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Eswar Prasad
Cornell University
eswar.prasad@cornell.edu
Eswar Prasad is the Tolani Senior Professor of Trade Policy at Cornell University. He is also a Senior Fellow at the Brookings Institution, where he holds the New Century Chair in International Economics, and a Research Associate at the National Bureau of Economic Research. He was previously Chief of the Financial Studies Division in the International Monetary Fund’s Research Department and, before that, was the head of the IMF’s China Division.

Eswar Prasad’s latest book Emerging Markets: Resilience and Growth Amid Global Turmoil (with M. Ayhan Kose; Brookings Institution Press) was published in December 2010. His extensive publication record includes articles in numerous collected volumes as well as top academic journals such as the American Economic Review, American Economic Journal: Macroeconomics, Brookings Papers on Economic Activity, The Economic Journal, International Economic Review, Journal of Development Economics, Journal of Economic Perspectives, Journal of International Economics, Journal of International Money and Finance, Journal of Monetary Economics, and Review of Economics and Statistics. He has co-authored and edited numerous books and monographs, including on financial regulation and on China and India. Current research interests include the macroeconomics of financial globalisation; financial regulation, monetary policy frameworks and exchange rate policies in emerging markets; and the Chinese and Indian economies.

Prasad has testified before the Senate Finance Committee, the House of Representatives Committee on Financial Services and the U.S.-China Economic and Security Review Commission, and his research on China has been cited in the U.S. Congressional Record. He was a member of the analytical team that drafted the 2008 report of the High-Level Committee on Financial Sector Reforms set up by the Government of India. He serves on an Advisory Committee to India’s Finance Minister and is the Lead Academic for the DFID-LSE International Growth Center’s India Growth Research Program. He is the creator of the Brookings-Financial Times world index (TIGER: Tracking Indices for the Global Economic Recovery).

Many of his research papers and quotes from his speeches have been cited extensively in prominent media outlets such as the Economist, Financial Times, Forbes, International Herald Tribune, New York Times, Newsweek, Time, Wall Street Journal, Washington Post, and USA Today. His op-ed articles have appeared in the Financial Times, International Herald Tribune, Wall Street Journal Asia, Washington Post and other newspapers. He has made frequent appearances on BBC, Bloomberg, CNBC, CNN, C-SPAN, Fox, NBC, NPR, PBS, Reuters and other radio and television channels.

Prasad is also a Research Fellow at IZA (Institute for the Study of Labor, Bonn) and an Associate at the National Bureau of Asian Research. He has served as the co-editor of the journal IMF Staff Papers, was on the editorial board of Finance & Development and was the founding editor of the quarterly IMF Research Bulletin.

Articles By Eswar Prasad
How US interest rates influence the world economy
Posted On: 23 Dec 2015

Topics:   Global Economy
Tags:   US

For the first time in nearly a decade, the US Federal Reserve has raised its benchmark interest rate by 0.25 percentage points. In this article, Eswar Prasad, the Tolani Senior Professor of Trade and Policy at Cornell University, explores the potential impact of this move on the rest of the world. In his view, India is well positioned to weather the effects, as the economy still has growth momentum and room to tolerate some currency depreciation without adverse domestic consequences.
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China’s fitful economic reforms
Posted On: 07 Dec 2015


Last week, IMF elevated China’s yuan to the status of a global reserve currency. In this article, Eswar Prasad, the Tolani Senior Professor of Trade Policy at Cornell University, contends that the fundamental question China’s policymakers now face is whether they will back up their commitment to financial sector reforms with broader measures that will truly free up markets and support them with a strong institutional foundation.
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Modi’s economic reforms: Foundation laid but time running out
Posted On: 27 Feb 2015


Anticipation is running high that the Modi government will announce sweeping economic reforms in their first full-year budget, especially since their tenure so far has been bereft of any dramatic changes. In this article, Eswar Prasad, Senior Professor of Trade Policy, Cornell University, contends that Modi has laid a good foundation for reforms in his first nine months in office. But the hard work still lies ahead and time is running out.
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India’s macroeconomic outlook
Posted On: 16 Dec 2014


With falling inflation, high forex reserves and the new government embarking on a broad reform agenda, things seem to be looking up for India. In this article, Eswar Prasad shares his macroeconomic outlook for the economy. He provides his perspective on foreign inflows, disinvestment, fiscal position, the reform agenda, and escaping the low-growth trap.
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Two views on the Budget
Posted On: 12 Jul 2014


The Modi government’s first Budget has received a mixed response. Eswar Prasad and Bharat Ramaswami present two distinct views on the Budget. While Prasad is of the opinion that the Budget hits the right notes and emphasises some key policy priorities, Ramaswami believes that a coherent policy and worldview is yet to emerge.
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Keys to successful reform in India
Posted On: 09 Jul 2014


The new Indian government’s first budget - due to be unveiled this week – will be an important indicator of how forcefully the new PM intends to translate his mandate of putting India’s economy back on track into effective actions. This article contends that both strategy and specifics will be crucial for this budget to effectively kick-start economic reforms.
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