Hrushikesh Mallick

Associate Professor


Areas of specialisation:  Applied Open Economy Macroeconomics and Development Economics


Ph.D, Economics, ISEC, Bengaluru & 2006


Associate Professor in Economics, since 2012

Assistant Professor at CDS, since 2006.

Academic Achievements:

Editorial Board Member (2021) Social Work and Social Welfare,

Editorial Board Member (2015) Migration and Development, Routledge Publication



 Chapters in Books

(1)“Do Fiscal Deficits and Money Supply Determine Interest Rate in India?” In Boppana Nagarjuna, (eds.) Economic Reforms and Perspectives (2004), Serial Publications, Delhi. ISBN: 978-8186771280

(2)“Remittances, Consumption, Investment and Economic Growth” in S. Irudaya Rajan  (eds), Governance and Labour Migration: India Migration Report (2010), Routledge.

(3)“Global Financial Crisis and Its Impact On Qatar Economy: A Special Perspective On South Asian Migrant Workers”, in S. Irudaya Rajan (eds), Labour Migration and Global Financial Crisis: India Migration Report (2012), Routledge

(4)“Construction sector activities and Economic Growth in India”, jointly with Mantu Kumar Mahalik, Development Convention (2008) in eds. “Rethinking Indian’s Growth Strategy: Services vs Manufacturing” by R.K. Mishra and Nandinta Sethi, Vol 2, Pp.638-650.

Journal Articles:

(1)“Impact of Real Interest Rates on Real Output Growth in India: A Long-Run Analysis in a Liberalized Financial Regime”, Singapore Economic Review, Vol.52 (2), Pp.215-31, 2007. (Co-authored with Shashi Agarwal).

(2) “Modeling Interest Rate Cycle in India”, Journal of Policy Modelling, Vol.30 (5), Pp.899-915, 2008. Elsevier. Belgium, (Coauthored with B. B. Bhattacharya & N. R Bhanumurthy).

(3) “Inflation and Economic Growth Dynamics: An Indian Experience”, Journal of Economic Policy Reform, Vol. 11(3), Pp.163 -172. 2008.

(4) “An Examination of the Linkage between Energy Consumption and Economic Growth in India”, Journal of Developing Areas, Vol.43 (1), Pp.249-280. 2009.

(5)“Constructing the Economy: The Role of Construction Sector in India’s Growth”, Journal of Real Estate Finance & Economics, Vol.40 (3),Pp.368-384, 2010. (Coauthored with Mantu Kumar Mahalik).

(6)“Determining the factors for Exchange Rate Movement under a Partial Capital Mobility Regime”, International Economic Journal, Vol.24 (2), Pp.141-157,2010.

(7) “Monetary Policy, Construction Sector Output and Housing Prices: An Emerging Economy Perspective”, Applied Econometrics and International Development, Vol.11 (1), Pp.197-206. 2010.

(8) “What Causes Asset Price Bubble in an Emerging Economy? Some Empirical Evidence in the Housing Sector of India”, International Economic Journal, Vol. 25 (2), Pp. 215–237, 2011. (Co-authored with Mantu Kumar Mahalik).

(9) “Exchange Rate and Export Behavior of Indian Textiles & Clothing Sector: An Enquiry”, Journal of International Monetary Economics and Finance. Vol. 4 (4), Pp-432-446. 2010. (Co-authored with PL Beena).

(10) “Inflow of Remittances and Private Investment in India” Singapore Economic Review, Vol. 57, No.1, Pp.1-22. 2012.

(11) “Fundamental or Speculative Factors in the Housing Markets of Emerging Economies? Some Lessons from China”, Journal of Economic Policy Reform, Vol.15(1), Pp-57-67. 2012,  (Co-authored with Mantu Kumar Mahalik).

(12) “Role of Technological Infrastructures in Exports: Evidence from A Cross Country Analysis”, International Review of Applied Economics, Vol.28 (5), Pp.669-694. 2014.

(13) “Energy Consumption, Economic Growth and Financial Development: Exploring the Empirical Linkages for India”, Journal of Developing Areas, Vol. 48 (4), Pp.139-159. 2014. (coauthored with Mantu Kumar Mahalik)

(14) “Energy Consumption, Economic Growth and Financial Development: A Comparative Perspective on India and China”, Bulletin of Energy Economics, 2(3), Pp.72-84. 2014.(co-authored with Mantu Kumar Mahalik)

(15) “Factors Determining the Regional Housing Prices: Evidence from Major Cities in India”, Journal of Property Research, Vol.32  (2), pp.123 -146. 2015.

(16) “Does  globalization  impede  environmental  quality  in  India?”, Ecological  Indicators  52  379–393, 2015.   (Co-authored with Muhammad Shahbaz  Mantu  Kumar  Mahalik, Nanthakumar  Loganathan).

(17) “Motivating factors of Remittances for Developing Asian Economies”, Singapore Economic Review, Vol. 60, No. 4, Pp.1-26 , (2015) (co-authored with Mantu Kumar Mahalik)

(18) “Are house prices guided by Fundamentals or Speculative Factors? An Empirical inquiry for India”, International Journal of Economic Policy in Emerging Economies (IJEPEE), Vol. 9, PP. 47-64, 2016. (co-authored with Mantu Kumar Mahalik).

 (19) “The role of globalization on the recent evolution of energy demand in India: Implications for sustainable development”, Energy Economics 55, 52–67, (2016). (coauthored  with Muhammad Shahbaz, Mantu Kumar Mahalik, Perry Sadorsky).

(20) “Estimation of electricity demand function for Algeria: Revisit of time series analysis”, Renewable and Sustainable Energy Reviews, Vol.82, p. 4221-4234,2018 (Coauthored with Naceur Kheraif, Muhammad Shahbaz, Nanthakumar  Loganathan).

(21) “Are Fluctuations in Gas Consumption Per Capita Transitory? Evidence from LM Unit Root Test with Two Structural Breaks”, Bulletin of Energy Economics, 3(4), pp.203-209, 2015. (Co-authored with Sakiru Adebola Solarin, Muhammad Shahbaz,).

(22) Determinants of Workers’ Remittances into developing Asian Economies”, The World Economy. Vol. 40(12), Pp. 2875–2900, 2017.

(23)Is globalization detrimental to financial development? Further evidence from a very large emerging economy with significant orientation towards policies”, Applied Economics. Vol. 50(6), Pp.574-595. 2018.  (Co-authored with Muhammad Shahbaz, Mantu Kumar Mahalik & Shawkat Hammoudeh) .

 (24) “Is crude oil price detrimental to domestic private investment for an Emerging economy? The role of public sector investment and financial sector development in an era of globalizationEnergy Economics 69, pp.307–324, 2018.  (Coauthored with Monoranjan Sahoo and Mantu Kumar Mahalik).

(25) “Is skewed income distribution good for environmental quality? A comparative analysis among selected BRICS countries”, Environmental Science and Pollution Research, 25(23): pp.23170–23194· 2018 (Coauthored with Mantu Kumar Mahalik, Hemachandra Padhan & Bhagaban Sahoo)

(26) “Does skewed pattern of income distribution matter for the environmental quality? Evidence from selected BRICS economies with an application of Quantile-on-Qauntile regression (QQR) approach”, Energy Policy, Vol. 129: 120-131. 2019. (Coauthored with Mantu Kumar Mahalik and Hemachandra Padhan).

(27) “What deteriorates India’s current account balance: crude oil imports or gold imports?”, Applied Economics Letters,2019. (Coauthored with Manoranjan Sahoo, Hrushikesh Mallick & Mantu Kumar Mahalik).

(28) “Does gender equality matter for regional growth and income inequality? An empirical analysis for the Indian states,” Journal of International Development, 2020. (Coauthored with  Amit Nandan)

(29) “Does globalization exacerbate income inequality in two largest emerging economies? The role of FDI and remittances inflows”, International Review of Economics  2019. (Coauthored with Mantu Kumar Mahalik and Hemachandra Padhan)

(30) “Do governance quality and ICT infrastructure influence the tax revenue mobilisation? An empirical analysis for India”, Economic Change and Restructuring (2020).

(31) “International macroeconomic activity and its interaction: Evidence from the US, Japan, Germany, China, India and Russia”, Global Economy Journal, 2020. (Coauthored with Sanjay Kumar Rout).

(32)An Empirical Investigation of Determinants of C/A Balances in India: Role of Crude Oil Imports, Openness and Fiscal Balance”, Journal of Public Affairs  2020. (Coauthored with Manoranjan Sahoo and Mantu Kumar Mahalik).

(33) “International interdependency of macroeconomic activities: a multivariate empirical analysis”, International Economics and Economic Policy, 2020. (Coauthored with Sanjay Kumar Rout).

(34) “Transmission of International Financial Shocks: A cross Country Analysis”, Asian Development Policy Review, 2020. (Coauthored with Sanjay Kumar Rout).

(35)  “Assessing the effectiveness of total foreign aid and foreign energy aid inflows on environmental quality in India”, Energy Policy, 2020. (Co-authored with Mantu Kumar Mahalik, Muhammed Ashiq Villanthenkodath, Monika Gupta )

 (36) “International spillovers of interest rate shocks: An empirical analysis”, Asian Journal of Empirical Research 10(10), 2020. (Coauthored with Sanjay Kumar Rout).

(37) “Contribution of International Tourism to Economic Growth of Kerala: A Subnational-Level Analysis in India” Journal of Policy Research in Tourism, Leisure and Events, 2020. (Coauthored with Kavya Lekshmi R.S.)

 Other Publications

 (1) “Fiscal Deficits, Money Supply and Price Level: Empirical Evidence from India”, Journal of Indian School of Political Economy, Vol. 13 (4), Pp . 583-93, Oct-Dec, 2001. (Co-authored with Purna Chandra Parida).

(2) “External Debt Situation in India”, ICFAI Journal of Applied Finance, Vol.12(4), Pp.47-54, 2006. (Coauthored with N.R Bhanumurthy).

(3) “Re-examining the Impact of Fiscal Deficits, Money Supply on Short-Term Interest Rates in India”, Asian Economic Review, Vol. 48 (3), Pp.457-72, 2006. (Co-authored with Purna Chandra Parida).

(4) “Paradox of Capital Account Convertibility in India”, Paradigm, Vol.11 (1), Pp.28-36, 2007 (Co-authored with U.S. Mishra).

(5) “What Determines Housing Supply in Emerging Urban India? A Case Study in Odisha”, A Journal of Humanities & Cultural Studies, Vol.1, No (2), 2012. Pp.34-72.


“Nexus between Fiscal Deficits, Money Supply and Price Level in India: A VAR Approach”, ISEC Working Paper, No.104, 2002. Please visit at

“Interaction Between Twin Deficits: Indian Experience in the Macroeconomic Reform Period”, ISEC Working Paper, No. 135 (2003). Please visit at

“Financial Liberalisation and Economic Growth in India: A Long-Run Analysis”, Discussion Paper Series No.100/2005, Institute of Economic Growth (IEG), For complete text of the paper, please download at

“Modeling Interest Rate Cycles in India,” Working Paper of the Institute of Economic Growth, E/268/2006. Can be downloaded at

“Does Energy Consumption Fuel Economic Growth in India” CDS working paper, No. 388 (2007) at.

“Do Remittances Impact the Economy? Some Empirical Evidences from a Developing Economy”, CDS Working Paper No.407 (2008).

“Government Spending, Trade openness and Economic Growth in India: A Time Series Analysis”, CDS working paper, No. 403 (2008).

“Exchange Rate and Export Behaviour of Indian Textiles & Clothing Sector: An Enquiry for Major Destination Countries”, CDS Working Paper, No.425 (2010). at

Role of Governance and ICT Infrastructure in Tax Revenue Mobilisation in India”, CDS Working Paper 491(2020).


“Inflation and Growth Dynamics”, The Business Line

“Do exporters need more sops?”, Invited to express personal Opinion in The Economic Times,curpg-2.cms

“Who is afraid of the rupee?”, As a Guest Writer in The Economic Times

“Contribution of the Construction Sector”, Architecture Update, Vol.4 (3), Pp.20. April 2010.

Global Turmoil and the Indian Construction Sector, Wednesday, April 28, 2010. Mumbai, India.

Current Research:

Applied Macroeconomics Issues and Public Finance


Current Teaching:

Public Economics and Issues in Public Finance