Mahendra Pal, Ph. D. (Economics) is currently a U.G.C. Emeritus Fellow on the topic “Foreign Capital and Economic Growth in India-a Disaggregated Model at Department of Commerce, Delhi School of Economics and Visiting Faculty at the Department of African Studies, University of Delhi. He is also Principal Investigator of UGC MRP on the topic Financial Deepening and Economic Growth in India: A Co-Integration Approach (Major Research Project). Dr. Mahendra Pal served as Associate Professor of Economics at Dyal Singh College in more than 33 years. He also served as Lecturer at MMH College Merrut University (1975) and ICWA, New Delhi (1976). He is the acknowledged author of highly debated book on “World Bank & Third World Countries of Asia” (1985) across the globe and the Book still being cited by major projects in Canada and elsewhere. His book was rated as path breaking work after Teresa Hayter. He is an author of more than 26 research papers, which was presented in top Indian journals. His area of specializations includes Foreign Capital and Financial Economics. He is the member of Econometric Society, Indian Econometric Society, Indian Economic Association, IIDS, Calcutta etc.



  • Financial Deepening and Economic Growth in India: A Co-Integration Approach (UGC- Major Research Project)- Nearing Completion
  • Foreign Capital and Economic Growth: Co-integration and VECM  evidence from India. UGC EMERITUS FELLOWSHIP AWARDED for two years 2013-2015.


  • USA, International Conference of Pennsylvania Economic Association (PEA), Shippensburg University, USA; 6 June – 20 June 1997
    “Empirical Testing of McKinnon – Shaw Complementarity Hypothesis Also acted as Discussant on the paper titled “ Tax problems in developing countries” by Thomas Paul. Interacted with Professor Jagdish Bhagwati on certain aspects of International Finance. Also visited City University of New York.

  • TUNISIA, Eleventh World Congress of the International Economic Association, 15 – 25 December 1995 “External Debt & Servicing Capacity of India – An Econometric Investigation” Visited academic institutions at Paris and Netherlands too.

  • FINLAND, International Conference at Swedish School of Economics, Helsinki 28 July – 17 August 1995
    “Foreign Capital and Economic Growth: An Econometric Analysis””
    Also visited WIDER UN University, Helsinki School of Economics

  • SWEDEN (August 1995)
    Institute for International Economic Studies, Stockholm University.

  • AUSTRALIA, International Conference of University of Western Australia, Perth (13-15 December 1993)
    “Stabilization & Structural Adjustment Reforms in India – An Econometric Analysis”
    Visited Curtin University of Technology, Murdock, Edith Cowan and Asia Research Center, Perth

    Visited to study the on-going and completed World Bank projects for my forthcoming study “Concessional Aid & India’s Economic Development. Also visited CEDA, Tribhuvan University, Kathmandu.


  • Western Australia University, Perth (1993);
  • Swedish School of Economics, Helsinki, Finland (1995),
  • World Congress of International Economic Association (IEA) Tunis, Tunisia (1995);
  • Shippensburg University, Pennsylvania, USA (1997).
  • His visits also include;
  • U.N. University, WIDER, Helsinki
  • International institution in Stockholm, Sweden,
  • CIPERMAP, Paris, France.
  • Netherlands and Nepal.
  • In India, Madras School of Economics, Delhi School of Economics, IGDR, Bombay and School of International Studies, JNU, New Delhi.

Published Book

"World Bank and Third World Countries of Asia" (1985) National Publishing House, New Delhi a highly debated book in the world.


1. Foreign Aid Revisited: Soft Foreign Aid to India
2. Essays on World Bank and IMF: Do we need another Bretton Woods?
3. Selected Essays of Economics of Africa
4. Lectures on Financial Sector Reforms in India

Book Reviews:

1. Ramu C.N. & Govitrakar, V.P. (1995): (eds) "Liberalization – Indian and Canadian Perspective", Allied Publishers  (New Delhi) – in Indian Journal of Canadian Studies, Vol. 1995.
2. "World Bank and India" by C.P. Bhambri (1980, Vikas Publication) in Asian Journal of Economics (Delhi): Vol. 1, No. 4, 1982.
3. "Foreign Capital and Debt Servicing" by K.L. Seth Carriers Digest (April, 1980).

Published Papers

1. “Financial Development in India: An Empirical Test of the McKinnon-Shaw Model” the paper is being published in the book “Analytical Issues in Trade, Development and Finance: Essays in Honour of Biswajit Chatterjee”, Jadavpur University Kolkata, published by Springer, 2014.
2. “Finance - Growth Nexus- in   South  Africa &India -an evidence from Co-Integration Approach” accepted for the book “ Contemporary Africa: Issues and Challenges” being published by the Department of African Studies, University of Delhi, 2013.
3. “Financial sector reforms in Zambia”. Indian Journal of African Studies, Delhi University, April & October, 2012. Vol. XVIII, Nos.1&2
4. “The External Debt and Debt Servicing Capacity of SSA”. Indian Journal of African Studies, Vol. XV, April (May, 2008) No. 1 & 2 pp. 90-98.
5. "The IMF Monetary Model: Theory, Evidence, Validity and Developing Countries" (Reprinted) in the book Aggarwal, M.R. (eds.):  International Institutions and Economic Development of under developed countries, Deep and Deep Publications, New Delhi, 2002.
6. "The IMF Monetary Model: Theory, Evidence, Validity" (Conference Volume) Indian Economic Association, 84th Annual Conference, at Vellor, December, 29-31, 2001.
7. "Financial Development in India : An Empirical Test of the McKinnon – Shaw Model" – in Pennsylvania Economic Association (Proceedings) of the 1997 Annual Meeting, held at Shippensburg University USA (June 5-7, 1997).
8. "Financial Deepening, Real Interest Rate & Growth in India (theory & Evidence)" in B.M. Jani (Eds.): Impact of Financial  Liberalization Policy in India, Himalaya, Bombay  (1997).
9. "Financial Globalization: Theory & Empirical Issues" (reprinted in) D.K. Das (eds.) "Globalization & Development" Deep & Deep, New Delhi, 1998.
10. "Financial Globalization: Some Theoretical & Empirical Issues", Indian Economic Association (Conference Journal) Gwalior University (1996).
11. "Stabilization & Structural Adjustment Lending in India-an Analytical Approach" in R.K. Sen (eds) ("Liberalization, Adjustment and Reforms in India" IIDS 221A, Acharya Prafulla Chandra Road Calcutta – 700004 (1996).
12. "Financial Co-operation Among SAARC Nations – A Case for SADA". Indian Economic Association (Conference Journal), Muzaffarpur University (1990).
13. "Recycling of Japanese Financial Surplus by MBD". Indian Economic Association (Conference Journal) Jadavpur University, Calcutta (1989).
14. “Economic Crisis in Africa: The World Bank’s Response”, Conference Volume, ISAAS, May 15, 1989.
15. “World Bank and Rural Poor”,ThirdConcept, New – Delhi 1989.
16. “World Bank and Population Control”,  Third Concept, New Delhi, September, 1988,
17. “International Finance – Crisis & Reforms”, Third Concept, New Delhi, July 1988.
18. "World Book and the New International Economic Order". Third Concept, New Delhi, March, 1988.
19. "The Economics of South Bank" Third Concept, New Delhi, January, 1988.
20. “The Economics of Latin American Debt Crisis”, Third Concept, New Delhi, December, 1987.
21. “The Economic of African Debt Crisis”, Third Concept, New Delhi, November, 1987.
22. "World Bank – A third World Approach" Third Concept, New Delhi-Oct. 1987.
23. "International Financial Institutions and Chancing Financial needs of the third world" in Asian Journal of Economics, Vol. 2 No. (1993), Delhi.
24. "Labour Force: Occupational Structure and Economic Development" in      V.N. Pandit (eds.) Arthik Pranalya and Varyasthi Arthashastra (1984) Published by the Directorate of Hindi Implementation, Delhi University.
25. Above paper was revised later
24. "Keynsen Economics and Developing Countries" in Dilip Swami (eds) Samasthi Arthashastra and Policy (1985) D.U.

Economic Models

Prof. Mahendra Pal empirically tested the following economic models for the first time on Indian Economy.:

i. IMF (Polak) Monetary model in India;
ii. Joint Fund-Bank model of stabilization and SAL in India;
iii. Financial Deepening and Economic Growth (Supply –led hypothesis) in India.
iv. Complementarity Hypothesis of McKinnon- Shaw model in India.
v. Ohlin model of Grant Element in India
vi. External Debt model (Avramovic)

Seminars & Conferences

Conferences Attended and Participated in India

  • Commerce Convention, Department of Commerce, Delhi University, held on 3rd April, 2013 at Shankar Lal Hall, University of Delhi.
  • Delhi Economic Enclave New Delhi, December 2012.
  • Indian Economic Association (Annual Conference) held at Pune. 27-29th December.
  • Indian Economic Association (Annual Conference) held at Chandigarh 27-28th, December 2010.
  • National Seminar on “India – Africa Development Co-operation”, Department of African Studies, Delhi University, 25th February, 2010.        
  • Winter School, Annual Event of Delhi School of Economics, in December 1995-2009.
  • Indian Economic Association (Annual Conference) held at Bhubaneshwar, Orissa, 27-29th December, 2009.
  • One Day National Seminar at ICRIER, New Delhi, 29th January, 2007.
  • Two days National Seminar on African Nations, School of International Studies, J.N.U., September, 2007.
  • Indian Economic Association (Annual Conference) held at Kurukshetra University, December 27-29th, 2006.
  • Two Days National Seminar on “Socio-Economic Changes in Africa” Department of African Studies, D.U, Dec. 19-20, 2006.
  • Two days International Conference on “Linking India to the World Economy”, ICRIER, Vigyan Bhawan, New Delhi, 6-7th November, 2006.
  • National Seminar on “Accelerated Economic Growth and Regional Balance, IEA, ISID, New Delhi, September 16-18, 2005.
  • South East Asia Meeting of Econometric Conference (Delhi Chapter) 1996, CDE, Delhi School of Economics, D.U. December 28-30, 1996.
  • Seminar on UN Day at the Centre for UN Studies, New – Delhi, October, 1990.
  • Panel Discussion, on “African Recovery and Development”, Chaired by Rattan J. Bhatia (IMF) Panel III/ D at 19th World Conference of Society for International Development (SID) on Poverty and Development, Vigyan Bhawan, 25-28th March, 1988.
  • VII World Congress of International Economic Association (IEA), Vigyan Bhawan, December 1986.


  • Indian Econometric Society – Life Membership.
  • Indian Economic Association -Life Membership.
  • Society for Asian Development, New Delhi (Fellow) (1987 & 1980).
  • Indian Council of World Affairs, New Delhi (Life).
  • Indian Institute of Development Studies, Calcutta (Life member).
  • Indian Institute of Public Administration (IIPA), New Delhi (Life).
  • Ratan Tata Library, DSE.


UGC-Emeritus Fellow
B-110, Shalimar Garden (Main)
Sahibabad, Ghaziabad – 201005
Mob. No.: +91-9811226669
Email i.d: mahendra_dsc@yahoo.com

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