Gurnain Pasricha


Gurnain Pasricha is the Director of International Policy Issues Division in International Economic Analysis Department.

Her division is responsible for supporting the Bank's participation in international meetings, including the G20 and G7. 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.

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


Gurnain Pasricha

International Economic Analysis
International Policy Issues Division

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9


The Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open Economies

This paper analyzes the implications of the global financial cycle for conventional and unconventional monetary policies and macroprudential policy in small, open economies such as Canada. The paper starts by summarizing recent work on financial cycles and their growing correlation across borders.

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.

November 14, 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.

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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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