Sengupta Rajeswari

Sengupta Rajeswari

Office Telephone : +91-22-69096542
Email id : rajeswari@igidr.ac.in
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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 international finance, open economy macroeconomics, monetary policy, banking, economic measurement and financial markets. She has recently been exploring several issues pertaining to the Indian economy such as different aspects of the macroeconomic trilemma, analysing monetary policy communication of the Reserve Bank of India, monetary policy transmission channels, issues in the measurement of Indian GDP, productivity issues in the banking sector, the twin balance sheet crisis in the banking and corporate sectors, and the financial constraints faced by Indian firms. She was a member of the research secretariat to the Bankruptcy Law Reforms Committee that drafted India's Insolvency and Bankruptcy Code (IBC, 2016).

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 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, 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.

JOURNAL PUBLICATIONS

2021

  • "Analysing India's Exchange Rate Regime," (with Ila Patnaik), forthcoming in 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.

  
2020

  
2019

 
2017

 
2016

 
2010-2015

WORKING PAPERS

2021

  • "A Study of the Non-Banking Finance Companies in India", (with Lei Lei Song and Harsh Vardhan), forthcoming, ADB Working Paper Series, Asian Development Bank.
  • "Analysing India’s Exchange Rate Regime" (with Ila Patnaik), Indira Gandhi Institute of Development Research Working Papers, 2021-022, August 2021, IGIDR, Mumbai.
  • "Measuring monetary policy shocks in India" (with Aeimit Lakdawala), Indira Gandhi Institute of Development Research Working Papers, 2021-021, August 2021, IGIDR, Mumbai.
  • "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, April 2021, IGIDR, Mumbai.
  • "Four years after the Base-Year Revision:Taking stock of the debate surrounding India’s National Accounts Estimates" (with R Nagaraj and Amey Sapre), Indira Gandhi Institute of Development Research Working Papers, 2021-006, February 2021, IGIDR, Mumbai.

 
2020

 
2019

 
2017

 
2016

  • "Monetary Transmission in Developing Countries: Evidence from India," (with Arpita Pattanaik)," (with Peter Montiel and Prachi Mishra), International Monetary Fund Working Paper, August 2016, IMF, Washington DC.
  • "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.

 
2015

  • "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 9 in the 'New Thinking and the New G20' Series, April 2015.
  • "The Impossible Trinity-Where does India stand?" IGIDR Working Paper, March 2015.

 
2013-2014

  • "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), Asian Development Bank South Asia Working Paper Series, No. 17, March 2013.

 
BOOK CHAPTERS

2016-2021

  • "Covid-19: Impact on the Indian Economy" (with S. Mahendra Dev), Forthcoming in the India Development Report, 2020-21
  • "Four Years after the Base-Year Revision: Taking Stock of the Debate Surrounding India’s National Income Estimates" (with Amey Sapre and R. Nagaraj), Forthcoming in the India Policy Forum, 2019.
  • "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

 
2014-2015

  • "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.

  • "Saved by the bell? Equity market responses to surprise Covid-19 lockdowns and central bank interventions", (with Aakriti Mathur and Bhanu Pratap).
  • "Transmission of monetary policy through the banking sector in India" (with Harsh Vardhan).
  • Motivations and Impact of capital controls on foreign portfolio investment: Evidence from India" (with Radhika Pandey)
  • "The dynamics of corporate bond pricing in India" (with Harsh Vardhan)
  • Bank-level responses to monetary policy announcements in India”, (with Harsh Vardhan and Aeimit Lakdawala).
  • "Impact of monetary policy announcements on the Indian bond market", (with Aeimit Lakdawala)

  • 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.

  • Macroeconomics I (2018- Present), IGIDR.
  • Macroeconomics II (January-April, 2015, 2016, 2017), IGIDR.
  • 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 (2017-2020).
  • Lecture on "State vs. Markets" at the iPolicy program of the Centre for Civil Society (2016-2019).