Sengupta Rajeswari

Sengupta Rajeswari

Office Telephone : +91-22-28416542
Email id : rajeswari@igidr.ac.in
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Dr. Sengupta’s research focuses on policy-relevant issues of emerging economies in general and India in particular, in the fields of international finance, open economy macroeconomics, monetary policy, and financial markets and regulations. She has recently been exploring several issues pertaining to the Indian economy such as the evolution of the macroeconomic trilemma, monetary policy transmission channels, issues in the measurement of Indian GDP, the twin balance sheet crisis in the banking and corporate sectors, and the financial constraints faced by Indian firms. She has also been working on corporate insolvency and bankruptcy reforms in India as part of the research secretariat of the Bankruptcy Law Reforms Committee, set up by the Ministry of Finance in 2014. In the past she has held research positions at the Institute for Financial Management and Research (IFMR) in Chennai, Reserve Bank of India in Delhi, and the World Bank and the International Monetary Fund (IMF) in Washington DC. She has published in reputed international journals such as Economic Policy, Journal of International Money and Finance, The World Economy, Emerging Markets Review, Pacific Economic Review, and Open Economies Review as well as the Economic and Political Weekly in India. Dr. Sengupta completed her M.A. and Ph.D. in Economics from the University of California, Santa Cruz (UCSC). She holds two previous degrees in Economics from India, a Bachelors degree from Presidency College, Calcutta and a Masters from Delhi School of Economics.

Journal Publications:

  • "Non-performing assets in Indian Banks: This time it is different?," (with Harsh Vardhan), Economic and Political Weekly, March 2017.
  • "Is India ready for inflation targeting," (with Abhijit Sen Gupta), Global Economy Journal, September 2016
  • "Corporate Insolvency Resolution in India: Lessons from a cross-country comparison," (with Anjali Sharma), Economic and Political Weekly, April 2016.
  • “U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull," (With John Burger, Frank Warnock, and Veronica Warnock)- Economic Policy, October 2015.
  • “Impact of Exchange Rate Movements on Exports: An Analysis of Indian Manufacturing Firms” (With Yin-Wong Cheung)- Journal of International Money and Finance, December 2013.
  • “Dove or Hawk? Characterizing Monetary Regime Switches During Financial Liberalization in India” (with Nirvikar Singh and Michael Hutchison)- Emerging Markets Review, September 2013.
  • “The Financial Trilemma in China and a Comparative Analysis with India” (with Joshua Aizenman)- Pacific Economic Review, May 2013.
  • “India’s Trilemma: Financial Liberalization, Exchange Rates and Monetary Policy” (with Nirvikar Singh and Michael Hutchison)- The World Economy, January 2012.
  • “Global Imbalances: Is Germany the new China? A Skeptical View” (With Joshua Aizenman)- Open Economies Review, July 2011.
  • “Accumulation of Reserves and Keeping Up with the Joneses: The Case of LATAM Economies” (with Yin Wong Cheung)– International Review of Economics and Finance, January 2011.
  • “Estimating a Monetary Policy Rule for India” (with Nirvikar Singh and Michael Hutchison)- Economic and Political Weekly, September 2010.

Working Papers

  • “Monetary Transmission in Developing Countries: Evidence from India," (with Peter Montiel and Prachi Mishra)- IMF Working Paper, August 2016.
  • "Evolution of the insolvency framework for non-financial firms in India," (With Anjali Sharma and Susan Thomas), Indira Gandhi Institute of Development Research, Mumbai Working Papers 2016-018, June 2016.
  • "Is there a case for exchange rate co-ordination in South Asia", (With Abhijit Sen Gupta), Indira Gandhi Institute of Development Research, Mumbai Working Papers 2016-001, January 2016.
  • "Corporate Insolvency Resolution in India: Lessons from a cross-country comparison," (with Anjali Sharma)- Indira Gandhi Institute of Development Research, Mumbai Working Papers 2015-029, December 2015.
  • “Capital Flows and Capital Account Management in Selected Asian Economies," (With Abhijit Sen Gupta)- CIGI Working Paper No. 9 in the 'New Thinking and the New G20' Series, April 2015.
  • “The Impossible Trinity-Where does India stand?”, IGIDR Working Paper, March 2015.
  • “U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull," (With John Burger, Frank Warnock, and Veronica Warnock)- NBER Working Paper No. 20571, October 2014.
  • “Corporate Debt Market in India: Lessons from the South African Experience,” (With Vaibhav Anand)- Indira Gandhi Institute of Development Research, Mumbai, Working Papers, 2014-029, July 2014.
  • “Is India ready for inflation-targeting?," (with Abhijit Sen Gupta)- Indira Gandhi Institute of Development Research, Mumbai Working Papers 2014-019, June 2014.
  • “Impact of Exchange Rate Movements on Exports-An Analysis of Indian Non-Financial Sector Firms” (with Yin-Wong Cheung)- CESifo Working Paper No. 4214, May 2013.
  • “Firm dollar debt and central bank dollar reserves: Empirical evidence from Latin America," Indira Gandhi Institute of Development Research, Mumbai, Working Papers 2014-013, April 2014.
  • “Management of Capital Flows in India-1990 to 2011” (With Abhijit Sen Gupta)- ADB South Asia Working Paper Series, No. 17, March 2013.

Book Chapters

  • “Capital Flows and Capital Account Management in Selected Asian Economies," (With Abhijit Sen Gupta) in "Global Financial Governance Confronts the Rising Powers: Emerging Perspectives on the New G20", edited by C. Randall Henning and Andrew Walter, 2016
  • “The Impossible Trinity-Where does India stand?”—in ‘International Trade and International Finance: Explorations on Contemporary Issues’, edited by Malabika Roy and Saikat Sinha Roy, 2016.
  • "Monetary Transmission in Developing Countries: Evidence from India," (with Peter Montiel and Prachi Mishra)-- in ‘Monetary Policy in India: A Modern Macroeconomic Perspective’, edited by Chetan Ghate and Kenneth Kletzer, 2016
  • "Evolution of the insolvency framework for non-financial firms in India," (with Anjali Sharma and Susan Thomas)—forthcoming in India Development Report, 2016-17.
  • "Capital Account Management in India," (with Abhijit Sen Gupta)- Money, Banking and Finance 2016, (editors) Partha Ray, Saibal Ghosh and Rohit, published by Economic and Political Weekly, March 2016.
  • Corporate Debt Market in India-Issues and Challenges” (With Vaibhav Anand)—India Development Report, 2014-15.
  • “Negotiating the Trilemma and Reserve Management in an Era of Volatile Capital Flows” (With Abhijit Sen Gupta)– in ‘Managing Capital Flows-Issues in Selected Emerging Market Economies, (editors) Bruno Carrasco, Subir Gokarn, and Hiranya Mukhopadhyay, published by Oxford University Press, September 2014.
  • “Policy Tradeoffs in an Open Economy and the Role of G-20 in Global Macroeconomic Policy Coordination” (With Abhijit Sen Gupta) –in ‘Global Cooperation Among G20 Countries’, An ICRIER-G20 Conference Volume published by Springer Verlag, January 2014.

Blog Articles

Media Articles

Research papers :

  • "Leverage Cyclicality of Indian firms" (With Arpita Pattanaik)
  • "Impossible Trilemma in China and India” (With Joshua Aizenman)
  • "Exchange Market Pressure Index in India” (With Ila Patnaik)
  • "Issues with GDP data revisions in India" (Amey Sapre)

Policy papers :

  • "Bank financing of stressed firms in India" (with Anjali Sharma)

  • Member of the research secretariat for the Bankuptcy Legislative Reforms Committee (BLRC).

  • Macroeconomics II (January-April, 2015, 2016, 2017)
  • Foundation course on "Impossible Trinity" and "Macroeconomic Stabilisation" at The Lal Bahadur Shastri National Academy of Administration (LBSNAA), Mussoorie (December 2015, November 2016)
  • Guest lectures on "Monetary Policy, Financial market reforms and Open economy macro", in the Indian Economy course for MSc. 2nd year batch at IGIDR (October 2014, October 2015)
  • Course on "Introductory Macroeconomics" at Takshashila Institution (July, 2017).
  • Lecture on "State vs. Markets" at the iPolicy program of Centre for Civil Society (2016, 2017).