RAJAN, Ramkishen Sundara |

RAJAN, Ramkishen Sundara

Ramkishen S. Rajan

PhD (Economics), Claremont Graduate University 

Ramkishen S. Rajan
Contact Details
DID: +65 66015849

Personal website
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Office Location

469C Bukit Timah Road
 Wing A, Level 2,
Oei Tiong Ham Building
Singapore 259772


Ramkishen S. Rajan is a Professor of International Economic Policy at the Lee Kuan Yew School of Public Policy, National University of Singapore. Prior to this, he was a Professor of Economics at ESSEC Business School, Asia-Pacific. From 2006 to 2016, he was a Professor of International Economic Policy at the Schar School of Policy and Government, George Mason University (GMU) in Virginia, USA. 

In the past, he has taught at the University of Adelaide in Australia, Claremont Mckenna College and Claremont Graduate University in California, Singapore Management University and Nanyang Technological University in Singapore. 

He has been a Visiting Fellow at various regional research institutes, including the Asia Competitiveness Institute, Institute of South Asian Studies and Institute of Policy Studies (all part of National University of Singapore), Asian Development Bank Institute, Institute of Southeast Asian Studies, Hong Kong Institute for Monetary Research and Research and Information System for Developing Countries (RIS), New Delhi. He has been a consultant with the APEC Secretariat, Asian Development Bank, Development Bank of Singapore, UN-ESCAP and the World Bank.

He specializes in international finance with particular reference to the developing Asia-Pacific region. He has published numerous books, journal articles and book chapters and a number of policy briefs, op-eds and book reviews on various aspects of international economics.

Ramkishen S. Rajan - CV

Research Areas

  • Asian Monetary and Financial Regionalism
  • Exchange Rate Regimes and Effects
  • Financial Development and Financing for Development
  • Foreign Direct Investment and Other Financial Flows



Journal Articles 

  • Gopalan, S. and Rajan, R.S. “Does Foreign Bank Presence Affect Interest Rate Pass-Through in Emerging and Developing Economies?,” Journal of Macroeconomics. [Forthcoming 2017]

  • Gopalan, S. and Rajan, R.S. “The Great Monetary Gamble in India: Modi’s Lee Kuan Yew Moment?,” Asian Survey. [Forthcoming 2017].

  • Ouyang, A. and Rajan, R.S. (2016). “Impact of Terrorism on Cross-Border Mergers and Acquisitions (M&As): Prevalence, Frequency and Intensity,” Open Economies Review, 28(1), 2016, pp.79-106.  

  • Gopalan, S. and Rajan, R.S. (2016). “Revisiting Bilateral Foreign Direct Investment Inflows to BRIC Economies,” Global Policy, 7(4), November 2016, pp.510-520.

  • Ouyang, A., Li, J. and Rajan, R.S. (2016). “Exchange Rate Regimes and Real Exchange Rate Volatility: Does Inflation Targeting Hurt?,” Japan and The World Economy, 39, pp.62-72, 2016. 

  • Gopalan, S. and Rajan, R.S. (2016). “Has Foreign Aid Been Effective in the Water Supply and Sanitation Sector? Evidence from Panel Data,” World Development, 85, pp.84-104, 2016. 

  • Gopalan, S., Hattari, R. and Rajan, R.S. (2016). “Understanding Foreign Direct Investment in Indonesia,” Journal of International Trade Law and Policy, 15(1), pp.28-50, 2016.

  • Ouyang, A. and Rajan, R.S. (2016). “Does Inflation Targeting in Asia Reduce Exchange Volatility?” International Economic Journal, 30 (2) 2016, pp.294-311, 2016.

  • Li, J., Hattari, R. and Rajan R.S. (2016). “Drivers of Intra-Regional M&As within Developing Asia,” Journal of the Asia Pacific Economy, 21 (1), 2016, pp.116-131.

  • Li, J. and Rajan, R.S. (2015). “Do Capital Controls Make Gross Equity Flows to Emerging Markets Less Volatile?” Journal of International Money and Finance, 59 (December), 2015, pp.220-244.

  • Cavoli, T. and Rajan, R.S. (2015). “Capital Inflows and the Interest Premium Problem: The Effects of Monetary Sterilisation in Selected Asian Economies,” International Review of Economics and Finance, 39, 2015, pp.1-18.


  • Rajan, R.S. and Gopalan, S. (2017). “Has Global Finance Reached its Peak?” The Business Times, July 12, 2017.
  • Rajan, R.S. (2017). “Time to Re-look Monetary Policy in Singapore?” The Business Times, January 18, 2017. Reprinted as “Time to Rejig Monetary Policy in Singapore?” The New Paper, January 19, 2017.

  • Rajan, R.S. and Gopalan, S. (2017). “Revisiting the Singapore-India DTAA” The Business Times, January 10, 2017.

  • Rajan, R.S. and Gopalan, S. (2016). “4 Things Singapore Can Do In The Face of Deglobalisation” The Business Times, December 16, 2016.

  • Rajan, R.S. and Gopalan, S. (2016). “Shifting Narrative on the Rupee Demonetisation,” The Business Times, December 9, 2016.

  • Rajan, R.S. (2016). “Singapore’s Unique Tack on Financial Globalisation,” The Business Times, November 24, 2016.

  • Rajan, R.S. and Gopalan, S. (2016). “Travails of Inflation Targeting,” Financial Express, October 22, 2016.

  • Rajan, R.S. (2016). “MPH: Cornerstones of Singapore’s Success,” The Business Times, September 26, 2016.

  • Rajan, R.S. and Gopalan, S. (2015). “Can Foreign Banks Contribute to Financial Inclusion?,” eSocialSciences (Current Affairs), July 03, 2015.

  • Rajan, R.S. and Gopalan. S. (2015). “Getting Better FDI,” The Financial Express, January 19, 2015.

  • Rajan, R.S. and Gopalan, S. (2015). “Who is Investing in India and in What Sectors?,” The Financial Express, January 12, 2015.

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