Research Paper Discussion | What Does a Stable Rupee cost?
Join us in our monthly Zoom webinar series, “Research Paper Discussion”, where we’ll dissect influential research papers on capital markets!
The RBI’s defence of the rupee has gone well beyond dollar sales. We have had a repo hike in October, heavy OMO sales, tighter CRR maintenance, and a cash reserve requirement on large hedging contracts. So the question for this session is who pays for a steady currency, and where that cost turns up. We have picked three readings, and the first two take opposite sides.
About the Papers:
1. Fear of Floating
Author: Calvo & Reinhart, 2000
They test whether countries that call themselves floaters actually float, and find that most do not. The volatility does not disappear. It moves from the exchange rate across to reserves and interest rates.
2. A Case for an Integrated Policy Framework
Author: Jackson Hole, 2019
Where exports are invoiced in dollars, and the currency market is thin, a floating rate does not absorb shocks the way the textbook says. Therefore, intervention can steady the currency and free the policy rate for domestic work.
3. Foreign Exchange Intervention: Efficacy and Trade-offs in the Indian Experience
RBI Bulletin, January 2025
India’s own evidence shows both spot and forward intervention working against capital flow volatility. Do note that the RBI itself put “trade-offs” in the title.
Event Details:
Date: 29 November 2026
Time: 11:00 AM Onwards
Platform: Zoom (Link will be shared after registration)
It’ll be an open discussion, moderated by CFA Society India volunteers.
We kindly request that you read the paper before joining the call.
Click the link below to access the papers:
- Calvo and Reinhart, “Fear of Floating” (2000)
- Gopinath, “A Case for an Integrated Policy Framework” (Jackson Hole, 2019)
- RBI Bulletin, “Foreign Exchange Intervention: Efficacy and Trade-offs in the Indian Experience” (January 2025)
Registration Details:
CFA Society India Members: FREE
Kshitiz Jain, CFA, FRM
Co-Chair, Research Advocacy and Standards Committee | CFA Society India
Kshitiz Jain, CFA, FRM
Co-Chair, Research Advocacy and Standards Committee | CFA Society India
Kshitiz Jain is an accomplished Treasury and Investment leader with over 14 years of experience across banking, corporate treasury, and wealth management. He is currently working as Vice President at NIIF Infrastructure Finance Limited.
His previous roles include serving as Senior Vice President at Shriram Group, where he was leading the strategic setup of their Primary Dealership entity. He has also worked as Co-Founder and Head of Investment Strategy at CAGRfunds, where he scaled an institutional-grade equity advisory practice, and Senior Associate Director of Treasury at CTBC Bank, where he was instrumental in setting up the India Treasury business. He also spent nearly five years at ICICI Bank managing large-scale Indian Rates and G-sec desks.
He has a PGDM from IIM Bangalore and a B. Tech degree from IIT Roorkee. He is also a CFA Charter holder and Financial Risk Manager (FRM).
As a dedicated volunteer for CFA Society India, Kshitiz serves as Co-Chair of the Research and Advocacy Committee, where he regularly engages with regulators for policy advocacy. He is also the Deputy Director of the IIM Bangalore Alumni Association (Mumbai Chapter).
Labanya Prakash Jena, CFA
Director, Climate and Sustainability Initiative (CSI)
Director, Climate and Sustainability Initiative (CSI) and Visiting Senior Fellow at London School of Economics – Labanya has 20+ years of experience in financial services, green finance, and international development. He is a Director at the Climate and Sustainability Initiative (CSI). Additionally, he serves as a Visiting Senior Fellow at the London School of Economics and Political Science (LSE). He earlier worked with the CEEW, IEEFA, CPI, Commonwealth Secretariat, UNDP, WRI, and Asian Development Bank (ADB). Labanya is an avid writer on climate and green finance. He co-authored a book, “Net-Zero Trio: Synchronizing Technology, Business, and Policy for Green Transition,” published by Bloomsbury.