Ravi Balakrishnan is currently the Deputy Division Chief of the North American Division of the IMF’s Western Hemisphere Department, and mainly works on the United States. Prior to this, he was the IMF’s Resident Representative based in Singapore, where he had regional responsibilities. He has worked on various other countries and on the World Economic Outlook during his IMF career, and also had stints at the Bank of England and Bank of Spain. His research interests cover labor dynamics, inequality, inflation dynamics, exchange rate dynamics, and capital flows. Mr. Balakrishnan holds a PhD in Economics from the LSE and completed his undergraduate studies at Cambridge University.
Fluent In: Spanish.
PhD. Economics, London School of Economics
MSc. Economics, London School of Economics
B.A. (First Class Honours), Churchill College, Cambridge University
Bank of England: Economist in the Monetary Assessment and Strategy Division of Monetary
Bank of Spain: Post Doctoral Research Fellow.
Country work or Mission Assignment:
Asia Pacific Region, Bolivia, Canada, Grenada, Jamaica, Malaysia, Singapore, Sri Lanka, Trinidad and Tobago, World Economic Outlook, United States
IMF Books and Working Papers:
Recent U.S. Labor Force Dynamics: Reversible or not?, Working Paper No. 15/76, April 02, 2015
The Elusive Quest for Inclusive Growth : Growth, Poverty, and Inequality in Asia, Working Paper No. 13/152, June 26, 2013
Surging Capital Flows to Emerging Asia : Facts, Impacts, and Responses, Working Paper No. 12/130, May 01, 2012
What’s the Damage? Medium-term Output Dynamics After Banking Crises, Working Paper No. 09/245, November 01, 2009
The Transmission of Financial Stress from Advanced to Emerging Economies, Working Paper No. 09/133, June 01, 2009
Canadian Firm and Job Dynamics, Working Paper No. 08/31, February 01, 2008
Globalization, Gluts, Innovation or Irrationality: What Explains the Easy Financing of the U.S. Current Account Deficit?, Working Paper No. 07/160, July 01, 2007
U.S. Inflation Dynamics: What Drives Them Over Different Frequencies?, Working Paper No. 06/159, June 01, 2006
U.S. Dollar Risk Premiums and Capital Flows, Working Paper No. 06/160, June 01, 2006
IMF Occasional Papers, Pamphlets, and Special Issues Papers
Policy Responses to Capital Flows in Emerging Markets (with Mahmood Pradhan, Reza Baqir, Geoffrey Heenan, Sylwia Nowak, Ceyda Oner, and Sanjaya Panth), April 2010, Staff Discussion Notes No. 11/10
Who's Driving Whom? Analyzing External and Intra-Regional Linkages in the Americas (2008): Chapter 7 "Financial Flows from the United States to Latin America: Basic Patterns, Causes, and Implications" (joint with Fernando Goncalves)
IMF Survey Articles
World Economic Outlook "IMF Sees Unemployment Remaining High in Many Advanced Economies" (April 14, 2010--joint with Mitali Das and Prakash Kannan)
World Economic Outlook "Rapid Spread of Crisis Reflects Close Global Economic Ties" (April 16, 2009--joint with Stephan Danninger, Selim Elekdag, Irina Tytell)
Regional Economic Outlook "Comparing Recessions in Germany, Spain, and United Kingdom" (November 18, 2009--joint with Helger Berger)
IMF Country Analysis "The United States Sees First Nationwide Housing Slump in Four Decades" (Vol. 37 No. 8 pp126-127 August 2008)
Research (joint with Voldymyr Tulin) "US Capital Flows Persist Despite Low Expected Returns" (Vol 35. No. 7 pp.270-271, September 2006).
"What Drives US Inflation Dynamics" (Vol. 36 No. 16 pp245, August 21 2006--joint with Sam Ouliaris)
Strong Fundamentals and Commodity Boom Help Sustain Canada's Vigorous Boom" (Vol. 35 No. 13 pp.202-203, July 10, 2006--joint with Vladimir Klyuev and Evridiki Tsounta)
An Achilles Heel: Inequality threatens Asia's growth miracle (joint with Chad Steinberg and Murtaza Syed)
Other Published Materials
China's Economy in Transition: Chapter 10 "How Pro-Poor and Inclusive is China's Growth? A Cross Country Perspective", 2013, (with Chad Steinberg and Murtaza Syed)
Asia's Quest for Inclusive Growth (with Chad Steinberg and Murtaza Syed), Chapter 3, Fall 2011 Regional Economic Outlook: Asia and Pacific.
Capital Flows to Asia: Comparison with Previous Experience and Monetary Policy Options (with Sonali Jain-Chandra, Sylwia Nowak, Sanjaya Panth, Filiz Unsal, Yiqun wu), Chapter 2, Spring 2011 Regional Economic Outlook:Asia and Pacific.
Unemployment Dynamics During Recessions and Recoveries: Okun's Law and Beyond (with M. Das and P. Kannan), Chapter 3, World Economic Outlook, Spring 2010.
What's the Damage? Medium-Term Output Dynamics after Financial Crises (with A. Abiad, Daniel Leigh, Petya Koeva Brooks, and Irina Tytell), Chapter 4, World Economic Outlook, October 2009.
How Linkages Fuel the Fire: The Transmission of Financial Stress from Advanced to Emerging Economies (with Stephan Danninger, Selim Elekdag, and Irina Tytell), Chapter 4, World Economic Outlook, April 2009.
Publications in Journals (Refereed)
Surging Capital Flows to Emerging Asia: Facts, Impacts, Responses (with Sylwia Nowak, Sanjaya Panth, and Ryan Wu), 2013, Journal of International Commerce, Economics and Policy, Vol. 4, No. 2.
The transmission of financial stress from advanced to emerging economies (with Stephan Danninger, Selim Elekdag, and Irina Tytell), May-June 2011, Emerging Markets Finance and Trade, 47, 40-68.
Rhyme or Reason: What Explains the Easy Financing of the U.S. Current Account Deficit? (with Tamim Bayoumi and Volodymyr Tulin), June 2009, IMF Staff Papers, Volume 56, No. 2.
Asset price based estimates of sterling exchange rate risk premia (with Jan Groen), Journal of International Money and Finance, 2006.
Unemployment Dynamics across OECD Countries (with Claudio Michelacci), European Economic Review, 2001.
Publications in Books and Conference Volumes
Asian Development Review, 2012, Comments on "Fine Tuning an Open Capital Account in a Developing Country: The Indonesian Experience" (Vol. 29, No. 2 pp.181-182).
The Fourteenth Singapore Economic Roundtable, November 2010, Second Session: Impact of Capital Flows into Emerging Economies and Their Policy Responses.
Other Published Materials
Understanding UK Inflation: The Role of Openness (with David Lopez Salido), Bank of England working paper, 2002.
The Interaction of Firing Costs and On-The-Job Search: An Application of a Search Theoretic Model to the Spanish Labour Market, Bank of Spain working paper, 2001.