The volume, Corruption and the Lava Jato Scandal in Latin America, edited by CGEG Faculty Associate Paul Lagunes and CGEG Director Jan Svejnar, brings together key international and interdisciplinary perspectives to shine new light on Lava Jato, or Operation Car Wash, Latin America’s largest corruption scandal to date. Since 2014, this scandal has unfolded in surprising ways to expose collusion between construction companies and state officials in Brazil and 11 other countries. The corruption uncovered amounts in the order of hundreds of millions of dollars in bribes and billions of dollars in stolen state funds.
Book: After the Crash: Financial Crises and Regulatory Responses
CGEG Faculty Associate Sharyn O'Halloran has published a new book, After the Crash. After the Crash is an innovative analysis of the crisis and its ongoing influence on the global regulatory, financial, and political landscape, with timely discussions of the key issues for our economic future. It brings together a range of experts and practitioners, including Joseph Stiglitz, a Nobel Prize winner; former congressman Barney Frank; former treasury secretary Jacob Lew; Paul Tucker, a former deputy governor of the Bank of England; and Steve Cutler, general counsel of JP Morgan Chase during the financial crisis.
Back to the Future: Is Socialism Striking Again?
In several countries across the globe, including the US, socialism is increasingly forming a part of the political rhetoric. In this context, Columbia University’s School of International and Public Affairs (SIPA) hosted the Fifth Annual Kotak Family Distinguished Lecture Series on September 24th 2019. The event, titled “Back to the Future: Is Socialism Striking Again?”, focused on socialism’s resurgence. Professor Jagdish Bhagwati, University Professor (Economics, Law, and International Affairs) at Columbia University, chaired the event, and a panel of eminent scholars brought in examples from across the globe.
New report: Rediscovering the Path to Stable Growth in Brazil: Global Views on the Brazilian Dilemma
The Center on Global Economic Governance (CGEG) is excited to share the full report from this two-day conference that took place in Brazil, in conjunction with the Columbia Global Centers in Rio de Janeiro. The conference considered strategies for economic growth in the regional context, as well as identified challenges and solutions specific to Brazil. The conference and the report were organized by Edmar Bacha, director of Casa das Garças, a Brazilian think tank, and Thomas Trebat, Director of the Columbia Global Center in Rio de Janeiro. Among several distinguished experts, Fernando Henrique Cardoso, former Brazilian president, made the closing remarks. Read the full report.
SIPA Faculty Will Lead Program in Croatia on European Monetary and Banking Union
Columbia SIPA faculty will visit the National School of Public Administration in Zagreb, Croatia, to conduct a program on European monetary and banking union May 13 and 14. The program, which will enroll a group of almost 30 high-level government officials, was organized by SIPA’s Center on Global Economic Governance (CGEG) in partnership with the School’s Picker Center for Executive Education and was initiated by the office of Prime Minister Andrej Plenković.
Summary | Political Risk and Economic Consequences
On May 1st, the Center on Global Economic Governance at Columbia University co-hosted David Woo, head of Global Interest Rates, Foreign Exchange, Emerging Market Fixed Income and Macroeconomic Research at Bank of America. Woo, who obtained his PhD in Economics from Columbia University and is considered one of Wall Street’s top investment and macro strategists, manages a team of 50 analysts around the world. Woo’s lecture at the School of International and Public Affairs focused on political uncertainty and risk, outlooks on the American and global economy, and the importance of understanding politics in order to make sound economic and financial decisions.
Summary | Under-Rewarded Efforts: The Elusive Quest For Prosperity In Mexico
Government economic policy aims at improving people’s lives. This is true for emerging markets and advanced economies, and is potentially now more important than ever before. Nowadays, in fact, taxes, legislation, and rules shape many of the incentives at the base of an individual’s decisions. This, and many other insights were at the center of Santiago Levy’s presentation (taking place at the School of International and Public Affairs (SIPA), Columbia University on April 25 and co-sponsored by SIPA's Center on Global Economic Governance), where he discussed the findings of his latest effort, “Under-Rewarded Efforts: The Elusive Quest for Prosperity in Mexico”.
Summary | Critical Connections: Promoting Economic Growth and Resilience in Europe and Central Asia
International connectivity through trade, investment, migration, communications and transport is critical to economic development in Europe and Central Asia. This World Bank Report analyzes the impact of different types of connectivity on growth to help policy makers maximize the economic benefits of these connections across Europe and Central Asia. Co-sponsored by SIPA's Center on Global Economic Governance, "Critical Connections: Promoting Economic Growth and Resilience in Europe and Central Asia" provides an insight into understanding - at the firm and country level - the interdependence of the region and how it has historically, and presently, operated to advance economic growth and prosperity.
Summary | Address by European Parliament President Antonio Tajani
On February 28, CGEG, the European Institute, and SIPA hosted Antonio Tajani, President of the European Parliament, who delivered a speech titled "United States and Europe must stand together to better defend our shared values." President Tajani emphasized the need for shared values, including freedom, democracy and human rights, to work together to promote inclusive economic growth, peace and stability.
Proceedings of the conference on Investment, Technological Transformation and Skills
On 28 and 29 November, a high-level conference on ‘Investment, Technological Transformation and Skills’ provided an opportunity for leading academics, policy makers and practitioners to share their views and understandings on investment finance and competitiveness, while raising awareness of the challenges posed by technological transformation and the need to adapt workforce skills.
The 11th Annual Kenneth J. Arrow Lecture
On Nov 8th, Alvin Roth, 2012 Nobel Laureate in Economic Sciences and Craig and Susan McCaw Professor of Economics at Stanford University, delivered the 11th Annual Kenneth J. Arrow lecture titled “Market Design in Large Worlds: The Example of Kidney Exchange.”
Barriers to Harmony: The Annual Economics Conference Blog
Read our conference blog co-authored by CGEG director Jan Svejnar examining the slowdown in EU productivity growth and the wide dispersion in productivity among European firms.
Summary | The Infinite Desire for Growth: A Book Talk by Daniel Cohen
On 31 October Daniel Cohen, head of the economics department of the Ecole normale supérieure and a professor and founding member of the Paris School of Economics, introduced his new book "The Infinite Desire for Growth." At a time when wanting what we haven’t got has become an obsession, The Infinite Desire for Growth explores the ways we might reinvent, for the twenty-first century, the old ideal of social progress.
Conference Report: Sustainable Policy Responses: EU and US Perspectives
This was the third in a series of conferences co-organized by SUERF, the Center on Global Economic Governance, the European Investment Bank and Société Générale in New York, aiming to emphasize the global nature of current and future challenges in money, finance, economics and societies as well as the importance of a close dialogue and close cooperation across the Atlantic.
Summary | One Planet Commitments: Putting the Paris Agreement into Action
On 26th September 2018, the evening of the 2nd One Planet Summit in New York City, the Centre on Global Economic Governance at SIPA convened a panel of policymakers and experts engaged in important work on global climate action to discuss progress made since the Paris Agreement and the way forward. Panelists discussed the different aspects of climate action including sustainable finance, government regulation, international cooperation and accountability, and the role of non-state actors.
Madeleine Albright Remembers Vaclav Havel
Madeleine Albright, the former U.S. secretary of state, discussed Václav Havel’s life and how his legacy continues to play an important role in global politics.
Will escalating tensions with China affect U.S. jobs?
Sharyn O'Halloran makes an appearance on PBS Newshour addressing the relationship with China that affects the current state of the economy on many levels.
What American journalists can learn from their African colleagues
Anya Schiffrin edits a collection unearthing the rich history of African investigative journaling, titled African Muckraking: 100 Years of African Investigative Journalism.
Read the reflection by CGEG BRICLab Visiting Scholar Beatriz Bulla
Beatriz Bulla, a journalist and reporter for O Estado de S. Paulo in Brazil and a 2018 BRICLab visiting scholar at CGEG, reflects on her experiences and opportunities at Columbia University.
Summary: Challenges to Monetary and Fiscal Policy in Emerging Market Economies
On April 23, 2018, the Center on Global Economic Governance hosted the third annual Central Bankers Roundtable on "Challenges to Monetary and Fiscal Policy in Emerging Market Economies", bringing together central bankers from emerging markets, key policymakers, and leading academics for a lively and engaging discussion.
Summary: "The Use (and Abuse) of Sanctions as a Foreign Policy Tool"
Ambassador Daniel Fried, a former U.S. State Department official and longtime member of the Foreign Service, discussed sanctions as a tool of global governance on April 20, 2018. This event is part of the Ambassador Donald and Vera Blinken Lecture Series on Global Governance at SIPA’s Center on Global Economic Governance.
Summary: The Future of Global Economic Relations: Lessons from China, EU, the US, and Beyond
The Center on Global Economic Governance hosted the two-day conference titled “China and the West: The Role of the State in Economic Growth” in Beijing on March 22-23, 2018.
"Singapore's Experience In Combatting Corruption"
Singapore's Corrupt Practices Investivaton Bureau Director Hong Kuan Wong's presentation presented at the "Leadership in Anticorruption: Insights into Singapore & NYC's Investigative Agencies" event on April 2, 2018
Summary of Leadership in Anticorruption: Insights into Singapore and NYC's Investigative Agencies
The Center on Global Economic Governance hosted an event on “Leadership in Anticorruption: Insights into Singapore & NYC’s Investigative Agencies” on April 2, 2018
"The Benefits of a Centralized Inspector General System"
Commisioner Mark Peters of the NYC Department of Investigation gave a speech on anticorruption techniques at Columbia | SIPA on April 2, 2018.
News Release: China and the West: The Role of the State in Economic Growth
News release on the China and the West: The Role of the State in Economic Gorwth conference in Beijing, China on March 22 and 23, 2018.
"Giving globalisation meaning: re-emerging markets and the road to reglobalisation"
Marcos Troyjo, Director of CGEG BRICLab, describes deglobalization under Trump as a short-term pheonomenon and forecasts the future path of reglobalization for countries able to adapt to the Fourth Industrial Revolution.
Jan Svejnar Quoted in New York Times
Jan Svejnar, Director of the Center on Global Economic Governance, is quoted in a New York Times article on China's financial regulatory shake-up and its implications China's financial reform agenda.
Summary: Artificial Intelligence and the Implications for Governance and Public Policy
The Center on Global Economic Governance hosted Robin Lewis, Ronaldo Lemos, and Liangang Sun in a discussion of the wide-ranging consequences of Artificial Intelligence in areas such as urbanization, employment, privacy rights, and governance and policy making.
Meet our Spring 2018 BRICLab Visiting Scholar
Beatriz Bulla, a journalist and reporter originally from Brazil, will be CGEG's BRICLab Visiting Scholar for 2018.
Summary: A Special Symposium in Memory of Kenneth J. Arrow
Distinguished scholars and economists came together to pay tribute to Kenneth J. Arrow and reflect on his contributions to the field of economists and his profound impact on generations of scholars and thinkers.
Kenneth J. Arrow Lecture Series: Publication of Ethical Asset Valuation and the Good Society
The publication of the book Ethical Asset Valuation and the Good Society by Christian Gollier. This is the sixth book published in the Kenneth J. Arrow Lecture and Book Series.

It is time to build an intelligent tech and global trade initiative
Daniel Feffer and Marcos Troyjo discuss their proposal of an Intelligent Tech & Trade Initiative (ITTI) at the upcoming World Trade Organization public forum in Geneva.
Conference Report: Free Expression in a Time of Uncertainty
Frans Timmermans, the first vice-president of the EU's European Commission, visited SIPA on September 18th to offer his perspective on expressions of freedom in the European Union and elsewhere.
Conference Report: 2017 Meeting of the Society for Institutional & Organizational Economics (SIOE)
CGEG and the Program for Economic Research, with the support of a number of other Columbia units, co-organized the SIOE 2017 Conference from June 23-25, 2017 at Columbia. Hosted by 2017 SIOE President-Elect and CGEG Faculty Associate, W. Bentley MacLeod, the conference consisted of nearly 300 participants and papers, 67 parallel panel sessions, and keynote addresses by Nobel Laureates Oliver Hart and Bengt Holmström, among many other highlights.
Summary of Current Challenges in the Euro area: A view from Germany
Dr. Andreas Dombret, Executive Board Member of the Deutsche Bundesbank, shares his insights on the Deutsche Bundesbank address economic challenges in Germany and throughout Europe.
Conference Report: The World Economy and the Role of the State in Economic Growth (Beijing, China)
Read the full summary of the international conference that convened dozens of Nobel Laureates, high-level academics, key policy makers and business leaders.
Summary of The Current Situation and Future Prospects for Europe's Economy
Dr. Werner Hoyer, President of the European Investment Bank (EIB) discussed current economic challenges in Europe, their implications, and how the EIB can play a critical role in promoting economic growth, peace, and prosperity throughout Europe and beyond.
The World Trade System: Trends and Challenges
Faculty Associates, Jagdish N. Bhagwati and Arvind Panagariya collaborate with other scholars to write and edit a timely book that highlights trends and challenges in the world trade system.
World Economy: Traversing Uncertainty
Jan Svejnar discusses the upside and downside risks of global economic growth, emphasizing the significance of China and the political situation in Europe. He also raises key questions for policy makers about ahead of future challenges.
Strategies for Growth: The Changing Role of the State - Brazil (Full Conference Report)
Read the full conference report and watch post-conference interviews from participating scholars.
If You Want to Rule Brazil, Draw Power From the Streets
Faculty Associate, Marcos Troyjo discusses how the people of Brazil participate in mass street protests to express public sentiment and express themselves politically.
In Memoriam: Professor Kenneth J. Arrow (1921-2017)
The Center on Global Economic Governance and Columbia University professors reflect on the work and life of Professor Kenneth J. Arrow
Summary of Productivity for Inclusive Growth
Review the full summary of the talk by Luis Luis Felipe Céspedes, Chile's Minister of Economy, Development, and Tourism, on Chile's Productivity Agenda.
Do's and Don'ts in Central Bank Design
Patricia Mosser, the director of the Initiative on Central Banking and Financial Policy highlights key areas that could significantly improve the design of central banks.
Europe and the United States: A Transatlantic Ambition | A political speech by Jean-Marc Ayrault
The full speech of French Minister of Foreign Affairs and International Development, Jean-Marc Ayrault. This speech can also be read and downloaded in French by clicking here.
Productivity for Inclusive Growth
Review the full presentation slide deck from Chile's Minister of Economy, Development and Tourism, Luis Felipe Céspedes, on Chile's Productivity Agenda and its aim to increase productivity and economic growth in Chile.
Summary of Challenges for Monetary Policy Conduct of Emerging Market Central Banks
Dr. Veerathai Santiprabhob, Governor of the Bank of Thailand shares his views on challenges of monetary policy in emerging markets.
Summary of Women in Financial Services Seminar
Patricia Mosser, the director of the Initiative on Central Banking and Financial Policy, welcomed Elizabeth St-Onge, a Partner at Oliver Wyman, who delivered findings from Oliver Wyman's Women in Financial Services Report which explores the status of women in the financial services industry.
Summary of The World Today and the Future of France-U.S. Relations
A lecture by Jean-Marc Ayrault, Minister of Foreign Affairs and International Development, France.
Summary of Iceland's Road to Recovery: Key Lessons
Dr. Veerathai Santiprabhob, Governor of the Bank of Thailand shares his views on challenges of monetary policy in emerging markets.
5 Questions with Economics Professor Jan Svejnar on Brexit
Jan Svejnar answers five questions about what will happen now that Britain is withdrawing from the EU for Columbia News.
Summary of Demographic Change and Economic Growth in the BRICS: Dividend, Drag, or Disaster?
Philip Schellekens delivers a presentation of the 2015-2016 Global Monitoring Report which highlights the intensity and diversity of demographic developments around the world and analyze their implications for development and growth.
Summary of The Global Economic and Financial System: The Challenge of the Unconventional
Jacob A. Frenkel, former Governor of the Bank of Israel, gave a talk on the global economic and financial system and unconventional policies.
Summary of Central Banking: Challenges to Monetary and Fiscal Policy in Emerging Market Economies
CGEG hosted a roundtable on central banking with participants from central banks around the world, as well as academia and the finance industry, which focused on key issues involving the primary functions of these institutions.
Summary of How can Europe contribute to global stability and economic growth? A lecture by Pier Carlo Padoan
Pier Carlo Padoan, Minister of Economy and Finance in Italy, delivered a lecture on Europe's ongoing economic crisis and how to contribute to economic growth.
What's Next for Brazil if Dilma Roussef Goes?
Marcos Troyjo interviews with Bloomberg's London and NY anchors and discusses Roussef's impeachment on Brazil's economy.
Jan Svejnar and Joseph Stiglitz offer advice at CGEG's Beijing Conference on Strategies for Global Growth
CGEG Director, Jan Svejnar and Faculty Associate and Nobel Laureate, Joseph Stiglitz featured in South China Morning post offering insight on China’s economy, following CGEG conference at Tsinghua University.
Summary of Havel at 80: Reflections on his Thoughts and Legacies
Havel's advisors and contemporaries speak about his legacy, as this year would have been 2016
The Never-ending Crisis of European Leadership
Jan Svejnar discusses the crisis of the Euro and the role of European leadership in this op-ed published in the EU Observer.
Summary of Good (and Bad) Governance in Europe: The Historical Designs of Corruption Control
On Monday, February 29th Professor Alina Mungiu-Pippidi of the Hertie School of Governance delivered a lecture on corruption control.
Summary of the 5th Annual BRICLab Conference
The fifth Columbia University BRICLab Conference convened academics, policymakers, and business leaders to examine how BRICS and their impact on the global political economy.
Billionaires and Growth by Jan Svejnar and Sutirtha Bagchi
Research by Svejnar and Bagchi was published in the January 2016 edition of the Milken Institute Review.
Summary of the 8th Kenneth J. Arrow Lecture: Career and Family: Collision or Confluence?
The 8th Kenneth J. Arrow Lecture was delivered by Claudia Goldin, Henry Lee Professor of Economics at Harvard University, on Thursday, December 10 on the topic of Career and Family.
Jan Svejnar honored for winning the IZA Prize in Labor Economics
On November 21, CERGE-EI in cooperation with IZA institute in Bonn, organized a conference focusing on the labor market and public policy titled “Labor Economics and its Public Policy Impact on Economic Growth” to honor Jan Švejnar winning the IZA Prize in Labor Economics.
Summary of Is the Eurozone Crisis Over? Event
On Monday, October 19 Martin Wolf, CBE; Columbia Global Fellow; and Associate Editor and Chief Economics Commentator for the Financial Times, delivered a lecture on the Eurozone Crisis.
Summary of Grand Corruption and Impunity Event
On Monday, September 21 José Ugaz, Chair of Transparency International, delivered a talk on "Grand Corruption and Impunity".
Letter to the Brazilian People 2.0
Troyjo discusses the reforms that Brazil must consider in order to address its current economic challenges.
Sachs says the TPP is Too Flawed for a 'Yes' Vote
Sachs highlights the ways in which the TPP undermines the ultimate goal of economic policy, that is, to raise the well-being of all parts of society, including the poor and middle class.
Interview with Marcos Troyjo About Brazil's Struggling Economy
Troyjo answers five questions related to the state of Brazil's economy in an interview published by Columbia University's Office of Communications and Public Affairs.
"The Political Economy of Brazil's Disarray"
Marcos Troyjo wrote a piece for LatinAmericaGoesGlobal on the issues faced by Brazil under the regime of President Dilma Rousseff.
Summary of Globalization of Financial Markets Event
On Monday, September 21 CGEG held a panel discussion on the globalization of financial markets with James Healy, Sadeq Sayeed, and Leah Zell.
Verhoogen Named Vice Dean for Academic Affairs
Eric Verhoogen, an associate professor at SIPA and in Columbia's Department of Economics, has been named as SIPA's new Vice Dean for Academic Affairs by Dean Merit Janow.
"What Happens to Banks When Interest Rates Stay Low?"
Charles Calomiris was a guest on "Bloomberg Markets" to discuss the Fed's interest rate policy.
"Will Obama Look Weak If He Meets With Putin?"
Stephen Sestanovich discusses the implications of a meeting between Obama and Putin in the Washington Wire (WSJ).
"Why some billionaires are bad for economic growth and others aren't"
Jan Svejnar and Sutirtha Bagchi's research on billionaire wealth featured in the Washington Post.
Brief by Marcos Troyjo, "BRICS 2.0 and the Metamorphosis of Globalization" in Russia Direct
With the recent BRICS 2015 Summit in Ufa and the launch of the New Development Bank, the Brics have not hidden their role in today's globalized world.
Jan Svejnar Shares Research on Billionaires & Economic Growth
Svejnar shares his research with The Guardian. He reveals that billionaires do not drive growth, and those that gained their wealth by being "politically-connected" have a negative effect on economic growth.
"Suppose Iran Doesn’t Cheat but Abides by a Nuclear Deal. What Then?"
Stephen Sestanovich discusses the issues that arise after the Iran Deal.
"The Real Engine of the Brics is China" by Christian Deseglise
BRICLab's co-Director writes for the Financial Times' beyondbric forum on the strongest of the Brics.
Jan Svejnar discusses the Outcome of the Greek Referendum with Fusion
CGEG Director Jan Svejnar offers insights about the influence of young voters in the Greek referendum and thinks that young voters were right to have voted 'NO.'
Columbia in Rio: A Conversation with Prof. Marcos Troyjo
Marcos Troyjo speaks about his upbringing in Brazil and his path from diplomat at the United Nations to co-director of CGEG's BRICLab.
Jan Svejnar Discusses the Russian Economy on Bloomberg Radio
Jan Svejnar discusses the Russian economy on Bloomberg Radio.
Jan Svejnar Wins 2015 IZA Award in Labor Economics
This year's prestigious Bonn-based Institute for the Study of Labor (IZA) Prize in Labor Economics has been awarded to CGEG's Founding Director, Jan Svejnar.
Edward Lucas and Jan Svenjar Discuss the Shadow Economy
Podcast: The Economist's Edward Lucas and Jan Svenjar discuss the role the shadow economy can play in a country’s prosperity at the Legatum Institute.
Marcos Troyjo in Xinhua: Brazil should embrace Chinese investment
Professor Troyjo, interviewed by Xinhua, says Brazil should take the chance to embrace Chinese investment as it increases abroad.
Jose Antonio Ocampo Joins the ILO as Special Advisor on Social Protection
Professor Ocampo will be contributing his expertise to the ILO’s mission to improve social protection coverage for all.
Arvind Panagariya Appointed as Vice-Chairman of the NITI Aayog
The Center on Global Economic Governance Faculty Associate Arvind Panagariya, appointed by Indian Prime Minister Narendra Modi as Vice- Chairman of the newly established National Institution for Transforming India (NITI) Aayog, took charge of his office on January 13, 2015.
Shang-Jin Wei, New Chief Economist of the Asian Development Bank
The Center on Global Economic Governance Faculty Associate Shang-Jin Wei started his first day as the Chief Economist of the Asian Development Bank (ADB).
Professor Christopher Blattman featured on Foreign Affairs Magazine
Non-traditional forms of aid might be better for reducing poverty suggests CGEG Faculty Associate Christopher Blattman and Paul Niehaus.
The 2014 Allen & Overy Law Prize honors Professor Katharina Pistor
Katharina Pistor, the Michael I. Sovern Professor of Law at Columbia Law School, was awarded the 2014 Allen & Overy Law Prize in the European Corporate Governance Institute’s (ECGI) law working paper series for best paper.
"Global Muckraking"- Professor Anya Schiffrin's New Book
Edited by the noted author and journalist Anya Schiffrin, "Global Muckraking: 100 Years of Investigative Journalism from Around the World " (2014, The New Press) is a sweeping introduction to international journalism that has galvanized the world’s attention.
Professor Stiglitz awarded 2014 Daniel Patrick Moynihan Prize
Columbia University Professor and Nobel Prize laureate, Joseph Stiglitz, was awarded the 2014 Daniel Patrick Moynihan Prize by the American Academy of Political and Social Science (AAPSS).
"A Kinder, Gentler Immigration Policy" by Professor Bhagwati
Professor Jagdish Bhagwati and Francisco Rivera-Batiz were featured on the Foreign Affairs magazine on a recent article titled "A Kinder, Gentler Immigration Policy: Forget Comprehensive Reform - Let the States Compete".
"Why Growth Matters" - New Book of Bhagwati and Panagariya
On April 2013, Professors Jagdish Bhagwati (Author), Arvind Panagariya (Author) released a new book titled “Why Growth Matters: How Economic Growth in India Reduced Poverty and the Lessons for Other Developing Countries” (Yale University Press)
"Market Liquidity: Theory, Evidence and Policy" - New Book of Ailsa Röell
On March 2013, Ailsa Roell and her co-authors Thierry Foucault and Marco Pagano published a book titled "Market Liquidity: Theory, Evidence and Policy" (Oxford University Press).
Arvind Panagariya Receives High Honors from the Government of India
Professor Arvind Panagariya, Jagdish Bhagwati Professor of Indian Political Economy at SIPA, was awarded the Padma Bhushan by the government of India in February 2012.