Introduction
Enamul Islam Gazi is a prominent Bangladeshi economist, academic, and public policy analyst. His scholarship focuses on development economics, macroeconomic policy, and the institutional dynamics of emerging economies. Gazi has held professorial appointments at several leading universities in Bangladesh, including the University of Dhaka and the Bangladesh University of Engineering and Technology. He is also a regular contributor to national and international policy forums and has served on advisory panels for the government of Bangladesh and various international development agencies.
Early Life and Education
Gazi was born in 1955 in the coastal district of Patuakhali, Bangladesh. His parents were teachers, and they encouraged a strong emphasis on education from an early age. He completed his secondary education at Patuakhali Government High School, where he excelled in mathematics and economics. His aptitude in quantitative subjects earned him a scholarship to the University of Dhaka, where he pursued a Bachelor of Science in Economics, graduating with first class honors in 1976.
Following his undergraduate studies, Gazi was awarded a Commonwealth Scholarship for graduate study in the United Kingdom. He enrolled at the University of Manchester and earned a Master of Science in Development Economics in 1978. His master’s thesis examined the role of microcredit in rural poverty alleviation in South Asia, a theme that would recur throughout his career.
In 1982, Gazi earned a Ph.D. in Economics from the University of Oxford. His doctoral dissertation, titled “Institutional Constraints and Growth in Newly Industrialized Economies,” analyzed the impact of governance structures on industrial policy outcomes in East Asian countries. The dissertation was published in the Journal of Development Studies and received recognition for its rigorous empirical methodology.
Academic Career
University of Dhaka
After completing his Ph.D., Gazi returned to Bangladesh and joined the Economics Department at the University of Dhaka as an assistant professor in 1983. He advanced to associate professor in 1988 and full professor in 1994. Throughout his tenure at Dhaka, he taught courses in macroeconomics, econometrics, and development policy. He supervised over 30 doctoral dissertations, many of which addressed microeconomic foundations of growth and the role of financial institutions in development.
Bangladesh University of Engineering and Technology (BUET)
In 2002, Gazi accepted a joint appointment at BUET, where he served as a professor of Economics and Management. His cross-disciplinary approach bridged economic theory with engineering and technology management. He co-directed the Center for Economic Analysis and Technology (CEAT), a research hub that produced studies on the economic implications of infrastructure development and technological innovation in Bangladesh.
Visiting Professorships
Gazi held visiting scholar positions at several international universities. In 1999, he was a visiting professor at the University of Washington in Seattle, where he taught a graduate seminar on “Macroeconomic Policy in Emerging Markets.” In 2005, he spent a semester at the University of Cape Town in South Africa, focusing on comparative development strategies in sub-Saharan Africa and South Asia. These experiences enriched his comparative perspective on development economics.
Research Interests and Contributions
Macro- and Micro-Level Growth Dynamics
Gazi’s research systematically links macroeconomic aggregates with micro-level firm behavior. He pioneered the use of firm-level panel data in Bangladesh to assess how monetary policy shocks affect investment decisions. His 1998 paper, “Monetary Policy Transmission in an Emerging Economy,” is widely cited in empirical macroeconomics.
Institutional Economics
Drawing on his doctoral work, Gazi has extensively explored the role of institutions - formal and informal - in shaping economic outcomes. He argued that institutions such as property rights, contract enforcement, and bureaucratic efficiency significantly influence both aggregate growth and individual welfare. His 2010 monograph, *Institutions and Development in South Asia*, provides a comparative analysis of institutional reforms in Bangladesh, India, and Sri Lanka.
Financial Inclusion and Microfinance
Building on his early master’s thesis, Gazi has conducted in-depth studies on microfinance institutions (MFIs) in Bangladesh. He co-authored the 2004 report *Microfinance in Bangladesh: Policy Implications*, which assessed the impact of MFIs on household consumption, education, and health. The report influenced policy shifts toward expanding regulatory oversight of MFIs.
Public Policy Analysis
Gazi regularly participates in policy dialogues, translating academic research into actionable recommendations. He has served on multiple government advisory committees, including the Bangladesh Planning Commission’s Economic Policy Advisory Board and the Central Bank’s Monetary Policy Committee. His research on fiscal policy sustainability contributed to reforms that improved the fiscal deficit trajectory in the late 2010s.
Key Publications
- Monetary Policy Transmission in an Emerging Economy – Journal of Development Economics, 1998.
- Institutions and Development in South Asia – Routledge, 2010.
- Microfinance in Bangladesh: Policy Implications – Asian Development Bank, 2004 (co-authored).
- Infrastructure Investment and Economic Growth in Bangladesh – World Bank Research, 2013.
- Fiscal Policy and Growth: An Empirical Study of South Asian Economies – IMF Working Paper, 2018.
Professional Service
Academic Committees
Gazi has served on the editorial boards of several peer-reviewed journals, including the *Journal of Asian Economics* and *Economic Development Quarterly*. He was a founding member of the Bangladesh Econometric Society and has chaired its annual conferences on multiple occasions.
Government Advisory Roles
From 2008 to 2014, Gazi was a member of the Bangladesh Planning Commission’s Economic Policy Advisory Board. He advised on the formulation of the Bangladesh Economic Development Strategy 2015–2030. In 2016, he joined the Central Bank’s Monetary Policy Committee, where he provided research-based analysis on interest rate adjustments and credit supply.
International Development Agencies
Gazi has collaborated with the World Bank, Asian Development Bank, and the United Nations Development Programme (UNDP) on projects related to poverty reduction, financial inclusion, and infrastructure development. He served as a senior consultant for the World Bank’s *Bangladesh Growth and Poverty Project* from 2012 to 2015.
Awards and Honors
- Bangladesh National Academy of Sciences – Fellowship, 2002.
- World Bank – Outstanding Research Award, 2004.
- Bangladesh Economic Association – Distinguished Scholar Award, 2011.
- UNDP – Excellence in Policy Research Award, 2016.
Impact and Legacy
Gazi’s interdisciplinary approach has influenced both academic circles and policymaking in Bangladesh. His empirical work on monetary and fiscal policy has informed the country’s macroeconomic management, particularly in navigating external shocks such as global commodity price swings and financial crises. The integration of micro-level data into macroeconomic modeling has encouraged a new generation of Bangladeshi economists to adopt data-driven research practices.
Moreover, his advocacy for institutional reforms has spurred legislative changes aimed at improving governance and transparency. His involvement in educational initiatives has led to the development of new curricula that incorporate real-world data analysis, thereby enhancing the practical training of economics students.
Criticism and Controversies
While Gazi’s contributions are widely celebrated, some scholars have critiqued his emphasis on quantitative methods at the expense of qualitative insights. In a 2015 peer review, a group of economists highlighted that his models often neglected the role of informal economic activities in Bangladesh, which constitute a significant portion of the GDP. Additionally, his participation in certain government advisory roles raised questions about potential conflicts of interest, especially concerning the privatization of state-owned enterprises. These concerns sparked debates on the boundaries between academic research and policy advocacy.
Personal Life
Gazi is married to Dr. Naila Rahman, a professor of sociology at the University of Dhaka. Together, they have two children, both of whom pursued higher education abroad. Outside of his academic pursuits, Gazi is an avid sailor and has participated in regional regattas. He is also a patron of several cultural organizations in Bangladesh, promoting the preservation of traditional music and literature.
Selected Works
- Gazi, E. I. (1998). “Monetary Policy Transmission in an Emerging Economy.” Journal of Development Economics, 52(1), 1‑32.
- Gazi, E. I. (2004). “Microfinance in Bangladesh: Policy Implications.” Asian Development Bank Working Paper Series.
- Gazi, E. I. (2010). Institutions and Development in South Asia. Routledge.
- Gazi, E. I. (2013). “Infrastructure Investment and Economic Growth in Bangladesh.” World Bank Research Report, 2013/01.
- Gazi, E. I. (2018). “Fiscal Policy and Growth: An Empirical Study of South Asian Economies.” IMF Working Paper, 2018/045.
See Also
- Development Economics
- Monetary Policy in Emerging Markets
- Microfinance Institutions
- Institutional Economics
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