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In Reverse Chronological Order

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• Khalid, U., Gopalan, S., and Zekkari, K.B. (2026). “Do Global Sanctions Deter Greenfield Foreign Direct Investment?” Economic Modelling, 155, 1-14. (Forthcoming).

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• Gopalan, S., and Reddy, K. (2025). "Global Value Chain Disruptions and Firm Survival During Covid-19: An Empirical Investigation," Emerging Markets Finance and Trade, 61(8): 2360-2373.

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• Gopalan, S., Reddy, K. and Sasidharan, S. (2025). "Can Participation in Global Value Chains Improve Female Labor Force Participation?" Review of World Economics, 161: 611-634.

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• Gopalan, S., Park, C.Y., and Rajan, R.S. (2023). “Do International Investment Agreements (IIAs) Attract FDI Inflows? Revisiting the Literature,” Economic Analysis and Policy, 80, 471-481.

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• Gopalan, S., Miroudot, S., and Reddy, K. (2023). "Global Value Chains and Firm Survivability During the Covid-19 Pandemic: Digitalization as the Moderator?" Applied Economics Letters, 32(6): 784–788. 

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• Gopalan, S., Khalid, U., and Okafor, L. (2024). "Do Greenfield FDI Inflows Promote International Tourism?," Current Issues in Tourism, 27(24): 4561-4578.

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• Gopalan, S., Gupta, B., and Rajan, R.S. (2023). "Do Climate Risks Influence Foreign Direct Investment Inflows to Emerging and Developing Economies?" Climate Policy, 23(6): 722-734.

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• Cavoli, T., and Gopalan, S., (2023). “Does Financial Inclusion Promote Consumption Smoothing? Evidence from Emerging and Developing Economies” International Review of Economics and Finance, 88: 1529-1546.

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• Gopalan, S., Gupta, B., and Rajan, R.S. (2023). "Financial globalisation in ASEAN+3: Navigating the financial trilemma" Global Policy, 14(3): 464-476.

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• Reddy, K., and Gopalan, S. (2023). "Gender Bias in Access to Trade Credit: Firm Level Evidence from Emerging Markets," Global Finance Journal, 57, 1-11. 

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• Cavoli, T., Gopalan, S., Onur, I., and Xenarios, S. (2023). “Does Financial Inclusion Improve Sanitation Access? Empirical Evidence from Low and Middle-Income Countries” International Journal of Water Resources Development, 39(5): 724-745. ​​

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• Gopalan, S., and Sharipova, A. (2023). "What Attracts Greenfield Foreign Direct Investment Inflows to Asia? Evidence from Firms’ Motives," Transnational Corporations Review, 15(1): 111-129.

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• Gopalan, S., and Khalid, U. (2023). "Promoting Outbound Tourism Through Financial Inclusion: Evidence from Emerging Markets and Developing Economies," Annals of Tourism Research: Empirical Insights, 4(1): 1-3.

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• Cavoli, T., Gopalan, S. and Rajan, R.S. (2023). “Is Exchange Rate Centered Monetary Policy Asymmetric? Empirical Evidence from Singapore,” Applied Economics, 55(21):2438-2454.

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• Okafor, L., Khalid, U., and Gopalan, S. (2022). “Tourism Recovery from COVID-19 Pandemic and Economic Policy Response: The Role of Resilience Across Countries,” Annals of Tourism Research: Empirical Insights, 3(2): 1-14.

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• Gopalan, S., Reddy, K. and Sasidharan, S. (2022). "Does Digitalization Spur Global Value Chain Participation? Firm Level Evidence from Emerging Markets," Information Economics and Policy, 59: 1-13.  

 

• Gopalan, S. (2022). "What Drives Start-Up Entrepreneurship in India's Subnational Economies?," The Indian Economic Journal, 70(2): 270-73.

 

• Gopalan, S., and Khalid, U. (2024). "How Does Financial Inclusion Influence Tourism Demand? Empirical Evidence from Emerging Markets and Developing Economies," Tourism Recreation Research, 49(3):639-653.

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• Gopalan, S., and Rajan, R.S. (2022). "Does Digital Financial Inclusion Moderate or Exacerbate Output Volatility," Applied Economics Letters , 22(19): 1804-1809. 

 

• Cavoli, T., Gopalan, S. and Rajan, R.S. (2021). "Can Macroprudential Policies Moderate the Influence of Capital Flows on Real Exchange Rates? Empirical Evidence from Emerging Markets" International Review of Finance, 22(3): 567-579. 

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• ​Cavoli, T., Gopalan, S., and Rajan, R.S. (2021). “Do Macroprudential Policies Counter Real Exchange Rate Appreciation in Emerging Markets?” The World Economy, 44(7): 2164-2187.​

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• ​Cavoli, T., Gopalan, S., and Rajan, R.S. (2020). “Does Financial Inclusion Amplify Output Volatility in Emerging and Developing Economies?” Open Economies Review, 31: 901-930.  

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• Gopalan, S., and Sasidharan, S. (2020).  “Financial Liberalization and Firms’ Access to Credit in Emerging and Developing Economies: An Empirical Investigation” Journal of Economics and Business, 107, January-February: 105861.  

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• Gopalan, S., Luu, N.T.D. and Rajan, R.S. (2019). "Trade Configurations in Asia: Assessing De Facto and De Jure Regionalism" The World Economy, 43(4): 1034-1058.

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• Tan, K.G., Gopalan, S. and Sharma, J. (2019), "Impact of Exchange Rates on Exports from India’s Sub-National Economies: An Empirical Investigation", South Asian Journal of Business Studies, 8(2):166-184.

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• Cavoli, T., Gopalan, S., and Rajan, R.S. (2018). “Exchange Rate Policies in Asia in an Era of Financial Globalization: An Empirical Assessment,” The World Economy, 42: 1774-1795.

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• Gopalan, S., Rajan, R.S., and Luu, N.T.D. (2018). “Roads to Prosperity? Determinants of FDI in China and ASEAN,” The Chinese Economy, 52(4): 318-341.  

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• Tan, K.G., Gopalan, S. and Nguyen, W. (2018). “Measuring Ease of Doing Business in India’s Sub-National Economies: A Novel Index,” South Asia Journal of Business Studies, 7(3): 242-264.

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• Gopalan, S. (2018). "Does Foreign Bank Entry Contribute to Financial Development? Examining the Role of Income Thresholds," Development Policy Review, 36(S2): 0954-0983. 

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• Tan, K.G., Gopalan, S. and Ahmad, N. (2018). "Growth Slowdown Analysis for Indonesia’s Subnational Economies: An Empirical Investigation," Review of Pacific Basin Financial Markets and Policies, 21(3): 1-36. 

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• Gopalan, S. and Rajan, R.S. (2018). “Foreign Banks and Financial Inclusion in Emerging and Developing Economies: An Empirical Investigation” Journal of International Development, 30(4): 559-583.

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• Gopalan, S., Ouyang, A. and Rajan, R.S. (2018). “Impact of Greenfield FDI versus M&As on Growth and Domestic Investment in Emerging Asia”. Economia Politica, 35(1): 41-70.

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• Gopalan, S. and Rajan, R.S. (2017). "Does Foreign Bank Presence Affect Interest Rate Pass-Through in Emerging and Developing Economies?," Journal of Macroeconomics, 54: 373-292. 

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• Cavoli, T. and Gopalan, S. (2017). "Economic and Financial Interconnections and Income Growth Convergence in Asia: A Real-Financial Nexus?” Emerging Markets Finance and Trade, 53 (12): 2672-2685. ​

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• Gopalan, S. and Rajan. R.S. (2017). "The Great Monetary Gamble in India: Modi's Lee Kuan Yew Moment?," Asian Survey, 57(5): 833-855, September/October. 

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• Tan, K.G., Gopalan, S. and Anh, N.L.P. (2017). "Financial Deepening and Economic Growth in Transition Southeast Asian Economies: A Geweke Causality Analysis," Review of Pacific Basin Financial Markets and Policies , 20 (3): 1-25, September. 

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• Gopalan, S., and Rajan, R.S. (2016). "Has Foreign Aid Been Effective in the Water Supply and Sanitation Sector? Evidence from Panel Data,” World Development, 85 (September): 84-104; Winner of “2017 Lee Kuan Yew School of Public Policy Research Excellence Award in Social and Development Policy Category.”

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• Gopalan, S. and Rajan, R.S. (2016). “Revisiting Bilateral Foreign Direct Investment Inflows to BRIC Economies,” Global Policy, 7(4): 510-520.  

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• Gopalan, S., Hattari, R. and Rajan, R.S. (2016). “Understanding Foreign Direct Investment in Indonesia,” Journal of International Trade Law and Policy, 15(1): 28-50. Winner of "Outstanding Paper for 2017 Emerald Literati Network Awards for Excellence." 

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• Gopalan, S. (2015). “Financial Liberalization and Foreign Bank Entry in Emerging Market and Developing Economies: What Does the Literature Tell Us?,” Journal of International Commerce, Economics and Policy, 6(2): 1-25.  

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• Gopalan, S., Malik, A.A. and Reinert, K.A. (2013). “The Imperfect Substitutes Model in South Asia: Pakistan-India Trade Liberalization in the Negative List”, South Asia Economic Journal, 2013, 14(2): 211-230 (Lead Article).

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• Gopalan, S., Malik, A.A. and Reinert, K.A. (2013). “The Renewed Hope of Multilateralism in South Asia: Applying the MFN Principle to Pakistan-India Trade,” Global Policy, 4(4): 445-448. 

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• Rajan, R.S. and Gopalan, S. (2010). “India’s International Reserves: How Large and How Diversified?,” Global Economy Journal, 10(3): 1-16. 

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• Gopalan, S., and Shanmugam, K.R. (2010). “The Multi-Fibre Agreement Phase-Out: Efficiency Implications of Textile Firms in India,” Trade and Development Review, 3(1): 59-75. 

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• Gopalan, S., and Rajan, R.S. (2010). “Financial Sector De-Regulation in Emerging Asia: Focus on Foreign Bank Entry,” The Journal of World Investment and Trade, 11(1): 91-108. 

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• Gopalan, S., and Rajan, R.S. (2009).“Sales to Foreign Banks in Emerging Asia,” CESifo DICE Report, 7(3): 29-33.

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• Chanda, R. and Gopalan, S. (2009).“Understanding India’s Regional Initiatives with East and Southeast Asia,” Asian- Pacific Economic Literature, 23(1): 66-78.

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• Gopalan, S. (2006). “A Causal Investigation of Aggregate Output Fluctuations in India,” Economic and Political Weekly, 41(38): 4081 – 4085

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