About Us

Name : Dr. Jaydeep Mukherjee

Specialization : Economics

Designation : Professor & Head Gift City (Gandhinagar) Campus

Email : jaydeep@iift.edu

Qualification

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

Teaching Interest:

  • Macroeconomics
  • International Macroeconomics
  • Managerial Economics
  • Applied Econometrics
  • International Finance

Research Interest:

  • Financial Sector and Real Sector Economy Interlinkage
  • Open Economy Macroeconomy
  • Macroeconomic Policy
  • Econometrics Applications in Macroeconomics and Finance

 

Work Experience

Publications

(i) Refereed Journals (Peer-Reviewed):

        i.            “Financial Development and Sub-national Export Performance: Evidence from the Indian States”, Indian Economic Journal (Ranked B in ABDC Journal Ranking), Forthcoming 2023 (Co-authored with P. Arora).

      ii.            “Institutional Distance as a Determinant of Outward FDI from India”, International Journal of Emerging Markets (Ranked B in ABDC Journal Ranking), Accepted 24 February 2021 (Co-authored with R. Nayyar and S. Verma)

    iii.            “The Nexus between Financial Development and Trade Performance: Empirical Evidence from India in the Presence of Endogenous Structural Breaks”, Journal of Financial Economic Policy (Ranked B in ABDC Journal Ranking), 12(2), 2020 (Co-authored with P. Arora).

    iv.            “Home country impact on Outward FDI from India”, Journal of Policy Modeling (Ranked A in ABDC Journal Ranking), 42(2), 2020 (Co-authored with R. Nayyar).

      v.            “Outward FDI from India: An Exploratory Examination of Home Country Effects in the Presence of Structural Breaks”, Empirical Economics Letters (Ranked C in ABDC Journal Ranking), 17(2), 2018 (Co-authored with R. Nayyar).

    vi.            “Does FDI Inflows Influence Merchandise Exports? Causality Analysis for India over 1991-2016”, Global Economy Journal (Ranked B in ABDC Journal Ranking, Scopus-indexed), 17(3), 2017 (Co-authored with D. Chakraborty and J. Lee).

  vii.            “Do Exchange Rates Affect Exports in India”, South Asian Journal of Macroeconomics and Public Finance (Ranked C in ABDC Journal Ranking), 3(2), 2014 (Co-authored with R. Bhattacharyya)

viii.            “Is the Indian Stock Market Cointegrated with Other Asian Markets?”, Management Research Review (Emerald Journal, Ranked C in ABDC Journal Ranking, Scopus-indexed), 36 (9), 2013 (Co-authored with S. Rajwani).

    ix.            “Financial Development and Economic Growth in India: A Study in the Presence of Endogenous Structural Breaks”, The IUP Journal of Applied Economics (Ranked C in ABDC Journal Ranking), 12(4), 2013.

      x.            “Is there any Relationship between Foreign Direct Investment, Domestic Investment and Economic Growth in India? A Time Series Analysis”, Review of Market Integration (Sage Journal), 4 (3), pp. 309-337, 2013 (Co-authored with D. Chakraborty)

    xi.            “Deconstructing Service and Investment Negotiating Stance: A case Study of India at WTO GATS and Investment Fora”, Journal of World Investment and Trade (Ranked A in ABDC Journal Ranking), 14 (1), pp. 44-78, 2013 (Co-authored with J. Chaisse and D. Chakraborty).

  xii.            “The Sustainability of Trade Deficits in the Presence of Endogenous Structural Breaks:  Evidence from the Indian Economy”, Journal of Asian Economics (Elsevier Journal, Ranked B in ABDC Journal Ranking, Scopus-indexed), 23 (5), pp. 519-526, 2012 (Co-authored with B. Nag)

xiii.            “The structural relationship between current and capital account Balance in India: A time series analysis”, Global Business Review (Sage Journal, Ranked C in ABDC Journal Ranking, Scopus-indexed), 13(3), 433-447, 2012 (Co-authored with D. Chakraborty and T. Sinha)

xiv.            "Emerging Sovereign Wealth Funds in the Making - Assessing the Economic Feasibility and Regulatory Strategies", Journal of World Trade (Kluwer Law Journal, Ranked B in ABDC Journal Ranking, Scopus-indexed), 45(4), pp. 837-875, 2011 (Co-authored with J. Chaisse and D. Chakraborty).

  xv.            “An Indian Sovereign Wealth Fund in Making? Some reflections on the Economic Feasibility and Regulatory Strategies”, The Indian Journal of International Economic Law, 3(1), 2010 (Co-authored with J. Chaisse and D. Chakraborty).

xvi.            Inflation-Growth Trade-Off: Evidence from Indian Economy”, International Journal of Global Business and Economics, 2(1), 2009.

xvii.            "Child Labour, Education Participation and Economic Growth in Sub Saharan Africa: An Empirical Study", Research Review, 24(1), 2008.

xviii.            “Volatility in Indian Equity Market during Pre and Post F&O Period: A Time-Series Analysis”, Vilikashan (the peer-reviewed Journal of Xavier Institute of Management Bhubaneswar), 5 (2), 2008 (Co-authored with S. G. Deb).

xix.            “Does Stock Market Development Cause Economic Growth? A Time Series Analysis for Indian Economy”, International Research Journal of Finance and Economics (Scopus-indexed), 21, 2008 (Co-authored with S. G. Deb).

  xx.            “Indian Stock Price Movements and the Macroeconomic Context – A Time-Series Analysis”, Journal of International Business and Economics (Scopus-indexed), 5(1), 2006 (Co-authored with B. Bhattacharya).

xxi.            "Stock Market Prices, Mean Reversion and Structural Break: Evidence from Indian Stock Market", ICFAI Journal of Applied Finance, Vol. 12, No. 2, pp.5-16, 2006 (Co-authored with B. Bhattacharya).

xxii.            "Is Financial Sector Improvement Sufficient for Overall Economic Development? A Case Study for Indian Economy” 2001, Decision (IIM Calcutta peer-reviewed Journal), Vol. 28, No. 2, pp.139-156, 2001 (Co-authored with B. Bhattacharya).

                                                 

(ii) Authored Book:

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

 

(iii) Edited Book:

i.                    Lakhanpal, P., Mukherjee, J., Nag, B. and D. Tuteja. (2021). Trade, Investment and Economic Growth: Issues for India and Emerging Economies, Springer, Singapore.

ii.                  Chakraborty, D. and J. Mukherjee. (2016). Trade, Investment and Economic Development in Asia: Empirical and Policy Issues, Routledge, UK.

 

(iii) Papers Published in Edited Books:

  i.            ‘Financial Constraints and Export Participation: A Case Study of Indian Textile Industry’ (2022), published in the book Revisiting the Indian Financial Sector: Recent Issues and Perspectives, edited by Paramita Mukherjee, Springer, Singapore, pp 63-73 (Co-authored with P. Arora)

ii.            ‘An Asian Perspective of Global Trade and Investment Dynamics’ (2016), published in the book Trade, Investment and Economic Development in Asia: Empirical and Policy Issues, edited by Debashis Chakraborty and Jaydeep Mukherjee, Routledge, UK, pp 1-21 (Co-authored with D. Chakraborty).

iii.            ‘Trade and Investment issues in Asia – Lessons for the Future’ (2016), published in the book Trade, Investment and Economic Development in Asia: Empirical and Policy Issues, edited by Debashis Chakraborty and Jaydeep Mukherjee, Routledge, UK, pp 350-375 (Co-authored with D. Chakraborty).

iv.            ‘Foreign Direct Investment and Macroeconomic Indicators in India: A Causality Analysis’ (2015), published in the book International Trade and International Finance: Explorations of Contemporary Issues, edited by Malobika Roy and Saikat Sinha Roy, Springer, India, pp 373-384 (Co-authored with B. Bhattacharya).

v.            ‘Structural Breaks and the Effect of Exchange Rate on India’s Exports’ (2014), published in the book Current Issues in International Trade: Methodologies and Development Implications for the World Economy, edited by Gouranga G. Das, Nova Publishers, USA, pp 71-86 (Co-authored with R. Bhattacharyya)

vi.            ‘The Casual Linkage Between FDI and Current Account Balance in India: An Econometric Study in the Presence of Endogenous Structural Breaks’ (2014), published in the book Analytical issues in Trade, development and Finance: Essays in honour of Biswajit Chatterjee, edited by Ghosh and Karmakar, Springer, India, pp 479-498 (Co-authored with D. Chakraborty and T. Sinha).

vii.            ‘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).

viii.            ‘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:

        i.            ‘Location Choice of Indian MNEs: A Dual Perspective’, accepted for presentation at AIB 2019 Conference, Copenhagen, June 25-27, 2019 (Co-authored with R. Nayyar and S. Varma).

      ii.            ‘Institutional reforms and outward foreign direct investment from India: The moderating role of firm traditional and institutional advantage’, presented at the AIB-INDIA Chapter Conference, ICFAI, Hyderabad, 22-24 April, 2019 (Co-authored with R. Nayyar).

    iii.            ‘Indian MNEs foreign market selection: Beyond the traditional “motives-location” typology’, presented at the AIB-INDIA Chapter Conference, ICFAI, Hyderabad, 22-24 April, 2019 (Co-authored with R. Nayyar and S. Varma).

    iv.            ‘FDI Flows and Exports: Substitutes or Complements in Indian Context’, presented at the AIB-INDIA Chapter Conference, ICFAI, Hyderabad, 22-24 April, 2019 (Co-authored with G. Sadana).

      v.            ‘Locational Choice of India’s Outward FDI: Integrating Insights from Traditional and Institutional Theory’, presented at Annual International and Area Studies Convention, School of International Studies (SIS), Jawaharlal Nehru University (JNU), New Delhi, 30 January – 1 February, 2019 (Co-authored with R. Nayyar and S. Varma).

    vi.            ‘Interrelation between FDI inflows, Investment and Merchandise Exports: Causality Analysis for India over 1996-2018’, presented at the Sixth IIFT Conference on Empirical Issues in International Trade & Finance, IIFT Delhi, 13-14th December, 2018 (Co-authored with D. Chakraborty and R. Nayyar).

  vii.            ‘How Indian MNEs Choose their FDI Destinations: Extending Traditional Theoretical Frameworks’, presented at the Sixth IIFT Conference on Empirical Issues in International Trade & Finance, IIFT Delhi, 13-14th December, 2018 (Co-authored with R. Nayyar and S. Varma).

viii.            ‘Do FDI Inflows influence Merchandise Exports? Causality Analysis on India over 1991-2016’, presented at the Fifth IIFT Conference on Empirical Issues in International Trade & Finance, IIFT Kolkata, 16-17th December, 2016 (Co-authored with D. Chakraborty and J. Lee).

    ix.            How has FDI impacted Indian Exports? Time Series Analysis with Endogenous Structural Breaks”, 9th Asia Pacific Economic Association (APEA) Annual Conference, Osaka, Japan from July 27-28, 2013 (Co-authored with D. Chakraborty).

      x.            Cointegration between FDI and Current Account Balance in India: Empirical Analysis in the Presence of Endogenous Structural Breaks”, Third Research Conference on Empirical Issues in International Trade and Finance, IIFT, Kolkata, from January 10-11, 2013 (Co-authored with D. Chakraborty and T. Sinha).

    xi.            Is the Indian Stock Market Cointegrated with other Global stock markets? Evidences in the Presence of Endogenous Structural Breaks”, Third Research Conference on Empirical Issues in International Trade and Finance, IIFT, Kolkata, from January 10-11, 2013(Co-authored with S. Rajwani).

  xii.            “Is the Indian Stock Market Cointegrated with Asian vis-à-vis other Developed Markets? A Time-Series Analysis in the Presence of Endogenous Structural Breaks”, India Finance Conference, from December 19 -21, 2012 at IIM Calcutta (Co-authored with S. Rajwani).

xiii.            “Linkages between Indian Stock Market and Other Asian Markets: An Empirical Analysis in the Presence of Endogenous Structural Breaks”, 4th Conference on Excellence in Research & Education, from May 10-13, 2012 at IIM Indore (Co-authored with S. Rajwani).

xiv.            Financial Development, Investment and Economic Growth Nexus in India: Study in Perspective of Endogenous Structural Breaks”, 16th World Congress of the International Economics Association (IEA) from July 4 - 8, 2011 at Tsinghua University, Beijing, China.

  xv.            “Does Macroeconomic Performance Determine Foreign Direct Investment in India? Evidences from Indian Economy”, 16th World Congress of the International Economics Association (IEA) from July 4 - 8, 2011 at Tsinghua University, Beijing, China (Co-authored with B. Bhattacharya).

xvi.            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).

xvii.            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).

xviii.            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)

xix.            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).

  xx.            Cointegration between Exports and Imports in the Presence of Multiple Structural Breaks: Evidences from Indian Economy”, 6th Asia Pacific Economic Association (APEA) Annual Conference, Hong Kong from July 8-9, 2010 (Co-authored with B. Nag).

xxi.            “Evidences of Multiple Endogenous Structural Breaks in the Current Account and Capital Account Balance: Implications for Indian Economy”, 2nd International Conference on Applied Economics and Time Series Econometrics, IBS Hyderabad, held from 16th -17th April, 2010 (Co-authored with D. Chakraborty and T. Sinha).

xxii.            “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).

xxiii.            “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, 30th November, 2009 held at Fore School of Management, New Delhi (Co-authored with B. Bhattacharya).

xxiv.            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)

xxv.            “Macroeconometric Analysis on Exchange Rate, Capital Inflows and Stock Market Efficiency: The Indian Context”, International Conference on Globalization, FDI and Development, 29th to 30th January, 2008 held at Department of Economics, Kalyani University (Co-authored with B. Bhattacharya).

xxvi.            “Volatility in Indian Stock Price Movements: A Time-Series Analysis”, National Conference on Finance, 19th December, 2007 held at IES School of Management and Research, Mumbai.

xxvii.            “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).

xxviii.            “An Analysis of Stock Market Efficiency in the light of Capital Inflows and Exchange Rate Movements: The Indian Context”, 8th Annual Conference on Money and Finance, 27th to 28th March, 2006 held at Indira Gandhi Institute of Development Research (IGIDR), Mumbai, India (Co-authored with B. Bhattacharya).

xxix.            “Is the Indian Stock Market Efficient? An empirical Analysis”, National Conference on Global Competitiveness, 13th 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).

xxx.            “Analyzing Stock Price Movements in India during 1990s”, All India Economics Conference on Modeling Economic Behavior and Policy, 6th to 8th August, 2005 held at Sri Satya Sai Institute of Higher Learning, Prasanthi Nilayam, Bangalore, India (Co-authored with B. Bhattacharya).

xxxi.            “Stock Market Prices, Mean Reversion and Structural Breaks: Evidence from Indian Stock Market”, 2nd 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).

xxxii.            “The Nature of the Causal Relationship between Stock Market and Macroeconomic Aggregates in India: An Empirical Analysis”, 6th Capital Markets Conference, 19th to 20th December, 2003 held at UTI Institute of Capital Markets, Mumbai, India (Co-authored with B. Bhattacharya).

xxxiii.            “Macroeconomic Aggregates and Stock Prices in India – A Study on their Relationships since Liberalization”, 10th Global Finance Conference, organized by European Business School (EBS) at Frankfurt, Germany from 15-17 June 2003 (Co-authored with B. Bhattacharya).

xxxiv.            “Causal Relationship Between Stock Market and Exchange Rate, Foreign Exchange Reserves and Value of Trade Balance in India: An Empirical Analysis”, 5th Annual Conference on Money and Finance, 30th to 31st January, 2003 held at Indira Gandhi Institute of Development Research (IGIDR), Mumbai, India (Co-authored with B. Bhattacharya).

xxxv.            “Impact of Health and Education Expenditure on Economic Growth: A Case Study of Sixty Countries”, 13th World Congress, organized by International Economic Association (IEA) at Lisbon, Portugal from 9-13 September 2002 (Co-authored with B. Bhattacharya).

 

(v) Working Papers:

  1. “Do FDI Inflows influence Merchandise Exports? Causality Analysis on India over 1991-2016”, MPRA Paper No. 74851, Munich, 2016 (Co-authored with D. Chakraborty and J. Lee).
  2. “How has FDI influenced Current Account Balance in India? Time Series Results in presence of Endogenous Structural Breaks”, IIFT Working Paper No. EC-12-17 (Co-authored with D. Chakraborty and T. Sinha).
  3. “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)
  4. “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).
  5. “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) Newspaper / Magazines:

i.                    “All you need to know about India’s new foreign trade policy”, (Co-authored with P. Arora), Mint, dated April 02, 2023.

ii.                  “The significance of a free trade deal with the EU”, (Co-authored with P. Arora), Mint, dated May 01, 2022.

iii.                “Time for a sovereign wealth fund?”, (Co-authored with A. Kamila), Hindu Business Line, dated October 03, 2021.

iv.                “Significant Recovery”, (Co-authored with T. Sinha), The Hindu Survey of Indian Industry, 2011.

v.                  “Hopes pinned on new policy”, (Co-authored with T. Sinha), The Hindu Survey of Indian Industry, 2010.

vi.                Interview Excerpts on “Get Ready for Economic Boom of 2011”, Just Careers, Volume 7, Issue 8, August 2009.

Professional / Academic Affiliations

Expert Committee to Finalize Roadmap to Compile Data on International Trade in Services from Administrative Sources of Services Trade data.2022, constituted by the Ministry of Statistics and Programme Implementation, Government of India.

·         Member of the Expert Committee on the International Comparison Programme (ICP) 2011, constituted by the Ministry of Statistics and Programme Implementation, Government of India.

·         Associate Editor, Foreign Trade Review, a premier Scopus-indexed journal published by Sage since 2016.

·         Editorial Advisor of Research World, an open-access publication, focused on research thinking and practice in management and closely related fields.

·         Editor, Amity Global Business Review (the peer-reviewed academic Journal of Amity International Business School, India) in 2006-07.