Ramkishen S Rajan
Biographic Data
| ID | 5231448 |
|---|---|
| NAME | Ramkishen S Rajan |
| GIVEN NAMES | Ramkishen S |
| FAMILY NAME | Rajan |
| SIGNATURE | RAJAN R S |
| AFFILIATIONS | National University of Singapore |
| ORCID | 0000-0002-7718-3867 |
| VERIFIED | Yes |
| TOTAL WORKS | 21 |
| TOTAL CITATIONS | 12 |
| WORKS AS AUTHOR | 20 |
| WORKS AS EDITOR | 1 |
| FIRST PUBLICATION YEAR | 1995 |
| LATEST PUBLICATION YEAR | 2023 |
| H-INDEX | 2 |
Financial globalisation in Asean +3
This paper offers a critical narrative of the ASEAN+3 economies' tryst with financial globalisation over the last two decades, with a specific focus on the evolution of the region's internationalisation of the financial sector. By applying the ‘Financial Trilemma’ framework, we posit how the recent emergence of foreign fintech players, digital banks, and Big Techs in finance are promoting further de facto financial integration in the region whils…
Green Financial and Regulatory Policies
Climate change poses financial risks to individual firms and is a source of systemic risk to the stability of financial systems. Central banks are emerging as key state actors in environmental governance to tackle these risks, implementing policies encompassing regulatory oversight, credit guidance, and the greening of prudential regulations. The diffusion of these policies across countries is at various stages of deliberation and implementation.…
Do macroprudential policies counter real exchange rate appreciation in emerging markets
A competitive and stable real exchange rate (RER) has been recognised as an important variable for promoting economic development, especially in emerging and developing economies (EMDEs). The postglobal financial crisis era, however, has seen a marked deluge of global liquidity from ultra‐loose monetary policy in advanced economies, which has led to a surge in capital inflows and consequent loss of external competitiveness in several EMDEs. Given…
Impact of Greenfield FDI versus M&A on growth and domestic investment in developing Asia
The Great Monetary Gamble in India
India undertook a monetary experiment of gigantic scale on November 8, 2016, that resulted in the withdrawal of the legal-tender character of Rs. 500 and Rs. 1000 currency. We make a preliminary attempt to analyze existing data to understand the various dimensions of the great monetary gamble
Has Foreign Aid Been Effective in the Water Supply and Sanitation Sector? Evidence from Panel Data
Drivers of intraregional M&As within developing Asia
A large part of the upsurge in global Foreign Direct Investment (FDI) until the global financial crisis of 2008–2009 has been due to mergers and acquisitions (M&As) as opposed to Greenfield FDI. Also, noteworthy is the growing significance of developing Asia in these cross-border M&As, both as sources of finance as well as destinations of investments. These cross-border M&A flows have deepened the economic integration of developing Asia with the …
Managed floating by stealth
Taiwan is among the world's largest holders of international reserves, having accumulated US $350 billion of foreign exchange as of end 2009. Despite its significance, since it is not a member of the IMF, Taiwan has been relatively under-studied compared to many of its other Asian counterparts. As such, the aim of this paper is to shed a little light on Taiwan's exchange rate policies and strategies. Our results reveal a regime that can be charac…
Singapore
Singapore - Trade, Investment and Economic Performance
Introduction: Economic Structure and External Orientation Foreign Direct Investment (FDI): Policies, Trends and Patterns Singapore's Trade Performance and Patterns with Emphasis on East and South Asia Trade and Investment Related Infrastructure and Policies Services Trade Policies and Issues Growing Economic Relations with India: A Case Study in Deepening Integration between South Asia and East Asia Policy Implications.
What is the extent of exchange rate pass-through in Singapore? Has it changed over time
This paper estimates the extent and evolution of exchange rate pass-through into import prices in Singapore for the period 1980 to 2005. Our results indicate that exchange rate pass-through into Singapore's import prices is 25% in the short-run and slightly higher at 29% for the long-run. There is evidence to suggest that the pass-through elasticity has trended downwards from 0.4 in 1983 to around 0.3 by 1987, after which it has remained fairly s…
Monetary and financial cooperation in Asia
Ever since the currency crisis of 1997–98, there has been a great deal of interest in enhancing regional economic cooperation in Asia. It is important to keep in mind that economic regionalism is of multidimensional nature. The focus of this paper is on policy initiatives underway in Asia to enhance monetary and financial regionalism and the analytical bases for these initiatives, rather than on examining the de facto level of financial and monet…
Trade liberalization and the new regionalism in the Asia-Pacific
In the aftermath of the regional financial crisis of 1997–98, many Asian economies have underscored the need consciously and aggressively to explore alternative liberalization paths or ‘fallback positions’. This is where the ‘new regionalism’ or new regional trade agreements (RTAs) become relevant. This paper explores some of the primary rationale behind, and main concerns regarding, the proliferation of bilateral and plurilateral trade pacts in …
Misalignment of the Baht and its Trade Balance Consequences for Thailand in the 1980s and 1990s
This paper examines Thailand's pre‐crisis exchange rate policy, focusing on the degree of the country's real exchange rate misalignment pre‐crisis and its consequent effects on Thailand's trade balance with its two large trading partners, the US and Japan, in the 1980s and 1990s. Defining misalignment as the difference between actual and ‘equilibrium’ exchange rates, we estimate three key ‘equilibrium’ exchange rates of the Thai baht: (a) the rea…
Sustaining Competitiveness in the New Global Economy
While the Singaporean economy has experienced one of the highest rates of growth in the world over the past three decades, questions have recently been raised about the sustainability of the Singapore development model and its continued relevance in the global economy. This book is a compilation of specially written essays by a select group of leading international scholars. The authors analytically examine a number of related issues pertaining t…
Regional arrangements for providing liquidity in a financial crisis
Given its potentially global significance and the attention that there tends to be towards things that go wrong, it is hardly surprising that most of the literature dealing with economic events in East Asia during recent years has concentrated on the crisis period of 1997 and 1998. This work has sought to gain a better understanding of why such crises occur and how best they can be handled if and when they do. Less attention has been paid to the …
Would International Currency Taxation and Currency Stabilisation in Developing Countries
Completely flexible exchange rates may be "excessively" volatile, with the implied currency misalignments leading to real inefficiencies in resource allocation and detrimental effects on economic growth. This paper analyses whether international currency taxation would be effective in calming exchange rate volatility and avoiding currency crises within the context of a simple model of exchange rate determination. It is found that the effects of a…
Singapore and Free Trade Agreements
As part of its trade policy, Singapore has recently embarked on what can broadly be termed "new regionalism". This is characterized by its new-found desire to enter into Free Trade Agreements (FTAs) with the economic powerhouses (Japan and the United States in particular) as well as with a number of other countries beyond the Southeast Asian region. What is behind this new trade policy and the seemingly sudden enthusiasm for such preferential tra…
Regional Responses to the Southeast Asian Financial Crisis
The currency-cum-financial crises of the 1990s, particularly that which hit Southeast Asia after the devaluation of the Thai baht on 2 July 1997, are suggestive of the relevance and pervasiveness of contagion or negative spillover effects that are largely regional in scope. As such, one of the mantras since the onset of the Southeast Asian financial crisis has been the need for 'regional solutions to regional problems'. Given that the two focal i…
Towards an Indian Ocean economic alliance
India and Singapore
Has Foreign Aid Been Effective in the Water Supply and Sanitation Sector? Evidence from Panel Data
Towards an Indian Ocean economic alliance
Green Financial and Regulatory Policies
Climate change poses financial risks to individual firms and is a source of systemic risk to the stability of financial systems. Central banks are emerging as key state actors in environmental governance to tackle these risks, implementing policies encompassing regulatory oversight, credit guidance, and the greening of prudential regulations. The diffusion of these policies across countries is at various stages of deliberation and implementation.…
Impact of Greenfield FDI versus M&A on growth and domestic investment in developing Asia
Trade liberalization and the new regionalism in the Asia-Pacific
In the aftermath of the regional financial crisis of 1997–98, many Asian economies have underscored the need consciously and aggressively to explore alternative liberalization paths or ‘fallback positions’. This is where the ‘new regionalism’ or new regional trade agreements (RTAs) become relevant. This paper explores some of the primary rationale behind, and main concerns regarding, the proliferation of bilateral and plurilateral trade pacts in …
Regional Responses to the Southeast Asian Financial Crisis
The currency-cum-financial crises of the 1990s, particularly that which hit Southeast Asia after the devaluation of the Thai baht on 2 July 1997, are suggestive of the relevance and pervasiveness of contagion or negative spillover effects that are largely regional in scope. As such, one of the mantras since the onset of the Southeast Asian financial crisis has been the need for 'regional solutions to regional problems'. Given that the two focal i…
India and Singapore
Towards an Indian Ocean economic alliance
Regional Responses to the Southeast Asian Financial Crisis
The currency-cum-financial crises of the 1990s, particularly that which hit Southeast Asia after the devaluation of the Thai baht on 2 July 1997, are suggestive of the relevance and pervasiveness of contagion or negative spillover effects that are largely regional in scope. As such, one of the mantras since the onset of the Southeast Asian financial crisis has been the need for 'regional solutions to regional problems'. Given that the two focal i…
Would International Currency Taxation and Currency Stabilisation in Developing Countries
Completely flexible exchange rates may be "excessively" volatile, with the implied currency misalignments leading to real inefficiencies in resource allocation and detrimental effects on economic growth. This paper analyses whether international currency taxation would be effective in calming exchange rate volatility and avoiding currency crises within the context of a simple model of exchange rate determination. It is found that the effects of a…
Singapore and Free Trade Agreements
As part of its trade policy, Singapore has recently embarked on what can broadly be termed "new regionalism". This is characterized by its new-found desire to enter into Free Trade Agreements (FTAs) with the economic powerhouses (Japan and the United States in particular) as well as with a number of other countries beyond the Southeast Asian region. What is behind this new trade policy and the seemingly sudden enthusiasm for such preferential tra…
Regional arrangements for providing liquidity in a financial crisis
Given its potentially global significance and the attention that there tends to be towards things that go wrong, it is hardly surprising that most of the literature dealing with economic events in East Asia during recent years has concentrated on the crisis period of 1997 and 1998. This work has sought to gain a better understanding of why such crises occur and how best they can be handled if and when they do. Less attention has been paid to the …
Sustaining Competitiveness in the New Global Economy
While the Singaporean economy has experienced one of the highest rates of growth in the world over the past three decades, questions have recently been raised about the sustainability of the Singapore development model and its continued relevance in the global economy. This book is a compilation of specially written essays by a select group of leading international scholars. The authors analytically examine a number of related issues pertaining t…
Misalignment of the Baht and its Trade Balance Consequences for Thailand in the 1980s and 1990s
This paper examines Thailand's pre‐crisis exchange rate policy, focusing on the degree of the country's real exchange rate misalignment pre‐crisis and its consequent effects on Thailand's trade balance with its two large trading partners, the US and Japan, in the 1980s and 1990s. Defining misalignment as the difference between actual and ‘equilibrium’ exchange rates, we estimate three key ‘equilibrium’ exchange rates of the Thai baht: (a) the rea…
Trade liberalization and the new regionalism in the Asia-Pacific
In the aftermath of the regional financial crisis of 1997–98, many Asian economies have underscored the need consciously and aggressively to explore alternative liberalization paths or ‘fallback positions’. This is where the ‘new regionalism’ or new regional trade agreements (RTAs) become relevant. This paper explores some of the primary rationale behind, and main concerns regarding, the proliferation of bilateral and plurilateral trade pacts in …
Monetary and financial cooperation in Asia
Ever since the currency crisis of 1997–98, there has been a great deal of interest in enhancing regional economic cooperation in Asia. It is important to keep in mind that economic regionalism is of multidimensional nature. The focus of this paper is on policy initiatives underway in Asia to enhance monetary and financial regionalism and the analytical bases for these initiatives, rather than on examining the de facto level of financial and monet…
Singapore
Singapore - Trade, Investment and Economic Performance
Introduction: Economic Structure and External Orientation Foreign Direct Investment (FDI): Policies, Trends and Patterns Singapore's Trade Performance and Patterns with Emphasis on East and South Asia Trade and Investment Related Infrastructure and Policies Services Trade Policies and Issues Growing Economic Relations with India: A Case Study in Deepening Integration between South Asia and East Asia Policy Implications.
What is the extent of exchange rate pass-through in Singapore? Has it changed over time
This paper estimates the extent and evolution of exchange rate pass-through into import prices in Singapore for the period 1980 to 2005. Our results indicate that exchange rate pass-through into Singapore's import prices is 25% in the short-run and slightly higher at 29% for the long-run. There is evidence to suggest that the pass-through elasticity has trended downwards from 0.4 in 1983 to around 0.3 by 1987, after which it has remained fairly s…
Managed floating by stealth
Taiwan is among the world's largest holders of international reserves, having accumulated US $350 billion of foreign exchange as of end 2009. Despite its significance, since it is not a member of the IMF, Taiwan has been relatively under-studied compared to many of its other Asian counterparts. As such, the aim of this paper is to shed a little light on Taiwan's exchange rate policies and strategies. Our results reveal a regime that can be charac…
Drivers of intraregional M&As within developing Asia
A large part of the upsurge in global Foreign Direct Investment (FDI) until the global financial crisis of 2008–2009 has been due to mergers and acquisitions (M&As) as opposed to Greenfield FDI. Also, noteworthy is the growing significance of developing Asia in these cross-border M&As, both as sources of finance as well as destinations of investments. These cross-border M&A flows have deepened the economic integration of developing Asia with the …
Has Foreign Aid Been Effective in the Water Supply and Sanitation Sector? Evidence from Panel Data
Impact of Greenfield FDI versus M&A on growth and domestic investment in developing Asia
The Great Monetary Gamble in India
India undertook a monetary experiment of gigantic scale on November 8, 2016, that resulted in the withdrawal of the legal-tender character of Rs. 500 and Rs. 1000 currency. We make a preliminary attempt to analyze existing data to understand the various dimensions of the great monetary gamble
Do macroprudential policies counter real exchange rate appreciation in emerging markets
A competitive and stable real exchange rate (RER) has been recognised as an important variable for promoting economic development, especially in emerging and developing economies (EMDEs). The postglobal financial crisis era, however, has seen a marked deluge of global liquidity from ultra‐loose monetary policy in advanced economies, which has led to a surge in capital inflows and consequent loss of external competitiveness in several EMDEs. Given…
Financial globalisation in Asean +3
This paper offers a critical narrative of the ASEAN+3 economies' tryst with financial globalisation over the last two decades, with a specific focus on the evolution of the region's internationalisation of the financial sector. By applying the ‘Financial Trilemma’ framework, we posit how the recent emergence of foreign fintech players, digital banks, and Big Techs in finance are promoting further de facto financial integration in the region whils…
Green Financial and Regulatory Policies
Climate change poses financial risks to individual firms and is a source of systemic risk to the stability of financial systems. Central banks are emerging as key state actors in environmental governance to tackle these risks, implementing policies encompassing regulatory oversight, credit guidance, and the greening of prudential regulations. The diffusion of these policies across countries is at various stages of deliberation and implementation.…
Economics (18 works) · Global Financial Crisis and Policies (10 works) · Political science (10 works) · Business (8 works) · Finance (8 works) · International economics (8 works) · Macroeconomics (8 works) · Monetary economics (8 works) · Exchange rate (7 works) · Global trade and economics (7 works)