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Prasad, Eswar
Nandlal P. Tolani Senior Professor of Trade Policy; International Professor of Applied Economics and Management
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Positions
- Professor, Charles H. Dyson School of Applied Economics and Management (AEM), College of Agriculture and Life Sciences (CALS)
- Professor, Economics (ECON), College of Arts and Sciences
Eswar Prasad is the Tolani Senior Professor of Trade Policy at Cornell University. He was previously Chief of the Financial Studies Division in the IMFÕs Research Department and, before that, was the head of the IMFÕs China Division. Eswar Prasad received his Ph.D. from the University of Chicago. His research has spanned a number of areas including labor economics, business cycles, and open economy macroeconomics. His extensive publication record includes articles in numerous collective volumes as well as top academic journals. He has co-authored or edited several books and monographs on financial globalization, China, and India. His current research interests include the macroeconomics of globalization, the relationship between growth and volatility, and the Chinese and Indian economies. Many of his research papers and quotes from his speeches have been cited extensively in the international press. He has contributed op-ed articles to the Financial Times, International Herald Tribune, Wall Street Journal Asia and various other newspapers. He has testified before the Senate Finance Committee and the House of Representatives Committee on Financial Services (both on China), and his research has been cited in the U.S. Congressional Record.
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Affiliations
Research
research overview
- My key areas of research are as follows: international capital flows; financial development and reforms in emerging markets; monetary policy frameworks for emerging markets; economies of China and India. I have initiated a major research and conference program on Financial Sector Regulation and Reforms in Emerging Markets, with funding from the Asian Development Bank, IMF and other sponsors. During 2009-11, this will involve four conferences, three edited conference volumes, a large body of research (including my own) and a number of policy briefs and articles. These conferences involve academics as well as senior government officials and market participants.
geographic focus
submitted impact statement
Publications
individual publications
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academic article
- Global Business Cycles: Convergence or Decoupling?. International Economic Review. 53:511-538. 2012
- Rebalancing Growth in Asia. International Finance. 14:27-66. 2011
- Thresholds in the Process of International Financial Integration. Journal of International Money and Finance. 30:147-179. 2011
- Why are Saving Rates of Urban Households in China Rising?. American Economic Journal: Macroeconomics. 2:93-130. 2010
- Does Financial Globalization Promote International Risk Sharing?. Journal of Development Economics. 89:270. 2009
- Does Openness to International Financial Flows Raise Productivity Growth?. Journal of International Money and Finance. 28:554-580. 2009
- Effects of the Financial Crisis on the U.S.-China Economic Relationship. Cato Journal. 2009
- A Pragmatic Approach to Capital Account Liberalization. Journal of Economic Perspectives. 22:149-172. 2008
- Foreign Capital and Economic Growth. Brookings Papers on Economic Activity. 1:153-230. 2007
- The Welfare Implications of Global Financial Flows. The Cato Journal. 27. 2007
- Changes in the Earnings Structure during the Polish Transition. Journal of Development Economics. 80. 2006
- How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility?. Journal of International Economics. 69:176-202. 2006
- Beyond the Great Wall: China's Integration into the Global Trading System. Finance & Development. 40:46-50. 2003
- How Does Globalization Affect the Synchronization of Business Cycles. American Economic Review. 93:57-62. 2003
- Identifying the Common Component in International Economic Fluctuations: A New Approach. Economic Journal. 113:101-127. 2003
- Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration. Journal of International Economics. 59:47-76. 2003
- Inequality, Transfers and Growth: New Evidence from the Economic Transition in Poland. Review of Economics and Statistics. 84:324-341. 2002
- Thinking Big: How Can Small States Hold Their Own in an Increasingly Globalized Economy. Finance & Development. 39:38-41. 2002
- Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts . World Bank Economic Review. 14:251-85. 2000
- International Trade and the Business Cycle. Economic Journal. 109:588-606. 1999
- A Disaggregated Analysis of Employment Growth Fluctuations in Canada. Atlantic Economic Journal. 26:274-87. 1998
- International Evidence no the Determinants of Trade Dynamics. IMF Staff Papers. 45:401-439. 1998
- Labor Market Adjustment in Canada and the United States. Canadian Public Policy. 24:121-137. 1998
- Currency Unions, Economic Fluctuations, and Adjustment: Some New Empirical Evidence. IMF Staff Papers. 44:36-58. 1997
- Real Exchange Rate Fluctuations and the Business Cycle: Evidence from Japan. IMF Staff Papers. 44:328-355. 1997
- Sectoral Shifts and Structural Change in the Japanese Economy: Evidence and Interpretation. Japan and the World Economy. 9:293-313. 1997
- Employment and Wage Effects of Oil Price Changes: A Sectoral Analysis. Review of Economics and Statistics. 78:389-400. 1996
- Skill Heterogeneity and the Business Cycle. Canadian Journal of Economics. 29:910-29. 1996
- Are Prices Countercyclical? Evidence from the G-7. Journal of Monetary Economics. 34:239-47. 1994
- Interpreting the Cyclical Behavior of Prices. IMF Staff Papers. 40:266-98. 1993
- Skill Levels and the Cyclical Variability of Employment, Hours and Wages. IMF Staff Papers. 40:711-43. 1993
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article
- A Clarion Call for Emerging Markets. Project Syndicate. . 2012
- Global Lenders Rebuild Identities After the Crisis. International Herald Tribune. . 2012
- India and China Should Go Their Own Ways. Financial Times. . 2012
- India in Free Fall. Wall Street Journal Asia,. . 2012
- Kim Appointment May Spur Changes at the World Bank. International Herald Tribune,. . 2012
- Options Open on Economy: Unlike Global Partners, China Still Has Tools to Stimulate Growth. International Herald Tribune. . 2012
- Reform by Stealth is Reason for Optimism on China. Financial Times. . 2012
- Right Time for China to Liberalize Renminbi. Financial Times. . 2012
- Will China’s Yuan Rival the Dollar. Wall Street Journal. . 2012
- Will the Renminbi Rule 2012
- A Healthy Financial System is Essential for Progress. Financial Times. . 2011
- Brics Must Put Up a Fight for IMF Top Job. Financial Times. . 2011
- G20 Is at Its Best When the Stakes Are Highest. International Herald Tribune. . 2011
- How India Can Cope With Plenty. Wall Street Journal Asia. . 2011
- India Must Not Let Slip its Moment for Reform. Financial Times. . 2011
- Role Reversal 2011
- The Yuan’s Reckoning. Wall Street Journal Asia. . 2011
- China's Currency Crunch: Why China Should Adopt a More Flexible Exchange Rate 2008
- Growth and Stability in China: Prospects and Challenges. Economic & Political Weekly (India). . 2004
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book
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booksection
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chapter
- Emerging Markets in the Aftermath of the Global Financial Crisis.. The World Economy After the Global Crisis. 129-152. 2012
- Financial Sector Regulation and Reforms in Emerging Markets: An Overview. Financial Sector Reforms in Emerging Markets. 2011
- China’s Growth Model: Choices and Consequences. Emerging Giants: The Chinese and Indian Economies in Comparative Perspective. 2010
- Financial Globalization and Macroeconomic Policies. Handbook of Development Economics. 2010
- Monetary Policy Challenges in Emerging Market Economies. Monetary Policy Frameworks for Emerging Markets. 3-21. 2009
- China's Approach to Capital Inflows: Patterns and Possible Explanations. Policy Reform and Chinese Markets: Progress and Challenges. 2008
- China's Approach to Capital Inflows: Patterns and Possible Explanations. China at the Crossroads: FX and Capital Markets Policy for the Next Decade. 2007
- Exchange Rate Flexibility in China: Why It Really Matters. China at the Crossroads: FX and Capital Markets Policy for the Next Decade. 2007
- What Determines the Reservation Wages of Unemployed Workers? New Evidence from German Micro Data. Institutions and Wage Formation in the New Europe. 2004
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conference paper
- Role Reversal in Global Finance. Proceedings of the 2011 Economic Policy Symposium. 2012
- Monetary Policy Implementation in China. Monetary Policy Strategies for Asia. 2007
- Patterns of International Capital Flows and their Implications for Economic Development. 2006 Jackson Hole Symposium. 2006
- Growth and Volatility in an Era of Globalization. IMF Staff Papers. 2005
- Volatility and Comovement in an Integrated World Economy: An Empirical Exploration. 2003 Kiel Week Conference: Macroeconomic Policies in the World Economy. 2004
- Financial Integration and Macroeconomic Volatility. Third Annual Research Conference of the IMF. 2003
- Consumption and Income Inequality During Early Transition: Poland, 1985-92. First Annual Research Conference of the IMF. 2001
- The Dynamics of Reservation Wages: Preliminary Evidence from the GSOEP. 2000 GSOEP Conference. 2001
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report
- Foreign Capital and Economic Growth 2020
- Banks and Cross-Border Capital Flows: Policy Challenges and Regulatory Responses 2012
- The Renminbi’s Role in the Global Monetary System. 2012
- Optimal Price Indices for Targeting Inflation Under Incomplete Markets 2010
- Is the Chinese Growth Miracle Built to Last? 2009
- Some New Perspectives on India’s Approach to Capital Account Liberalization 2009
- Financial Globalization: What to Think When Capital Flows Uphill 2008
- How Much Convergence? How Much Decoupling? 2008
- Next Generation Financial Reforms for India 2008
- Financial Globalization: Beyond the Blame Game 2007
- The Paradox of Capital 2007
- Financial Globalization: A Reappraisal. 8-62. 2006
- Next Steps for China: Why Financial Sector Reform is a Crucial Element of a Longer-Term Growth Strategy 2005
- Capital Account Liberalization 2004
- Taking the Plunge Without Getting Hurt: How Globalization Has Changed the Relationship Between Growth and Volatility 2004
- Wage Inequality in the United Kingdom, 1975-99 2002
- Possible Effects of European Monetary Union on Switzerland: A Case Study of Policy Dilemmas Caused by Low Inflation and the Nominal Interest Rate Floor. 1-33. 1997
- Labor Market Aspects of Industrial Restructuring in Canada 1993
- Monetary Policy Challenges for Emerging Market Economies 2009
featured in archived article
- Faculty panel united by 'the good fight' at Big Apple discussion
- IMF chief analyst Eswar S. Prasad appointed to Cornell's Tolani Senior Professorship
- Regulatory reform vital for financial stability, panelists say
- Why the 'oil' that greases India's economic engine -- its financial system -- needs an upgrade
speaker at Cornell event
Teaching
teaching activities
- AEM-7000: Individual Study in Applied Economics and Management - Spring 2013
- AEM-7900: Graduate-Level Thesis Research - Spring 2013
- AEM-8900: Master's Level Thesis Research - Spring 2013
- AEM-9900: Doctoral-Level Thesis Research - Spring 2013
- AEM-4540: China and India: Growth Miracle - Fall 2012
- AEM-7000: Individual Study in Applied Economics and Management - Fall 2012
- AEM-7670: Topics in International Finance - Fall 2012
- AEM-7900: Graduate-Level Thesis Research - Fall 2012
- AEM-8900: Master's Level Thesis Research - Fall 2012
- AEM-9900: Doctoral-Level Thesis Research - Fall 2012
- ECON-4540: China and India: Growth Miracle - Fall 2012
- ECON-7670: Topics in International Finance - Fall 2012
- AEM-7000: Individual Study in Applied Economics and Management - Spring 2012
- AEM-7900: Graduate-Level Thesis Research - Spring 2012
- AEM-8900: Master's Level Thesis Research - Spring 2012
- AEM-9900: Doctoral-Level Thesis Research - Spring 2012
- AEM-4540: China's and India's Growth Miracles - Fall 2011
- AEM-7000: Individual Study in Applied Economics and Management - Fall 2011
- AEM-7670: Topics in International Finance: Financial Globalization, Growth and Volatility - Fall 2011
- AEM-7900: Graduate-Level Thesis Research - Fall 2011
- AEM-8900: Master's Level Thesis Research - Fall 2011
- AEM-9900: Doctoral-Level Thesis Research - Fall 2011
- ECON-4540: China's and India's Growth Miracles - Fall 2011
- ECON-7670: Topics in International Finance: Financial Globalization, Growth and Volatility - Fall 2011
Service
outreach overview
- Have testified before various Congressional committees and commissions. Extensive engagement with top-line media outlets--print, radio, TV.
service to the profession
reviewer or editor for
Background
education and training
- Ph.D. in Economics, University of Chicago 1992
- M.A. in Economics, Brown University 1986
- B.A. in Economics, Mathematics, and Statistics, University of Madras 1985
awards and honors
awards and distinctions listing
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• University Fellowship, University of Chicago, 1986-90
• University Fellowship, Brown University, 1985-86
• National Talent Search Scholarship, Government of India, 1982-85
Other
college
- CALS