Ratna Sahay

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Ratna Sahay is Deputy Director of the Monetary and Capital Markets Department (MCM) at the International Monetary Fund (IMF). She leads analytical and policy papers and projects in the areas of monetary policy, exchange rate policy, capital flows, financial inclusion, and gender and finance. She has published widely in leading journals on monetary policy, financial market spillovers, financial crises, inflation, economic growth, fiscal policy and debt sustainability, and transition economies. She has taught at Delhi University, Columbia University, and New York University and holds a Ph.D. in Economics from New York University, New York.

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Vincenzo Bavoso

The University of Manchester

Andrea Mura

Goldsmiths, University of London

Laura Puccio

Université libre de Bruxelles

Atilla Hakan Özdemir

Abdullah Gül University

Salvatore Monni

Roma Tre University, Rome, Italy

Daniel M. Knight

University of St Andrews

Viacheslav Kuleshov

Stockholm University

Gabriela Prelipcean

Stefan cel Mare University of Suceava

Andrea Fracasso

University of Trento

Tetuko Rawidyo Putro

Sebelas Maret University

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The Future of Asian Finance ed. by Ratna Sahay, et al. (review)

Journal of Southeast Asian Economies (JSEAE), 2017

change, and as an analytical tool for development policymakers. While the overall narrative is hi... more change, and as an analytical tool for development policymakers. While the overall narrative is highly convincing and well structured in terms of research design, theoretical lucidity, and building a solid case for GPNs alongside its explanatory capabilities regarding economic development, there are areas of concern vis-à-vis the support of the argumentation. The development of the GPN theory seems to place a premium on multiple case studies; much room is devoted to presenting positive results from select industries (such as electronics and logistics) hailing from a limited number of regions. While this is a good barometer for the veracity of the GPN theory, more could have been done in terms of engaging broader scale datasets of large-n quantitative data and analysis in tandem with the in-depth country or industry examples. The above notwithstanding, Coe and Yeung have done an excellent job in illuminating a fundamental puzzle involving the evolution of production in the world econo...

La raza y la Economía

Los economistas y las autoridades necesitan un toque de atencion para erradicar ladiscriminacion ... more

Chapter 5. Is Asia Still Resilient

Finance and Inequality

Staff Discussion Notes, 2020

The study examines empirical relationships between income inequality and three features of financ... more The study examines empirical relationships between income inequality and three features of finance: depth (financial sector size relative to the economy), inclusion (access to and use of financial services by individuals and firms), and stability (absence of financial distress). Using new data covering a wide range of countries, the analysis finds that the financial sector can play a role in reducing inequality, complementing redistributive fiscal policy. By expanding the provision of financial services to low-income households and small businesses, it can serve as a powerful lever in helping create a more inclusive society but—if not well managed—it can amplify inequalities.

Ratna Sahay

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