Garima Vasishtha

Senior Policy Advisor

Garima Vasishtha is a Senior Policy Advisor in the International Economic Analysis Department. In this role, she leads the department’s contribution to the Bank of Canada’s Monetary Policy Report (MPR). In addition, she conducts research and analysis on current economic issues in the broad fields of international finance and open economy macroeconomics. She is an applied macroeconomist and has conducted research on issues related to the transmission of international shocks, sovereign spreads in emerging markets, and capital flows to emerging market economies.

Garima began her career at the Bank of Canada in 2007 as a Senior Analyst in the Global Issues Division in the International Economic Analysis Department. Since then she has assumed increasing responsibilities in her roles as a Principal Researcher, Assistant Chief, and most recently as the Senior Policy Advisor in the same department. She holds a Ph.D. in International Economics from the University of California, Santa Cruz.


Garima Vasishtha

Senior Policy Advisor
International Economic Analysis
Strategic Leadership Group

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


Nowcasting BRIC+M in Real Time

Emerging-market economies have become increasingly important in driving global GDP growth over the past 10 to 15 years. This has made timely and accurate assessment of current and future economic activity in emerging markets important for policy-makers not only in these countries but also in advanced economies.

What Drives Bank-Intermediated Trade Finance? Evidence from Cross-Country Analysis

Staff Working Paper 2015-8 Jose Maria Serena, Garima Vasishtha
Empirical work on the underlying causes of the recent dislocations in bank-intermediated trade finance has been limited by the poor availability of hard data. This paper analyzes the key determinants of bank-intermediated trade finance using a novel data set covering ten banking jurisdictions.

The Impact of U.S. Monetary Policy Normalization on Capital Flows to Emerging-Market Economies

Staff Working Paper 2014-53 Tatjana Dahlhaus, Garima Vasishtha
The Federal Reserve’s path for withdrawal of monetary stimulus and eventually increasing interest rates could have substantial repercussions for capital flows to emerging-market economies (EMEs).

November 13, 2014 Spillover Effects of Quantitative Easing on Emerging-Market Economies

While quantitative easing (QE) in the United States likely increased capital flows to emerging-market economies (EMEs), putting upward pressure on asset prices and exchange rates, diverging fundamentals between advanced economies and EMEs were also important drivers. Evidence suggests that the benefits of QE to EMEs, in higher global demand and increased confidence, appear to outweigh the costs. When advanced economies begin to normalize monetary policy, the best defence for EMEs against any potential instability is likely to be further strengthening of their macroeconomic and financial policy frameworks.

Growth in Emerging Market Economies and the Commodity Boom of 2003–2008: Evidence from Growth Forecast Revisions

Staff Working Paper 2012-8 Elif Arbatli, Garima Vasishtha
Demand for industrial raw materials from emerging economies, particularly emerging Asia, is widely believed to have fueled the surge in oil and industrial commodity prices during 2002-2008. The paper first presents a simple storage model in which commodity prices respond to market participant’s changing expectations of the future macroeconomic environment.

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Refereed Journals

  • "Domestic versus external borrowing and fiscal policy in emerging markets,"
    Review of International Economics, 2010, 18(5), 1058-1074.
  • "The impact of the global business cycle on small open economies: A FAVAR approach for Canada,”
    (with P. Maier), The North American Journal of Economics and Finance, 2013, Volume 24, Issue 1, Pages 191-207.
  • "Assessing the Implementation of the IMF's 2007 Surveillance Decision,"
    with R. Lavigne, The Review of International Organizations, 2010, Volume 5, Issue 1, Page 27.

Other Publications

  • "Fiscal and Monetary Nexus in Emerging Market Economies: How Does Debt Matter?"
    (with Taimur Baig, Manmohan S. Kumar, and Edda Zoli), IMF Working Paper WP/06/184
  • "Patterns in Centre-State Fiscal Transfers: An Illustrative Analysis,"
    (with Nirvikar Singh), Economic and Political Weekly of India, November 6, 2004; 4897-4903
  • "Non-Performing Loans of PSU Banks: Some Panel Results,"
    (with Indira Rajaraman), Economic and Political Weekly of India, February 2, 2002; 429-435
  • "Impact of Grants on Tax Effort of Local Government,"
    (with Indira Rajaraman), Economic and Political Weekly of India, August 12, 2000; 2943-2948


  • Ph.D in International Economics, University of California Santa Cruz (2006)
  • M.A. Economics, Delhi School of Economics, University of Delhi, New Delhi, India
  • B.A. Economics (Honours), University of Delhi, New Delhi, India


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