Swarnali Ahmed Hannan

Last Updated: November 28, 2023

Swarnali Hannan

Swarnali Ahmed Hannan is a Senior Economist in the Western Hemisphere Department (Brazil team) at the International Monetary Fund, with prior assignments in Research, SPR (Strategy, Policy and Review), and European Departments. She has worked on country teams for Mexico, St. Lucia, Malta, Portugal, Ghana, and Romania. Previously, she spent three years at Goldman Sachs International focusing on research related to global macroeconomics, emerging markets (particularly, BRICs and N-11), foreign exchange, and fixed income. Her work has been cited in the press, including the Financial Times, the Wall Street Journal, and The Economist. She holds a PhD in economics from Oxford University (UK).

Email: SAHMED@imf.org

Fluent In: Bengali.

Education:

PhD in Economics from Oxford University, UK.

Bachelors of Arts (with High Honors) from Smith College, USA.

IMF Books and Working Papers:

Trade Diversion Effects from Global Tensions—Higher Than We Think , Working Paper No. 2023/234 , November 10, 2023

A Measurement of Aggregate Trade Restrictions and their Economic Effects , Working Paper No. 2022/001 , January 07, 2022

Social Spending in Mexico: Needs, Priorities and Reforms , Working Paper No. 2021/244 , October 18, 2021

Recoveries After Pandemics: The Role of Policies and Structural Features , Working Paper No. 2021/181 , July 09, 2021

External Financing Risks: How Important is the Composition of the International Investment Position? , Working Paper No. 2021/020 , January 29, 2021

Mexico Needs a Fiscal Twist: Response to Covid-19 and Beyond , Working Paper No. 20/215 , October 13, 2020

A Mexican State-level Perspective on Covid-19 and its Economic Fallout , Working Paper No. 20/214 , October 13, 2020

Managed Trade: What Could be Possible Spillover Effects of a Potential Trade Agreement Between the U.S. and China? , Working Paper No. 19/251 , November 15, 2019

The Drivers, Implications and Outlook for China’s Shrinking Current Account Surplus , Working Paper No. 19/244 , November 08, 2019

The External Balance Assessment Methodology: 2018 Update , Working Paper No. 19/65 , March 19, 2019

Macroeconomic Consequences of Tariffs , Working Paper No. 19/9 , January 15, 2019

Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature , Working Paper No. 18/214 , September 28, 2018

The Drivers of Capital Flows in Emerging Markets Post Global Financial Crisis , Working Paper No. 17/52 , March 10, 2017

The Impact of Trade Agreements in Latin America using the Synthetic Control Method , Working Paper No. 17/45 , March 09, 2017

The Volatility of Capital Flows in Emerging Markets : Measures and Determinants , Working Paper No. 17/41 , March 07, 2017

The Impact of Trade Agreements : New Approach, New Insights , Working Paper No. 16/117 , June 10, 2016

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows , Working Paper No. 15/256 , December 09, 2015

Global Value Chains and the Exchange Rate Elasticity of Exports , Working Paper No. 15/252 , November 30, 2015

Financial Deepening and International Monetary Stability , Staff Discussion Notes No. 11/16 , October 19, 2011

Financial Deepening and International Monetary Stability , Staff Discussion Notes No. 11/16 , October 19, 2011

IMF Occasional Papers, Pamphlets, and Special Issues Papers

Making Trade an Engine of Growth for All, IMF/World Bank/WTO Report 2017.

Selected Issue

Exchange Rate and Economic Growth Nexus—A Structural Model to Assess the Trade and Financial Channels (with Vlad Barnaure). Romania Selected Issues, 2017.

Other Published Materials

Understanding Trade Deficit Adjustments: Does Bilateral Trade play a Special Role? (with Kyun Suk Chang and Sergii Meleshchuk), Box 3 in Chapter 4 “The Determinants of Bilateral Trade and Spillovers from Tariffs”, IMF World Economic Outlook, April 2019.

Tariffs in a Globalized World, IMF Research Perspectives, December 2018.

IMF External Sector Report (with Luis Cubeddu et. al), 2018

Can (Un)Happiness Explain Macroeconomics? (with Sweta Saxena), IMF Research Perspectives, June 2018.

Capital Flows—Review of Experiences with the Institutional View, IMF Board Paper 2016.

Structural Reforms and Macroeconomic Performance: Initial Considerations for the Fund, IMF Board Paper 2015.

Review of the Role of Trade in the Work of the Fund, IMF Board Paper 2015.

Enhancing Surveillance: Interconnectedness and Clusters, IMF Board Paper 2012.

Publications in Journals (Refereed)

Estefania-Flores, Julia, Swarnali A. Hannan, Davide Furceri, Jonathan D. Ostry, Andrew Rose, 2023, “Are Trade Restrictions Counter-Cyclical? Evidence from a New Aggregate Measure,” Journal of Policy Modeling, Vol. 45, pp. 745—767.

Cubeddu, Luis, Swarnali A. Hannan, and Pau Rabanal, 2023, “External Financing Risks: How Important is the Composition of the International Investment Position?” Journal of International Money and Finance, Vol. 131, Article 102772.

Furceri, Davide, Swarnali A. Hannan, Jonathan D. Ostry, and Andrew K. Rose, 2022, “The Macroeconomy After Tariffs,” The World Bank Economic Review, Vol. 36(2), pp. 361—381.

Hannan, Swarnali A., Keiko Honjo, and Mehdi Raissi, 2022, “Mexico needs a fiscal twist: Response to Covid-19 and beyond,” International Economics, Vol. 169, pp. 175—190.

Furceri, Davide, Swarnali A. Hannan, Jonathan D. Ostry, and Andrew K. Rose, 2020, “Are tariffs bad for growth? Yes, say five decades of data from 150 countries,” Journal of Policy Modeling, Vol. 42, pp. 850—859.

Hannan, Swarnali Ahmed, 2017, “The Drivers of Capital Flows in Emerging Markets Post Global Financial Crisis,” Journal of International Commerce, Economics and Policy, Vol. 8 (2).

Ahmed, Swarnali, Maximiliano Appendino, and Michele Ruta, 2017, “Global value chains and the exchange rate elasticity of exports,” The B.E. Journal of Macroeconomics (Advances), Vol. 17 (1), pp. 1—24.

Publications in Books and Conference Volumes

Hannan, Swarnali Ahmed, 2020, “The Determinants of Capital Flows in Emerging Markets,” in Francisco L. Rivera-Batiz, ed., Encyclopedia of International Economics and Global Trade, Vol. 2: International Money and Finance, World Scientific Publishing Co., Singapore, chapter 2.

Other Published Materials

Recovering from pandemics: Policies and structural features matter (with Juan Pablo Cuesta Aguirre), VoxEU, 2021.

Macro reasons to loath protectionism (with Davide Furceri, Jonathan D. Ostry, Andrew Rose), VoxEU, 2019.

All you need to know about the drivers of capital flows, Econbrowser, 2019.

Impact of trade agreements: New approach, new insights, VoxEU, 2016.

Depreciation without exports (with Maximiliano Appendino and Michele Ruta), VoxEU, 2015.

Wilson, Dominic, and Swarnali Ahmed, 2010, “Current Account and Demographics: The Road Ahead,” Global Economic Paper No: 202, Goldman Sachs Economic Research.

Swarnali Hannan

Swarnali Ahmed Hannan is a Senior Economist in the Western Hemisphere Department (Brazil team) at the International Monetary Fund, with prior assignments in Research, SPR (Strategy, Policy and Review), and European Departments. She has worked on country teams for Mexico, St. Lucia, Malta, Portugal, Ghana, and Romania. Previously, she spent three years at Goldman Sachs International focusing on research related to global macroeconomics, emerging markets (particularly, BRICs and N-11), foreign exchange, and fixed income. Her work has been cited in the press, including the Financial Times, the Wall Street Journal, and The Economist. She holds a PhD in economics from Oxford University (UK).

Email: SAHMED@imf.org

Fluent In: Bengali.

Education:

PhD in Economics from Oxford University, UK.

Bachelors of Arts (with High Honors) from Smith College, USA.

IMF Books and Working Papers:

Trade Diversion Effects from Global Tensions—Higher Than We Think , Working Paper No. 2023/234 , November 10, 2023

A Measurement of Aggregate Trade Restrictions and their Economic Effects , Working Paper No. 2022/001 , January 07, 2022

Social Spending in Mexico: Needs, Priorities and Reforms , Working Paper No. 2021/244 , October 18, 2021

Recoveries After Pandemics: The Role of Policies and Structural Features , Working Paper No. 2021/181 , July 09, 2021

External Financing Risks: How Important is the Composition of the International Investment Position? , Working Paper No. 2021/020 , January 29, 2021

Mexico Needs a Fiscal Twist: Response to Covid-19 and Beyond , Working Paper No. 20/215 , October 13, 2020

A Mexican State-level Perspective on Covid-19 and its Economic Fallout , Working Paper No. 20/214 , October 13, 2020

Managed Trade: What Could be Possible Spillover Effects of a Potential Trade Agreement Between the U.S. and China? , Working Paper No. 19/251 , November 15, 2019

The Drivers, Implications and Outlook for China’s Shrinking Current Account Surplus , Working Paper No. 19/244 , November 08, 2019

The External Balance Assessment Methodology: 2018 Update , Working Paper No. 19/65 , March 19, 2019

Macroeconomic Consequences of Tariffs , Working Paper No. 19/9 , January 15, 2019

Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature , Working Paper No. 18/214 , September 28, 2018

The Drivers of Capital Flows in Emerging Markets Post Global Financial Crisis , Working Paper No. 17/52 , March 10, 2017

The Impact of Trade Agreements in Latin America using the Synthetic Control Method , Working Paper No. 17/45 , March 09, 2017

The Volatility of Capital Flows in Emerging Markets : Measures and Determinants , Working Paper No. 17/41 , March 07, 2017

The Impact of Trade Agreements : New Approach, New Insights , Working Paper No. 16/117 , June 10, 2016

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows , Working Paper No. 15/256 , December 09, 2015

Global Value Chains and the Exchange Rate Elasticity of Exports , Working Paper No. 15/252 , November 30, 2015

Financial Deepening and International Monetary Stability , Staff Discussion Notes No. 11/16 , October 19, 2011

Financial Deepening and International Monetary Stability , Staff Discussion Notes No. 11/16 , October 19, 2011

IMF Occasional Papers, Pamphlets, and Special Issues Papers

Making Trade an Engine of Growth for All, IMF/World Bank/WTO Report 2017.

Selected Issue

Exchange Rate and Economic Growth Nexus—A Structural Model to Assess the Trade and Financial Channels (with Vlad Barnaure). Romania Selected Issues, 2017.

Other Published Materials

Understanding Trade Deficit Adjustments: Does Bilateral Trade play a Special Role? (with Kyun Suk Chang and Sergii Meleshchuk), Box 3 in Chapter 4 “The Determinants of Bilateral Trade and Spillovers from Tariffs”, IMF World Economic Outlook, April 2019.

Tariffs in a Globalized World, IMF Research Perspectives, December 2018.

IMF External Sector Report (with Luis Cubeddu et. al), 2018

Can (Un)Happiness Explain Macroeconomics? (with Sweta Saxena), IMF Research Perspectives, June 2018.

Capital Flows—Review of Experiences with the Institutional View, IMF Board Paper 2016.

Structural Reforms and Macroeconomic Performance: Initial Considerations for the Fund, IMF Board Paper 2015.

Review of the Role of Trade in the Work of the Fund, IMF Board Paper 2015.

Enhancing Surveillance: Interconnectedness and Clusters, IMF Board Paper 2012.

Publications in Journals (Refereed)

Estefania-Flores, Julia, Swarnali A. Hannan, Davide Furceri, Jonathan D. Ostry, Andrew Rose, 2023, “Are Trade Restrictions Counter-Cyclical? Evidence from a New Aggregate Measure,” Journal of Policy Modeling, Vol. 45, pp. 745—767.

Cubeddu, Luis, Swarnali A. Hannan, and Pau Rabanal, 2023, “External Financing Risks: How Important is the Composition of the International Investment Position?” Journal of International Money and Finance, Vol. 131, Article 102772.

Furceri, Davide, Swarnali A. Hannan, Jonathan D. Ostry, and Andrew K. Rose, 2022, “The Macroeconomy After Tariffs,” The World Bank Economic Review, Vol. 36(2), pp. 361—381.

Hannan, Swarnali A., Keiko Honjo, and Mehdi Raissi, 2022, “Mexico needs a fiscal twist: Response to Covid-19 and beyond,” International Economics, Vol. 169, pp. 175—190.

Furceri, Davide, Swarnali A. Hannan, Jonathan D. Ostry, and Andrew K. Rose, 2020, “Are tariffs bad for growth? Yes, say five decades of data from 150 countries,” Journal of Policy Modeling, Vol. 42, pp. 850—859.

Hannan, Swarnali Ahmed, 2017, “The Drivers of Capital Flows in Emerging Markets Post Global Financial Crisis,” Journal of International Commerce, Economics and Policy, Vol. 8 (2).

Ahmed, Swarnali, Maximiliano Appendino, and Michele Ruta, 2017, “Global value chains and the exchange rate elasticity of exports,” The B.E. Journal of Macroeconomics (Advances), Vol. 17 (1), pp. 1—24.

Publications in Books and Conference Volumes

Hannan, Swarnali Ahmed, 2020, “The Determinants of Capital Flows in Emerging Markets,” in Francisco L. Rivera-Batiz, ed., Encyclopedia of International Economics and Global Trade, Vol. 2: International Money and Finance, World Scientific Publishing Co., Singapore, chapter 2.

Other Published Materials

Recovering from pandemics: Policies and structural features matter (with Juan Pablo Cuesta Aguirre), VoxEU, 2021.

Macro reasons to loath protectionism (with Davide Furceri, Jonathan D. Ostry, Andrew Rose), VoxEU, 2019.

All you need to know about the drivers of capital flows, Econbrowser, 2019.

Impact of trade agreements: New approach, new insights, VoxEU, 2016.

Depreciation without exports (with Maximiliano Appendino and Michele Ruta), VoxEU, 2015.

Wilson, Dominic, and Swarnali Ahmed, 2010, “Current Account and Demographics: The Road Ahead,” Global Economic Paper No: 202, Goldman Sachs Economic Research.