Gurnain Pasricha

Principal Researcher

Gurnain Pasricha is a Principal Researcher in International Economic Analysis Department. Her research interests include measuring international financial integration, management of capital flows in emerging economies and the use and effectiveness of capital controls, financial crises and macroprudential policy. Since joining the Bank in 2009, she has also worked in the Financial Stability Department, where her work focused on systemic risk assessment for Canada and building early warning models.

Gurnain obtained a PhD in International Economics from University of California, Santa Cruz (UCSC) and is also a Research Affiliate of the Center for Analytical Finance (CAFIN).


Gurnain Pasricha

Principal Researcher
International Economic Analysis
Global Issues

Bank of Canada
234 Laurier Avenue West
Ottawa, ON, K1A 0G9


What to Expect When China Liberalizes Its Capital Account

Staff Discussion Paper 2016-10 Mark Kruger, Gurnain Pasricha
When China joined the World Trade Organization in December 2001, it marked a watershed for the world economy. Ten years from now, the opening of China’s capital account and the financial integration that will unfold will be viewed as a milestone of similar importance.

Domestic and Multilateral Effects of Capital Controls in Emerging Markets

Using a novel data set on capital control actions in 17 emerging-market economies (EMEs) over the period 2001–11, we provide new evidence on domestic and multilateral (or spillover) effects of capital controls.

Motivations for Capital Controls and Their Effectiveness

Staff Working Paper 2015-5 Radhika Pandey, Gurnain Pasricha, Ila Patnaik, Ajay Shah
We assess the motivations for changing capital controls and their effectiveness in India, a country with extensive and long-standing controls. We focus on the controls on foreign borrowing that can, in principle, be motivated by macroprudential concerns.

14 November 2013 Assessing Financial System Vulnerabilities: An Early Warning Approach

This article focuses on a quantitative method to identify financial system vulnerabilities, specifically, an imbalance indicator model (IIM) and its application to Canada. An IIM identifies potential vulnerabilities in a financial system by comparing current economic and financial data with data from periods leading up to past episodes of financial stress. It complements other sources of information - including market intelligence and regular monitoring of the economy - that policy-makers use to assess vulnerabilities.

Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus Net Capital Flow Concerns

Staff Working Paper 2013-21 Joshua Aizenman, Gurnain Pasricha
In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital outflow controls in recent decades. Liberalization of capital outflow controls can allow emerging-market economies (EMEs) to reduce net capital inflow (NKI) pressures, but may cost their governments the fiscal revenues that external financial repression generates.

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Refereed Journals

Commentary in Media

Other Publications

Citations in Media


  • PhD., University of California, Santa Cruz (2009)


Research Interests

  • International Finance


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