About IIFT

M.A (Specialization – Econometrics), Ph.D (Jadavpur University, 2006).

PhD Topic: Relationship Between Macroeconomic Aggregates and Stock Prices in the Indian Economy: An Empirical Analysis

Awards & Honours:

• Awarded University Gold Medal for standing first in order of merit at the M.A. Examination in Economics, 2000 in Jadavpur University.
• Awarded five medals for securing highest aggregate marks among all the courses (Faculty First) at the M.A. Examination, 2000 in the Faculty of Arts, Jadavpur University.
• Awarded University Gold Medal for standing first in order of merit at the B.A. Examination in Economics, 1998 in Jadavpur University.
• Awarded Junior Research Fellowship (JRF) conducted by University Grants Commission (UGC) in December 1999, for conducting PhD-related research.

Areas of Interest / Specialization

Macroeconomics, International Macroeconomics, Applied Econometrics with Special Focus in Time-Series Econometrics, International Finance

Around 12 years experience in Teaching and Research

Current Work Responsibilities

• Assistant Professor in Economics, at Indian Institute of Foreign Trade, New Delhi , India (April, 2009 onwards)
• Visiting Faculty in Centre for International trade and Development (CITD) at Jawaharlal Nehru University (JNU), New Delhi (2011 onwards)
• Visiting Faculty in Macroeconomics at Indian Institute of Management (IIM) Raipur, in 2010 and 2011.                             

1. Teaching:

• PhD Programme: Applied Macroeconomics
• MBA (IB) Full Time: Macroeconomics (Core Course) and International Macroeconomics (Elective Course)
• MBA (IB) Part Time and Different Executive Post Graduate Diploma Programmes: Macroeconomics and Business Economics
• JNU: Macroeconomics -1 and Balance of Payments for MA Students and Monetary theory of International trade for MPhil Students

2. Academic Administration:

• Programme Director, Full-Time MBA (IB) 2012-14 Batch
• Programme Director, Part-Time MBA (IB) 2009-12 Batch (First year)
• Member of the Organizing Committee of Second Research Conference on Empirical Issues in International Trade and Finance held at IIFT Delhi on December 16-17, 2010.

3. Sponsored Research Projects Completed / Ongoing (Last three years):

• South Asia Regional Integration in Trade and Investment (Commissioned by International Finance Corporation, World Bank Group)
• Exchange Rate Movement and India's Exports of Textiles and Engineering Goods (Commissioned by Reserve Bank of India)
• Study on India's Export Potential of AYUSH Products with SAARC and ASEAN Countries (Commissioned by Ministry of Health and Family Welfare, Department of AYUSH, Government of India)
• Identifying New Opportunities in “India-Iran Trade and Economic Relations” (Commissioned by Indian Embassy in Iran, Ministry of External Affairs, Government of India)
• Strategy Paper for Allocation of Funds to Commercial Wings of Indian Missions Abroad under Market Expansion Activities (Commissioned by Ministry of External Affairs, Government of India)
• A Pilot Survey on Trade in Higher Education Services (Commissioned by Ministry of Statistics and Programme Implementation, Government of India)
• Preparation of India’s Export Portal for SAARC, ASEAN, Korea, Japan and Top 25 Countries (Commissioned by Ministry of Commerce and Industry, Government of India)
• Preparation of India’s Import Portal for SAARC, ASEAN, Korea, Japan and Top 25 Countries (Commissioned by Ministry of Commerce and Industry, Government of India)
• Management Development Programmes:
• Co-Programme Director for 6/7-Weeks Executive Training Programme on “International Economics and Business Management” for Indian Foreign Service (IFS) Probationers at IIFT (Three consecutive years –2010, 2011, and 2012).
• Conducted sessions on Macroeconomic Policy as part of 6/7-weeks Executive Training Programme on “International Economics and Business Management” for Indian Foreign Service (IFS) Probationers at IIFT (Three consecutive years –2010, 2011, and 2012).
• Conducted a session on Balance of Payment:   Implication for Trade Policy Formulation and a session on Managing Import Policy: Assessing India’s Import Compendium for Nepalese Government Officials on the use of Trade Policy Research in policy formulation during 5-9 Dec 2011.
• Conducted Training Programme on “Time-Series Econometrics” for the Doctoral Students at  the  Doctoral  Summer  School  (DSS),  June  6-11,  2011  at  Xavier  Institute  of  Management  Bhubaneswar, India.
• Conducted a session on Balance of Payments as part of 8-days Executive Training Programme on “International Trade” for Indian Revenue Service (IRS) Probationers at NACEN Complex, Faridabad from 7-16 April, 2010.

Past Work Experiences

1. Assistant Professor at Xavier Institute of Management Bhubaneswar (May 2007 – March 2009). Responsibilities included

• Co-ordinator, Economics Area: 2008-09
• Co-ordinator, Committee for 15-months Executive Programme for Global Business Management (Job responsibility included designing Programme Structure and Course Curriculum)
• Developing, designing and teaching courses in Economics (Microeconomics and Macroeconomics) and International Finance for PGDM and Executive PGDM Programmes.
• Co-Convenor Doctoral Summer School (DSS) 2008 organized by Xavier Institute of Management, Bhubaneswar from June 7-12, 2008
• Facilitating Research Training Seminar on “Doing Research with Time-Series Data” for the Doctoral-Level Students (Fellow Program in Management)
• Visiting Faculty of Economics at Ravenshaw University, Cuttack

2. Senior Lecturer in Economics, at Amity International Business School, Amity University, India (October, 2006 to April, 2007).

• Visiting Faculty of Economics at Leeds Metropolitan University, U.K. under Academic Exchange Programme (December, 2006 - January, 2007)
• Editor of peer-reviewed Journal “Amity Global Business Review” (the academic Journal of Amity International Business School, India)

3. Lecturer in Economics at Serampore College, India - the oldest College in India and accredited by UGC-NAAC as ‘A’ (November 2002 – September 2006).

Junior Research Fellow (under UGC-funding) in the Department of Economics, Jadavpur University, India (April 2001 to November 2002).

(i) Refereed Journals (Peer-Reviewed):

1. International:

1. “The Sustainability of Trade Deficits in the Presence of Endogenous Structural Breaks:  Evidence from the Indian Economy”, Journal of Asian Economics (Elsevier Journal), 23 (5), pp. 519-526, 2012 (Co-authored with B. Nag)
2. “The structural relationship between current and capital account Balance in India: A time series analysis”, Global Business Review, 13(3), 2012 (Co-authored with D. Chakraborty and T. Sinha)
3. “Is there any Relationship between Foreign Direct Investment, Domestic Investment and Economic Growth in India? A Time Series Analysis”, Review of Market Integration, 2012 (Forthcoming) (Co-authored with D. Chakraborty and T. Sinha)
4. "Emerging Sovereign Wealth Funds in the Making - Assessing the Economic Feasibility and Regulatory Strategies" Journal of World Trade, 45(4), pp. 837-75, 2011 (Co-authored with J. Chaisse and D. Chakraborty).
5. “Inflation-Growth Trade-Off: Evidence from Indian Economy”, International Journal of Global Business and Economics, 2(1), pp. 141 – 149, 2009.
6. "Child  Labour,  Education  Participation  and  Economic  Growth  in  Sub-Saharan  Africa:  An  Empirical  Study",  Research  Review, 24(1), pp. 53-70, 2008.
7. “Does Stock Market Development Cause Economic Growth? A Time Series Analysis for Indian Economy”, International Research Journal of Finance and Economics, 21, pp. 142-149, 2008 (Co-authored with S. G. Deb).
8. “Indian Stock Price Movements and the Macroeconomic Context – A Time-Series Analysis”, Journal of International Business and Economics, 5(1), pp. 88-93, 2006 (Co-authored with B. Bhattacharya).

2. National:

1. “An Indian Sovereign Wealth Fund in making? Some reflections on the Economic Feasibility and Regulatory Strategies” (2010), The Indian Journal of International Economic Law, Vol. 3, No. 1 (Co-authored with J. Chaisse and D. Chakraborty).
2. “Volatility in Indian Equity Market during Pre and Post F&O Period: A Time-Series Analysis” (2008), Vilikashan (the peer-reviewed Journal of Xavier Institute of Management Bhubaneswar), Vol. V, No. 2, pp. 1-14 (Co-authored with S. G. Deb).
3. "Stock Market Prices, Mean Reversion and Structural Break: Evidence from Indian Stock Market" (2006), ICFAI Journal of Applied Finance, Vol. 12, No. 2, pp.5-16 (Co-authored with B. Bhattacharya).
4. "Is Financial Sector Improvement Sufficient for Overall Economic Development? A Case Study for Indian Economy” (2001), Decision, Vol. 28, No. 2, pp.139-156 (Co-authored with B. Bhattacharya).                                                             

(ii) Authored Book:

1. Bhattacharya, B. & J. Mukherjee. (2008). ‘Indian Equity Market since Liberalization: Efficiency, Volatility and Structural Break’, World View Publishers, Kolkata.

(iii) Papers Published in Edited Books:

1. ‘India’s Stock Price Movements, Capital Inflows and Exchange Rate: A Macroeconometric Analysis’ (2010), published in the book Globalisation, Foreign Capital and Development, edited by Sutanu Bhattacharya et.al, Regal Publications, India, pp 293 – 313 (Co-authored with B. Bhattacharya).
2. ‘Globalisation, Social Expenditure and Economic Growth: A Cross-Country Study’ (2005), published in the book Globalisation and World Economic Policies: Effects and Policy Responses of Nations and their Groupings (Volume –1), edited by Clem Tisdell, Serials Publications, India, pp 41 – 57 (Co-authored with B. Bhattacharya).

(iv) Conference Presentations:

1. International:

1. “Financial Development, Investment and Economic Growth Nexus in India: Study in Perspective of Endogenous Structural Breaks”, accepted for presentation at the 16th World Congress of the International Economics Association (IEA) on July 4 - 8, 2011 at Tsinghua University, Beijing, China.
2. “Does Macroeconomic Performance Determine Foreign Direct Investment in India? Evidences from Indian Economy”, accepted for presentation at the 16th World Congress of the International Economics Association (IEA) on July 4 - 8, 2011 at Tsinghua University, Beijing, China (Co-authored with B. Bhattacharya).
3. “The Causal Relationship between Foreign Direct Investment and Macroeconomic Indicators: The Indian Context”, Second Research Conference on Empirical Issues in International Trade and Finance, IIFT, New Delhi, from December 16-17, 2010 (Co-authored with B. Bhattacharya).
4. “Indian Sovereign Wealth Fund in Making: A Critical Evaluation of Sustainability and Challenges”, Second Research Conference on Empirical Issues in International Trade and Finance, IIFT, New Delhi, from December 16-17, 2010 (Co-authored with J. Chaisse and D. Chakraborty).
5. “Export Potential of India's Traditional Medicine: A Regional Exploratory Study”, Second Research Conference on Empirical Issues in International Trade and Finance, IIFT, New Delhi, from December 16-17, 2010 (Co-authored with V. C. Katti and T. Sinha)
6. “India's Sovereign Wealth Fund in making - Economic Feasibility and Regulatory Strategies”, 27th Euro-Asia Management Studies Association (EAMSA) Conference, IMI New Delhi, from November 10-13, 2010 (Co-authored with J. Chaisse and D. Chakraborty).
7. “Cointegration between Exports and Imports in the Presence of Multiple Structural Breaks: Evidences from Indian Economy”, 6th APEA annual Conference, Hong Kong from July 8-9, 2010 (Co-authored with B. Nag).
8. “Evidences of Multiple Endogenous Structural Breaks in the Current Account and Capital Account Balance: Implications for Indian Economy”, 2^nd International Conference on Applied Economics and Time Series Econometrics, IBS Hyderabad, held from 16^th -17^th April, 2010 (Co-authored with D. Chakraborty and T. Sinha).
9. “Inflation-Growth Trade-Off: Evidence From Indian Economy”, Global Business Development Institute (GBDI) Tenth International Conference, Las Vegas, USA from 12-15 October, 2008. (The paper received the best research paper award in Economics among all the presented research papers)
10. “Macroeconometric Analysis on Exchange Rate, Capital Inflows and Stock Market Efficiency: The Indian Context”, International Conference on Globalization, FDI and Development, 29^th to 30^th January, 2008 held at Department of Economics, Kalyani University (Co-authored with B. Bhattacharya).
11. “Indian Stock Price Movements and the Macroeconomic Context – A Time-Series Analysis” (2006), Academy of International Business and Economics (AIBE) Annual Conference, Las Vegas, USA from 15-18 October, 2006 (Co-authored with B. Bhattacharya).
12. “Stock Market Prices, Mean Reversion and Structural Breaks: Evidence from Indian Stock Market”, 2^nd International Conference on Business and Finance, organized by ICFAI University, India and Philadelphia University, USA at ICFAI Business School, Hyderabad, India from 27-28 December, 2004 (Co-authored with B. Bhattacharya).
13. “Macroeconomic Aggregates and Stock Prices in India – A Study on their Relationships since Liberalization”, 10^th Global Finance Conference, organized by European Business School (EBS) at Frankfurt, Germany from 15-17 June 2003 (Co-authored with B. Bhattacharya).
14. “Impact of Health and Education Expenditure on Economic Growth — A Case Study of Sixty Countries”, 13^th World Congress, organized by International Economic Association (IEA) at Lisbon, Portugal from 9-13 September 2002 (Co-authored with B. Bhattacharya).

2. National:

1. “Sustainability of Trade Deficit in the Presence of Endogenous Structural Breaks: Evidences from Indian Economy”, Golden Jubilee Conference of the Indian Econometric Society, 4-6 March, 2010 at Jammu University, Jammu (Co-authored with B. Nag).
2. “Financial Sector Development and Capital Inflows in India: A Time-Series Analysis”, Foundation Day National Conference on Global Meltdown and India – Issues, Concerns and Challenges, 30^th November, 2009 held at Fore School of Management, New Delhi (Co-authored with B. Bhattacharya).
3. “Volatility in Indian Stock Price Movements: A Time-Series Analysis”, National Conference on Finance, 19^th December, 2007 held at IES School of Management and Research, Mumbai.
4.  “An Analysis of Stock Market Efficiency in the light of Capital Inflows and Exchange Rate Movements: The Indian Context”, 8^th Annual Conference on Money and Finance, 27^th to 28^th March, 2006 held at Indira Gandhi Institute of Development Research (IGIDR), Mumbai, India (Co-authored with B. Bhattacharya).
5. “Is the Indian Stock Market Efficient? An empirical Analysis”, National Conference on Global Competitiveness, 13^th January, 2006 held at ICFAI Business School, Kolkata, India. (The paper received the best presentation award among all the presented research papers) (Co-authored with B. Bhattacharya).
6. “Analysing Stock Price Movements in India during 1990s”, All India Economics Conference on Modeling Economic Behavior and Policy, 6^th to 8^th August, 2005 held at Sri Satya Sai Institute of Higher Learning, Prasanthi Nilayam, Bangalore, India (Co-authored with B. Bhattacharya).
7. “Causal Relationship Between Stock Market and Exchange Rate, Foreign Exchange Reserves and Value of Trade Balance in India: An Empirical Analysis”, 5^th Annual Conference on Money and Finance, 30^th to 31^st January, 2003 held at Indira Gandhi Institute of Development Research (IGIDR), Mumbai, India (Co-authored with B. Bhattacharya).
8. “The Nature of the Causal Relationship between Stock Market and Macroeconomic Aggregates in India: An Empirical Analysis”, 6^th Capital Markets Conference, 19^th to 20^th December, 2003 held at UTI Institute of Capital Markets, Mumbai, India (Co-authored with B. Bhattacharya).

(v) Working Papers:

1. “Fiscal Deficit, Crowding Out and the Sustainability of Economic Growth: The Case of the Indian economy”, IFRI Center for Asian Studies, ASIE. Visions 31, July 2010 (Co-authored with D. Sunitha Raju)
2. “Managing India's Foreign Exchange Reserve: A Preliminary Exploration of Issues and Options”, MPRA Paper No. 22873, Munich, 2010 (Co-authored with J. Chaisse and D. Chakraborty).
3. “The Structural Relationship between Current and Capital Account Balance in India: A Time Series Analysis”, MPRA Paper No. 22806, Munich, 2010 (Co-authored with D. Chakraborty and T. Sinha).

(vi) Publications in Magazines:

1. “Significant Recovery”, (Co-authored with T. Sinha), The Hindu Survey of Indian Industry, 2011.
2. “Hopes pinned on new policy”, (Co-authored with T. Sinha), The Hindu Survey of Indian Industry, 2010.
3. Interview Excerpts on “Get Ready for Economic Boom of 2011”, Just Careers, Volume 7, Issue 8, August 2009.

(vii) Workshops Attended:

1. Attended Workshop on Quantitative Finance jointly conducted by Indira Gandhi Institute of Development Research (IGIDR) Mumbai, Indian Institute of Technology (IIT) Kanpur, and Lally School of Management and Technology, Rensselaer Polytechnic Institute, USA from December 17-20, 2009 at IGIDR, Mumbai.
2. Attended  Faculty  Development  Programme  on  Financial  Derivatives  from  July  09-14,  2007  at  IIM  Kozhikode
3. Attended  Training Programme  on  Analytical Methods in Industrial Finance  from  July  01-31,  2002  at  Centre for Studies in Social Sciences Kolkata

Professional / Academic Affiliations

• Member of the Expert Committee on the International Comparision Programme (ICP) 2011, constituted by the Ministry of statistics and Programme Implementation, Government of India
• Member, Editorial Team of Foreign Trade Review (FTR), an IIFT Journal Published by Sage India.
• Editorial Advisor of Research World, an open-access publication, focused on research thinking and practice in management and closely related fields