Ajay Shah

Ajay Shah studied at IIT, Bombay and USC, Los Angeles. He has held positions at the Centre for Monitoring Indian Economy (Bombay), Indira Gandhi Institute for Development Research (Bombay) and the Ministry of Finance, and now works at NIPFP. His research interests include policy issues on Indian economic growth, open economy macroeconomics, public finance, financial economics and pensions. In the past decade, he was extensively involved in the policy process in the reforms of the equity market and the New Pension System.

Content by Ajay Shah
  • Data Item

    Data: Foreign investors under stress: Evidence at the firm level

    Emerging market policy makers have been concerned about the financial stability implications of financial globalization. These concerns are focused particularly on behavior under stressed conditions. Do tail events in the home country trigger off extreme responses by foreign investors and is there any asymmetry between the responses of foreign investors to very good versus...

    2 May 2019

  • Project

    How do disclosures affect financial choices? The case of life insurance in India

    Insurance is one of the most popular investment avenues in India. Recent miss-selling scandals in insurance (as well as financial products more generally) have brought a renewed focus on how best to regulate their sale. This has meant rules on commissions paid to distributors of these products, increased fiduciary responsibilities, as well as improved disclosures. Removing...

    31 Aug 2017 | Renuka Sane, Monika Halan, Ajay Shah

  • Blog post

    Foreign currency borrowing by Indian firms: What do we know?

    As foreign currency borrowing by Indian firms increases, concerns have surfaced about the rise of associated risks. Hence, recent policy changes seeking to make the regulatory regime simpler and more transparent, are timely. Today's blog explores ideas for ongoing policy formulation - looking not only at the kinds of firms borrowing, but also associated impact and risks...

    8 Dec 2015 | Ila Patnaik, Ajay Shah, Nirvikar Singh

  • Publication - Working Paper

    Foreign currency borrowing by Indian firms: Towards a new policy framework

    10 Sep 2015 | Ila Patnaik, Ajay Shah, Nirvikar Singh

  • Project

    Does Foreign Institutional Investment in India Increase Financial Vulnerability? An Empirical Investigation Using an Event Study Approach

    A new policy brief from Ila Patnaik, Ajay Shah and Nirvikar Singh emphasises the value of detailed empirical analysis as a precursor to any policymaking. It examines the topic of the financial stability implications of globalisation, as well as asking whether extreme events in world markets induce extreme behaviour by foreign investors, thus making them vectors of crisis...

    3 Sep 2014 | Nirvikar Singh, Jean Paul Rabanal, Ila Patnaik, Ajay Shah

  • Project

    Foreign borrowing by Indian firms: Implications for growth and macroeconomic stability

    This project will analyse the pattern of external borrowing by Indian firms, an exercise that has as yet not been carried out. We will identify possible drivers of such borrowing. Most importantly, we will analyse the impacts of foreign borrowing on the performance of firms that do so, and compare them to the performance of firms that do not borrow. Finally, we will assess...

    1 Dec 2013 | Ila Patnaik, Ajay Shah, Nirvikar Singh

  • Publication - Policy Brief

    Does foreign institutional investment in India increase financial vulnerability?

    1 Sep 2013 | Ila Patnaik, Ajay Shah, Nirvikar Singh

  • Blog post

    Foreign Investors Under Stress: Evidence from India

    Emerging market policymakers are concerned about the effects of foreign portfolio flows on financial stability. This column focuses on the behaviour of investors in extreme events, allowing for the possibility that what happens under stressed market conditions may differ from day-to-day outcomes. The findings for India suggest that while on good days, foreign investors...

    19 Jul 2013 | Ila Patnaik, Ajay Shah, Nirvikar Singh

  • Publication - Working Paper

    Foreign Investors under Stress: An Event Study for India (Working Paper)

    28 Feb 2013 | Ila Patnaik, Ajay Shah, Nirvikar Singh

  • Project

    Foreign investors under stress: Evidence at the firm level

    Emerging market policy-makers have been concerned about the financial stability implications of financial globalization. These concerns are focused particularly on behaviour under stressed conditions. Do tail events in the home country trigger off extreme responses by foreign investors and is there any asymmetry between the responses of foreign investors to very good versus...

    1 Jul 2012 | Nirvikar Singh, Ajay Shah, Ila Patnaik