Insight Episode 10 | Prof. Partha Ray | Impact of Monetary Policy on Stock Markets


Indian Institute of Management Calcutta

Partha Ray is currently Professor of Economics at the Indian Institute of Management, Calcutta where he teaches Macroeconomics, Global Political Economy and Issues in Monetary Policy. During 2007 – 2011 he was Adviser to the Executive Director (India) at the International Monetary Fund, Washington D.C. Earlier he was working in the specialist cadre of Economists in Reserve Bank of India’s Economic Research Department during 1989 – 2006 in various capacities; his last position was Director, Department of Economic and Policy Research, RBI. During 1985- 1989, he taught Economics in Calcutta. He has written extensively on issues relating to global financial crisis, global economy, monetary policy, banking and finance. His recent publications include: Macroeconomic Policies for Emerging and Developing Economies (with A Vasudevan; Sage Publications, 2018); Financial and Fiscal Policies: Crises and New Reality (with Y V Reddy and Narayan Valluri; Oxford University Press, 2015), and Monetary Policy (Oxford University Press, 2013).

Academic Background:

  • Ph.D.(Economics) University of Mumbai.
  • PG Diploma in Development Policy: Indira Gandhi Institute of Development Research, Mumbai.
  • MSc. (Economics): University of Calcutta
  • BSc (Economics): Presidency College, Calcutta

Journal Publications:

  • 2019: “Price and Volatility Linkages between Indian Stocks and Their European GDRs” (with Vinodh Madhavan), Journal of Emerging Market Finance, June: 1–25.
  • 2019: "India’s external commercial borrowing: Pulled by domestic fundamentals or pushed by global conditions?" (with Abhisek Sur & Amarendu Nandy), Journal of Asian Economics, Volume 61, April 2009, pp 65 - 77, available at at
  • 2019: "Monetary Policy Transmission in Financial Markets Empirical Evidences from India" (with Edwin Prabu A), Economic and Political Weekly, Vol 54, Issue 13, 30 March 2019, pp. 68-74.
  • 2019: "Indian Monetary Policy in the Time of Inflation Targeting and Demonetization" (with Rakesh Mohan), Asian Economic Policy Review, Volume 14, Issue 1, January 2019, pp 67 - 91.
  • 2018: "Recent Downfall of the Indian Rupee", (with Parthapratim Pal), Economic & Political Weekly, Vol. 53, Issue No. 41, 13 Oct, 2018, pp. 12-16.
  • 2018: "The LIC–IDBI Deal: Sieving the Substance" (with Ashok Banerjee), Economic and Political Weekly, August 25, 2018, Vol 53, No. 34, pp. 19-22.
  • 2018: "Evolving Efficiency of Dually-Listed Indian Stocks: A Nonlinear Perspective" (with Vinodh Madhavan), Journal of Quantitative Economics, 2018, volume 16, pp. 13–35.
  • 2016: "Is the stock market impervious to monetary policy announcements: Evidence from emerging India" (with Edwin Prabu and Indranil Bhattacharyya), International Review of Economics & Finance, Volume 46, November 2016, pp. 166–179.
  • 2015: “Rise and Fall of Industrial Finance in India”, Economic and Political Weekly, Vol 50, Number 5, January 31, 2015.
  • 2012: ”Does Developing Asia Save More? Evidence from a Panel of High Saving Nations in Asia” (with Sivabrata Das), IUP Journal of Applied Economics, Vol. XI, No. 1, 2012.
  • 2010: “The Global Crisis and Systemic Risks: Matching Sources with Correctives” (with Arvind Virmani), Economic and Political Weekly, December 4-10, 2010.
  • 2007: “How Do We Assess Monetary Policy Stance? Characterization of a Narrative Monetary Measure for India”, (with Indranil Bhattacharyya), Economic & Political Weekly, March 31, 2007.
  • 2006: "Employment and Poverty in India during the 1990s: Is There a Diverging Trend?" (with Sanjay Hansda), Economic & Political Weekly, July 8- 15, 2006.
  • 2005: “Bank Nominee Directors and Corporate Performance”, (with D. M. Nachane & S. Ghosh), Economic & Political Weekly, Vol. XL, No. 3, pp. 1216-1223, 2005.
  • 2005: “Financial Sector Reform and Balance Sheet of the RBI”, (with N. Jadhav, D. Bose & I. Sengupta), Economic & Political Weekly, Vol. XL, No. 3, pp. 1142-1150, 2005.
  • 2004: “Is India's Public Finance Unsustainable? Or, Are the Claims Exaggerated?” (with Rajan Goyal & J. K. Khundrakpam), Journal of Policy Modelling, Vol. 26, pp. 401-420, 2004.
  • 2004: “The New Basel Capital Accord: A Primary Indian Perspective” (with D. M Nachane and Saibal Ghosh), Journal Of Indian School Of Political Economy, Vol 16, No. 4, pp. 590-621, 2004.
  • 2004: “Behavior of Bank Capital: Issues and Evidence from India” (with D M Nachane and S. Ghosh), Economic and Political Weekly (Special Issue in Money, Banking and Finance), Vol. 39, pp. 1291-1297, 2004.
  • 2003: “Stock Market Integration and Dually listed Stocks: Indian ADR and Domestic Stock Prices” (with Sanjay K. Hansda) Economic and Political Weekly, Vol. 38(8), pp.741-755, 2003.
  • 2003: “Does Monetary Policy have Differential State-Level Effects?”, An Empirical Evaluation” (with D. M. Nachane and S. Ghosh), Economic and Political Weekly, Vol.47, pp. 4723-4728, 2003.
  • 1992: "Determinants of Currency Demand in India: 1960-61 to 1989-90" (with D. Ajit), International Journal of Development Banking, Vol.10(1), pp.59-68, 1992.
  • 1991: “Durability and Time-Frame of Industrial Retrogression in India”, Economic and Political Weekly, Vol.12, pp.1244-1245, 1991.

Read about executive education