IMF RESEARCHER

Gurnain K. Pasricha is a Senior Financial Sector Expert in the Monetary and Capital Markets Department. Prior to joining the Fund in 2019, she was a Principal Economist at Bank of Canada. She has also held visiting positions at Bank for International Settlements and Hong Kong Institute for Monetary Research. Her research interests are in international finance, open economy macroeconomics and financial stability assessment and policies. Gurnain has co-founded and led staff groups on diversity and inclusion at IMF and the Bank of Canada.

Email: GPASRICHA@imf.org

Fluent In: Hindi.

Education:

University of California, Santa Cruz, Ph.D.

University of California, Santa Cruz, M.A.

University of Delhi, Delhi School of Economics, M.A.

University of Delhi, B.A.

Previous Experience:

Bank of Canada, Principal Economist, 2013-2019

Bank of Canada, Acting Director, International Policy Issues Division, 2017-2018

Bank of Canada, Senior Economist, 2009-2013

Bank for International Settlements, Visting Central Bank Research Fellow, Fall 2016

Hong Kong Institute for Monetary Research, Post-Doctoral Fellow, Spring 2009

Referee Activities:

Quarterly Journal of Economics, Journal of International Economics, Journal of Money, Credit and Banking, Economic Journal, Journal of International Money and Finance, Journal of Banking and Finance, IMF Economic Review

Awards and Honors:

MCM Departmental Award, 2022

Bank of Canada Award for Excellence in Innovation, 2015

Invited participant, 3rd meeting of the Nobel Laureates in Economics, Lindau, 2008

Eileen Brooks Memorial Award, Department of Economics, UCSC, 2007

IGCC Washington DC Internship Fellowship, 2006

Merit-based Tuition Fellowships, UCSC, 2005 - 2007

Chancellor's Fellowship, UCSC, 2004

Prof. Manmohan Singh Fellowship, Delhi School of Economics, 2001 - 2003

Elected PhD Student Representative, UCSC, 2007

Elected Class Representative at Delhi School of Economics, 2001

Ranked first in Delhi School of Economics’ All-India Entrance Exam, 2001

IMF Books and Working Papers:

Do Household Expectations Help Predict Inflation? , Working Paper No. 2023/224 , October 27, 2023

Distributional Effects of Monetary Policy , Working Paper No. 2021/201 , July 30, 2021

Estimated Policy Rules for Capital Controls , Working Paper No. 20/80 , June 05, 2020

IMF Occasional Papers, Pamphlets, and Special Issues Papers

COVID-19 Shock and Multilateral Aspects of Foreign Exchange Intervention and Capital Flow Management Policies (with L. Brandao Marques, C. Erceg, G. Gelos, L. Gornicka and A. Kokenyne) Special Series on COVID-19, IMF, December 2021.

Other Published Materials

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Capital Flows and Capital Flow Management Measures — Benefits and Costs (with E. Nier) IMF Policy Paper No. 2022/009, March 30, 2022.

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Assessing Systemic Financial Stability Risks Due to FX Mismatches (with multiple co-authors) IMF Policy Paper No. 2022/010, March 30, 2022.

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Principles for the Design of Measures to Address Systemic Risks from FX Mismatches (with H. Kang, P. Miettinen, E. Nier and T. Olafsson) IMF Policy Paper No. 2022/011, March 30, 2022.

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Using the IPF Analytical Toolkit to Enhance Policy Assessments (with M. Kolasa S. Basu, E. Boz and D. Milkov) IMF Policy Paper No. 2022/012, March 30, 2022.

Publications in Journals (Refereed)

Estimated policy rules for capital controls, Journal of International Money and Finance, vol. 122 April 2022.

Central Bank Swap Arrangements in the COVID-19 Crisis (with J. Aizenman and H. Ito), Journal of International Money and Finance, Special Issue on Financial Globalization and De-Globalization: Perspectives and Prospects, 2021.

Motivations for capital controls and their effectiveness (with R. Pandey, I. Patnaik and A. Shah) International Journal of Finance and Economics, Vol. 26(1), p. 391-415, November 2019

Domestic and multilateral effects of capital controls in emerging markets (with M. Falagiarda, M. Bijsterbosch and J. Aizenman) Journal of International Economics, Volume 115, pages 48-58, November 2018

The global financial cycle, monetary policies and macroprudential regulations in small, open economies (with Greg Bauer, Rodrigo Sekkel and Yaz Terajima) Canadian Public Policy, Volume 44 Issue 2, June 2018, pp. 81-99.

Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns (with J. Aizenman) Journal of International Money and Finance, Volume 39, 2013

Net fiscal stimulus during the great recession (with J. Aizenman) Review of Development Economics, Volume 17 (special issue), Issue 3, pages 397–413, 2013

Effectiveness of capital controls in India: evidence from the offshore NDF market (with M. Hutchison and N. Singh). IMF Economic Review, 60(3) pp 395-438, 2012

Recent trends in measures to manage capital flows in emerging economies, North American Journal of Economics and Finance, “International finance in the aftermath of the 2008 global crisis”, 23(3) pp 286-309, 2012

Determinants of financial stress and recovery during the great recession (with J. Aizenman), International Journal of Finance and Economics, 17(4) pp 347-372, 2012

Selective swap arrangements and the global financial crisis: analysis and interpretation (with J. Aizenman). International Review of Economics and Finance, 19(3), 353-365, 2010

Publications in Books and Conference Volumes

Distributional Effects of Monetary Policy (with V. Bonifacio, L. Brandao-Marques, N. Budina, B. Csonto, C. Fratto, P. Engler, D. Furceri, D. Igan, R. Mano, M. Narita, M. Omoev and H. Poirson Ward) Springer Proceedings in Business and Economics, in: Luigi Paganetto (ed.), Economic Challenges for Europe After the Pandemic, pages 187-232, Springer.

Exchange rate trends and management in India (with M. Hutchison) in Ghate and Kletzer (eds), “Monetary policy in India: a modern macroeconomic perspective”, Springer, 2016

Some market measures of capital account liberalization in India (with M. Hutchison and N. Singh), in Y. Cheung and G. Ma (eds) “Asia and China in the Global Economy”,World Scientific Publishing co. Pte. Ltd., Singapore, pp 53-80, 2011

Other Published Materials

What to expect when China liberalizes its capital account (with Mark Kruger) Bank of Canada Staff Discussion Paper No. 2016-10, April 2016.

Gurnain K. Pasricha is a Senior Financial Sector Expert in the Monetary and Capital Markets Department. Prior to joining the Fund in 2019, she was a Principal Economist at Bank of Canada. She has also held visiting positions at Bank for International Settlements and Hong Kong Institute for Monetary Research. Her research interests are in international finance, open economy macroeconomics and financial stability assessment and policies. Gurnain has co-founded and led staff groups on diversity and inclusion at IMF and the Bank of Canada.

Email: GPASRICHA@imf.org

Fluent In: Hindi.

Education:

University of California, Santa Cruz, Ph.D.

University of California, Santa Cruz, M.A.

University of Delhi, Delhi School of Economics, M.A.

University of Delhi, B.A.

Previous Experience:

Bank of Canada, Principal Economist, 2013-2019

Bank of Canada, Acting Director, International Policy Issues Division, 2017-2018

Bank of Canada, Senior Economist, 2009-2013

Bank for International Settlements, Visting Central Bank Research Fellow, Fall 2016

Hong Kong Institute for Monetary Research, Post-Doctoral Fellow, Spring 2009

Referee Activities:

Quarterly Journal of Economics, Journal of International Economics, Journal of Money, Credit and Banking, Economic Journal, Journal of International Money and Finance, Journal of Banking and Finance, IMF Economic Review

Awards and Honors:

MCM Departmental Award, 2022

Bank of Canada Award for Excellence in Innovation, 2015

Invited participant, 3rd meeting of the Nobel Laureates in Economics, Lindau, 2008

Eileen Brooks Memorial Award, Department of Economics, UCSC, 2007

IGCC Washington DC Internship Fellowship, 2006

Merit-based Tuition Fellowships, UCSC, 2005 - 2007

Chancellor's Fellowship, UCSC, 2004

Prof. Manmohan Singh Fellowship, Delhi School of Economics, 2001 - 2003

Elected PhD Student Representative, UCSC, 2007

Elected Class Representative at Delhi School of Economics, 2001

Ranked first in Delhi School of Economics’ All-India Entrance Exam, 2001

IMF Books and Working Papers:

Do Household Expectations Help Predict Inflation? , Working Paper No. 2023/224 , October 27, 2023

Distributional Effects of Monetary Policy , Working Paper No. 2021/201 , July 30, 2021

Estimated Policy Rules for Capital Controls , Working Paper No. 20/80 , June 05, 2020

IMF Occasional Papers, Pamphlets, and Special Issues Papers

COVID-19 Shock and Multilateral Aspects of Foreign Exchange Intervention and Capital Flow Management Policies (with L. Brandao Marques, C. Erceg, G. Gelos, L. Gornicka and A. Kokenyne) Special Series on COVID-19, IMF, December 2021.

Other Published Materials

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Capital Flows and Capital Flow Management Measures — Benefits and Costs (with E. Nier) IMF Policy Paper No. 2022/009, March 30, 2022.

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Assessing Systemic Financial Stability Risks Due to FX Mismatches (with multiple co-authors) IMF Policy Paper No. 2022/010, March 30, 2022.

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Principles for the Design of Measures to Address Systemic Risks from FX Mismatches (with H. Kang, P. Miettinen, E. Nier and T. Olafsson) IMF Policy Paper No. 2022/011, March 30, 2022.

Review of The Institutional View on The Liberalization and Management of Capital Flows — Background Note on Using the IPF Analytical Toolkit to Enhance Policy Assessments (with M. Kolasa S. Basu, E. Boz and D. Milkov) IMF Policy Paper No. 2022/012, March 30, 2022.

Publications in Journals (Refereed)

Estimated policy rules for capital controls, Journal of International Money and Finance, vol. 122 April 2022.

Central Bank Swap Arrangements in the COVID-19 Crisis (with J. Aizenman and H. Ito), Journal of International Money and Finance, Special Issue on Financial Globalization and De-Globalization: Perspectives and Prospects, 2021.

Motivations for capital controls and their effectiveness (with R. Pandey, I. Patnaik and A. Shah) International Journal of Finance and Economics, Vol. 26(1), p. 391-415, November 2019

Domestic and multilateral effects of capital controls in emerging markets (with M. Falagiarda, M. Bijsterbosch and J. Aizenman) Journal of International Economics, Volume 115, pages 48-58, November 2018

The global financial cycle, monetary policies and macroprudential regulations in small, open economies (with Greg Bauer, Rodrigo Sekkel and Yaz Terajima) Canadian Public Policy, Volume 44 Issue 2, June 2018, pp. 81-99.

Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns (with J. Aizenman) Journal of International Money and Finance, Volume 39, 2013

Net fiscal stimulus during the great recession (with J. Aizenman) Review of Development Economics, Volume 17 (special issue), Issue 3, pages 397–413, 2013

Effectiveness of capital controls in India: evidence from the offshore NDF market (with M. Hutchison and N. Singh). IMF Economic Review, 60(3) pp 395-438, 2012

Recent trends in measures to manage capital flows in emerging economies, North American Journal of Economics and Finance, “International finance in the aftermath of the 2008 global crisis”, 23(3) pp 286-309, 2012

Determinants of financial stress and recovery during the great recession (with J. Aizenman), International Journal of Finance and Economics, 17(4) pp 347-372, 2012

Selective swap arrangements and the global financial crisis: analysis and interpretation (with J. Aizenman). International Review of Economics and Finance, 19(3), 353-365, 2010

Publications in Books and Conference Volumes

Distributional Effects of Monetary Policy (with V. Bonifacio, L. Brandao-Marques, N. Budina, B. Csonto, C. Fratto, P. Engler, D. Furceri, D. Igan, R. Mano, M. Narita, M. Omoev and H. Poirson Ward) Springer Proceedings in Business and Economics, in: Luigi Paganetto (ed.), Economic Challenges for Europe After the Pandemic, pages 187-232, Springer.

Exchange rate trends and management in India (with M. Hutchison) in Ghate and Kletzer (eds), “Monetary policy in India: a modern macroeconomic perspective”, Springer, 2016

Some market measures of capital account liberalization in India (with M. Hutchison and N. Singh), in Y. Cheung and G. Ma (eds) “Asia and China in the Global Economy”,World Scientific Publishing co. Pte. Ltd., Singapore, pp 53-80, 2011

Other Published Materials

What to expect when China liberalizes its capital account (with Mark Kruger) Bank of Canada Staff Discussion Paper No. 2016-10, April 2016.