Sushanta Mallick

Sushanta Kumar Mallick

BA (Hons.) (Utkal), MA (Hyderabad), PhD (Warwick)

Professor of International Finance

School of Business and Management

Telephone: +44 (0)20-7882 7447

Fax: + 44 (0)20-7882 3615

I am a Professor at the School of Business and Management at Queen Mary, University of London. I joined Queen Mary in October 2006 as a Senior Lecturer and became a Reader in October 2008 and then got promoted to a Chair in October 2011. Prior to being at Queen Mary, I spent nearly three years as a Lecturer at the Department of Economics, Loughborough University. Before that, I worked as a Research Fellow for more than two years in the International Economics Programme at the Royal Institute of International Affairs, London. I also have experience working as a Sovereign Research Analyst covering Asian emerging markets for nearly three years (1999-2001) at JPMorgan Chase (previously Chase Manhattan Bank), based in Hong Kong. I began my research career in the early nineties (1991-1995) at the Institute for Social and Economic Change (with a year at Indian Statistical Institute), Bangalore, India, followed by a Commonwealth Scholarship to study for a Ph.D. in economics (1995-1998) at the University of Warwick, under the supervision of Professor Kenneth F. Wallis. I have published articles in several refereed international journals, including many Indian economics journals (in the 1990s), as well as a book based on my Ph.D. dissertation, Modelling Macroeconomic Adjustment with Growth in Developing Economies (Ashgate Publishing, 1999). My main research interests include issues in international macroeconomics and finance.

Recent and Forthcoming Papers

1. The real effects of financial stress in the Eurozone (with Ricardo M. Sousa), International Review of Financial Analysis (forthcoming).

2. Explaining cross-country differences in exporting performance: The role of country-level macroeconomic environment (with Yong Yang), International Business Review (forthcoming).

3. Fiscal Policy and Crowding-Out in Developing Asia (with Seok-Kyun Hur and Donghyun Park), Environment and Planning C: Government & Policy (forthcoming).

4. Productivity performance of export market entry and exit: Evidence from Indian firms (with Yong Yang), Review of International Economics (forthcoming).

5. Impact of China’s currency valuation and labour cost on the US in a trade and exchange rate model (with Keshab Bhattarai), The North-American Journal of Economics and Finance (forthcoming).

6. Disentangling the poverty effects of sectoral output, prices and policies in India, Review of Income and Wealth (forthcoming).

7. Fiscal Policy in the BRICs (with Fredj Jawadi and Ricardo M. Sousa), Studies in Nonlinear Dynamics & Econometrics (SNDE) (forthcoming).

8. Commodity prices, inflationary pressures, and monetary policy: Evidence from BRICS economies (with Ricardo M. Sousa), Open Economies Review (forthcoming).

9. Exchange rate regime, real misalignment and currency crises (with Oliver Holtemöller), Economic Modelling (forthcoming).

10. Determinants of Bank Credit Default Swap Spreads: The role of the housing sector (with Nadia Benbouzid), North-American Journal of Economics and Finance, 24 (1): 243–259, January 2013.

11. Identifying sources of macroeconomic and exchange rate fluctuations in the UK (with James P. Cover), Journal of International Money and Finance, 31 (6): 1627-1648, October 2012.

12. Financial reforms and income inequality (with Luca Agnello and Ricardo M. Sousa), Economics Letters, 116 (3): 583-587, September 2012.

13. Real Effects of Monetary Policy in Large Emerging Economies (with Ricardo M. Sousa), Macroeconomic Dynamics, 16 (S2): 190-212, September 2012.

14. Pricing to market with trade liberalization: The role of market heterogeneity and product differentiation in India’s exports (with Helena Marques), Journal of International Money and Finance, 31 (2): 310-336, March 2012 [This paper was included in Media Briefings following presentation at the Royal Economic Society Annual Conference during 18-20 April 2011].

Papers published in Referred-Journals during 2010-2011 (in reverse chronological order)

1. Sources of Financing, Profitability and Productivity: First Evidence from Matched Firms (with Yong Yang), Financial Markets, Institutions and Instruments, 20 (5): 221–252, December 2011.

2. Chinese Exchange Rate and Price Effects on G3 Import Prices (with Brigitte Granville and Ning Zeng), Journal of Asian Economics, 22 (6): 427-440, December 2011 (published as lead article).

3. On the Real Effects of Inflation in Open Economies: Theory and Empirics (with Mohammed Mohsin), Empirical Economics, 39 (3): 643-673, December 2010.

4. Export-Premium, Self-selection and Learning-by-Exporting: Evidence from Chinese Matched Firms (with Yong Yang), The World Economy, 33 (10): 1218–1240, October 2010.

5. Income and poverty in a developing economy (with A.K. Chattopadhyay and G. J. Ackland), Europhysics Letters (EPL), 91 (5), 58003, September 2010.

6. The Impact of Information Technology on the Banking Industry (with Shirley Ho), Journal of the Operational Research Society, 61 (2): 211-221, February 2010.

7. Monetary Policy in Russia: Identifying exchange rate shocks (with Brigitte Granville), Economic Modelling, 27 (1): 432-444, January 2010.

8. Data frequency and exchange rate pass-through: Evidence from India's exports (with Helena Marques), International Review of Economics and Finance, 19 (1): 13-22, January 2010.

Referred-Journal publications during 2008-2009

1. Monetary and Financial Stability in the Euro Area: Pro-cyclicality versus Trade-off (with Brigitte Granville), Journal of International Financial Markets, Institutions & Money, 19 (4): 662–674, October 2009.

2. Estimating consumption deprivation in India using survey data: A state-level rural-urban analysis before and during reform period (with T. Krishna Kumar and Jayarama Holla), Journal of Development Studies, 45 (4): 441-470, April 2009 (published as lead article).

3. The Effect of Monetary Policy on Output in EMU3: A Sign Restriction Approach (with M.S. Rafiq), Journal of Macroeconomics, 30 (4): 1756-1791, December 2008.

4. On Network Competition and Solow Paradox: Evidence from U.S. Banks (with Shirley Ho), The Manchester School, 76 (s1): 37-57, September 2008.

5. Pass-through of exchange rate and tariffs into import prices of India: Currency depreciation versus import liberalization (with Helena Marques), Review of International Economics, 16 (4): 765-782, September 2008.

6. Income distribution and consumption deprivation: An analytical link, Journal of Income Distribution, 17 (2): 25-36, June 2008.

7. When does growth trickle down to the poor? The Indian case (with Santonu Basu), Cambridge Journal of Economics, 32 (3): 461-477, May 2008.

8. Exchange rate transmission into industry level export prices: A tale of two policy regimes in India (with Helena Marques), IMF Staff Papers, 55 (1): 83-108, April 2008.

9. Foreign capital in a growth model (with Tomoe Moore), Review of Development Economics, 12 (1): 143-159, February 2008.

Referred-Journal Publications during 2001-2007

1. Monetary Policy in High Inflation Open Economies: Evidence from Israel and Turkey (with Mohammed Mohsin), International Journal of Finance and Economics, 12 (4): 405-415, October 2007.

2. On the Effects of Inflation Shocks in a Small Open Economy (with Mohammed Mohsin), Australian Economic Review, 40 (3): 253-266, September 2007.

3. Income distribution dependence of poverty measure: A theoretical analysis (with Amit Chattopadhyay), Physica A: Statistical Mechanics and its Applications, 377 (1): 241–252, April 2007.

4. Policy Instruments to Avoid Output Collapse: An Optimal Control Model for India, Applied Financial Economics, 16 (10): 761-776, June 2006.

5. Does inflation or currency depreciation drive monetary policy in Russia? (with Brigitte Granville) Research in International Business and Finance, 20 (2): 163-179, June 2006.

6. Sectoral exchange rate pass-through: Testing the impact of policy reforms in India (with Helena Marques), Scottish Journal of Political Economy, 53 (2): 280-303, May 2006.

7. Impact of World Bank lending in an adjustment-led growth model (with Tomoe Moore), Economic Systems, 29 (4): 366-383, December 2005 (published as lead article).

8. Tight credit policy versus currency depreciation: Simulations from a trade and inflation model of India, Journal of Policy Modeling, 27 (5), 611-627, July 2005.

9. Financial Globalisation: The Need for a Single Currency and a Global Central Bank (with Philip Arestis and Santonu Basu), Journal of Post Keynesian Economics, 27 (3), 507-531, Spring 2005.

10. How best to link poverty reduction and debt sustainability in IMF-World Bank Models? (with Brigitte Granville), International Review of Applied Economics, 19 (1): 67-85, January 2005.

11. Pension Reforms and Saving Gains in the UK (with Brigitte Granville), The Journal of Policy Reform, 7 (2): 123-136, June 2004.

12. Fisher Hypothesis: UK evidence over a century (with Brigitte Granville), Applied Economics Letters, 11 (2), February 2004, 87-90.

13. A Dynamic Macroeconometric Model for Short-Run Stabilization in India, Applied Economics, 36 (3), February 2004, 261-276.

14. Determinants of Long-term Growth in India: A Keynesian Approach, Progress in Development Studies, 2 (4), October 2002, 306-324.

15. A Linear Liquidity Preference Function admitting a Liquidity Trap with Application to India (with T.K. Kumar), The Asia Pacific Journal of Economics and Business, 5(2), December 2001, 67-81.

16. Dynamics of Macroeconomic Adjustment with Growth: Some Simulation Results, International Economic Journal, 15(1), Spring 2001, 115-139.

Chapters in Books

1. Financial intermediation and economic development: Evidence from Bihar (with Sanjay Banerji, Krishna Gangopadhyay, and Prashant Gupta), in Ashima Goyal (ed.), Handbook of the Dynamic Indian Economy, Oxford University Press, India (forthcoming).

2. Assessing Exchange Rate Pass-Through in India during Recent Globalization (with Helena Marques), in Helena Marques, Elias Soukiazis, and Pedro Cerqueira (eds.), Integration and Globalization: Challenges for Developed and Developing Countries, Edward Elgar, 2009, pp.143-161.

3. A macroeconomic policy approach to poverty reduction, in Subrata Ghatak and Paul Levine (ed.), Development Macroeconomics: Essays in Memory of Anita Ghatak, Routledge, 2009, pp.95-119.

4. Does Technological Change Induce Unemployment? (with Santonu Basu), in Arestis, P., and J.S.L. McCombie (ed.), Missing Links in the Unemployment Relationship, Palgrave Macmillan, 2009, pp.158-181.

5. Is Growth Alone Sufficient to Reduce Poverty? In Search of the Trickle Down Effect in Rural India (with Santonu Basu), in Arestis, P., M. Baddeley and J.S.L. McCombie (ed.), Economic Growth: New Directions in Theory and Policy, Edward Elgar, 2007, pp.259-278.

6. Monetary Policy in Russia (with Brigitte Granville), in Lucio Vinhas de Souza and Oleh Havrylyshyn (eds.), Return to Growth in CIS Countries and the Macroeconomic Framework, Springer, 2006, pp.73-89.

7. Integrating Poverty Reduction in IMF-World Bank Models (with Brigitte Granville), in Alberto Paloni and Maurizio Zanardi (eds.), The IMF, World Bank and Policy Reform, Routledge: London, 2006, pp.191-208.

8. Designing Adjustment Policies with Growth for India: An Optimal Control Framework, in V. Pandit and K. Krishnamurty (eds.), 2004, Economic Policy Modelling for India, Oxford University Press, New Delhi, pp.110-133.

9. Does capital market reform boost savings? Evidence from the UK Pension Reforms (with Brigitte Granville), in Seiichi Masuyama and Donna Vandenbrink (eds.), 2004, The Development of Capital Markets and their Governance, Tokyo Club Papers No. 16, Tokyo Club Foundation for Global Studies: Tokyo, pp.7-36.

Working Papers

1. Disentangling the poverty effects of sectoral output, prices and policies in India, UN-ESCAP Development Papers 1202, May 2012, New Delhi.

2. What explains cross-country growth in South Asia? Female education and the growth effect of international openness (with Arusha Cooray), BWPI Working Paper No. 145, 2011.

3. Fiscal Policy and Crowding Out in Developing Asia (with S. Hur and D. Park), ADB Economics Working Paper No. 222, September 2010.

4. Effectiveness of Countercyclical Fiscal Policy: Time-Series Evidence from Developing Asia (with S. Jha, D. Park, and P. Quising), ADB Economics Working Paper No. 211, August 2010.

5. Exchange Rate Pass-through in India’s Exports to Developed and Emerging Markets (with Helena Marques), RIS Discussion Paper No.144, September 2008.

6. A macroeconomic policy approach to poverty reduction, BWPI Working Paper No.31, March 2008.

7. Estimating Consumption Deprivation in India using Survey Data: A State-Level Rural-Urban Analysis before and during Reform Period (with T. Krishna Kumar and Jayarama Holla), Centre for Globalisation Research, Working Paper No.7 (October 2007).

8. Foreign Capital in a Growth Model (with Tomoe Moore), Centre for Globalisation Research, Working Paper No.5 (September 2007).

9. Pass-through of Exchange Rate and Tariffs into Import Prices of India: Currency Depreciation versus Import Liberalisation (with Helena Marques), Centre for Globalisation Research, Working Paper No.3 (September 2007).

10. The Impact of Information Technology on the Banking Industry: Theory and Empirics (with Shirley Ho), presented at the Workshop on Knowledge Flows, Queen Mary, University of London, 23 March 2007.

11. Income distribution dependence of poverty measure: A theoretical analysis (with Amit Chattopadhyay), 2005.

12. Is Growth Alone Sufficient to Reduce Poverty? In Search of the Trickle Down Effect in Rural India (with Santonu Basu), 2004, presented at Sir Arthur Lewis Anniversary Conference, University of Manchester, UK, 6 - 7 July.

13. Global price transmission from China (with Brigitte Granville), 2004, presented at the T5 Research Conference, held at The Brookings Institution, Washington DC, 9-10 February.

14. Integrating poverty Reduction in IMF-World Bank Models? (with Brigitte Granville), presented at the 2003 Annual DSA Conference, Glasgow, 10-12 September 2003.

Newspaper and other media articles

Book Reviews

Fifteen books reviewed in the areas of econometrics, monetary, financial and development economics, which are published in the following journals: Economic Journal (2003), International Review of Applied Economics (2003), Canadian Journal of Development Studies (2003), Journal of Development Studies (2003), International Affairs (2002, 2003, 2004), Progress in Development Studies (2001), Kyklos (1994), Deccan Herald (1993), Southern Economist (1993), Indian Economic Review (1993), Indian Journal of Applied Economics (1992), Journal of Quantitative Economics (1992), International Journal of Development Banking (1992).

Journal Publications in the 1990s

1. Designing Adjustment Policies with Growth for India: An Optimal Control Framework, Journal of Quantitative Economics (special issue: policy modelling for India), 15(2): 161-176, July 1999.

2. Causality between Exports and Economic Growth in India: Evidence from Cointegration based Error Correction Models, Indian Journal of Economics, 76(302): 307-320, January 1996.

3. International Trade and Economic Growth: An Examination of Interdependence using VARs with reference to India, Journal of Foreign Exchange and International Finance, 8(4): 437-446, January-March 1995.

4. Neoclassical Models of Economic Growth: Old and New, Indian Economic Journal, 42(4): 76-88, April-June 1995.

5. A Non-econometric Review of Indian Macroeconomic Models (with T.K. Kumar), Arthavijnana, 37(1): 1-45, March 1995.

6. Macroeconomic Adjustment in India: Policy and Performance in the Recent Years (with T.K. Kumar), Journal of Indian School of Political Economy, 7(1): 44-68, January-March 1995.

7. Exports and Economic Growth, Journal of Indian School of Political Economy, 6(3): 505-515, July-September 1994.

8. Capital Formation in Indian Agriculture: Recent Trends, Indian Journal of Agricultural Economics, 48 (4): 667-677, October-December 1993.

9. The Small Scale Industries in Orissa: A Profile, Small Enterprises Development, Management and Extension (SEDME) Journal, 20(3): 1-12, September 1993.

10. Exports Growth and Industrial Development: Empirical Evidence from India, Indian Journal of Quantitative Economics, 8 (1 & 2): 99-105, 1992.

Academic Refereeing

Guest Editor: International Journal of Public Policy (2012); International Journal of Business and Emerging Markets (2012); International Journal of Monetary Economics and Finance (2011).

Guest Co-editor: Review of International Economics (2012); Macroeconomics and Finance in Emerging Market Economies (2012); International Journal of Economic Policy in Emerging Economies (2011, 2010); International Journal of Trade and Global Markets (2010); The Journal of Financial Decision Making (2009)

Member: AIEFS – Association of Indian Economic and Financial Studies [Executive Committee (2009- )]; European Economics and Finance Society (EEFS) [Scientific Committee (2007- )]

Conference Organizer: Co-organized a Workshop on ‘International Political Economy and Cross-Border Effects’ at Queen Mary, University of London, UK; Co-organized an International conference on Quantitative Approaches to Public Policy (QAPP) – in honour of Professor T Krishna Kumar – at Indian Institute of Management Bangalore, 10-12 August 2009.

Conference Papers Reviewer: Reviewed papers for AIB, INFER and INFINITI Conferences.

Grant Proposals and Reports Assessor: ESRC, Foundation for Science and Technology (FCT), Portugal; Netherlands Organisation for Scientific Research.

Ph.D. Thesis Examiner: Loughborough University (2012); University of East Anglia (2012); Pondicherry University (2012, 2011); London Metropolitan University (2012); University of London (2011, 2009, 2007); University of Leicester (2011, MPhil); University of Warwick (2010); Lancaster University (2010); Kingston University (2010); IIT Bombay (2010); Coventry University (2009); University of Hull (2008); University of Newcastle Australia (2008, Doctorate).