Udaibir Das

Why nations now pay more – and give up more – to secure financing

Why nations now pay more – and give up more – to secure financing

By Udaibir Das

What began as a spread on a bond has become a spread across the sovereign balance sheet. The 2025 annual meetings have made clear that incremental adjustments will not suffice. Until new institutions and norms emerge, sovereigns will continue to pay in basis points and in ownership and discover that what the premium buys is not sovereignty, but postponement.

The sovereignty premium countries pay for financial autonomy

The sovereignty premium countries pay for financial autonomy

By Udaibir Das

In a climate emergency, redundancy might be precisely what resilience requires. The sovereignty premium is that insurance price. Whether it’s worth paying depends on how much autonomy matters versus efficiency – and whether choice exists at all.

Why macrofinancial surveillance fails when it matters most

Why macrofinancial surveillance fails when it matters most

By Udaibir Das

Financial surveillance fails when it matters most. Every major financial disruption – from the 1997 Asian crisis to the 2008 financial crisis or recent geopolitical shocks from wars, sanctions and trade realignments – has exposed how blind spots persist in national systems, regional arrangements and global oversight.

The impossible choice: tariffs, sanctions and fragmentation

The impossible choice: tariffs, sanctions and fragmentation

By Udaibir Das

In dynamic-system terms, the global economy has shifted from a high-integration equilibrium towards a more fragmented state, but the transition path is still in motion. For financial institutions, the challenge is calibrating marginal gain in resilience against the marginal erosion of competitive advantage.

The arc of ascent of China’s financial system

The arc of ascent of China’s financial system

By Udaibir Das

China must build on its institutional progress and the policy suggestions noted in the 2025 FSSA while adapting to a more fragmented global financial landscape. The shift from insulation, as pointed out by the IMF in 2010, as well as the shift to sensible integration, as outlined by the IMF in 2025, stays unfinished.

Capital crunch stifles entrepreneurs in low-income economies

Capital crunch stifles entrepreneurs in low-income economies

By Udaibir Das

As concessional finance declines, vulnerabilities mount and aid priorities shift, vulnerable low-income countries must increasingly rely on domestic sources of funding. Efficient capital markets are not a luxury – they are foundational infrastructure for economic growth.

2025 could be the tipping point for India’s economic aspirations

2025 could be the tipping point for India’s economic aspirations

By Udaibir Das

The world’s most populous democracy faces a turbulent landscape of geopolitical rivalries, technological shifts and the urgency of climate action. The question remains: will global economic forces propel India toward leadership or will they impede its ascent?

Rebalancing Globalization: Perspectives from the Global South

Rebalancing Globalization: Perspectives from the Global South

"Rebalancing Globalization: Perspectives from the Global South" attempts to provide a framework for the next phase of globalization that is rebalanced and sustainable and can address issues that matter to the Global South. 

Edited Volume

By Anit Mukherjee, Dhruva Jaishankar, Alan Gelb, Pamla Gopaul, Marta Bengoa, Shayak Sengupta, Aude Darnal, Elizabeth Sidiropoulos, Udaibir Das, Veronica Jijon, and Lorrayne Porciuncula

Editors: Anit Mukherjee and Dhruva Jaishankar