Partha Ray (Bio as of Dec 2021)

Partha Ray
Director
National institute of Bank Management
NIBM Road, Pune 411048
India
E-mail: pray@[Link]

Academic Background

 Ph.D.(Economics) University of Mumbai, India

 Certificate in Advanced Management Programme, University of Oxford, UK
 PG Diploma in Development Policy, Indira Gandhi Institute of Development
Research, Mumbai, India
 MSc. (Economics): University of Calcutta, India
 BSc (Economics): Presidency College, Calcutta, India

Courses Taught

 Macroeconomics
 India and the Global Economy
 Issues in Monetary Policy
 Crisis and Contagion: Contemporary Challenges to Macro-Financial Policies
 Global Political Economy

Consulting Interest

 Macroeconomic Issues; Monetary & Financial Sector Policies; Banking; Oil &
Energy Economy.

Work Experience

 Director, Department of Economic and Policy Research, Reserve Bank of India,

Mumbai
 Adviser to Executive Director, International Monetary Fund, Washington D.C
 Professor, Indian Institute of Management Calcutta (2011 – April 2021)

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Past Projects

 "State Finance of West Bengal", for NITI Aayog in 2018.

 “Fiscal Implications arising out of Implementation of Fifth and Sixth Pay
Commission on Finances of Union and State Governments (with special reference
to committed liabilities, tax and non-tax revenue and debt sustainability)” for
Seventh Central Pay Commission in 2014.
 “Gold as a Formal Investment Asset: Possible Contours of a People Oriented Gold
Policy in India” for World Gold Council in 2013.

Research

Books

 2020: BRICS: The Quest for Inclusive Growth (volume 1 of a three volume
book set "The Political Economy of the BRICS Countries"), (jointly edited with Biju
Paul Abraham), Singapore: World Scientific, available at
[Link]
 2018: Economics, Management and Sustainability: Essays in honour of
Anup Sinha (edited along with Runa Sarkar and Anindya Sen), Singapore:
Springer.
 2018: Macroeconomic Policies for Emerging and Developing Countries
(with A Vasudevan), New Delhi: Sage.
 2014: Financial and Fiscal Policies: Crises and New Realities (with Y V
Reddy and Narayan Valluri), New Delhi: Oxford University Press.
 2013: Monetary Policy (Oxford India Short Introduction), New Delhi: Oxford
University Press, 2013.
 2011: The Global Economic Crisis: Through an Indian Looking Glass
(with A. Kishore and M.D. Patra), New Delhi: Sage Publications.
 2008: Commercial Banks and Monetary Policy in India, New Delhi:
Academic Foundations.

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Journal Publications

 2021: “Two Crises Separated by a Decade: Political Economy of Trade Strategy and
Reserves Accumulation in East Asia” (with Biswajit Nag), Journal of Asian
Economic Integration.
 2021: "China-plus-one: expanding global value chains", Journal of Business
Strategy, (with Preetam Basu), available at [Link]
2021-0066
 2021: “Deciphering Indian inflationary expectations through text mining: an
exploratory approach” (with Ashok Banerjee and Ayush Kanodia), Indian
Economic Review, [Link]
 2021: “A Performance Appraisal of the Inflation Targeting Regime”, Economic and
Political Weekly, Vol. 56, Issue No. 15, 10 April; pp. 14 -17.
 2021: The Covid-19 pandemic and economic stimulus in India: has it been a
hostage of macroeconomic complications?, International Review of Applied
Economics, (with Himadri Shekhar Chakrabarty & Parthapratim Pal), DOI:
10.1080/02692171.2021.1905786
 2020: “China-bashing and Post-COVID-19 Narrative: A Reality Check”, (with Biju
Paul Abraham and Biswajit Nag), Economic and Political Weekly, September 26,
55(39): 14-17.
 2020: “Impact of monetary policy on the Indian stock market: Does the devil lie in
the detail?” (with A. Edwin Prabu and Indranil Bhattacharyya), Indian Economic
Review, 55:27–50; Available at [Link] .
 2020: “Demonetization and Digital Payments in India: Perception and Reality”,
(with Manisha Chakrabarty and Ashutosh Jha), Applied Economics Letters DOI:
10.1080/13504851.2020.1752895
 2020: “Trade War and Global Economic Architecture: An Emerging Economy
Perspective” (with Biju Paul Abraham), Economic & Political Weekly, April 25,
2020 vol 55, no 17, pp. 35 – 41, available at
[Link]
0Paul%20Abraham_Partha%[Link]
 2020: “Financial Sector in the Budget: Skating on Thin Ice?”, (with Parthapratim
Pal), Economic & Political Weekly, February 29 2020, Vol. 55, No. 9, pp. 38-40,
available at

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Partha Ray (Bio as of Dec 2021)

[Link]
_Partha%20Ray%2C%20Parthapratim%[Link]
 2019: “Does electronic trading influence stock prices? The Indian experience”,
(with Vinodh Madhavan and Ishita Mukhopadhyay), Applied Economics Letters,
online version available at [Link]
 2019: “Price and Volatility Linkages between Indian Stocks and Their European
GDRs” (with Vinodh Madhavan), Journal of Emerging Market Finance, vol. 18(2)
, pp. 213-237, August; available at [Link]
 2019: "India’s external commercial borrowing: Pulled by domestic fundamentals
or pushed by global conditions?" (with Abhisek Sur & Amarendu Nandy), Journal
of Asian Economics, Volume 61, April 2019, pp 65 - 77; available at at
[Link]
 2019: "Monetary Policy Transmission in Financial Markets Empirical Evidences
from India" (with Edwin Prabu A), Economic and Political Weekly, Vol 54, Issue
13, 30 March 2019, pp. 68-74; available at
[Link]
policy-transmission-financial-
[Link]?0=ip_login_no_cache%3D53e72aa8a9c529ffc27a13cb15bd3c7b
 2019: "Indian Monetary Policy in the Time of Inflation Targeting and
Demonetization" (with Rakesh Mohan), Asian Economic Policy Review, Volume
14, Issue 1, January 2019, pp 67 - 91; available at
[Link]
 2018: "The LIC–IDBI Deal: Sieving the Substance" (with Ashok Banerjee),
Economic and Political Weekly, August 25, 2018, Vol 53, No. 34, pp. 19-22.
 2018: "Evolving Efficiency of Dually-Listed Indian Stocks: A Nonlinear
Perspective" (with Vinodh Madhavan), Journal of Quantitative Economics, 2018,
volume 16, pp. 13–35; available at
[Link]
 2018: "Recent Downfall of the Indian Rupee", (with Parthapratim Pal), Economic
& Political Weekly, Vol. 53, Issue No. 41, 13 Oct, 2018, pp. 12-16.
 2016: "Is the stock market impervious to monetary policy announcements:
Evidence from emerging India" (with Edwin Prabu and Indranil Bhattacharyya),

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International Review of Economics & Finance, Volume 46, November 2016, pp.
166–179; available at [Link]
 2015: “Rise and Fall of Industrial Finance in India”, Economic and Political
Weekly, Vol 50, Number 5, January 31, 2015; available at
[Link]
[Link]
 2012: ”Does Developing Asia Save More? Evidence from a Panel of High Saving
Nations in Asia” (with Sivabrata Das), IUP Journal of Applied Economics, Vol. XI,
No. 1, 2012.
 2010: “The Global Crisis and Systemic Risks: Matching Sources with Correctives”
(with Arvind Virmani), Economic and Political Weekly, December 4-10, 2010.
 2007: “How Do We Assess Monetary Policy Stance? Characterization of a Narrative
Monetary Measure for India”, (with Indranil Bhattacharyya), Economic & Political
Weekly, March 31, 2007.
 2006: "Employment and Poverty in India during the 1990s: Is There a Diverging
Trend?" (with Sanjay Hansda), Economic & Political Weekly, July 8- 15, 2006.
 2005: “Bank Nominee Directors and Corporate Performance”, (with D. M.
Nachane & S. Ghosh), Economic & Political Weekly, Vol. XL, No. 3, pp. 1216-1223,
2005.
 2005: “Financial Sector Reform and Balance Sheet of the RBI”, (with N. Jadhav,
D. Bose & I. Sengupta), Economic & Political Weekly, Vol. XL, No. 3, pp. 1142-1150,
2005.
 2004: “Is India's Public Finance Unsustainable? Or, Are the Claims Exaggerated?”
(with Rajan Goyal & J. K. Khundrakpam), Journal of Policy Modelling, Vol. 26, pp.
401-420, 2004.
 2004: “The New Basel Capital Accord: A Primary Indian Perspective” (with D. M
Nachane and Saibal Ghosh), Journal Of Indian School Of Political Economy, Vol
16, No. 4, pp. 590-621, 2004.
 2004: “Behavior of Bank Capital: Issues and Evidence from India” (with D M
Nachane and S. Ghosh), Economic and Political Weekly (Special Issue in Money,
Banking and Finance), Vol. 39, pp. 1291-1297, 2004.

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 2003: “Stock Market Integration and Dually listed Stocks: Indian ADR and
Domestic Stock Prices” (with Sanjay K. Hansda) Economic and Political Weekly,
Vol. 38(8), pp.741-755, 2003.
 2003: “Does Monetary Policy have Differential State-Level Effects?”, An Empirical
Evaluation” (with D. M. Nachane and S. Ghosh), Economic and Political Weekly,
Vol.47, pp. 4723-4728, 2003.
 1992: "Determinants of Currency Demand in India: 1960-61 to 1989-90" (with D.
Ajit), International Journal of Development Banking, Vol.10(1), pp.59-68, 1992.
 1991: “Durability and Time-Frame of Industrial Retrogression in India”, Economic
and Political Weekly, Vol.12, pp.1244-1245, 1991.

Working Papers

 2021: “Sectoral Imbalance, Structural Change and Growth: How Different Are
India and China?” (with Subhasankar Chattopadhyay), NIBM Working Paper, No.
WP02/2021.
 2021: “The Techno-Economics of Central Bank Digital Currency (CBDC): An
Exploration”, (with Debashis Saha), IIM Calcutta, Working Paper Series, No. WPS
No 862, April 2021, available at
[Link]
 2021: “Global Supply Chains in a Post-Pandemic World: Seeking viable
alternatives in a “China-Plus-One” Strategy”, (with Preetam Basu), IIM Calcutta,
Working Paper Series, No. WPS No 855, January 2021, available at
[Link]
 2020: “Deciphering India’s Stimulus Package: Adding Apples with Oranges?” (with
H. S Chakrabarty and Parthapratim Pal), IIM Calcutta, Working Paper Series, No.
846, available at [Link]
 2020: “Ageing and Demographic Change in Japan: Economics, Politics and
Culture”, (with Jaideep Sarkar, Madhuchanda Ghosh and Biju Paul Abraham), IIM
Calcutta Working Paper, No. 843, available at
[Link]
 2020: “Macroeconomic Foundation of Functioning of the IMF: An Evolutionary
Journey”, (With Dilip Nachane), IIM Calcutta Working paper No. 842, available
at [Link]

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 2020: “It Takes Two to Tango: Can Monetary Stimulus compensate for an
Inadequate Fiscal Stimulus in India?” (with Parthapratim Pal), Working Paper of
International Development Economics Associates (IDEAs), available at
[Link]
f
 2019: "Deciphering Indian Inflationary Expectations through Text Mining: An
Exploratory Approach" (with Ashok Banerjee and Ayush Kanodia), IIM Calcutta
Working Paper No. WPS-830.
 2019: "Impact of Monetary Policy on the Indian Stock Market: Does the Devil lie
in the detail?", (with Edwin Prabu and Indranil Bhattacharyya), IIM Calcutta
Working Paper No. WPS-822.
 2018: "Trade Wars and Global Economic Architecture: Nowcasting from an
Emerging Economy Perspective", (with Biju Paul Abraham), IIM Calcutta
Working Paper No. WPS-810.
 2018: “Indian Monetary Policy in the Time of Inflation Targeting and
Demonetization” (with Rakesh Mohan), Brookings India Working Paper 4, May
2018. available at [Link]
 2017: "Recent Trends in Macro-financial Policies: The Toolkit and Early
Warnings", (with A Vasudevan), IIM Calcutta Working Paper No. WPS-803.
 2017: "India’s External Commercial Borrowing: Trends, Composition, and
Determinants", (with Abhisek Sur & Amarendu Nandy), IIM Calcutta Working
Paper No. WPS-802.
 2017: "Two Crises Separated by Two Decades: Savings Glut and Trade Strategy in
select East Asian Economies", (with Biswajit Nag), IIM Calcutta Working Paper
No. WPS-799.
 2017: "Indian Financial Sector: Structure, Trends and Turns" (with Rakesh
Mohan), IMF Working Paper No. 17/7
 2016: "Efficiency of Indian ADRs and their underlying stocks: An Adaptive Market
Perspective from Nonlinear Models", (with Vinodh Madhavan), ), IIM Calcutta
Working Paper No. WPS-785.
 2016: "Teaching Economics in a Management School: Some Personal Quandaries",
IIM Calcutta Working Paper No. WPS-778.

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 2015: "Do Monetary Policy Announcements in India have any impact on the
domestic Stock Market", (with Edwin Prabu and Indranil Bhattacharyya), IIM
Calcutta Working Paper No. WPS-771.
 2015: "The Ascent and Decline of Reservation in Indian Small Scale Industries:
Evolution of the Policy Environment" (with Anindya Sen), IIM Calcutta Working
Paper No. WPS-759.
 2014: "How Far is Mumbai from Luxemburg and London? : Price and Volatility
Linkages between Indian GDRs and Their Underlying Domestic Shares" (with
Vinodh Madhavan), IIM Calcutta Working Paper No. WPS-740.
 2013: "Financial development and monetary policy transmission across financial
markets: What do daily data tell for India?", (with Edwin Prabu) RBI Working
Paper Series, WPS (DEPR): 04/2013.
 2010: “Inflation Expectations and Monetary Policy in India: An Empirical
Exploration” (with Michael Debabrata Patra), MF Working Paper, No. 10/84.

Other commentaries

 2021: “Digital Currency: Fog beyond the Hype” (with Debashis Saha), The India
Forum: A Journal-Magazine on Contemporary Issues, November 19, 2021,
available at [Link]
beyond-
hype?utm_source=website&utm_medium=organic&utm_campaign=category
&utm_content=Economy

 2020: “In Search of a New Theology: Fiscal Fundamentalism and Illusion in the
Union Budget, 2020-21”, (with Parthapratim Pal), The India Forum: A Journal-
Magazine on Contemporary Issues, April 4 2020, available at
[Link]
 2019: "Economic Slowdown: Is Enhancing Rural Demand the Key?", The India
Forum: A Journal-Magazine on Contemporary Issues, October 2019, available
at [Link]
indian-economy
 2019: "How Much of RBI’s Profit Transfer Is Enough: Reading the Jalan
Committee Report", (with Ashok Banerjee), Economic and Political Weekly,
October 5, 2019 vol 54, no 40, pp. 13-16, available at

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[Link]
[Link]
 2019: "Much Ado About Nothing: Financial Sector in the 2019 Union Budget",
Economic and Political Weekly, Vol. 54, Issue No. 33, 17 Aug, 2019, available at
[Link]
[Link], ISSN (Online) - 2349-8846
 2019: "Who is Afraid of the Exchange Rate?: History, Geography and Some
Contemporary Issues" (with Parthapratim Pal), The India Forum: A Journal-
Magazine on Contemporary Issues, July 4 2019, available at
[Link]
geography-and-some-contemporary-issues
 2013: "Rupee in Distress", ICRA Bulletin, June - August 2013, pp. 41-62.
 2000: “Measurement of Household Financial Saving in India: A History of
Methodological Evolution”, (with D. Bose), RBI Occasional Papers, Vol.21(1),
pp.79-107, 2000.
 1997: “Growth, Saving and Investment in the Indian Economy: Trend,
Composition and Relationship” (with D. Bose), RBI Occasional Papers, Vol.18
(2&3), pp.99-144, 1997.
 1996: “Inflation, Interest Rates and Index-Linked Bonds” (with Vikas Chitre, K.
Kanagasabathy and M. Saggar), RBI Development Research Group, Study No.
12, 1996.
 1996: "Do Inflationary Shocks Affect Growth in India?”, RBI Occasional Paper,
Vol.17, No.4, pp.253-274, 1996.
 1993: “Central Bank Independence and Effectiveness of Monetary Policy: A
Survey”, RBI Occasional Papers, 1993.
 1992: Predicting the Money Multiplier: The Indian Evidence Revisited” (with
T.P. Madhusoodanan), in RBI Occasional Papers, Vol.13, pp.121-140, 1992.

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Chapters in Books

 2020: “Future of BRICS as an Economic Block: Does Macroeconomic

Heterogeneity and Unshared Political Mandate Stand in Its Way?”, pp. 19-38, in
Biju Paul Abraham and Partha Ray (eds): BRICS: The Quest for Inclusive Growth
(volume 1 of a three volume book set "The Political Economy of the BRICS
Countries"), Singapore: World Scientific, available at
[Link]
 2019: "Information and Communication Technology (ICT) in India: a reality
check", in Priya Seetharaman and Jocelyn Cranefield (eds.): Information Systems:
Debates, Applications and Impacts¸ London: Routledge
 2018: "Indian Financial Sector: Structure, Trends and Turns", (with Rakesh
Mohan), in Ulrich Volz, Peter J Morgan and Naoyuki Yoshino (eds): Routledge
Handbook of Banking and Finance in Asia, London: Routledge.
 2017: "Teaching Economics in a Management School: Some Personal Quandaries",
in Thakur, Manish and Rajesh Babu (eds.): Management Education in India, New
Delhi: Springer, 2017.
 2016: "The Relationship between the Reserve Bank and the Government of India:
Political Economy of Central Banking in India", in R Nagaraj and Sripad Motiram
(eds.): Political Economy of Contemporary India, Delhi: Cambridge University
Press, 2016.
 2015: "Evolving Contours of Monetary Policy and Commercial Banking in India",
in Prabhat Patnaik (ed.): ICSSR Research Surveys and Exploration (Volume 3:
Macroeconomics), Delhi: Oxford University Press.
 2014: “Recent Drivers of Global Commodity Prices: An Exploration”, in Khasnabis,
Ratan, and Indrani Chakraborty (Eds.) (2014): Market, Regulations and Finance:
Global Meltdown and the Indian Economy, New Delhi: Springer.
 2014: "Does Developing Asia Save More: Evidence from a Panel of High Saving
Nations of Asia" (with Sivabrata Das), in Bandi Kamaiah, S V Seshaiah, and GRK
Murthy (eds): Select Issues in Macroeconomics: A Quantitative Approach (A
Festschrift in honour of Dilip Nachane), Hyderabad: IUP Press.
 2012: Calibrated Financial Liberalisation in India: Has It Served the Country?”
(with Arvind Virmani), in Twenty Years of India’s Liberalisation: Experiences and
Lessons, Geneva: UNCTAD, 2012.

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 2012: "Banking" (with D. M. Nachane & S. Ghosh), in Kaushik Basu and Annemie
Maertens (eds.), The Oxford Companion to Economics in India, Delhi: Oxford
University Press, 2012.
 2011: “Development of the Indian Debt Market” (with Rakesh Mohan) in Rakesh
Mohan: Growth with Financial Stability: Central Banking in an Emerging Market,
Delhi: Oxford University Press, 2011.
 2011: “Recent trends in global commodity prices and regulatory responses: Which
way now?”, PwC & MCX Commodities Insights Yearbook, 2011.
 2009: “Higher Growth, Lower Poverty and Higher Unemployment: Is There A
Puzzle in the Post-Reform Indian Economy?” in Manoj Kumar Sanyal, Mandira
Sanyal and Shahina Amin (eds.): Post-Reform Development in Asia, Hyderabad:
Orient Blackswan, 2009.
 2005: “The New Basel Capital Accord: Rationale, Design and Tentative
Implications for India” (with D M Nachane and S. Ghosh), India Development
Report, 2005.

Cases

 2020: “A Journey of Transformation: Century Textile Industries Limited - Cement

Division” (with Menaka Rao), IIM Calcutta Case Research Centre, Case Number:
IIMC-CRC-2020-05.

Conferences

 2021: Conference of the International Atlantic Economic Society during October 7

- 10, - presented a paper titled, “Does Latin America Save Less?: An Empirical
Investigation” (with Sibabrata Das).
 2019: Conference on the Political Economy of Contemporary India 2019 in IGIDR,
Mumbai, January 8-9, 2019 - presented a paper titled, "Political Economy of Some
Contemporary Issues of Monetary Policy and Banking in India: Demonetization,
Inflation targeting, and NPA Issues in Indian Banking".
 2018: Twenty Sixth Asian Economic Policy Review Conference in Tokyo, 7 April
2018 – presented a paper titled, “Indian Monetary Policy in the Time of Inflation
Targeting and Demonetization” (jointly with Rakesh Mohan).

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 2017: International Academic Conference on Business and Economics, Prague,

Czech Republic, May 6 7 – 10, 2017 - presented a paper titled, "Political Economy
of IMF Lending in East Asian Countries".
 2016: Annual conference on Indian economic policy of the Stanford Center for
International Development (SCID), Stanford University, June 1-2, 2016 -
presented a paper on "Indian Financial Sector 2010-2016 - Outcome and Issues"
(jointly with Rakesh Mohan).
 2015: Multidisciplinary Academic Research & Global Innovation (MARGI- 2015),
Beijing, China, August 25-26, 2015 - presented a paper titled, “How far is Mumbai
from New York?: Efficiency of Dually-listed Indian Stocks”.
 2014: International Academic Conference organised by the International Institute
of Social and Economic Sciences in June 24-27, 2014 in Reykjavik, Iceland –
presented a paper on, “Price and Volatility Linkages between Indian GDRs in
Europe and Their Underlying Domestic Shares: An Empirical Investigation”.
 2013: 76th International Atlantic Economic Conference, Philadelphia, USA,
October 11-13, 2013, and presented a paper titled, “Global Imbalances and Savings
of Developing Asia: Facts and Fiction”.
 2011: IMF-World Bank Spring Meeting in Washington D.C, USA, April 2011.
 2010: G-24 Technical Group Meeting in UNCTAD, Geneva, August 30, 2010.
 2008: Meeting of the International Working Group on Sovereign Wealth Fund, in
Singapore, July 9-10, 2008.
 2007: G24 Technical Group Meeting in UNCTAD, Geneva, September 24-25, 2007.
 2006: BIS Spring Meeting of Central Bank Economists, Basel, Switzerland, April
10-11, 2006.
 2004: “Global Demographic Change: Economic Impacts and Policy Challenges”,
Symposium sponsored by the Federal Reserve Bank of Kansas City, in Jackson
Hole, Wyoming, U.S, August 26-28, 2004.
 2001: Workshop on “Modelling Aspects of the Inflation Process and the Monetary
Transmission Mechanism”, Bank for International Settlement, Basle, Switzerland,
January 15-16, 2001.
 1999: Seminar on “Advanced Topics in Applied Monetary Analysis”, Bank of
England, London, February 1-5, 1999.

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 1999: Workshop on “Monetary Transmission Mechanism”, De Netherlands Bank,

Amsterdam, February 8-9, 1999.

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