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.
JOURNAL | CESifo Economic Studies
Women’s Leadership in Fintech: Cross-Country Evidence
Ratna Sahay, Purva Khera, Sumiko Ogawa, and Mahima Vasishth
2024
PAPER | NCAER, Delhi
Female Leadership in India: Firm Performance and Culture
Ratna Sahay, Navya Srivastava and Mahima Vasishth
2024
PAPER | NCAER, Delhi
Taking Forward IMF’s Gender Mainstreaming Strategy at the Country Level
Ratna Sahay and Rishi Goyal
2023
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
Capital Controls in Times of Crisis – Do They Work?
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
Addressing Spillovers from Prolonged U.S. Monetary Policy Easing
Ratna Sahay, Steven Cecchetti, Machiko Narita, and Umang Rawat
2021
PAPER | IMF, Washington
Is Digital Financial Inclusion Unlocking Growth?
Ratna Sahay, Purva Khera, Stephanie Ng, and Sumiko Ogawa
2021
PAPER | IMF, Washington
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 and Yi Xue
2020
DISCUSSION NOTES | IMF, Washington
Finance and Inequality
Ratna Sahay and Martin Cihak
2020
ECONOMIC REVIEW | IMF, Washington
U.S. or Domestic Monetary Policy: Which Matters More for Financial Stability?
Ratna Sahay, Tommaso Mancini, Steven Cecchetti, and Machiko Narita 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
DISCUSSION NOTES | IMF,Washington
Women in Finance: A Case for Closing Gaps
Ratna Sahay and Martin Cihak
2018
WORKING PAPER | IMF,Washington
Banking on Women Leaders: A Case for More
Ratna Sahay, Martin Cihak, Papa M N’Diaye, Adolfo Barajas, Annette J Kyobe, Srobona Mitra, Yen N Mooi, and Reza Yousefi
2017
DISCUSSION NOTES | IMF,Washington
Macroeconomic Management When Policy Space is Constrained: A Comprehensive, Consistent and Coordinated Approach to Economic Policy
Ratna Sahay, Vitor Gaspar and Maurice Obstfeld
2016
DISCUSSION NOTES | IMF,Washington
Financial Inclusion: Can It Meet Multiple Macroeconomic Goals?
Ratna Sahay, Adolfo Barajas, Martin Čihák, Annette Kyobe, Srobona Mitra, Yen Nian Mooi, Papa N’Diaye, and Seyed Reza Yousefi
2015
DISCUSSION NOTES | IMF,Washington
Rethinking Financial Deepening: Stability and Growth in Emerging Markets
Ratna Sahay, Diana Ayala, Adolfo Barajas, Ran Bi, Martin Čihák, Yuan Gao, Annette Kyobe, Papa N’Diaye, Lam Nguyen, Christian Saborowski, Katsiaryna Svirydzenka, and Seyed Reza Yousefi
2015
DISCUSSION NOTES | IMF,Washington
Emerging Market Volatility: Lessons from the Taper Tantrum
Ratna Sahay, Vivek Arora, Thanos Arvanitis, Hamid Faruqee, Tommaso Mancini-Griffoli, Papa N’Diaye, and an IMF Team
2014
WORKING PAPER | IMF,Washington
Spillovers from U.S. Monetary Policy on Emerging Markets: Different this Time?
Ratna Sahay, Jiaqian Chen and Tommaso Mancini-Griffoli
2014
JOURNAL | Journal of International Economics
Sovereign Borrowing by Developing Countries: What Determines Market Access?
Ratna Sahay, Gaston Gelos and Guido Sandleris
2011
WORKING PAPER | IMF,Washington
The Cyclicality of Fiscal Policy in the Middle East and Central Asia: Is the Current Crisis Different?
Ratna Sahay, Yasser Abdih, Pablo Lopez-Murphy, and Agustin Roitman 2010
JOURNAL | Journal of International Economics
Behavior of output during currency crises
Ratna Sahay, Poonam Gupta and Deepak Mishra
2007
WORKING PAPER | IMF,Washington
Volatility and Growth in Latin America: An Episodic Approach
Ratna Sahay & Rishi Goyal
2006
WORKING PAPER | IMF,Washington
Stabilization, Debt, and Fiscal Policy in the Caribbean
Ratna Sahay
2006
STAFF PAPERS | IMF,Washington
IMF Program Design and Growth: Is Optimism Defensible?
Ratna Sahay, Reza Baqir and Rodney Ramcharan
2005
WORKING PAPER | IMF,Washington
Debt Accumulation in the CIS-7 Countries: Bad Luck, Bad Policies, or Bad Advice?
Ratna Sahay, Thomas Helbling and Ashoka Mody
2004
STAFF PAPERS | IMF,Washington
What Moves Capital to Transition Economies?
Ratna Sahay, Pietro Garibaldi, Nada Mora, and Jeromin Zettelmeyer
2001
WORKING PAPER | IMF,Washington
Financial Market Spillovers in Transition Economies
Ratna Sahay and Gaston Gelos2001
WORKING PAPER | NBER
The Transition Economies After Ten Years
Ratna Sahay and Stanley Fischer
2000
WORKING PAPER | IMF,Washington
How Far is Eastern Europe from Brussels
Ratna Sahay, Stanley Fischer and Carlos Végh
1997
STAFF PAPERS | IMF,Washington
Internal Migration, Center-State Grants and Economic Growth in the States of India: A Reply to Rao and Sen
Ratna Sahay and Paul Cashin
2001
STAFF PAPERS | IMF,Washington
Internal Migration, Center-State Grants and Economic Growth in the States of India
Ratna Sahay and Paul Cashin
1997
STAFF PAPERS | IMF,Washington
Do Government Wage Cuts Close the Budget Deficits? Costs of Corruption
Ratna Sahay and Nadeem U. Haque
1996
STAFF PAPERS | IMF,Washington
Does Sequencing of Privatization Matter in Reforming Planned Economies?
Ratna Sahay and Aasim Ahusain
1996
JOURNAL | Journal of Development Economics
Economies in Transition: The Beginnings of Growth
Ratna Sahay, Stanley Fischer and Carlos Végh
1996
JOURNAL | Journal of Economic Perspectives
Stabilization and Growth in Transition Economies: The Early Experience
Ratna Sahay, Stanley Fischer and Carlos Végh
1996
JOURNAL | Journal of Policy Reforms
Inflation and Stabilization in Transition Economies: An Analytical Interpretation of the Evidence
Ratna Sahay and Carlos Végh
1996
WORKING PAPER | IMF,Washington
Input Shortages in Mixed Economies: An Application to Indian Manufacturing Industries
Ratna Sahay
1991
STAFF PAPERS | IMF,Washington
Trade Policy and Excess Capacity in Developing Countries
Ratna Sahay
1990
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
Book Chapters
Money, Crises, and Transition
Massachusetts: MIT Press
Ratna Sahay | Stanley Fischer
2008
Book Chapters
The Economics of Transition: The Fifth Nobel Symposium in Economics
Washington: The International Monetary Fund
Ratna Sahay | Andrew Berg| Eduardo Borensztein | Jeromin Zettelmeyer
2006
Book Chapters
IMF Programs and Growth: Is Optimism Defensible?
Washington: The International Monetary Fund
Ratna Sahay | Reza Baqir | Rodney Ramcharan
2005
Book Chapters
Reducing Poverty in Developing Countries and Emerging Issues in Growth, Targeting, and Measurement
Washington: The International Monetary Fund
Ratna Sahay | Paul Cashin | Paolo Mauro | Catherine Pattillo
2003
Book Chapters
The Transition Economies After Ten Years
Massachusetts: National Bureau of Economic Research
Ratna Sahay | Stanley Fischer
2001
Book Chapters
Economic Transition
Netherlands: Springer
Ratna Sahay | Stanley Fischer | Carlos Vegh
1997
Book Chapters
Private Capital Flows to Emerging Markets after the Mexican Crisis
Washington: The Institute of International Economics
Ratna Sahay | Guillermo Calvo | Carlos Végh
1996
Book Chapters
The Macroeconomics of International Currencies: Theory, Policy, Evidence
Washington: The Institute of International Economics
Ratna Sahay | Carlos Végh
1995
Book Chapters
Occasional Paper
Washington: The Institute of International Economics
Ratna Sahay | Mario I. Bléjer | Richard Hides | R. B. Johnston |Mauro Mecagni, Piroska Mohácsi Nagy | Roy Pepper
1992
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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