Ajay Shah and Ila Patnaik. Stabilising the Indian business cycle. In Sameer Kochhar, editor, India on the growth turnpike: Essays in honour of Vijay L. Kelkar, chapter 6, pages 137–154. Academic Foundation, 2010 [pdf]
Ajay Shah. New issues in macroeconomic policy. In T. N. Ninan, editor, Business Standard India, chapter 2, pages 26–54. Business Standard Books, 2008 [pdf]
Ajay Shah and Ila Patnaik. India’s experience with capital flows: The elusive quest for a sustainable current account deficit. In Sebastian Edwards, editor, Capital controls and capital flows in emerging economies: Policies, practices and consequences, chapter 13, pages 609–643. The University of Chicago Press, 2007
Ajay Shah. Improving governance using large IT systems. In S. Narayan, editor, Documenting reforms: Case studies from India, pages 122–148. Macmillan India, New Delhi, 2006 [pdf]
Ajay Shah. Indian pension reform: A sustainable and scalable approach. In David A. Kelly, Ramkishen S. Rajan, and Gillian H. L. Goh, editors, Managing globalisation: Lessons from China and India, chapter 7. World Scientific, 2006 [pdf]
Raghuram Rajan and Ajay Shah. New directions in Indian financial sector policy. In Priya Basu, editor, India’s financial sector: Recent reforms, future challenges, chapter 4, pages 54–87. Macmillan, 2005 [pdf]
Ajay Shah. Market efficiency on the Indian equity derivatives market. In Susan Thomas, editor, Derivatives markets in India 2003, chapter 5, pages 99–119. Tata McGraw–Hill, 2003
Ajay Shah and Susan Thomas. Policy issues in Indian securities markets. In Anne Krueger and Sajjid Z. Chinoy, editors, Reforming India’s External, Financial and Fiscal Policies, Stanford Studies in International Economics and Development, chapter 4, pages 129–147. Stanford University Press, 2003 [pdf]
Ajay Shah and Susan Thomas. Securities market efficiency. In James A. Hanson, Patrick Honohan, and Giovanni Majnoni, editors, Globalization and national financial systems, chapter 6, pages 145–175. The World Bank and Oxford University Press, 2003 [pdf]
Ajay Shah and Kshama Fernandes. The relevance of index funds for pension investment in equities. In Robert Holzmann and Joseph Stiglitz, editors, New Ideas About Old Age Security: Toward Sustainable Pension Systems in the 21st Century. World Bank, January 2001 [pdf]
Kirit S. Parikh and Ajay Shah. Second generation reforms. In Kirit S. Parikh, editor, India Development Report 1999-2000, chapter 2, pages 25–34. Oxford University Press, 1999 [pdf]
Ajay Shah and Susan Thomas. Developing the Indian capital market. In James A. Hanson and Sanjay Kathuria, editors, India: A financial sector for the Twenty–first century, chapter 7, pages 205–265. Oxford University Press, 1999
Ajay Shah and Susan Thomas. Strengthen institutions for domestic markets. In Perspectives on international financial liberalisation, Responses to discussion paper 12 “International financial liberalization: Implications for development” by John Eatwell. UNDP Office of Development Studies, April 1998
Ajay Shah and Susan Thomas. Securities markets. In Kirit S. Parikh, editor, India Development Report 1997, chapter 10, pages 167–192. Oxford University Press, February 1997
Ajay Shah. Telecommunications. In Kirit S. Parikh, editor, India Development Report 1997, chapter 13, pages 239–250. Oxford University Press, February 1997