Rajabrata Banerjee

Research Interests

Applied Economics Economic Development and Growth Economic Development Policy Health Economics

Teaching Strengths

Economic Growth and Development
Macroeconomics

Prof Rajabrata Banerjee

Professor of Applied Economics

School of Economics

College of Business and Law

Eligible to supervise Masters and PhD - email supervisor to discuss availability.

Rajabrata Banerjee (aka Raj Banerjee) is a Professor of Applied Economics and a Professorial Lead at the UniSA Business School. Raj holds a BSc in Economics from the University of Calcutta (Scottish Church College), an MA in Economics from Jadavpur University, and a PhD in Economics from Monash University.
Raj’s research sits at the intersection of economics and finance, with a strong focus on applied development economics. With a particular focus on mental health and well-being, financial behaviour, and the effectiveness of foreign aid, his work addresses some of the most pressing challenges facing communities in both emerging and developed economies. Driven by a commitment to inclusive and sustainable development, Professor Banerjee explores how institutional systems and policies influence individual and collective well-being. His research investigates the economic determinants of mental health, the behavioural patterns that shape financial decision-making, the underlying economic and institutional drivers of adverse social outcomes, including social exclusion and criminal behaviour, and the conditions under which foreign aid can be most effective in fostering long-term development outcomes. His scholarly works have been published in numerous high-quality international journals, reflecting the depth and impact of his work within the global academic community. 
Beyond academia, Professor Banerjee’s research has had far-reaching influence, informing public policy, community development initiatives, and leadership programs across sectors. He has contributed to several collaborative research grant projects supported by national and international think tanks and funding bodies. Raj has co-led grant-funded initiatives supported by the Federal Government of Australia, including the Department of Social Services (DSS) and the Commonwealth Department of Infrastructure, Transport, Regional Development and Communications (DITRDC). Other industry and government partners include the ANZ Bank, not-for-profit organizations like the Ecstra Foundation, and the Structural Transformation and Economic Growth (STEG) program funded by the Foreign, Commonwealth and Development Office (FCDO) of the UK Government. These projects have focused on policy-relevant issues, such as mental health and wellbeing, economic impact evaluations, regional development, and financial literacy.
He is an active member of several professional organizations, including the Economic Society of Australia, American Economic Association, Centre for Development Economics and Sustainability (Monash University), and a fellow of the South Australian Governor’s Leadership Foundation program. 
Prof Banerjee has a passion for teaching and has taught a broad range of economics courses at both undergraduate and postgraduate levels. A committed educator and mentor, Professor Banerjee also plays a key role in developing future leaders in economics and policy. His work exemplifies how applied research can drive meaningful change, bridging the gap between data and decision-making, scholarship and society. As a Professorial Lead, Raj works closely with the Deans of the Business Faculty and is responsible for teaching quality and assurance of a broad range of programs/courses within UniSA Business. He is also an active research degree supervisor.
Follow him at ResearchGate. 

Research Grants Highlights:

2026-2028: Strategic grant funded by the Hospital Research Foundation Group (THRFG) on the project titled ‘SA Nurse Led Skin Screening Research: Detecting the Undetected’ (Prof Marion Eckert, Dr Kim Gibson, and Mr Greg Sharplin from UniSA Rosemary Bryant AO Research Centre). Total cash contributions: $270,000. 

2025-26: Australian Government Department of Social Services (DSS), NDIS service evaluation project (joint with Prof Saravana Kumar, Prof Marion Eckert, Assoc Prof Micah Peters, Mr Greg Sharplin, Ms Kim Neylon, Ms Georgia Gosse, and Ms Esther Tian). Total Project value: $90,000.

2025: Grant funded by the Hospital Research Foundation Group (THRFG) on evaluating the Parkinson’s Nurse Specialists Service in South Australia (joint with Prof Marion Eckert and team members from UniSA Rosemary Bryant AO Research Centre, Prof. Saravana Kumar from UniSA Allied Health & Human Performance, and Dr Suzanne Sharrad from UniSA Clinical & Health Sciences). Total Project value: $235,731. 

2024: Grant funded by the ANZ Bank (joint with Dr Braam Lowies and Prof Kurt Lushington). Project title: Vulnerability to financial scams and the effectiveness of the MoneyMinded scams workshops in improving individual ability to identify financial scams. Project value: $15,000. 

2024-25: Grant funded by the Structural Transformation and Economic Growth (STEG) programme, a consortium led by the Centre for Economic Policy Research (CEPR), the University of Oxford, the University of Notre Dame, the African Center for Economic Transformation, the Yale Research Initiative on Innovation and Scale, and the Groningen Growth and Development Centre (joint with Dr Dessie Ambaw). Project title: "Does the Presence of Foreign Firms Influence the Energy Consumption Behavior of Local Firms? Evidence from Ethiopia." Project value: AUD $36,500 (approx.) (£19,257).

2022-23: Grant funded by the Commonwealth Department of Infrastructure, Transport, Regional Development and Communications (DITRDC), CRCiMove research Grant (joint with M. Wildermann, A. Vij, A. O'Connor, D. Soetanto, A. Ardeshiri, and V. Anilan). Project title: “Validating the benefits of increased drone uptake for Australia: Geographic, demographic and social insights”. Project value: $200,000.

2020-2023: Grant funded by the Ecstra Foundation Ltd. (joint with B. Lowies and K. Lushington). Project title: “The Psychological Well-being and Financial Decision-making of Older Australians in Times of Uncertainty.” Project value: $195,000. 

2020-22: Grant funded by the Financial Planning Education Council (FPEC) Australia, Magellan Investments, and Centrepoint Alliance (joint industry partners) (joint with C. Krishnamurti, G. Pacceca, R. McIver, and K. Gupta). Project title: “Financial Planners’ Cost of Advice and Impacts on the Cost of Provision and Lower Socio-economic Consumer Groups’ Access to Advice.” Project value: $30,000. 

2018-20: Grant funded by the Australian Centre for International Agricultural Research (ACIAR) (joint with L. Crase, B. Cooper, J. Connor, and K. Gupta). Project title: "Institutions to support intensification, integrated decision making and inclusiveness in agriculture in the East Gangetic Plain" (Category 1 Research Grant). Project value: $1.3 million. 

2018-19: Grant funded by the Economic Research Institute for ASEAN and East Asia (ERIA) (joint with T. Cavoli, R. Donato, and I. Onur). Amount: USD $125,000 (AUD $167,000). Project title: "Understanding the Economic Effects of Financial Inclusion in ASEAN and East Asia" (Category 3 Research Grant). Project value:  $500,000. 

2017-19: Grant funded by the Australian Centre for Financial Studies (ACFS) (joint with R. McIver, T. Cavoli, and J. Wilson). Project title: “Stock market returns and Macroeconomic activity: Australia over the long run”. Project value: $10,000. 

Date Position Institution name
2024 - 2025 Professor of Applied Economics University of South Australia
2020 - 2023 Associate Professor of Economics University of South Australia
2015 - 2019 Senior Lecturer University of South Australia
2011 - 2014 Lecturer University of South Australia

Date Type Title Institution Name Country Amount
2022 Award Staff Excellence Award University of South Australia Australia -
2022 Award Ten years’ service award University of South Australia Australia -
2020 Award Staff excellence award – Teaching excellence University of South Australia Australia -
2020 Award Staff excellence award – Collaborative Research Supervision University of South Australia Australia -
2018 Award Staff excellence award – Teaching Commendation University of South Australia Australia -
2018 Award Staff excellence award – Top Research team University of South Australia Australia -

Language Competency
Bengali Can read, write, speak, understand spoken and peer review
English Can read, write, speak, understand spoken and peer review
Hindi Can read, speak and understand spoken

Date Institution name Country Title
2007 - 2010 Monash University Australia PhD
2004 - 2006 Jadavpur University India Master of Arts
2001 - 2004 University of Calcutta India Bachelor of Science

Date Title Institution name Country
2018 Governor’s Leadership Foundation Program Leader's Institute of South Australia Australia

Year Citation
2025 Banerjee, R., Mishra, A., Mishra, V., Parasnis, J., & Posso, A. (2025). Unemployment and crime in India: does economic activity matter?. Applied Economics, online, 1-20.
DOI
2025 Ambaw, D. T., Banerjee, R., Lushington, K., & Lowies, B. (2025). Understanding the effect of financial behaviour on mental health: evidence From Australia. Stress and Health, 41(3, article no. e70050), 1-26.
DOI
2025 Banerjee, R., Gupta, K., Han, H. D., & Krishnamurti, C. (2025). Do corrupt practices lead to increased cash holdings in firms? International evidence. Pacific Basin Finance Journal, 93(102908), 15 pages.
DOI
2025 Khan, I., Banerjee, R., Cavoli, T., & Onur, I. (2025). Does financial inclusion lower property crime rates? Cross-country evidence. Applied Economics, online, 17 pages.
DOI
2024 Maruta, A. A., & Banerjee, R. (2024). Socioeconomic inequalities and the role of sectoral foreign aid in developing countries. Scottish Journal of Political Economy, 71(3), 457-491.
DOI
2024 Zamanzadeh, A., Banerjee, R., & Cavoli, T. (2024). Job loss and mental disorders: International evidence from the early stages of COVID-19 outbreak. Stress and Health, 40(1), 20 pages.
DOI Scopus9 WoS10 Europe PMC7
2023 Banerjee, R., Cavoli, T., McIver, R., Meng, S., & Wilson, J. K. (2023). Predicting long-run risk factors of stock returns: Evidence from Australia. Australian Economic Papers, 62(3), 377-395.
DOI Scopus4 WoS3
2023 Zamanzadeh, A., Cavoli, T., & Banerjee, R. (2023). Travelling, anxiety and the impact of COVID-19: evidence from Italy. Current Issues in Tourism, 26(22), 3581-3588.
DOI Scopus5 WoS4
2023 Arya, V., Banerjee, R., Lowies, B., Viljoen, C., & Lushington, K. (2023). The effect of psychological factors on financial behaviour among older Australians: Evidence from the early stages of COVID-19 pandemic. Plos One, 18(6 June), 17 pages.
DOI Scopus3 WoS4 Europe PMC3
2022 Banerjee, R., Gupta, K., & Krishnamurti, C. (2022). Does corrupt practice increase the implied cost of equity?. Journal of Corporate Finance, 73, 29 pages.
DOI Scopus22 WoS21
2022 Banerjee, R., Maruta, A. A., & Donato, R. (2022). Does higher financial inclusion lead to better health outcomes? Evidence from developing and transitional economies. Economics of Transition and Institutional Change, 31(2), 363-401.
DOI Scopus15 WoS19
2021 Maruta, A. A., & Banerjee, R. (2021). Does energy aid improve energy efficiency in developing countries?. Empirical Economics, 61(1), 355-388.
DOI Scopus21 WoS21
2021 Banerjee, R., & Gupta, K. (2021). Do country or firm-specific factors matter more to R&D spending in firms?. International Review of Economics and Finance, 76, 75-95.
DOI Scopus8 WoS9
2021 Banerjee, R., Mishra, V., & Maruta, A. A. (2021). Energy poverty, health and education outcomes: evidence from the developing world. Energy Economics, 101(105447), 1-21.
DOI Scopus252 WoS228
2020 Maruta, A. A., Banerjee, R., & Cavoli, T. (2020). Foreign aid, institutional quality and economic growth: Evidence from the developing world. Economic Modelling, 89, 444-463.
DOI Scopus100 WoS85
2020 Banerjee, R., Gupta, K., & Mudalige, P. (2020). Do environmentally sustainable practices lead to financially less constrained firms? International evidence. International Review of Financial Analysis, 68(101337), 14 pages.
DOI Scopus59 WoS55
2019 Banerjee, R., & Gupta, K. (2019). The effect of environmentally sustainable practices on firm R&D: International evidence. Economic Modelling, 78, 262-274.
DOI Scopus31 WoS30
2019 Arya, V., Banerjee, R., & Cavoli, T. (2019). Capital flows to Asia and Latin America: Does institutional quality matter?. World Economy, 42(7), 2039-2069.
DOI Scopus15 WoS12
2019 Banerjee, R., Gupta, K., & McIver, R. (2019). What matters most to firm-level environmentally sustainable practices: Firm–specific or country–level factors?. Journal of Cleaner Production, 218, 225-240.
DOI Scopus46 WoS40
2019 Gupta, K., & Banerjee, R. (2019). Does OPEC news sentiment influence stock returns of energy firms in the United States?. Energy Economics, 77, 34-45.
DOI Scopus51 WoS40
2018 Arya, V., Banerjee, R., & Cavoli, T. (2018). The relative importance of capital inflows: some evidence from emerging market economies. Applied Economics Letters, 25(15), 1101-1106.
DOI Scopus1 WoS1
2017 Banerjee, R., & Gupta, K. (2017). The effects of environmental sustainability and R&D on corporate risk-taking: International evidence. Energy Economics, 65, 1-15.
DOI Scopus59 WoS57
2017 Gupta, K., Banerjee, R., & Onur, I. (2017). The effects of R&D and competition on firm value: International evidence. International Review of Economics and Finance, 51, 391-404.
DOI Scopus57 WoS53
2016 Banerjee, R., & Wilson, J. K. (2016). Roles of Education in Productivity Growth in Australia, 1860-1939. Economic Record, 92(296), 47-66.
DOI Scopus4 WoS4
2016 Shanahan, M., & Banerjee, R. (2016). Aspects of productivity. Australian economic history review, 56(2), 115-124.
DOI
2016 Banerjee, R., & Shanahan, M. (2016). The contribution of wheat to Australian agriculture from 1861 to 1939. Australian economic history review, 56(2), 125-150.
DOI Scopus5 WoS3
2014 Hoque, A., & Banerjee, R. (2014). The stationarity of South Asian real exchange rates allowing for structural breaks. Australasian accounting, business and finance journal, 8(3), 45-54.
DOI Scopus4 WoS3
2014 Banerjee, R., & Roy, S. S. (2014). Human capital, technological progress and trade: what explains India's long run growth?. Journal of Asian economics, 30, 15-31.
DOI Scopus45 WoS40
2014 Mishra, V., Banerjee, R., & Dey, T. (2014). How does influence activity affect the allocation of firms' internal capital? Evidence from Australia. Economic papers, 33(3), 243-262.
DOI
2013 Ang, J. B., Banerjee, R., & Madsen, J. B. (2013). Innovation and productivity advances in British agriculture: 1620-1850. Southern economic journal, 80(1), 162-186.
DOI Scopus13 WoS12
2012 Banerjee, R. (2012). Population growth and endogenous technological change: Australian economic growth in the long run. Economic record, 88(281), 214-228.
DOI
2010 Madsen, J. B., Ang, J. B., & Banerjee, R. (2010). Four centuries of British economic growth: the roles of technology and population. Journal of economic growth, 15(4), 263-290.
DOI Scopus101 WoS82
- Ang, J., Banerjee, R., & Madsen, J. B. (n.d.). Innovation, Technological Change and the British Agricultural Revolution. SSRN Electronic Journal.
DOI
- Madsen, J. B., Ang, J., & Banerjee, R. (n.d.). Four Centuries of British Economic Growth: The Roles of Technology and Population. SSRN Electronic Journal.
DOI

Year Citation
2021 Doko Tchatoka, F., & Vo, H. T. (2021). Empowering the powerless: Financial inclusion in developing Africa and Asia. In T. Cavoli, & R. Shrestha (Eds.), Financial Inclusion in Asia and Beyond
Measurement, Development Gaps, and Economic Consequences (pp. 41 pages). UK: Taylor & Francis Group.
DOI
2021 Banerjee, R., & Donato, R. (2021). The composition of financial inclusion in ASEAN and East Asia: a new hybrid index and some stylised facts. In T. Cavoli, & R. Shrestha (Eds.), Source details - Title: Financial inclusion in Asia and beyond: measurement, development gaps, and economic consequences (pp. 29-53). UK: Routledge.
DOI Scopus4
2021 Banerjee, R., Donato, R., & Maruta, A. A. (2021). The effects of financial inclusion on development outcomes: new insights from ASEAN and East Asian countries. In T. Cavoli, & R. Shrestha (Eds.), Source details - Title: Financial inclusion in Asia and beyond: measurement, development gaps, and economic consequences (pp. 54-97). UK: Routledge.
DOI Scopus5
2021 Banerjee, R., Inklaar, R., & de Jong, H. (2021). Proximate sources of growth. In S. Broadberry, & K. Fukao (Eds.), Source details - Title: The Cambridge Economic History of the Modern World (pp. 356-381). UK: Cambridge University Press.
DOI
2020 Arya, V., & Banerjee, R. (2020). Does institutional quality matter in how capital flows influence economic growth? 1. In Complexities of Financial Globalisation (pp. 276-303). Routledge.
DOI
2020 Arya, V., & Banerjee, R. (2020). Does institutional quality matter in how capital flows influence economic growth?. In T. Cavoli, S. Gopalan, & R. S. Rajan (Eds.), Source details - Title: Complexities of Financial Globalisation: Analytical and Policy Issues in Emerging and Developing Economies (pp. 1-42). UK: Routledge.
DOI

  • SA Nurse Led Skin Screening Research: Detecting the Undetected, The Hospital Research Foundation, 01/11/2025 - 31/12/2027

  • Evaluation Study of a Financial Scam Awareness Workshop, Australia and New Zealand Banking Group, 17/07/2024 - 30/09/2026

  • DSS_Service Dogs_EAC Expert Research Services, Cwth Dept of Social Services, 25/06/2025 - 30/06/2026

  • Does the Presence of Foreign Firms Influence the Energy Consumption Behavior of Local Firms? Evidence from Ethiopia, Centre for Economic Policy Research, 01/04/2024 - 31/01/2026

  • Institutions to support intensification, integrated decision making and inclusiveness in agriculture in the East Gangetic Plain, ACIAR-Research and Development Program, 30/06/2018 - 30/09/2021

Courses I teach

  • ECON 1007 Macroeconomics (2024)
  • ECON 2012 Growth Development and the Macroeconomy (2024)

Programs I'm associated with

  • DBIB - Bachelor of Business (Economics, Finance and Trade)
  • DBFI - Bachelor of Finance
  • DBBN - Bachelor of Business
  • XBIB - Bachelor of Business (Economics, Finance and Trade)

Date Role Research Topic Program Degree Type Student Load Student Name
2025 Principal Supervisor - Doctor of Philosophy Doctorate Full Time Mrs Hoai Bui
2025 Co-Supervisor - Doctor of Philosophy Doctorate Full Time Ms Sue-Ann Charlton
2023 Principal Supervisor - Doctor of Philosophy Doctorate Full Time Miss Namrata Nair
2023 Co-Supervisor - Doctor of Philosophy Doctorate Full Time Somya Arora
2022 Co-Supervisor - Doctor of Philosophy Doctorate Full Time Ms Youngnae Jun
2021 Co-Supervisor - Doctor of Philosophy Doctorate Full Time Farhana Abedin

Date Role Membership Country
2024 - ongoing Member Australasian Development Economics Association -
2021 - ongoing Member Centre for Market, Values and Inclusion (CMVI) -
2011 - ongoing Member Economic Society of Australia -
2011 - ongoing Member American Economic Association -

Date Role Editorial Board Name Institution Country
2024 - ongoing Associate Editor Economic Analysis and Policy University of South Australia Australia

Connect With Me

External Profiles

Other Links