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Recent and Forthcoming Publications

Latest Book 

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Selected Journal Articles (Since 2017)

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  1. Cavoli, T., Gopalan, S. and Rajan, R.S. (2022). "Can Macroprudential Policies Moderate the Influence of Capital Flows on Real Exchange Rates? Empirical Evidence from Emerging Markets" International Review of Finance, https://doi.org/10.1111/irfi.12369 

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

  3. Gopalan, S., and Rajan, R.S. (2021). “Does Digital Financial Inclusion Moderate or Exacerbate Output Volatility?,” Applied Economics Letters,  https://doi.org/10.1080/13504851.2021.1963400

  4. Cavoli, T., Gopalan, S. and Rajan, R.S. (2021). "Do Macroprudential Policies Counter Real Exchange Rate Appreciation in Emerging Markets?," The World Economy, 44(7), pp.2164-2187.

  5. Cavoli, T. Gopalan, S. and Rajan, R.S. (2020). “Financial Inclusion and Output Volatility: An Empirical Investigation,” Open Economies Review , 31, pp.901–930.

  6. Gopalan, S., Luu, N.T.D. and Rajan, R.S. (2019). "Trade Configurations in Asia: Assessing De Facto and De Jure Regionalism," The World Economy , 43(4), pp.1034-1058.

  7. Cheng, R. and Rajan, R.S. (2020). "Monetary Trilemma, Dilemma or Something in Between?," International Finance, 23(2), pp.257-276. 

  8. Ouyang, A. and Rajan, R.S. (2019). "The Impact of Financial Development on the Effectiveness of Inflation Targeting in Developing Economies” Japan and the World Economy, 50, pp.25-35.

  9. Cavoli, T., Gopalan, S., and Rajan, R.S. (2019). “Exchange Rate Policies in Asia in an Era of Financial Globalization: An Empirical Assessment,” The World Economy, 42, pp.1774-1795.

  10. Gopalan, S., Rajan, R.S., and Luu, N.T.D. (2019). “Roads to Prosperity? Determinants of FDI in China and ASEAN,” The Chinese Economy, 52(4), pp.318-341.

  11. Gopalan, S. and Rajan, R.S. (2018). “Foreign Banks and Financial Inclusion in Emerging and Developing Economies: An Empirical Investigation,” Journal of International Development, 30(4), pp.559-583.

  12. Gopalan, S., Ouyang, A. and Rajan, R.S. (2018). “Impact of Greenfield FDI versus M&As on Growth and Domestic Investment in Emerging Asia,” Economia Politica, 35(1), pp.41-70.

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

  14. Gopalan, S. and Rajan, R.S. (2017). "The Great Monetary Gamble in India: Modi's Lee Kuan Yew Moment?," Asian Survey, 57(5): 833-855, September/October. 

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Recent Op-Eds (Since 2020)

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  1. Gopalan, S. and Rajan, R.S. (2022). "Leveraging Digital Economy Agreements for a Durable Post-Covid Recovery" Business Times, May  09, 2022.

  2. Park, C.Y and Rajan, R.S. (2021). "Asia can do with a booster shot for its Covid-19-hit financial system" Straits Times, November  23, 2021.

  3. Rajan, R.S. and Gupta, B. (2021). "Time to consider a wealth tax for Singapore" Straits Times, September 14, 2021

  4. Rajan, R.S. and Gupta, B. (2021). "Is South-east Asia ready for the Chinese Big Tech Wave?" Straits Times, August 24, 2021.

  5. Rajan, R.S. and Gupta, B. (2021). "RBI's Role in Mitigating Climate Risks' Impact" The Hindu Business Line, August 02, 2021.

  6. Rajan, R.S. and Gupta, B. (2021). "Climate Risks: Central Banks to the Rescue?" Straits Times, June 29, 2021.

  7. Rajan, R.S. and Gupta, B. (2021). "Digitalisation of Banks in Asean Holds Allure but..." Business Times, April 08, 2021.

  8. Rajan, R.S. and Gupta, B. (2021). "Asian Central Banks are Ahead of the Green Curve," Business Times, February 16, 2021.

  9. Rajan, R.S. and Cheng, R. (2020). “Domestic and Global Implications of Central Bank Digital Currencies” Business Times, November 18, 2020.

  10. Rajan, R.S. and Cheng, R. (2020). “List Best Practices for Use of Macro-prudential Policies in Housing Market” Business Times, October 14, 2020.

  11. Rajan, R.S. and Gopalan, S. (2020). “Covid-19 shows up Asia’s Vulnerability to a Strong Dollar in a Crisis” South China Morning Post, September 21, 2020.

  12. Rajan, R.S. and Gopalan, S. (2020). “Does Covid-19 Mark the Death of Financial Globalisation?” Business Times, September 17, 2020.

  13. Rajan, R.S. (2020). “The Impact of Covid-19 on the Financial System” Business Times, August 19, 2020.

  14. Rajan, R.S. (2020). “Tale of Two Cities and Two Exchange Rate Regimes” Business Times, July 24, 2020.

  15. Rajan, R.S. and Gopalan, S. (2020). “Why Asia’s Rapidly Growing Bond Markets are Still Vulnerable to Financial Stress” South China Morning Post, July 15, 2020.

  16. Rajan, R.S. and Gupta, B. (2020). "Can the Global Financial Safety Net Rescue Asia?" Straits Times, July 11, 2020.  

  17. Rajan, R.S. and Gopalan, S. (2020). “COVID-19 and India's Fiscal Conundrum” The Hindu, May 05, 2020.

  18. Gopalan, S. and Rajan, R.S. (2020). “Doing Whatever It Takes: Understanding the COVID-19 Stimulus Calculus,” Global Policy Opinion, April 15, 2020.

  19. Rajan, R.S. and Gopalan, S. (2020). ​“Covid-19: Another Blow to India’s Economy,” The Hindu Business Line, March 30, 2020.

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