Project Management

Ajay Shah

********@*****.***

http://www.mayin.org/ajayshah

Positions

Professor, National Institute for Public Finance and Policy, New Delhi

(2007-)

Consultant, Department of Economic A airs, Ministry of Finance, New

Delhi, (2001 2005).

Associate Professor, IGIDR, Bombay (2001).

Assistant Professor, IGIDR, Bombay (1996-2001).

President, CMIE, Bombay (1993-1996).

Consultant, Rand Corporation, Santa Monica (1990-1993).

Education

Ph.D. in Economics, University of Southern California, Los Angeles.

B.Tech. in Aeronautical Engineering, I.I.T., Bombay.

Awards and honours

Listed in Top 10 economists in the Indian Express supplement The Most

Powerful Indians in 2010, January 2010.

BH Economics Blog Awards 2009: Best South Asian Blog, December 2009.

Listed in Business Standard s Experts who wield enormous in uence in their

elds, January 2009.

BH Economics Blog Awards 2008: Best South Asian Blog, January 2008.

The Parallel Risk Management (prism) project won the Skoch Challenger

Award for innovative ICT initiatives, February 2004.

National Talent Search Scholarship, 1981.

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Books

Ajay Shah, Susan Thomas, and Michael Gorham. India s Financial Markets:

An Insider s Guide to How the Markets Work. Elsevier, October 2008

Ila Patnaik, Abhijit Sengupta, and Ajay Shah. Determinants of trade mis-

invoicing. Open Economies Review, 2011 (forthcoming)

Ajay Shah and Ila Patnaik. Foreign shareholding: A decomposition analysis.

Applied Financial Economics, 21(10):743 746, 2011

Ila Patnaik, Ajay Shah, and Rudrani Bhattacharya. Export versus FDI in

services. World Economy, 2011 (forthcoming)

Ila Patnaik, Ajay Shah, and Giovanni Veronese. How to measure in ation

in India? Economic and Political Weekly, XLVI(16):55 64, April 2011

Ila Patnaik, Ajay Shah, Anmol Sethy, and Vimal Balasubramaniam. The

exchange rate regime in Asia: From crisis to crisis. International Review of

Economics and Finance, 20(1):32 43, 2011

Achim Zeileis, Ajay Shah, and Ila Patnaik. Testing, monitoring, and dating

structural changes in exchange rate regimes. Computational Statistics &

Data Analysis, 54(6):1696 1706, June 2010

Ila Patnaik and Ajay Shah. Does the currency regime shape unhedged

currency exposure? Journal of International Money and Finance, 29:760

769, 2010

Ila Patnaik and Ajay Shah. Why India choked when Lehman broke. India

Policy Forum, 6, 2009-10

Ila Patnaik and Ajay Shah. The di culties of the Chinese and Indian ex-

change rate regimes. European Journal of Comparative Economics, 6(1):157

173, June 2009

Shruthi Jayaram, Ila Patnaik, and Ajay Shah. Examining the decoupling

hypothesis for India. Economic and Political Weekly, XLIV(44):109 116,

October 2009

Rudrani Bhattacharya, Ila Patnaik, and Ajay Shah. Early warnings of in-

ation in India. Economic and Political Weekly, pages 62 67, November

2008

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Ajay Shah and Syed Abuzar Moonis. Testing for time variation in beta in

India. Journal of Emerging Markets Finance, 2(2):163 180, May August

2003

Mandira Sarma, Susan Thomas, and Ajay Shah. Selection of Value at Risk

models. Journal of Forecasting, 22(4):337 358, 2003

Ajay Shah. Investment risk in the Indian pension sector and the role for

pension guarantees. Economic and Political Weekly, XXXVIII(8):719 728,

22 February 2003

Susan Thomas and Ajay Shah. The stock market response to the Union

Budget. Economic and Political Weekly, XXXVII(5):455 458, February 2 8

2002

Ajay Shah and Susan Thomas. David and Goliath: Displacing a primary

market. Journal of Global Financial Markets, 1(1):14 21, Spring 2000

Ajay Shah and Susan Thomas. Market microstructure considerations in

index construction. In CBOT Research Symposium Proceedings, pages 173

193. Chicago Board of Trade, Summer 1998

Ajay Shah and Shuvam Misra. Building India s National Information Infras-

tructure. Economic and Political Weekly, XXXII(44 45):2880 2884, Novem-

ber 1997

Ajay Shah. Minimum asset-based tax: A critique. Economic and Political

Weekly, XXI(30):2046 2048, 27 July 1996

Chapters in books

Ajay Shah and Ila Patnaik. Managing capital ows: The case of india. In

Masahiro Kawai and Mario B. Lamberte, editors, Managing capital ows:

The search for a framework, chapter 9, pages 260 279. Edward Elgar Pub-

lishing, 2010

Ajay Shah and Ila Patnaik. Stabilising the Indian business cycle. In Sameer

Kochhar, editor, India on the growth turnpike: Essays in honour of Vijay L.

Kelkar, chapter 6, pages 137 154. Academic Foundation, 2010

Ajay Shah. New issues in macroeconomic policy. In T. N. Ninan, editor,

Business Standard India, chapter 2, pages 26 54. Business Standard Books,

2008

Ajay Shah and Ila Patnaik. India s experience with capital ows: The elusive

quest for a sustainable current account de cit. In Sebastian Edwards, editor,

Capital controls and capital ows in emerging economies: Policies, practices

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and consequences, chapter 13, pages 609 643. The University of Chicago

Press, 2007

Ajay Shah. Improving governance using large IT systems. In S. Narayan, ed-

itor, Documenting reforms: Case studies from India, pages 122 148. Macmil-

lan India, New Delhi, 2006

Ajay Shah. Indian pension reform: A sustainable and scalable approach.

In David A. Kelly, Ramkishen S. Rajan, and Gillian H. L. Goh, editors,

Managing globalisation: Lessons from China and India, chapter 7. World

Scienti c, 2006

Raghuram Rajan and Ajay Shah. New directions in Indian nancial sector

policy. In Priya Basu, editor, India s nancial sector: Recent reforms, future

challenges, chapter 4, pages 54 87. Macmillan, 2005

Ajay Shah. Market e ciency on the Indian equity derivatives market. In

Susan Thomas, editor, Derivatives markets in India 2003, chapter 5, pages

99 119. Tata McGraw Hill, 2003

Ajay Shah and Susan Thomas. Policy issues in Indian securities markets. In

Anne Krueger and Sajjid Z. Chinoy, editors, Reforming India s External, Fi-

nancial and Fiscal Policies, Stanford Studies in International Economics and

Development, chapter 4, pages 129 147. Stanford University Press, 2003

Ajay Shah and Susan Thomas. Securities market e ciency. In James A.

Hanson, Patrick Honohan, and Giovanni Majnoni, editors, Globalization and

national nancial systems, chapter 6, pages 145 175. The World Bank and

Oxford University Press, 2003

Ajay Shah and Kshama Fernandes. The relevance of index funds for pension

investment in equities. In Robert Holzmann and Joseph Stiglitz, editors, New

Ideas About Old Age Security: Toward Sustainable Pension Systems in the

21st Century. World Bank, January 2001

Kirit S. Parikh and Ajay Shah. Second generation reforms. In Kirit S.

Parikh, editor, India Development Report 1999-2000, chapter 2, pages 25

34. Oxford University Press, 1999

Ajay Shah and Susan Thomas. Developing the Indian capital market. In

James A. Hanson and Sanjay Kathuria, editors, India: A nancial sector

for the Twenty rst century, chapter 7, pages 205 265. Oxford University

Press, 1999

Ajay Shah and Susan Thomas. Strengthen institutions for domestic mar-

kets. In Perspectives on international nancial liberalisation, Responses to

discussion paper 12 International nancial liberalization: Implications for

development by John Eatwell. UNDP O ce of Development Studies, April

1998

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Ajay Shah and Susan Thomas. Securities markets. In Kirit S. Parikh,

editor, India Development Report 1997, chapter 10, pages 167 192. Oxford

University Press, February 1997

Ajay Shah. Telecommunications. In Kirit S. Parikh, editor, India Devel-

opment Report 1997, chapter 13, pages 239 250. Oxford University Press,

February 1997

Encyclopaedias and reference works

Ajay Shah and Ila Patnaik. India. In Jerry Caprio, editor, Encyclopaedia of

Financial Globalization, chapter 67. Elsevier, 2011

Ajay Shah. Securities markets. In Kaushik Basu, editor, The Oxford Com-

panion to Economics in India, pages 467 471. Oxford, 2007

Susan Thomas and Ajay Shah. Stock market indexes. In Kaushik Basu, ed-

itor, The Oxford Companion to Economics in India, pages 503 504. Oxford,

2007

Ajay Shah and Urjit Patel. Pension funds and social security. In Stanley

Wolpert, editor, Encyclopaedia of India. Charles Scribner s Sons, 2005

Committees and advisory roles

Chairman, Department of Posts Expert Committee on Role of Post O ces

in Financial Inclusion, December 2009.

Member, Ministry of Finance Working Group on Foreign Investment,

November 2009.

Board of directors, Ascent Capital Advisors, 2008-.

Member, Internal Working Group of Ministry of Finance on Internal Debt

Management, 2008.

Member, Task Force on Implementation of Goods and Service Tax, 13th

Finance Commission, 2008.

Member, Expert Advisory Group for Gujarat International Finance Tec-

City Company (GIFT), 2008-.

Board of directors, Gujarat State Fertilisers, 2006-.

Virtual member of Raghuram Rajan committee on nancial sector reforms,

2008

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Core Team of Consultants for High powered expert committee on making

Mumbai an international nancial centre, chaired by Percy Mistry, Ministry

of Finance, 2007.

Member, Forward Markets Commission Risk management group, 2005 2007.

Board of directors, Centre for Monitoring Indian Economy, 1993 .

Board of directors, National Securities Clearing Corporation, 1997 .

Board of directors, Clearing Corporation of India Ltd., 2001 .

Advisor to Task force on FRBM Implementation, chaired by Vijay Kelkar,

Ministry of Finance, 2004.

Board of directors, National Commodity Derivatives Exchange, 2003-2005.

Board of directors, Deposit Insurance and Credit Guarantee Corporation.,

2000 2005.

Member, RBI Technical advisory committee on the money and government

securities markets, 1999-2001.

Member, RBI Advisory group on reforms in deposit insurance in India,

Chaired by Jagdish Capoor, 1999.

Member, RBI Technical group on the repo market, 1999.

Member, RBI Group on Securities Clearing Corporation, 1999.

Member, SEBI Risk management group, 2002 2005.

Member, SEBI s Secondary markets advisory committee, 2002 2004.

Member, SEBI s L. C. Gupta Committee on Policy for Derivatives (1996).

Member, Executive Committee, National Securities Depository Ltd., 1996-

2008

Member, Project OASIS Committee on old age social and income security

(Chaired by S. A. Dave), Ministry of Social Justice and Empowerment, 1999.

Member, Investment Committee for Endowment Fund, IIT, Bombay., 1999-

2000.

Board of Scholars, Centre for Civil Society, Delhi, 1999-.

Projects

Project which led to the creation of the NSE-50 index, funded by US AID

(with Susan Thomas).

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Creation of NSE MIBOR, the methodology for reference rates on the inter-

bank call money market, 1998.

Research project: Parallel Risk Management ( prism): Risk containment

in real time using using Value at Risk, using parallel computation, for Na-

tional Securities Clearing Corporation (NSCC), December 1998 (with Susan

Thomas).

Expository

Blog at http://ajayshahblog.blogspot.com

Fortnightly column in Financial Express from 2008 onwards. A fortnightly

column in Business Standard, 1997-2001 and 2005-2008. Have also written

opinion pieces in Wall Street Journal and Economic Times.

Ajay Shah. Black, Merton and Scholes: Their work and its consequences.

Economic and Political Weekly, XXXII(52):3337 3342, December 1997

Teaching

Courses taught: Undergraduate Statistics class, University of Southern Cal-

ifornia. At IGIDR: First year Ph.D. econometrics and second year Ph.D.

nance.

Ph.D. students guided: Tushar Waghmare, Jayatu Sen Chaudhury, Syed

Abuzar Moonis, Mandira Sarma, Santosh Kumar, Anuj Arora, Tirthankar

C. Pattnaik.

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