RAJAN, Ramkishen S. |

RAJAN, Ramkishen S.

Ramkishen Sundara Rajan

Visiting Scholar

MA & PhD, Claremont Graduate University, California; MA, University of Michigan, Ann Arbor; B.Soc.Sci. (Honors), National University of Singapore.

Ramkishen Sundara Rajan
Contact Details

Office Location

469C Bukit Timah Road
Level 2M, Oei Tiong Ham Building
Singapore 259772


Ramkishen S. RAJAN is a Professor of International Economic Policy at the School of Policy, Government and International Affairs (SPGIA), George Mason University (GMU) and has been on the faculty since January 2006. He is also the Co-director of the Center for Emerging Market Policies (CEMP) at SPGIA, GMU. He is currently a Visiting Professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore and an Adjunct Senior Research Fellow at the Asia Competitiveness Institute (ACI), National University of Singapore.  He is the Managing Editor of the Journal of International Commerce, Economics and Policy, Associate Editor of the Singapore Economic Review and sits on the Editorial Board of various other academic journals.

Ramkishen Sundara Rajan - CV

Research Areas

  • Exchange rates and currency
  • Financial crises, capital flows and capital controls
  • Foreign direct investment and development finance
  • Globalisation and economic regionalism in Asia
  • International reserves and macroeconomic management


Selected Authored Books and Monographs (2009 onwards)

  • Managing the Macroeconomy: Monetary and Exchange Rate Issues in India, Palgrave-Macmillan, August 2015 (with Venkataramana Yanamandra)
  • Economic Management in a Volatile Environment: Monetary and Financial Issues, Palgrave-Macmillan, December 2014 (with Sasidaran Gopalan).
  • Fiscal Sustainability and Competitiveness in Europe and Asia, Palgrave-Macmillan, 2014 (with Tan Khee Giap and Tan Kong Yam).
  • Exchange Rates and Foreign Direct Investment in Emerging Asia: Issues and Policies, Routledge, 2011.
  • Crises, Capital Flows and FDI in Emerging Asia, Oxford University Press. 2011 (with Sasidaran Gopalan and Rabin Hattari).
  • Emerging Asia: Essays on Crises, Capital Flows, FDI and Exchange Rate Policy, Palgrave-MacMillan Press, 2011.
  • Monetary, Investment and Trade Issues in India, Oxford University Press, 2009.
  • Exchange Rates, Currency Crisis and Monetary Cooperation in Asia, Palgrave-MacMillan, 2009.

Selected Refereed Journal Articles (2010 onwards)

  • “Impact of Terrorism on Cross-Border Mergers and Acquisitions (M&As): Prevalence, Frequency and Intensity,” Open Economies Review, Forthcoming 2016 (With Alice Ouyang).
  • “Exchange Rate Regimes and Real Exchange Rate Volatility: Does Inflation Targeting Hurt?,” Japan and The World Economy, 39, pp.62-72, 2016 (With Alice Ouyang and Jie Li).
  • “Has Foreign Aid Been Effective in the Water Supply and Sanitation Sector? Evidence from Panel Data” World Development, 85, 2016, pp.84-104 (with Sasidaran Gopalan)
  • “Do Capital Controls Make Gross Equity Flows to Emerging Markets Less Volatile?” Journal of International Money and Finance, 59 (December), 2015, pp.220-244 (with Jie Li).
  • “Capital Inflows and the Interest Premium Problem: The Effects of Monetary Sterilisation in Selected Asian Economies,” International Review of Economics and Finance, 39 (C ), 2015, pp.1-18 (with Tony Cavoli).
  • “What Determines External Debt Tipping Points?”, Journal of Macroeconomics 39 (A), 2014, pp.215-225 (with Alice Ouyang).
  • “Real Exchange Rate Fluctuations and the Relative Importance of Nontradables”, Journal of International Money and Finance, 32 (C), 2013, pp.844-855 (with Alice Ouyang).
  • “Real Exchange Rate Undervaluation, Resource Allocation and East Asian Growth”, Journal of International Development, 24 (4), 2012, pp.401-414 (with Javier Beverinotti).
  • “Foreign Exchange Market Intervention and Reserve Accumulation in Emerging Asia: Is there Evidence of ‘Fear of Appreciation’?”, Economics Letters, 111 (3), 2011, pp.252–255 (with Victor Pontines).
  • “China as a Reserve Sink: The Evidence from Offset and Sterilization Coefficients”, Journal of International Money and Finance, 29 (5), 2010, 951–972 (with Alice Ouyang and Tom Willett).

Book Chapters

  • “Intervention and Exchange Rate Regime Choice in Asia: Does the US Dollar Still Matter?,” in Tony Cavoli, Siona Listokin, Ramkishen Rajan (eds.), Issues in Governance, Growth and Globalisation in Asia, 2014 (with Tony Cavoli and Siona Listokin).
  • “Monetary Policy and the Global Financial Crisis”, in Raghbendra Jha (ed.), Routledge Handbook of South Asian Economics, 2011, Chapter 11 (with Rabin Hattari and M. Shahidul Islam).
  • “Globalization and Public Health in Asia”, in Roger Deetles, Sheena Sullivan and Tan Chorh Chuan (eds.), Public Health in Asia, UC Berkeley, 2013 (with Elizabeth A. Jahncke, Saumik Paul, Adeline Seow).


  • “Greek Crisis: Back to Basics,” eSocialSciences (The Sunday Edit), August 02, 2015 (with Sasidaran Gopalan).
  • “Can Foreign Banks Contribute to Financial Inclusion?,” eSocialSciences (Current Affairs), July 03, 2015 (with Sasidaran Gopalan)
  • “Getting Better FDI,” The Financial Express, January 19, 2015 (with Sasidaran Gopalan).
  • “Who is Investing in India and in What Sectors?,” The Financial Express, January 12, 2015 (with Sasidaran Gopalan).
  • “Out of Currency,” Indian Express, India, June 21, 2013.
  • “The Problem of Cheap Money,” Indian Express, India, March 11, 2013 (with Venkataramana Yanamandra).
  • “A Richer Partnership,” Indian Express, January 01, 2013 (with Sasidaran Gopalan).
  • “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).
  • “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).
  • “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).
  • “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).
  • “South-South FDI: Focus on Asia,” Global Studies Review, Fall 2010. 9. “Remittances as a Source of External Financing in South Asia”, ARTNET Policy Brief, No.23, January 2010 (with Sasidaran Gopalan).
  • “India’s FDI Flows: Trying to Make Sense of the Numbers”, ARTNET Policy Alert, No.5, January 2010 (with Sasidaran Gopalan).

Book Reviews

  • “The Dynamics of Economic Growth: Policy Insights from Comparative Analyses in Asia,” by Vu Minh Khuong, Journal of Southeast Asian Economies, 31(3), 2014, pp.484-85 (with Sasidaran Gopalan).
  • “Financial Globalization and Regionalism in East Asia,” by T. Kinkyo, Y. Matsubayashi and S. Hamori (eds.), Asian-Pacific Economic Literature, 28(1), 2014, pp.194-95
  • “Politics and Foreign Direct Investment,” by N.M. Jensen, G. Biglaiser, Q. Li, E. Malesky, P.M. Pinto, S.M. Pinto and J.L.Staats, Journal of Economic Literature, 51 (1), 2014, pp.226-27.
  • “Monetary and Currency Policy Management in Asia,” by M. Kawai, P.J. Morgan, S. Takagi (eds.), The Developing Economies, 51 (1), 2013, pp.110-17.
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