Gurnain Pasricha

Principal Economist

Gurnain Pasricha is a Principal Economist in 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. From July 2017-July 2018, she served as acting Director of the division. 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).


Principal Economist
International Economic Analysis
Global Issues Division

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

Curriculum vitae


Policy Rules for Capital Controls

Staff Working Paper 2017-42 Gurnain Pasricha
This paper attempts to borrow the tradition of estimating policy reaction functions in monetary policy literature and apply it to capital controls policy literature. Using a novel weekly dataset on capital controls policy actions in 21 emerging economies over the period 1 January 2001 to 31 December 2015, I examine the mercantilist and macroprudential motivations for capital control policies.

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.

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Refereed Journals

Commentary in Media

Other Publications

Citations in Media


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


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