Jahangir Aziz, Ila Patnaik, and Ajay Shah. The current liquidity crunch in India: Diagnosis and policy response. Technical report, NIPFP DEA Research Program, 20 October 2008 [pdf]
Ila Patnaik, Abhijit Sengupta, and Ajay Shah. Determinants of trade misinvoicing. Open Economies Review, 2011 (forthcoming)
Ila Patnaik, Ajay Shah, and Giovanni Veronese. How to measure inflation in India? Economic and Political Weekly, XLVI(16):55–64, April 2011
Ila Patnaik, Ajay Shah, Anmol Sethy, and Vimal Balasubramaniam. The exchange rate regime in Asia: From crisis to crisis. International Review of Economics and Finance, 20(1):32–43, 2011
Achim Zeileis, Ajay Shah, and Ila Patnaik. Testing, monitoring, and dating structural changes in exchange rate regimes. Computational Statistics & Data Analysis, 54(6):1696–1706, June 2010 [pdf]
Ila Patnaik and Ajay Shah. Does the currency regime shape unhedged currency exposure? Journal of International Money and Finance, 29:760–769, 2010 [pdf]
Ila Patnaik and Ajay Shah. Why India choked when Lehman broke. India Policy Forum, 6, 2009-10 [pdf]
Ila Patnaik and Ajay Shah. The difficulties of the Chinese and Indian exchange rate regimes. European Journal of Comparative Economics, 6(1):157–173, June 2009
Shruthi Jayaram, Ila Patnaik, and Ajay Shah. Examining the decoupling hypothesis for India. Economic and Political Weekly, XLIV(44):109–116, October 2009 [pdf]
Rudrani Bhattacharya, Ila Patnaik, and Ajay Shah. Early warnings of inflation in India. Economic and Political Weekly, pages 62–67, November 2008 [pdf]
Ajay Shah. Minimum asset-based tax: A critique. Economic and Political Weekly, XXI(30):2046–2048, 27 July 1996 [pdf]
Ajay Shah and Ila Patnaik. Managing capital flows: The case of india. In Masahiro Kawai and Mario B. Lamberte, editors, Managing capital flows: The search for a framework, chapter 9, pages 260–279. Edward Elgar Publishing, 2010
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
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. 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 Ila Patnaik. India. In Jerry Caprio, editor, Encyclopaedia of Financial Globalization, chapter 67. Elsevier, 2011 [pdf]
Member, Ministry of Finance Working Group on Foreign Investment, November 2009.
Member, Internal Working Group of Ministry of Finance on Internal Debt Management, 2008.
Member, Task Force on Implementation of Goods and Service Tax, 13th Finance Commission, 2008.
‘Virtual member’ of Raghuram Rajan committee on financial sector reforms, 2008
“Core Team of Consultants” for High powered expert committee on making Mumbai an international financial centre, chaired by Percy Mistry, Ministry of Finance, 2007.
Advisor to Task force on FRBM Implementation, chaired by Vijay Kelkar, Ministry of Finance, 2004.