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Asian Political Economy (93)


Paying with Austerity: The Debt Crisis and Restructuring in Sri Lanka

Working Paper, December 2023 |

C.P. Chandrasekhar, Jayati Ghosh, Debamanyu Das
In May 2022, Sri Lanka defaulted on its external debt service commitments. This was the first instance in two decades of an Asian-Pacific economy defaulting on its debt. PERI researchers C.P. Chandrasekhar, Jayati Ghosh, and Debamanyu Das examine both the medium- and short-term factors leading to this debt crisis. These include the IMF-dictated embrace of liberalization policies starting in the late 1970s and the collapse of foreign exchange resulting from the global COVID lockdown. Chandrasekhar, Ghosh, and Das explore policy alternatives that would be less regressive and ensure sustainable development for Sri Lanka.

Caste and Space in Indian Cities

Working Paper, November 2023 |

Vamsi Vakulabharanam, Sripad Motiram
PERI researcher Vamsi Vakulabharanam and Sripad Motiram analyze the interaction between caste relations and city space, and its impact on economic development in Indian cities.  They designed a unique socio-spatial methodology to investigate the impact of city spaces on populations.  From this methodology, they conclude, among other findings, that Indian cities are much less segregated in terms of caste than are American cities in terms of race at a comparable spatial scale. This produces important material benefits for Indians, including lower poverty and higher educational attainment for the overall population and deprived social groups.
This article by Zhun Xu reviews the evolution of the Chinese COVID policies and places its dramatic turns within the context of the country’s shifting class interests. After the initial COVID outbreak in early 2020, China implemented strong measures to successfully contain the spread of the virus within its borders while the rest of the world experienced huge human and social costs. But in November 2022, the Chinese government abruptly abandoned its strong COVID controls. Xu evaluates this policy about-face in the context of the changing Chinese political economy.

Is India’s Rural Economy Diversifying?

Commentary, May 2023 |

C.P. Chandrasekhar, Jayati Ghosh

Fragilities in India’s Balance of Payments

Commentary, February 2023 |

C.P. Chandrasekhar, Jayati Ghosh
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