Associate Professor Tony Cavoli

Associate Professor of Economics UniSA Business

City West Campus (WL3-56)
tel +61 8 830 20831

email Tony.Cavoli@unisa.edu.au

Research Degree Supervisor

About me

Tony Cavoli is an Associate Professor in Economics at UniSA Business. His research interests span the areas of international and development economics, and include topics as exchange rate and monetary policies, international capital flows, economic and financial integration, and more recently financial inclusion and development policy. His work is applied mainly to Asian economies and emerging market economies more generally. He is a deputy editor of the Journal of International Commerce, Economics an Policy, and on theExecutive board of the American Committee on Asian Economic Studies. He teaches undergraduate and postgraduate courses in several areas of economics including international economics, money and banking,... Read more

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Orcid
Scopus

Research

Research focus

Applied Economics
Banking, Finance and Investment
Econometrics
Economics
Policy and Administration

Highlights

I currently research in the following topics:

- Exchange Rate and Monetary Policy Regimes and Optimal Monetary Policy,

- Financial Integration and Macro/Financial Linkages

- Determinants of Capital Flows, and Aid Flows,

- Financial Inclusion and Development in Developing and Emerging Economies.

Research

Outputs

Research outputs for the last seven years are shown below. Some long-standing staff members may have older outputs included. To see earlier years visit ORCID or Scopus

Open access indicates that an output is open access.

Books

Year	Output
2021	Cavoli, T & Shrestha, R 2021, Financial inclusion in Asia and beyond: measurement, development gaps, and economic consequences, Routledge, UK. 5
2020	Cavoli, T, Gopalan, SS & Rajan, R 2020, Complexities of financial globalisation: analytical and policy issues in emerging and developing economies, Routledge, UK. 3
2014	Cavoli, T, Listokin, S & Rajan, RS 2014, Issues in governance, growth and globalization in Asia, World Scientific Publishing, Singapore.
2009	Rajan, R & Cavoli, T 2009, Exchange Rate regimes and Macroeconomic Management in Asia, Hong Kong University Press, Hong Kong.

Chapters

Year	Output
2021	Cavoli, T & Shrestha, R 2021, 'The nature and landscape of financial inclusion in Asia', in T Cavoli & R Shrestha (eds), Financial inclusion in Asia and beyond: measurement, development gaps, and economic consequences, Routledge, UK, ch. 1, pp. 1-28. 2
2021	Cavoli, T, Lin, D & Marquez-Ramos, L 2021, 'Insights for Australia - regions in foreign trade', in S Uminski & JM Nazarczuk( eds), Regions in International Trade, De Gruyter, Poland, ch. 9, pp. 137-159. Open access
2021	Cavoli, T, Onur, I & Sourdin, P 2021, 'Financial inclusion, active bank accounts, and poverty reduction in India', in T Cavoli & R Shrestha (eds), Financial inclusion in Asia and beyond: measurement, development gaps, and economic consequences, Routledge, UK, ch. 9, pp. 251-269. 3
2015	Cavoli, T 2015, 'Defining openness and economic interconnection in East and Southeast Asia', in J Corbett & Y Xu (eds), Rebalancing economies in financially integrating East Asia, Taylor and Francis, UK, ch. 7, pp. 129-148.
2014	Cavoli, T & Rajan, RS 2014, 'Intervention and exchange rate regime choice in Asia: does the US dollar still matter?', in T Cavoli, S Listokin & RS Rajan (eds), Issues in governance, growth and globalization in Asia, World Scientific, Singapore, ch. 8, pp. 143-166.
2014	Cavoli, T 2014, 'Extent of real financial integration in Asia: some patterns and stylized facts', in T Cavoli, S Listokin & RS Rajan (eds), Issues in governance, growth and globalization in Asia, World Scientific, Singapore, ch. 6, pp. 89-119.
2013	Cavoli, T 2013, 'Regional economic integration among ASEAN, China, Japan and Korea: a simple multivariate examination', in SM Thangavelu & A Chongvilaivan (eds), Real and financial integration in Asia, Routledge, UK, ch. 2, pp. 7-19.
2012	Rajan, RS & Cavoli, T 2012, 'What is the extent of exchange rate flexibility in South Asia?', in RS Rajan (ed.), Exchange rate and foreign direct investment in emerging Asia : selected issues and policy options, Routledge, US, ch. 3, pp. 55-64.
2011	Cavoli, T & Rajan, R 2011, 'How integrated is East Asia: the real and financial dimensions', in RS Rajan, S Sasidaran, & R Hattari (eds), Crisis, capital flows and FDI in emerging Asia, Oxford University Press, India, ch. 9, pp. 157-187.
2011	Cavoli, T 2011, 'Trends, patterns and dynamics of capital inflows in Asia', Achieving sustainable growth in East Asia. ERIA research project report 2010-28, J Corbett & Y Xu (eds), ERIA, Indonesia, ch. 11, pp. 257-273. Open access
2009	Cavoli, T & Rajan, R 2009, 'Have exchange rate regimes in Asia become more flexible post crisis? : re-visiting the evidence', in Y Cheung (ed.), China and Asia : economic and financial interactions, Routledge, UK, pp. 135-155.
2009	Cavoli, T & Rajan, R 2009, 'How Flexible is the Indian Rupee?', in Ramkishen S Rajan, Monetary, Investment, and Trade Issues in India, Oxford University Press, New Delhi, pp. 11-25.
2009	Cavoli, T & Rajan, R 2009, 'Should India Adopt an Inflation Targeting Framework?', in Ramkishen S Rajan, Monetary, Investment, and Trade Issues in India, Oxford University Press, New Delhi, India, pp. 26-46.
2009	Rajan, R & Cavoli, T 2009, 'Still Searching for the Middle Ground?: Asian Exchange Rate Regimes a Decade Since the 1997-1998 Crisis', in Ramkishen S Rajan, Shandre Thangavelu & Rasyad A Parinduri, Monetary and Financial Issues in Asia, World Scientific, Singapore, pp. 35-76. 2

Journal Articles

Year	Output
2024	Cavoli, T, Christian, D & Shrestha, R 2024, 'SMEs, trade finance markets and instruments: a review of the issues with reference to Asia', World Bank Research Observer, online, pp. 1-29.
2024	Ullah, GW, Cavoli, T, Khan, I & Abdullah, M 2024, 'The impact of social capital on major customer supply chain power', Economics Letters, vol. 239, article no. 111725, pp. 1-5. Open access
2024	Zamanzadeh, A, Cavoli, T, Ghasemi, M & Rokni, L 2024, 'The effect of actual and expected income shocks on mental wellbeing: evidence from three East Asian countries during COVID-19', Economics and Human Biology, vol. 53, article no. 101378, pp. 1-8. Open access
2023	Banerjee, R, Cavoli, T, McIver, R, Meng, S & Wilson, JK 2023, 'Predicting long-run risk factors of stock returns: evidence from Australia', Australian Economic Papers, vol. 62, no. 3 pp. 377-395. Open access 1 1
2023	Cavoli, T & Gopalan, S 2023, 'Does financial inclusion promote consumption smoothing? Evidence from emerging and developing economies', International Review of Economics and Finance, vol. 88, pp. 1529-1546. 1
2023	Cavoli, T, Gopalan, S & Rajan, RS 2023, 'Is exchange rate centred monetary policy asymmetric? Empirical evidence from Singapore', Applied Economics, vol. 55, no. 21, pp. 2438-2454.
2023	Cavoli, T, Gopalan, S, Onur, I & Xenarios, S 2023, 'Does financial inclusion improve sanitation access? empirical evidence from low- and middle-income countries', International Journal of Water Resources Development, vol. 39, no. 5, pp. 724–745. 3 2 1
2023	Zamanzadeh, A, Banerjee, R & Cavoli, T 2023, 'Job loss and mental disorders: international evidence from the early stages of COVID-19 outbreak', Stress and Health, vol. 40, no. 1, article no. e3287, pp. 1-20. Open access 2 6
2023	Zamanzadeh, A, Cavoli, T & Banerjee, R 2023, 'Travelling, anxiety and the impact of COVID-19: evidence from Italy', Current Issues in Tourism, vol. 26, no. 22, pp. 3581-3588. Open access 3 3 1
2022	Zamanzadeh, A & Cavoli, T 2022, 'The effect of nonpharmaceutical interventions on COVID-19 infections for lower and middle-income countries: a debiased LASSO approach', PLoS One, vol. 17, no.7, article no. e0271586. Open access 2 2 8
2021	Cavoli, T, Gopalan, S & Rajan, RS 2021, 'Can macroprudential policies mitigate pressures from capital inflows on real exchange rates? Empirical evidence from emerging markets', International Review of Finance, vol. 22, no. 3, pp. 567-579. 2 2 3
2021	Cavoli, T, Gopalan, S & Rajan, RS 2021, 'Do macroprudential policies counter real exchange rate appreciation in emerging markets?', The World Economy, vol. 44, no. 7, pp. 2164-2187. Open access 1 2 1
2020	Arya, V, Cavoli, T & Onur, I 2020, 'Do managed exchange rates and monetary sterilization encourage capital inflows?', PLoS One, vol. 15, no. 8, pp. 1-11. Open access
2020	Cavoli, T, Gopalan, S & Rajan, RS 2020, 'Does financial inclusion amplify output volatility in emerging and developing economies?', Open Economies Review, vol. 31, pp. 901-230. 13 13
2020	Maruta, AA, Banerjee, R & Cavoli, T 2020, 'Foreign aid, institutional quality and economic growth: evidence from the developing world', Economic Modelling, vol. 89, pp. 444-463. Open access 76 66
2019	Arya, V, Banerjee, R & Cavoli, T 2019, 'Capital flows to Asia and Latin America: does institutional quality matter?', The World Economy, vol. 42, no. 7, pp. 2039-2069. Open access 9 9 4
2019	Cavoli, T, Gopalan, S & Rajan, RS 2019, 'Exchange rate policies in Asia in an era of financial globalisation: an empirical assessment', The World Economy, vol. 42, no. 6, pp. 1774-1795. Open access 1 1
2018	Arya, V, Banerjee, R & Cavoli, T 2018, 'The relative importance of capital inflows: some evidence from emerging market economies', Applied Economics Letters, vol. 25, no. 15, pp. 1101-1106. 1 1 1
2018	Meng, X, Cavoli, T & Deng, X 2018, 'Determinants of income diversification: evidence from Chinese banks', Applied Economics, vol. 50, no. 17, pp. 1934-1951. 18 13
2017	Cavoli, T & Gopalan, S 2017, 'Economic and financial interconnections and income growth convergence in Asia: a real-financial nexus?', Emerging Markets Finance and Trade, vol. 53, no. 12, pp. 2672-2685. Open access 2 2
2017	Cavoli, T 2017, 'Managing capital inflows indirectly? On the determinants of monetary sterilization with reference to East Asia', Review of International Economics, vol. 25, no. 2, pp. 262-278. 3 3
2015	Cavoli, T & Rajan, RS 2015, 'Capital inflows and the interest premium problem: the effects of monetary sterilisation in selected Asian economies', International Review of Economics and Finance, vol. 39, pp. 1-18. 10 10
2015	Cavoli, T & Wilson, JK 2015, 'Corruption, central bank (in)dependence and optimal monetary policy in a simple model', Journal of Policy Modeling: A Social Science Forum of World Issue, vol. 37, no. 3, pp. 501-509. Open access 4 5
2015	Cavoli, T 2015, 'FDI inflows; how do they interact with non-FDI inflows during crises?: some evidence from Asia', Applied Economics Letters, vol. 22, no. 7, pp. 572-575. 1 1
2014	Cavoli, T 2014, 'Substitutes or complements? The interactions between components of capital inflows for Asia', Journal of Asian Economics, vol. 31-32, pp. 32-41. 2 2
2013	Cavoli, T & Rajan, R 2013, 'South Asian exchange rates regimes: fixed, flexible or something in-between?', South Asia Economic Journal, vol. 14, no. 1, pp. 1-15. 3
2012	Cavoli, T 2012, 'Exploring dimensions of regional economic integration in East Asia: more than the sum of its parts?', Journal of Asian Economics, vol. 23, no. 6, pp. 643-653. 8
2012	Cavoli, T, Pontines, V & Rajan, RS 2012, 'Managed floating by stealth: the case of Taiwan', Journal of the Asia Pacific Economy, vol. 17, no. 3, pp. 514-526. 7 8
2012	Nguyen, HM, Cavoli, T & Wilson, JK 2012, 'The determinants of inflation in Vietnam, 2001-09', ASEAN Economic Bulletin, vol. 29, no. 1, pp. 1-14.
2011	Cavoli, T, McIver, R & Nowland, J 2011, 'Cross-listings and financial integration in Asia', ASEAN Economic Bulletin, vol. 28, no. 2, pp. 241-256.
2010	Cavoli, T 2010, 'What Drives Monetary Policy in Post-Crisis East Asia? Interest Rate or Exchange Rate Monetary Policy Rules', Journal of Asian Economics, vol. 21, no. 5, pp. 456-465. 4
2010	Crotti, S, Cavoli, T & Wilson, JK 2010, 'The impact of trade and investment agreements on Australia's inward FDI flows', Australian Economic Papers, vol. 49, no. 4, pp. 259-275. 12 11
2010	Rajan, R & Cavoli, T 2010, 'A note on exchange rate regimes in Asia: Are they really what they claim to be?', Economics Bulletin, vol. 30, no. 4, pp. 2864-2876. Open access
2009	Cavoli, T & Rajan, R 2009, 'Managing Risks in a Volatile Environment: The Capital Inflows Problem in Asia', International Economics, vol. 62, no. 3, pp. 325-340.
2009	Cavoli, T 2009, 'Is fear of floating justified? The East Asia experience', Journal of Policy Modeling: A Social Science Forum of World Issue, vol. 31, no. 1, pp. 1-16. 16 15
2008	Cavoli, T 2008, 'The exchange rate and optimal monetary policy rules in open and developing economies: some simple analytics', Economic Modelling, vol. 25, no. 5, pp. 1011-1021. 12 14
2008	Rajan, R & Cavoli, T 2008, 'Open economy inflation targeting arrangements and monetary policy rules: application to India', Indian Growth and Development Review, vol. 1, no. 2, pp. 237-251. 11 7
2008	Rajan, R & Cavoli, T 2008, 'The Extent of Exchange Rate Flexibility in India: Basket Pegger or Closet US Dollar Pegger?', vol. 2007, pp. 125-140.

Conferences

Year	Output
2011	Cavoli, T 2011, 'Capital inflows in Asia: just how important is composition', Singapore Economic Review Conference 2011, pp. 1-22. Open access
2010	Cavoli, T 2010, 'Exchange Rate Regimes in Asia: Intervention and the Influence of the G3 currencies on Asian Exchange Rates', APEA 2010, Hong Kong Baptist University, pp. 1-29. Open access
2008	Cavoli, T 2008, 'Is Fear of Floating Justified? A Counterfactual Examination with Reference to East Asia', in Robinson, Christence, Fletcher, QUT, pp. 1-37. Open access

Reports

Year	Output
2011	Cavoli, T 2011, The real/financial dimensions to measuring regional economic integration in ASEAN and East Asia, ERIA, Indonesia. Open access

External engagement & recognition

Collaborations

External engagement & recognition

Collaborations

Organisation	Country
City University of Hong Kong (CityU)	HONG KONG
CSIRO Australia (Commonwealth Scientific Industrial Research organisation)	AUSTRALIA
Economic Research Institute for ASEAN and East Asia (ERIA)	INDONESIA
Flinders University	AUSTRALIA
George Mason University	UNITED STATES
Girne American University	TURKEY
Jaume I University	SPAIN
Konkuk University	KOREA, REPUBLIC OF (SOUTH)
Meat and Livestock Australia Limited	AUSTRALIA
Nanyang Technological University	SINGAPORE
National University of Singapore	SINGAPORE
Nazarbayev University	KAZAKHSTAN
United Arab Emirates University	UNITED ARAB EMIRATES
University of Adelaide	AUSTRALIA
University of South Australia	AUSTRALIA
University of Southampton Malaysia	MALAYSIA

External engagement & recognition

Engagement/recognition	Year
Deputy Editor Journal of International Commerce, Economics and Policy	2018
Executive Editor Journal of Asian Economics	2018
Deputy Editor Journal of International Commerce, Economics and Policy	2017
Executive Editor Journal of Asian Economics	2017
Deputy Editor Journal of International Commerce, Economics and Policy	2016
Executive Editor Journal of Asian Economics	2016
Visiting Associate Professor of International Economics Johns Hopkins University SAIS Bologna	2016
Visiting Senior Research Fellow Center for Emerging Market Policies, George Mason University	2016
Deputy Editor Journal of International Commerce, Economics and Policy	2015
Visiting Associate Professor of International Economics Johns Hopkins University SAIS Bologna	2015
Visiting Senior Research Fellow Center for Emerging Market Policies, George Mason University	2015
Deputy Editor Journal of International Commerce, Economics and Policy	2014
Editor (co-edited with Siona Listokin and Ramkishen Rajan) Issues in Globalisation, Growth and Governance, An Asian Perspective, World Scientific Publishers	2014
Visiting Associate Professor of International Economics Johns Hopkins University SAIS Bologna	2014
Visiting Senior Research Fellow Center for Emerging Market Policies, George Mason University	2014
Deputy Editor Journal of International Commerce, Economics and Policy	2013
Visiting Associate Professor of International Economics Johns Hopkins University SAIS Bologna	2013
Visiting Senior Research Fellow Center for Emerging Market Policies, George Mason University	2013
Deputy Editor Journal of International Commerce, Economics and Policy	2012
Visiting Associate Professor of International Economics Johns Hopkins University SAIS Bologna	2012
Visiting Senior Research Fellow Center for Emerging Market Policies, George Mason University	2012
Deputy Editor Journal of International Commerce, Economics and Policy	2011
Visiting Associate Professor of International Economics Johns Hopkins University SAIS Bologna	2011
Visiting Senior Research Fellow Center for Emerging Market Policies, George Mason University	2011

Other

Teaching & student supervision

Highlights

UniSA Business School Teaching and Learning Excellence Award: Excellence in Collaborative Research Supervsion (2020) (w. Raj Banerjee and Vandana Arya)

Teaching & student supervision

Research degree supervision

Supervisions from 2010 shown

Thesis title	Student status
110259 - The economics of crime, corruption and discrimination	Current
Financial Inclusion, Gender, Wellbeing and Economic Development	Current
Industrial policy within the framework of innovation, global value chains, and industrial upgrading	Current
The Trade Finance Gap: Causes, Consequences and Implications for Economic Development	Current
Vulnerable employment and modern slavery in Africa: a gender perspective	Current
Empirical studies on China's banking industry,1997 to 2010: profitability, income diversification and risks	Completed
Exploring managers' ideology-driven information processing mechanisms regarding wicked socioeconomic problems for corporate social responsibility engagement	Completed
Financial inclusion, fintech and human development	Completed
Foreign direct investment, international trade and economic performance: an analysis for Australian regions across industries	Completed
Sectoral foreign aid, institutional quality and economic development	Completed
The effectiveness of Monetary Policy in a Dual System: the case of Malaysia	Completed
The nature and fundamentals of cryptocurrency prices	Completed
The role of international capital flows in emerging market economies: trends, causes and consequences	Completed
Three essays in health and labour economics	Completed
Understanding the survival determinants of international new ventures	Completed

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Associate Professor Tony Cavoli

About me

About me

UniSA Business

About me

Professional Associations

Experience

Qualifications

Research

Research focus

Highlights

Projects

Other projects

Outputs

Books

Chapters

Journal Articles

Conferences

Reports

Current research & highlights

External engagement & recognition

Collaborations

Collaborations

External engagement & recognition

Deputy Editor

Executive Editor

Deputy Editor

Executive Editor

Deputy Editor

Executive Editor

Visiting Associate Professor of International Economics

Visiting Senior Research Fellow

Deputy Editor

Visiting Associate Professor of International Economics

Visiting Senior Research Fellow

Deputy Editor

Editor (co-edited with Siona Listokin and Ramkishen Rajan)

Visiting Associate Professor of International Economics

Visiting Senior Research Fellow

Deputy Editor

Visiting Associate Professor of International Economics

Visiting Senior Research Fellow

Deputy Editor

Visiting Associate Professor of International Economics

Visiting Senior Research Fellow

Deputy Editor

Visiting Associate Professor of International Economics

Visiting Senior Research Fellow

Other

Teaching & student supervision

Highlights

Courses and programs

Courses I teach

Research degree supervision

Gallery