and Timing of Foreign Direct Investment: An Exploratory Firm-Level Analysis”, Journal of Economic Development, 23 (1), pp.37-56, 1998 (with Sanjay Marwah).

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Asian Monetary and Financial Regionalism

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  • “The Asian Currency Unit (ACU): Exploring Alternative Currency Weights”, Macroeconomics and Finance in Emerging Market Economies, 1 (2), 2008, pp.269-278 (with Victor Pontines).

  • “Monetary and Financial Cooperation in Asia: Taking Stock of Recent On-goings”, International Relations of the Asia-Pacific, 8 (1), 2008, pp.31-45.

  • “The Political Economy of Sequencing: The Trade and Monetary Components of Regional Integration”, North American Journal of Economic and Finance, 17 (3), 2006, pp.335-341 (with Graham Bird).

  • “Precautionary Demand for Reserve Holdings in Asia: Examining the Case for a Regional Reserve Pool”, Asia-Pacific Journal of Economics and Business, 5 (12), 2005, pp.21-39 (with Reza Siregar and Graham Bird).

  • “Regional Arrangements for Providing Liquidity in a Financial Crisis?: Developments in East Asia”, The Pacific Review, 15 (3), 2002, pp.359-80 (with Graham Bird).

  • “The Economics and Politics of Monetary Regionalism in Asia”, ASEAN Economic Bulletin, Special Focus Issue on Globalization, R. Rajan (ed.), 18 (1), 2001, pp.103-18 (with Chang Li Lin).

  • “Asian Monetary Regionalism as a Way Towards Financial Stability”, Northwestern Journal of International Affairs, 3 (Winter), 2001, pp.33-8.

  • “The IMF and Reform of the International Financial Architecture”, Economic and Political Weekly, 36 (50), 2001.

  • “Regional Versus Multilateral Solutions to Transboundary Environmental Problems: Insights from the Southeast Asian Haze”, The World Economy, 24 (5), 2001, pp.655-71 (with Chang Li Lin).

  • “The IMF and Reform of the International Financial Architecture”, Economic and Political Weekly, 36 (50), 2001.

  • “Is there a Case for An Asian Monetary Fund?”, World Economics, 1 (2), 2000, pp.135-43 (with Graham Bird).

  • “Regional Responses to the Southeast Asian Crisis: A Case of Self-Help or No Help?”, Australian Journal of International Affairs, 53 (3), 1999, pp.261-81 (with Chang Li Lin).

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Economic Globalization and Trade

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  • “Trade configurations in Asia: Assessing de facto and de jure regionalism,” The World Economy, 43(4), 2020, pp.1034-1058 (with Sasidaran Gopalan and Luu Nguyen Trieu Duong). 

  • “Global Outsourcing of Services”, Harvard Asia-Pacific Review, 9 (1), 2007, pp.39-40 (with Sadhana Srivastava).

  • “Trade Liberalization and the New Regionalism in the Asia-Pacific: Taking Stock of Recent Events”, International Relations of the Asia-Pacific, 5 (2), 2005, pp.1-17.

  • “Liberalization of Market Access in GATS Mode 4 and its Importance for Developing Countries”, Asia-Pacific Trade and Investment Review, 1 (2), 2005, pp.101-7 (with Rahul Sen).

  • “Singapore and the New Regionalism: Bilateral Trade Linkages with Japan and the US”, The World Economy, 26 (9), 2003, pp.1325-56 (with Rahul Sen and Reza Siregar).

  • “Liberalisation of Financial Services in Southeast Asia Under the ASEAN Framework Agreement on Services (AFAS)”, Journal of International Banking Law, 18 (3), 2003, pp.132-4 (with Rahul Sen).

  • "Emergence of China as an Economic Power: What Does it Imply for Southeast Asia?”, Economic and Political Weekly, 38 (26), June 28, 2003, pp.2639-44.

  • “Will Asian Economies Gain from Liberalizing Trade in Services?”, Journal of World Trade, 36 (6), 2002, pp.1061-1069 (with Graham Bird).

  • “Trade Liberalization and Poverty: Revisiting the Age-Old Debate”, Economic and Political Weekly, 37 (49), 2002, pp.4941-46.

  • “A Decade of Trade Reforms in India: How it Compares with East Asia”, World Economics, 3 (4), 2002, pp.1-14 (with Rahul Sen).

  • “Liberalisation of International Trade in Financial Services in Selected Asian Economies”, Journal of International Financial Markets, 4 (5) 2002, pp.170-80 (with Rahul Sen).

  • “Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?”, The World Economy, 25 (4), 2002, pp.503-37 (with Rahul Sen and Reza Siregar).

  • “Economic Globalization: How Far and How Much Further?”, World Economics, 2 (3), 2001, pp.1-18 (with Graham Bird).

  • “Economic Globalization and Asia: Trade, Finance and Taxation”, ASEAN Economic Bulletin, Special Focus Issue on Globalization, R. Rajan (ed.), 18 (1), 2001, pp.1-11.

  • “Measures of Intra-Industry Trade (IIT) Reconsidered with Reference to Singapore’s Bilateral IIT with Japan and the US”, Weltwirtschaftliches Archiv, 132 (2), 1996, pp.378-89.

  • “On the Welfare Effects of a Customs Union Versus Unilateral Trade Policies under Scale Economies and Product Homogeneity”, Journal of Economic Integration, 11 (3), 1996, pp.300-31.

  • “Singapore’s Bilateral Merchandise Trade Linkages with Japan and the US”, Asian Economic Journal, 10 (2), 1996, pp.378-89.

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Ad-Hoc Issues

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  • “Estimating Provincial Agricultural Total Factor Productivity in Mainland China,” International Journal of Business Performance Management, 17(4), 2016, pp.394-412 (with Tan Khee Giap and Suo Haoran).

  • “Agricultural Productivity in Indonesian Provinces,” International Journal of Asian Business and Information Management, 7 (3), 2016, pp.26-39 (with Tan Khee Giap Tan Nurina Merdikawati). 

  • “How Productive is the Agricultural Sector across Indian States?,” International Journal of Development Issues, 14 (3), 2015, pp.231 – 248 (with Tan Khee Giap and Kartik Rao).

  • “Fiscal Sustainability in Selected Developing ASEAN Economies“, International Journal of Public Policy, 11, (4/5/6), 2015, pp.186-203 (with Khee Giap Tan and Kong Yam Tan). 

  • “Fiscal Discipline and Competitiveness in Newly Industrialised Economies: Lessons from the Nordics Model“, International Journal of Sustainable Economy, 7(2), 2015, pp.118-139  (with Khee Giap Tan and Kong Yam Tan)

  • “ASEAN-India Economic Relations: Current Status and Future Prospects”, Economic and Political Weekly, Special Article, July 17, 2004, pp.3296-307 (with Mukul Asher and Rahul Sen).

  • “Regional Economic Cooperation Involving Developing Countries In The Post-Cold War World: Lessons From the Asia Pacific”, Development and International Cooperation, 10 (21), 1995, pp.383-404.

  • “Towards an Indian Ocean Economic Alliance: Commentary on Membership Issues”, Australian Journal of International Affairs, 51 (2), 1997, pp.195-213 (with Sanjay Marwah).

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