Ratna Sahay is Deputy Director of the IMF’s Monetary and Capital Markets Department. She previously worked in the Research, Finance, Asian, European, Middle East, and Western Hemisphere Departments at the IMF, leading key analytical and policy projects as well as several missions to emerging market countries. Ms. Sahay has published widely in leading journals on financial market spillovers and financial crises, inflation, economic growth, fiscal policy and debt sustainability, and transition economies. She has taught at Delhi University, Columbia University, and New York University and holds a Ph. D in Economics from New York University.