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Ph.D., New School for Social Research
M.A. (Development Economics), University of Manchester
B.Soc.Sc., University of Guyana
Professor Khemraj’s research is unorthodox in nature, combining the best ideas of mainstream and heterodox economics. His core methodology when studying problems of exchange rate management and monetary systems aims for external consistency rather than microfounded internal consistency. He uses microeconomics on its own merit to answer industry-specific questions and study partial equilibria rather than for the purpose of adding up micro agents into an aggregate economy. When studying underdevelopment and general stabilization problems, he utilizes comparative historical methodology, formal models and time-series econometrics.
He has part-time affiliation as Research Associate with the Central Bank of Barbados as well as columnist for Stabroek News in Guyana. He also serves as external examiner for doctoral and MPhil theses from the three campuses of University of West Indies. He was actively involved in the politics of Guyana but has retired. Prior to coming to New College, he worked as a central bank economist and taught at St John’s University in New York and University of Guyana.
Money, Banking and Financial Markets
Money, Banking and the Foreign Exchange Market in Emerging Economies, Cheltenham, UK and Northampton, MA, USA: Edward Elgar, 2014.
“Exchange rate targeting and gold demand by central banks: modeling international reserves composition” Emerging Markets Finance and Trade, in press, 2018 (co-author: Aleksandr V. Gevorkyan).
“Monetary policy and excess liquid assets in small open developing economies” In Handbook of Small States: Economic, Social and Environmental Issues (edited by L. Briguglio), London and New York: Routledge Taylor and Francis, 2018.
“The effectiveness of quantitative easing: new evidence on private investment,” Applied Economics, Vol. 48 (28), 2016 (co-author Sherry X. Yu).
“The political economy of Guyana’s underdevelopment” Review of Black Political Economy,
Vol. 43 (3), 2016.
“The colonial origins of Guyana’s underdevelopment” Social and Economic Studies, Vol. 64, No. 2&3, 2015.
“Bank liquidity preference and the investment demand constraint” Economic Modelling, Vol. 33 (July), 2013.
“Analysis of an unannounced foreign exchange regime change” Economic Systems, Vol. 36 (1), 2012 (co-author Sukrishnalall Pasha)
“What does excess bank liquidity say about the loan market in Less Developed Countries?” Oxford Economic Papers, Vol. 62 (1), 2010
“Excess liquidity and the foreign currency constraint: the case of monetary management in Guyana,” Applied Economics, Vol. 41 (16), 2009.
“The missing link: the finance-growth nexus and the Guyanese growth stagnation,” Social and Economic Studies, Vol. 57, Nos. 3&4, 2008.