National Council of Applied Economic Research
Ratna Sahay is an Honorary Professor at NCAER.
She was a Special Advisor to the Managing Director at the International Monetary Fund (IMF) until recently. She led the IMF’s first gender mainstreaming strategy in 2022 which was endorsed by 190 member countries and was responsible for mainstreaming gender in the Fund’s core activities-surveillance, programmes, and capacity development. Before that she was a Deputy Director in the Monetary and Capital Markets Department, where she led several policy papers and projects in the areas of monetary policy, exchange rate policy, capital account, financial development, financial inclusion, and gender. She has worked in several regional departments in the IMF, leading missions to its member countries. She is also a Non-Resident Fellow at the Center for Global Development in Washington, D.C. (USA), and is currently serving on IMF’s External Advisory Panel on Gender and on working groups of the G-20 and the World Economic Forum. She has published widely in leading journals.
She has taught at Delhi University and New York University, She holds a PhD in Economics from New York University, New York.
PAPER | IMF, Washington
Do Capital Controls Limit Inflow Surges?
Ratna Sahay, Romain Bouis, Annamaria Kokenyne, Apoorv Bhargava, Umang Rawat, and Manuel Fernando Perez Archila
Forthcoming 2023
PAPER | IMF, Washington
Anatomy of Capital Controls: A New Dataset
Ratna Sahay, Romain Bouis, Annamaria Kokenyne, Apoorv Bhargava, Umang Rawat, and Manuel Fernando Perez Archila
Forthcoming 2023
PAPER | IMF, Washington
Women in Fintech: As Leaders and Users
Ratna Sahay, Purva Khera, Stephanie Ng, and Sumiko Ogawa
2022
PAPER | IMF, Washington
Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies during COVID-19 and Beyond
Ratna Sahay, Tobias Adrian, Christopher Erceg, and Simon Gray
2021
PAPER | IMF, Washington
Is Digital Financial Inclusion Unlocking Growth?
Ratna Sahay, Purva Khera, Stephanie Ng, and Sumiko Ogawa
2021
PAPER | IMF, Washington
Measuring Digital Financial Inclusion in Emerging Market and Developing Economies: A New Index,
Ratna Sahay, Purva Khera, Stephanie Ng, and Sumiko Ogawa
2021
PAPER | IMF, Washington
The Promise of Fintech—Financial Inclusion in the Post COVID-19 Era
Ratna Sahay, Ulric Eriksson von Allmen, Amina Lahreche, Purva Khera, Sumiko Ogawa, Majid Bazarbash and Kimberly Beaton
2020
JOURNAL | The Journal of International Trade & Economic Development
Financial Inclusion and Inequality: A Cross-Country Analysis,
Ratna Sahay, Martin Cihak and Shiyuan Chen
2020
PAPER | IMF, Washington
Monetary Policy Transmissions in Emerging Markets and Developing Economies
Ratna Sahay, Gaston Gelos, Luis Brandao Marques, Thomas Harjes, Yi Xue
2020
PAPER | IMF, Washington
Capital Flows at Risk: Taming the Ebbs and Flows
Ratna Sahay, Gaston Gelos, Lucyna Gornicka, Robin Koepke, and Silvia Sgherri
2019
Book
Shocks and Capital Flows: Policy Responses in a Volatile World
Washington: The International Monetary Fund
Ratna Sahay | edited with Gaston Gelos
2023
Book
The Future of Asian Finance
Washington: The International Monetary Fund
Ratna Sahay | Cheng Hoon Lim | Jerald Alan Schiff | Chikahisa Sumi | James P. Walsh
2015
Book
The Caribbean: From Vulnerability to Sustained Growth
Washington: The International Monetary Fund
Ratna Sahay | Paul Cashin | David Robinson
2006
BLOGS AND PODCASTS
“Mainstreaming Gender,” A Sustainable Future Podcast hosted by Jason Mitchell, Head of Responsible Investment Research at Man Group, September 2022.
“How to Close Gender Gaps and Grow the Global Economy,” (with Kristalina Georgieva and Antoinette Sayeh). International Monetary Fund, September 2022.
“Digital Financial Inclusion in the Times of COVID-19,” July 2020 (with Ulric Eriksson von Allmen Purva Khera, and Sumiko Ogawa).
“Women in Finance: An Economic Case for Gender Equality,” September 2018 (with Martin Cihak).
“The Whole Can Be Greater Than the Sum of its Parts,” September 2016 (with Vitor Gaspar and Maurice Obstfeld).
“The More the Merrier? What Happens When More People Use Financial Services,” September 2015 (Martin Cihak, Papa N’Diaye, Adolfo Barajas, and Srobona Mitra).
“How Much Finance Is Too Much: Stability, Growth & Emerging Markets,” May 2015 (with Martin Čihák and Papa N’Diaye).
“Emerging Markets & Volatility: Lessons from the Taper Tantrum,” December 2014 (with Preya Sharma).
POLICY PAPERS AND ARTICLES
“Race in Economics” 2020 (with Martin Cihak and Montfort Mlachila), Finance and Development, Fall 2020 issue, International Monetary Fund, Washington D.C.
“Spill Over,” 2015 (with Jiaqian Chen and Tommaso Mancini-Griffoli), in Finance and Development Vol.52 (September), No. 3, pp. 40–43, (Washington: International Monetary Fund).
“Transition Economies: The Role of Institutions and Initial Conditions,” 2004 (with Stanley Fischer), (Washington: International Monetary Fund).
“Globalization and the Role of the Fund,” 2002, paper presented at the Lady Shri Ram College Delhi University, India, (August).
“Macroeconomic Policies and Poverty Reduction: Some Cross Country Evidence,” 2001 (with Paul Cashin and Paolo Mauro), Finance and Development, Vol. 38 (June), No. 2, pp. 46–49, (Washington: International Monetary Fund).
“Taking Stock,” 2000 (with Stanley Fischer), in Finance and Development, Vol. 37(September), No. 3, pp. 2–6.
“Regional Economic Growth and Convergence in India,” 1996 (with Paul Cashin), in Finance and Development, Vol. 33, No. 1, pp. 49–52.
“Dollarization in Transition Economies,” 1995 (with Carlos Végh), in Finance and Development, Vol. 32, No. 1, pp. 36–39.
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