Policy Briefs and Op-Eds

Policy Briefs and Op-eds
(Reverse chronological order)

  1. "Time to Re-look Monetary Policy in Singapore?" The Business Times (Singapore), January 18, 2017. Reprinted as "Time to Rejig Monetary Policy in Singapore?" The New Paper (Singapore), January 19, 2017.
  2. "Revisiting the Singapore-India DTAA" The Business Times (Singapore), January 10, 2017 (with Sasidaran Gopalan).
  3. "4 Things Singapore Can Do In The Face of Deglobalisation" The Business Times (Singapore), December 16, 2016 (with Sasidaran Gopalan). 
  4. “Shifting Narrative on the Rupee Demonetisation," The Business Times (Singapore), December 9, 2016 (with Sasidaran Gopalan).
  5. "Singapore's Unique Tack on Financial Globalisation," The Business Times (Singapore), November 24, 2016.
  6. "Travails of Inflation Targeting," Financial Express, October 22, 2016 (With Sasidaran Gopalan).
  7. "MPH: Cornerstones of Singapore's Success," The Business Times (Singapore), September 26, 2016. 
  8. “Monetary Policy Transmission: Visible Disconnect,” eSocialSciences (The Sunday Edit), August 16, 2015 (with Sasidaran Gopalan).
  9.  “For a Better Interest Rate Transmission,” Financial Express,  August 05, 2015 (with Sasidaran Gopalan).
  10. “Greek Crisis: Back to Basics,” eSocialSciences (The Sunday Edit), August 02, 2015 (with Sasidaran Gopalan).
  11. “Can Foreign Banks Contribute to Financial Inclusion?,” eSocialSciences (Current Affairs), July 03, 2015 (with Sasidaran Gopalan).
  12. “Getting Better FDI,” Financial Express, January 19, 2015 (with Sasidaran Gopalan).
  13. “Who is Investing in India and in What Sectors?,” Financial Express, January 12, 2015 (with Sasidaran Gopalan).
  14. “Out of Currency,” Indian Express, India, June 21, 2013.
  15. “The Problem of Cheap Money,” Indian Express, India, March 11, 2013 (with Venkataramana Yanamandra).
  16. “A Richer Partnership,” Indian Express, India, Jan 01, 2013 (with Sasidaran Gopalan)
  17. “Time to Take Over”, Financial Express, October 23, 2010 (with Sasidaran Gopalan).
  18. “The Long View on Inflation”, Financial Express, August 18, 2010 (with Venkataramana Yanamandra).
  19. “Bucking on the Dollar”, Financial Express, August 8, 2010 (with Sasidaran Gopalan).
  20. “RBI versus India’s Achilles Heel”, Financial Express, May 27, 2010.
  21. “Don’t Fear Floating”, Financial Express, May 15, 2010.
  22. “What China should Appreciate”, Financial Express, April 24, 2010.
  23. “Are Foreign Banks Welcome?”, Financial Express, April 3, 2010 (with Sasidaran Gopalan).
  24. “RBI Likes Variety”, Financial Express, March 21, 2010.
  25. “Mammoth Remittances”, Financial Express, March 6, 2010 (with Sasidaran Gopalan).
  26. “Lessons in Sovereign Debt”, Financial Express, February 16, 2010.
  27. “What the RBI Holds in Reserves”, Financial Express, January 26, 2010 (with Sasidaran Gopalan).
  28. “What to Make of Mauritius”, Financial Express, January 2, 2010 (with Sasidaran Gopalan).
  29. “Come Closer, All Asians”, Financial Express, December 15, 2009.
  30. “Dubai Debt Debacle: Ad-hoc Crisis-handling is Sub-optimal”, Financial Express, December 7, 2009.
  31. “Are Portfolio Flows Being Singled Out?”, Financial Express, November 17, 2009.
  32. “Foreign Banks – What do they Bring to the Table?”, The Business Times (Singapore), July 17, 2009 (with Sasidaran Gopalan).
  33. “Rethinking the Washington Consensus”, The Business Times (Singapore), January 29, 2009.
  34. “Asia Needs its Own Monetary Facility”, Business Times (Singapore), October 29, 2008.
  35. “Interbank Lending Holds the Key to Current Crisis”, The Business Times (Singapore), October 14, 2008
  36. “Questions Arising from the US Financial Crisis”, The Business Times (Singapore), April 1, 2008.
  37. “More Asian Companies Investing Intraregionally”, The Business Times (Singapore), January 11, 2008 (with Rabin Hattari).
  38. “Should India Create a Sovereign Wealth Fund?”, Business Standard (India), November 10, 2007.
  39. “The Rise of China and India”, The Straits Times (Singapore), January 24, 2007 (with David Kelly and Gillian Goh).
  40. “Monetary Regionalism in Asia Revisited”, eSocialSciences Editorial (Mumbai), October 30, 2006.
  41. “A Basket Case”, Wall Street Journal Asia (with Tony Cavoli), March 2006.
  42. “Exchange Rate Pass-through Mechanism”, Financial Express (South Asia), March 12, 2005 (with Amit Ghosh).
  43. “Juggernaut China”, The Business Times (Singapore), September 23, 2005.
  44. “Indonesian Rupiah on a Tightrope”, The Business Times, August 31, 2005 (with Sunil Rongala).
  45. “The Dollar will be the World’s Reserve Currency”, The Business Times (Singapore), August 12, 2005 (with Jose Kiran).
  46. “Dancing with the Dragon and the Elephant: Singapore’s Trade Integration with Asian Giants China and India Gathers Pace”, The Business Times (Singapore), August 05, 2005 (with Rahul Sen).
  47. “Predict Value of Dollar? Just Toss a Coin”, The Business Times (Singapore), July 08, 2005 (with Surabhi Jain).
  48. “Warmly Welcome India into the East Asian Summit”, The Business Times (Singapore), May 11, 2005 (with Sunil Rongala).
  49. “Improving India’s Infrastructure”, The Business Times (Singapore), May 04, 2005 (with Amarendu Nandy).
  50. “Asia’s Embarrassment Mountain of Riches”, The Business Times (Singapore), April 27, 2005.
  51. “Growing Clout of Workers’ Remittances”, The Business Times (Singapore), February 15, 2005.
  52. “Will Asia Come Together?”, The Business Times (Singapore), February 01 Feb 2005.
  53. “US Deficit a Ticking Time-Bomb”, The Business Times (Singapore), January 28, 2005.
  54. “Taking Stock of Asean Economic Integration”, Business Times (Singapore), August 06, 2004.
  55. “Economic Reasons Behind Outsourcing”, Business Times (Singapore), July 27, 2004.
  56. “Achieving Exchange Rate Flexibility in China”, Business Times (Singapore), June 11, 2004.
  57. “Merits of a Currency Basket Arrangements”, Business Times (Singapore), May 4, 2004.
  58. “Inflation Targeting Frameworks in Asia”, Business Times (Singapore), March 24, 2004.
  59. “TFP and Growth: Debunking some Misconceptions”, Business Times (Singapore), September 18, 1999.
  60. “Economic Globalisation: Keep an Eye on the Costs”, The Straits Times (Singapore), February 28, 1999.
  61. “Asia’s Revival: Japan Holds the Key”, The Straits Times (Singapore), December 13, 1998 (Longer working paper version of text available here).
  62. “Europe Puts Together a Monetary Punch: The EMU and its Implications for Asia”, The Straits Times (Singapore), October 18, 1998.
  63. “Critical Points Missed in Debate on Total Factor Productivity’s Role”, The Straits Times (Singapore), January 15, 1997.


Policy Briefs
  1. “India and Singapore: New Avenues for Economic Cooperation,” Diplomatist, Special Report on India-Singapore, November 2014 (with Sasidaran Gopalan).
  2. “Comparing the Asian and Eurozone Crises: A Perspective from Asia,” Policy Brief Series, Lee Kuan Yew School of Public Policy, Issue 5, December 2011 (with Sasidaran Gopalan)
  3. “International Currency Competition: Are There Alternatives to the US Dollar?,” Policy Brief Series, Lee Kuan Yew School of Public Policy, Issue 3, November 2011 (with Sasidaran Gopalan)
  4. “China, Currencies and the ‘Financial Balance of Terror’,” Policy Brief Series, Lee Kuan Yew School of Public Policy, Issue 2, September 2011 (with Javier Beverinotti).
  5. “India’s Trade Recovery after the Global Financial Crisis: Good Luck or Good Policies?,” Policy Brief Series, Lee Kuan Yew School of Public Policy, Issue 1, August 2011 (with Sasidaran Gopalan).
  6.  “South-South FDI: Focus on Asia”, Global Studies Review, Fall 2010.
  7. “External Financing in South Asia: The Remittances Option”, ARTNET Policy Brief, No.23, January 2010 (with Sasidaran Gopalan).
  8. “India’s FDI Flows: Trying to Make Sense of the Numbers”, ARTNET Policy Alert, Issue 5, January 2010 (with Sasidaran Gopalan).
  9. “India and the Global Financial Crisis: Impact and Responses”, South Asia No.14, ISAS, November 2009 (with Sasidaran Gopalan).
  10. “Sales to Foreign Banks in Emerging Asia”, CesIfo, DICE Report, 3/2009, pp.29-33 (with Sasidaran Gopalan).
  11. “Understanding Bilateral FDI Flows in Developing Asia” Asian-Pacific Economic Literature Policy Brief, No.14, October 2009. (with Rabin Hattari)
  12. “Asia and the Global Financial Crisis: A Broad Overview”, India-China Chronicle, August-October 2009, pp.1-5.
  13. “Indian Ocean Rim Association for Regional Cooperation”, mimeo (with Sasidaran Gopalan).
  14. “Globalization of Indian Businesses: The Significance of Singapore”, RGE Monitor, August 1, 2009 (with Sasidaran Gopalan).
  15. “The Financial Crisis and the Bank Lending Channel of Monetary Policy Transmission”, RGE Monitor, August 1, 2009 (with Shahidul Islam).
  16. “Booms and Busts in Private Capital Flows to Emerging Asia since the 1990s”, ISAS Policy Brief, July 1, 2009.
  17. “Foreign Bank Entry Reconsidered”, ISAS Policy Brief, 15 June 2009 (with Sasidaran Gopalan).
  18. “The Global Financial Crisis and Cross-border Mergers and Acquisitions in Developing Asia”, ISAS Policy Brief, June 11, 2009 (with Rabin Hattari).
  19. “A Currency Unit of Asia?”, EUSA Review, April 2009.
  20. “Restoring the Balance”, Sensex (India), January-March 2009.
  21. “Asian Exchange Rate Asymmetries”, Vox EU, November 2008 (with Victor Pontines)
  22. “Taking Stock of Economic Cooperation in South Asia”, East Asia Brief (Korea), 2008, pp.117-125 (with Sunil Rongala).
  23. “Infrastructure Financing in Asia”, OpinionAsia, October 17, 2007. Reprinted in Brunei Times, October 17, 2007.
  24. “The Subprime Malaise: Implications for Asia”, OpinionAsia, August 20, 2007. Reprinted in Brunei Times, August 21, 2007.
  25. “International Capital Flows to East Asia”, OpinionAsia, June 18, 2007.
  26. “Currency Regimes in Asia”, OpinionAsia, April 25, 2007.
  27. “Have the Markets Gone Crazy? Or Have Just Regained their Sanity?”, OpinionAsia, March 08, 2007.
  28. “Made in India: The Next Big Story in the Making”, East Asian Brief (Korea), pp.117-125 (with Sunil Rongala).
  29. “The Case for an Asian Currency Unit (ACU): The Need for a Broad-Based Approach”,RIS Policy Brief No.23, New Delhi, April 2006.
  30. “The Growing Importance of Business Process Outsourcing”, ARTNET Policy Brief No.3, UNESCAP, September 23, 2005 (with Sadhana Srivastava).
  31. “Oil Shock and Cyclical Upturn in US Interest Rates: Implications for Asia”, RIS Policy Brief No.14, New Delhi, No.14, September 2004.
  32. “Competitiveness in the Global Economy with Reference to Singapore”, IPS Policy Brief, No.1, Apri1 2004.
  33. “For the Greater Good: Why Outsourcing by Australian Companies is in Australia’s Best Interest”, Business Review Weekly (Australia), 26 (6), 2004.
  34. “China’s Reserves Pile and Credit Boom”, Business Times (Singapore), February 27, 2004.
  35. “The ABC of the Asian Bond Fund”, Business Times (Singapore), February 02, 2004.
  36. “Who’s Afraid of Bank Liberalization?”, Business Times (Singapore), January 30, 2004.
  37. “The US Current Account Deficit, Exchange Rate Flexibility and Asian Reserves”, RIS Policy Brief No.11, New Delhi , January 2004.
  38. “Production Sharing in East Asia: Implications for India”, Economic and Political Weekly, 38, September 6, 2003, pp.3770-2. Also published as an Evian Group Policy Compendium Brief, September 2003.
  39. “Is there a Case for an Asian Bond Fund?: It Depends!”, shorter version published in Far Eastern Economic Review, March 20, 2003.
  40. “The Dilemma of Asia’s Massive Forex Reserves”, Business Times (Singapore), December 23, 2003.
  41. “The Limits of Asian Currency Flexibility”, Business Times (Singapore), October 9, 2003.
  42. “Examining the Links between Trade and Monetary Regionalism”, Economic and Political Weekly, 37 (44-45), November 2-9, 2002, pp.4493-4.
  43. “The Japan-Singapore “New Age” Economic Partnership Agreement”, Economic and Political Weekly, 37 (26), June 29-July 5, 2002, pp.2565-6 (with Rahul Sen).
  44. “International Reserve Holdings by Developing Countries: Why and How Much?”,Economic and Political Weekly, 37 (20), May 18, 2002, pp.1915-7.
  45. “The Tobin Tax: A Global Tax for Global Purposes?”, Economic and Political Weekly, 37 (11), March 16, 2002, pp.1024-5.
  46. “Capital Account Crises, Liquidity Enhancing Measures and Monetary Cooperation in East Asia”, Economic and Political Weekly, 37 (8), February 23, 2002, pp.704-5.
  47. “Going it Alone: Singapore’s New Commercial Trade Strategy”, Economic and Political Weekly, 37 (6), February 9, 2002. Re-published in The Evian Group Trade Policy Compendium, April 2002 (with Rahul Sen). Revised version published as “Singapore and the New Regionalism: Motivation and Drawbacks”, Regional Outlook: Southeast Asia 2002-2003, Singapore: Institute of Southeast Asian Studies, pp.73-5, 2002.
  48. “India: A Decade of Economic Liberalization”, The Evian Group Trade Policy Compendium, April 2002.
  49. “Argentina and East Asia: The Peg Does it Yet Again”, Economic and Political Weekly, 37 (2), 2002. Slightly revised version published as an APEC Economies Newsletter, April 2002 and in Business Times (Singapore), January 18, 2002.
  50. “What Does the Euro Mean for Asia?”, Harvard Asia Pacific Review, Winter 2000, pp.50-2.
  51. “Have the Markets Gone Crazy?: The Brazilian and other Currency Crises of the 1990s”, Policy Brief, Lowe Institute of Political Economy, Claremont, California, May 1999.
  52. “Broadening of (India’s) Reforms Urged to Increase Investment”, India Abroad (USA), November 28, 1997 (with Sanjay Marwah).