Tony Cavoli

Prof Tony Cavoli

Professor of International Economics

School of Economics

College of Business and Law

Tony Cavoli is Professor of International 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 the executive 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, global capital markets, financial economics and macroeconomics. 
Google Scholar Page
Personal Website

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.

Year Citation
2025 Cavoli, T., Khan, I., & Wali Ullah, G. M. (2025). Social capital and FinTech lending: international evidence. Journal of International Financial Markets, Institutions and Money, 105(102236), 1-23.
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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.
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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
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, 53(101378), 1-8.
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2024 Ullah, G. M. W., Cavoli, T., Khan, I., & Abdullah, M. (2024). The impact of social capital on major customer supply chain power. Economics Letters, 238(111725), 1-5.
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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(2), 1-29.
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2023 Cavoli, T., Gopalan, S., & Rajan, R. S. (2023). Is exchange rate centred monetary policy asymmetric? Empirical evidence from Singapore. Applied Economics, 55(21), 2438-2454.
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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, online(5), 724-745.
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2023 Cavoli, T., & Gopalan, S. (2023). Does financial inclusion promote consumption smoothing? Evidence from emerging and developing economies. International Review of Economics & Finance, 88, 1529-1546.
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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 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
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, 17(7, article no. e0271586), 1-17.
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2021 Cavoli, T., Gopalan, S., & Rajan, R. S. (2021). Can macroprudential policies mitigate pressures from capital inflows on real exchange rates? Empirical evidence from emerging markets. International Review of Finance, 22(3), 567-579.
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2021 Cavoli, T., Gopalan, S., & Rajan, R. S. (2021). Do macroprudential policies counter real exchange rate appreciation in emerging markets?. The World Economy, 44(7), 2164-2187.
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2020 Cavoli, T., Gopalan, S., & Rajan, R. S. (2020). Does financial inclusion amplify output volatility in emerging and developing economies?. Open Economies Review, 31(4), 901-930.
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2020 Arya, V., Cavoli, T., & Onur, I. (2020). Do managed exchange rates and monetary sterilization encourage capital inflows?. PLoS One, 15(8), 1-11.
DOI Scopus3 WoS3 Europe PMC1
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
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 Cavoli, T., Gopalan, S., & Rajan, R. S. (2019). Exchange rate policies in Asia in an era of financial globalisation: an empirical assessment. The world economy, 42(6), 1774-1795.
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2018 Meng, X., Cavoli, T., & Deng, X. (2018). Determinants of income diversification: evidence from Chinese banks. Applied economics, 50(17), 1934-1951.
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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 Cavoli, T. (2017). Managing capital inflows indirectly? On the determinants of monetary sterilization with reference to East Asia. Review of international economics, 25(2), 262-278.
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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, 53(12), 2672-2685.
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2015 Cavoli, T., & Rajan, R. S. (2015). Capital inflows and the interest premium problem: the effects of monetary sterilisation in selected Asian economies. International review of economics and finance, 39, 1-18.
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2015 Cavoli, T., & Wilson, J. K. (2015). Corruption, central bank (in)dependence and optimal monetary policy in a simple model. Journal of policy modeling, 37(3), 501-509.
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2015 Cavoli, T. (2015). FDI inflows; how do they interact with non-FDI inflows during crises?: some evidence from Asia. Applied economics letters, 22(7), 572-575.
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2014 Cavoli, T. (2014). Substitutes or complements? The interactions between components of capital inflows for Asia. Journal of Asian economics, 31-32, 32-41.
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2013 Cavoli, T., & Rajan, R. (2013). South Asian exchange rates regimes: fixed, flexible or something in-between?. South Asia economic journal, 14(1), 1-15.
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2012 Cavoli, T. (2012). Exploring dimensions of regional economic integration in East Asia: more than the sum of its parts?. Journal of Asian economics, 23(6), 643-653.
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2012 Nguyen, H. M., Cavoli, T., & Wilson, J. K. (2012). The determinants of inflation in Vietnam, 2001-09. ASEAN economic bulletin, 29(1), 1-14.
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2012 Cavoli, T., Pontines, V., & Rajan, R. S. (2012). Managed floating by stealth: the case of Taiwan. Journal of the Asia Pacific economy, 17(3), 514-526.
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2011 Cavoli, T., McIver, R., & Nowland, J. (2011). Cross-listings and financial integration in Asia. ASEAN Economic Bulletin, 28(2), 241-256.
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2010 Crotti, S., Cavoli, T., & Wilson, J. K. (2010). The impact of trade and investment agreements on Australia's inward FDI flows. Australian economic papers, 49(4), 259-275.
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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, 21(5), 456-465.
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2010 Cavoli, T., & Rajan, R. (2010). A note on exchange rate regimes in Asia: are they really what they claim to be?. Economics bulletin, 30(4), 2864-2876.
2009 Cavoli, T., & Rajan, R. (2009). Managing risks in a volatile environment: the capital inflows problem in Asia. Economia internazionale, 62(3), 325-340.
2009 Cavoli, T. (2009). Is fear of floating justified? : the East Asia experience. Journal of policy modeling, 31(1), 1-16.
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2008 Cavoli, T., & Rajan, R. (2008). Open economy inflation targeting arrangements and monetary policy rules : application to India. Indian growth and development review, 1(2), 237-251.
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2008 Cavoli, T. (2008). The exchange rate and optimal monetary policy rules in open and developing economies : some simple analytics. Economic modelling, 25(5), 1011-1021.
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2008 Cavoli, T., & Rajan, R. (2008). The extent of exchange rate flexibility in India: basket pegger or closet US sollar pegger?. India macroeconomics annual, 2007, 125-140.
2007 Cavoli, T. (2007). Sterilization, capital mobility and interest rate determination for east asia. Journal of Economic Integration.
2007 Cavoli, T., & Rajan, R. (2007). Managing in the middle : characterizing Singapore's exchange rate policy. Asian economic journal, 21(3), 321-342.
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2007 Cavoli, T., & Rajan, R. (2007). Exploring the case for monetary integration between the Chinese mainland and Hong Kong. China and World Economy, 15(4), 17-34.
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2006 Cavoli, T., & Rajan, R. (2006). Capital inflows problem in selected Asian economies in the 1990s revisited: the role of monetary sterilization. Asian economic journal, 20(4), 409-423.
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2006 Cavoli, T., & Rajan, R. (2006). Monetary policy rules for small and open developing economies : a counterfactual policy analysis. Journal of Economic Development.

Year Citation
2021 Cavoli, T., Onur, I., & Sourdin, P. (2021). Financial inclusion, active bank accounts, and poverty reduction in India. In T. Cavoli, & R. Shrestha (Eds.), Source details - Title: Financial inclusion in Asia and beyond: measurement, development gaps, and economic consequences (pp. 251-269). UK: Routledge.
Scopus4
2021 Cavoli, T., Lin, D., & Marquez Ramos, L. (2021). Insights for Australia - regions in foreign trade. In Source details - Title: Regions in International Trade (pp. 137-159). Poland: De Gruyter.
DOI
2021 Cavoli, T., & Shrestha, R. (2021). The nature and landscape of financial inclusion in Asia. In T. Cavoli, & R. Shrestha (Eds.), Source details - Title: Financial inclusion in Asia and beyond: measurement, development gaps, and economic consequences (pp. 1-28). UK: Routledge.
DOI
2015 Cavoli, T. (2015). Defining openness and economic interconnection in East and Southeast Asia. In J. Corbett, & Y. Xu (Eds.), Source details - Title: Rebalancing economies in financially integrating East Asia (pp. 129-148). UK: Taylor and Francis.
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2014 Cavoli, T., Listokin, S., & Rajan, R. S. (2014). Introduction and overview - Issues in governance, growth and globalization in Asia. In T. Cavoli, S. Listokin, & R. S. Rajan (Eds.), Source details - Title: Issues in governance, growth and globalization in Asia (pp. 1-11). Singapore: World Scientific Publishing.
DOI
2014 Cavoli, T. (2014). Extent of real financial integration in Asia: some patterns and stylized facts. In T. Cavoli, S. Listokin, & R. S. Rajan (Eds.), Source details - Title: Issues in governance, growth and globalization in Asia (pp. 89-119). Singapore: World Scientific.
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2014 Cavoli, T., & Rajan, R. S. (2014). Intervention and exchange rate regime choice in Asia: does the US dollar still matter?. In T. Cavoli, S. Listokin, & R. S. Rajan (Eds.), Source details - Title: Issues in governance, growth and globalization in Asia (pp. 143-166). Singapore: World Scientific.
DOI
2013 Cavoli, T. (2013). Regional economic integration among ASEAN, China, Japan and Korea: a simple multivariate examination. In S. M. Thangavelu, & A. Chongvilaivan (Eds.), Source details - Title: Real and financial integration in Asia (pp. 7-19). UK: Routledge.
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2012 Rajan, R. S., & Cavoli, T. (2012). What is the extent of exchange rate flexibility in South Asia?. In R. S. Rajan (Ed.), Source details - Title: Exchange rate and foreign direct investment in emerging Asia : selected issues and policy options (pp. 55-64). US: Routledge.
2011 Cavoli, T., & Rajan, R. (2011). How integrated is East Asia: the real and financial dimensions. In R. S. Rajan, S. Sasidaran, & R. Hattari (Eds.), Source details - Title: Crisis, capital flows and FDI in emerging Asia (pp. 157-187). India: Oxford University Press.
2011 Cavoli, T. (2011). Trends, patterns and dynamics of capital inflows in Asia. In Source details - Title: Achieving sustainable growth in East Asia. ERIA research project report 2010-28 (J Corbett & Y Xu (eds) ed., pp. 257-273). Indonesia: ERIA.
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.), Source details - Title: China and Asia : economic and financial interactions (pp. 135-155). UK: Routledge.
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2009 Rajan, R., & Cavoli, T. (2009). Should India adopt an inflation targeting framework?. In R. Rajan (Ed.), Source details - Title: Monetary, investment, and trade issues in India (pp. 26-46). New Delhi, India: Oxford University Press.
2009 Rajan, R., & Cavoli, T. (2009). How flexible is the Indian rupee?. In R. Rajan (Ed.), Source details - Title: Monetary, investment, and trade issues in india (pp. 11-25). New Delhi: Oxford University Press.
2009 Cavoli, T., & Rajan, R. (2009). Still searching for the middle ground?: Asian exchange rate regimes a decade since the 1997-1998 crisis. In R. Rajan, S. Thangavelu, & R. Parinduri (Eds.), Source details - Title: Monetary and financial issues in Asia (pp. 35-76). Singapore: World Scientific.
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  • Non-binary Individuals and Financial Wellbeing in Australia, Accounting And Finance Association of Australia And New Zealand Limited, 01/07/2023 - 30/06/2024

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