Sengupta Rajeswari

Sengupta Rajeswari

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Rajeswari Sengupta’s research focuses on policy-relevant issues of emerging economies in general and India in particular, in the fields of empirical macroeconomics, international finance, monetary policy, banking and financial institutions, firm financing and national accounts measurement.

In the past she has held research positions at the Institute for Financial Management and Research (IFMR) in Chennai, San Francisco Federal Reserve, the World Bank, the International Monetary Fund (IMF) in Washington DC and Reserve Bank of India, Delhi. She was a member of the research secretariat to the Bankruptcy Law Reforms Committee that drafted India's Insolvency and Bankruptcy Code (IBC, 2016). She has published in reputed international journals such as Journal of Money, Credit and Banking, Economic Policy, Journal of International Money and Finance, The World Economy, Emerging Markets Review, Pacific Economic Review, Open Economies Review as well as the Economic and Political Weekly in India. She has also written chapters in various books published by the Asian Development Bank, G20, the Centre for International Governance Innovation (CIGI), among others.

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.



  • "Impact of RBI's monetary policy announcements on government bond yields: Evidence from the pandemic", (with Aeimit Lakdawala and Bhanu Pratap), Indian Economic Review, May 2023.


  • "Measuring Monetary Policy Shocks in Emerging Economies: Evidence from India," (with Aeimit Lakdawala), forthcoming in Journal of Money, Credit and Banking.


  • "Analysing India's Exchange Rate Regime", (with Ila Patnaik), India Policy Forum, 2021.
  • "External Shocks, Cross Border Flows and Macroeconomic Risks in Emerging Market Economies", (with Ashima Goyal and Akhilesh Verma), Empirical Economics, July 2021.
  • "Inter-linkages between External Debt Financing, Credit Cycles and Output Fluctuations in Emerging Market Economies", (with Akhilesh Verma), Review of World Economics, June 2021.
  • "Productivity growth in Indian banking: Who did the gains accrue to?", (with Harsh Vardhan), India Review, June 2021.
  • "An Analysis of Fiscal Scenarios in the Indian Economy for 2020-21", (with Ila Patnaik), Indian Public Policy Review: A Journal of Economics, Politics and Strategy (IPPR), August 2020.
  • "Regime shifts in Indian Monetary Policy and Tenures of RBI Governors", (with Utso Pal Mustafi), Economic and Political Weekly, March 2020.
  • "Four years after the Base-Year Revision:Taking stock of the debate surrounding India's National Accounts Estimates", (with R Nagaraj and Amey Sapre), India Policy Forum, 2019.
  • "Legal restrictions on foreign institutional investors in a large, emerging economy: a comprehensive dataset", (with Radhika Pandey, Aatmin Shah, and Bhargavi Zaveri), Data in Brief, Open Access Journal, November 2019.
  • "Alternate instruments to manage the capital flow conundrum: A study of selected Asian economies", (with Abhijit Sen Gupta), Pacific Economic Review, May 2019.
  • "An analysis of revisions in India GDP data", (with Amey Sapre), World Economics, December 2017.
  • "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.
  • "Capital Account Management in India", (with Abhijit Sen Gupta), Economic and Political Weekly, March 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.




  • Bankruptcy regime change and credit risk premium on corporate bonds: Evidence from the Indian Economy (with Harsh Vardhan), Indira Gandhi Institute of Development Research, Mumbai Working Papers 2023-001, January 2023.


  • "Assessing Central Bank Commitment to Inflation Targeting:Evidence From Financial Market Expectations in India", (with Vaishali Garga and Aeimit Lakdawala), Indira Gandhi Institute of Development Research Working Papers, 2022-017, October 2022, IGIDR, Mumbai.
  • "Saved by the bell? Equity market responses to surprise Covid-19 lockdowns and central bank interventions", (with Aakriti Mathur and Bhanu Pratap), Indira Gandhi Institute of Development Research Working Papers, 2022-001, March 2022, IGIDR, Mumbai.
  • "Capital account openness in India and a comparison with China: Then versus now", (with Nidhi Aggarwal and Sanchit Arora), Indira Gandhi Institute of Development Research Working Papers, 2022-005, May 2022, IGIDR, Mumbai.


  • "A Study of the Non-Banking Finance Companies in India", (with Lei Lei Song and Harsh Vardhan), ADB South Asia Working Paper Series, No. 83, October 2021.
  • "Capital account liberalisation in a large emerging economy: An analysis of onshore-offshore arbitrage", (with Nidhi Aggarwal and Sanchit Arora), Indira Gandhi Institute of Development Research Working Papers, 2021-13, IGIDR, Mumbai, April 2021.
  • "Are more productive banks always better?" (with Harsh Vardhan), Indira Gandhi Institute of Development Research Working Papers, 2020-27,IGIDR, Mumbai, August 2020.
  • "Evolution of capital controls on foreign institutional investment in India", (with Radhika Pandey, Aatmin Shah, and Bhargavi Zaveri), Indira Gandhi Institute of Development Research Working Papers, 2019-34, IGIDR, Mumbai, December 2019.
  • "Analysing monetary policy statements of the Reserve Bank of India", (with Aakriti Mathur), Graduate Institute of International and Development Studies Working Paper, No. 08-2019, Graduate Institute of International and Development Studies, Geneva.
  • "Business cycle effect on leverage: A study of Indian non-financial firms", (with Arpita Pattanaik)," Indira Gandhi Institute of Development Research Working Papers, 2019-001, IGIDR, Mumbai, January 2019.
  • "Monetary Transmission in Developing Countries: Evidence from India", (with Peter Montiel and Prachi Mishra), International Monetary Fund Working Paper, August 2016, IMF, Washington DC.
  • "Is there a case for exchange rate co-ordination in South Asia", (With Abhijit Sen Gupta), Indira Gandhi Institute of Development Research Working Papers, IGIDR, Mumbai, 2016-001, January 2016.
  • "Capital Flows and Capital Account Management in Selected Asian Economies," (with Abhijit Sen Gupta), CIGI Working Paper 9 in the 'New Thinking and the New G20' Series, April 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 Working Papers, 2014-029, IGIDR, Mumbai, July 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 Working Papers 2014-013, IGIDR, Mumbai, April 2014.
  • "Management of Capital Flows in India-1990 to 2011", (With Abhijit Sen Gupta), Asian Development Bank South Asia Working Paper Series, No. 17, March 2013.



  • "The Indian economy in the post-pandemic world: Opportunities and Challenges”, (with S. Mahendra Dev), forthcoming in India’s Contemporary Macroeconomic Themes, honouring and celebrating Dr. C. Rangarajan’s 90th Birth Anniversary, published by Springer.
  • "India's credit landscape in a post-pandemic world", (with Harsh Vardhan), forthcoming in Contextualizing the COVID pandemic in India: A Development Perspective, published by Springer.
  • "Covid-19 Pandemic: Impact, Recovery, and the Road Ahead for the Indian Economy", (with S Mahendra Dev), India Development Report, 2020-21.
  • "Covid-19: Impact on the Indian Economy", (with S. Mahendra Dev), India Development Report, 2020-21.
  • "Evolution of the insolvency framework for non-financial firms in India", (with Anjali Sharma and Susan Thomas), in the India Development Report, 2017.
  • "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.
  • "Corporate Debt Market in India-Issues and Challenges", (with Vaibhav Anand), in 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.

  • Transmission of monetary policy through the banking sector in India, (with Harsh Vardhan).
  • Anomalies of corporate bond pricing in India, (with Harsh Vardhan).
  • Bank-level responses to monetary policy announcements in India, (with Aeimit Lakdawala, Vaishali Garga and Harsh Vardhan).
  • Determinants of trade credit for Indian non-financial firms (with Susan Thomas).
  • How robust is the Taylor Rule in India? (with Vaishali Garga).
  • Impact of exchange rate fluctuations on exports: Evidence from the Indian economy, (with Purna Banerjee and C. Veeramani).
  • Analysing Trilemma configurations in Sri Lanka, (with Utsav Kumar).
  • Convergence of headline and core inflation: A state-level analysis in India, (with Gautham Udupa and B. Yogeshwar).
  • Monetary policy and cost of capital: A study of Indian non-financial firms, (with Manish Singh).

  • Member of the Standing Committee on Centralised Information Management System (CIMS) at the Reserve Bank of India - May 2019- Present.
  • Member of the research secretariat for the Bankuptcy Law Legislative Reforms Committee (BLRC)- April-November, 2015.

  • Growth and Fluctuations: An empirical perspective (2020, 2021)
  • Macroeconomics I (2018- 2020)
  • Macroeconomics II (2015-2017)
  • Guest lectures on "Monetary Policy, Financial market reforms and Open economy macro", in the Indian Economy course for MSc. 2nd-year batch (2014, 2015)