About me
I am a Senior Research Director at CAFRAL, which is promoted by the Reserve bank of India. I am an applied economist with interests across banking, corporate finance, household finance, and real estate. I am particularly interested in how government intervention influences bank, borrower, and household decisions.
Research interests: Banking, Corporate Finance, Household Finance, Real Estate
Contact Information
Nirupama Kulkarni
Senior Research Director
CAFRAL, Research Department
Reserve Bank of India Main Building,
Mezzanine Floor,
Shahid Bhagat Singh Road,
Fort, Mumbai 400 001
+91 22 22694583 (O)
+91 7506291802 (M)
Email id: nirupama.kulkarni@gmail.com
nirupama.kulkarni@cafral.org.in
Latest
June 3, 2023: Policy paper titled "Understanding sovereign ratings and their implications for emerging economies" published in Economic and Political Weekly.
May 30, 2023: Discussant at the India Expert Network Meeting organized by BOFIT of "Creditor rights and corporate leverage in India", a research paper authored by Biswajit Banerjee (NBS) and Risto Herrala (BOFIT)
April 12, 2023: Presented "How to Conduct Practitioner Research?" as Distinguished Speaker at Yes Securities Benchmark 2023.
March 2, 2023: Jury member for Fourth SEBI NISM Research Conference held from 2-3 March 2023.
February 18, 2023: Presented “State-owned banks: Challenges and the way forward" as Distinguished Speaker at O.P. Jindal Global University at the Global Finance Conclave 2023.
February 1, 2023: Presentation of "Mortgage Policies, Racial Segregation, and Upward Mobility" at Ashoka University.
January 10, 2023: Presentation of “Bank Deposit Franchise, Interest Rate Risk, and Credit Booms: Evidence from India” at the Asian Econometric Society, Mumbai held from January 10-12, 2023.
December 13, 2022: Presentation of "Deposit and Credit Reallocation in a Banking Panic: The Role of State-Owned Banks" at the CAFRAL Annual Conference on The Financial System and Macroeconomy in Emerging Economies held from 12-13 December 2022, Mumbai.
December 9, 2022: Presentation of "Zombie Lending in India" at NIBM Seminar Series.
December 1, 2022: Academic expert for the Department of Economic Affairs for the Physical Workshop (Private Investments in Manufacturing, Housing, Real Estate, and Services) organized by IIT Guwahati.
November 3, 2022: Discussant at NIPFP "Credit Markets Workshop" held on November 3, 2022.
July 2022: Publication of paper titled "Homeownership Segregation" in the Journal of Monetary Economics, which appeared in the July 2022 edition.
July 2022: Publication of a Policy paper in the Journal of Financial Crises (JFC), a practitioner oriented journal of Yale University (Vol. 4 (2022): Issue 2, pages 1-39)
June 23, 2022: Presentation of “The Unholy Trinity: Regulatory Forbearance, Government Banks, and Zombie firms” at the conference co-hosted by IMF and Bank of Morocco titled “Transformational Recovery: Seizing Opportunities from the Crisis” held between June 23-24, 2022, in Rabat, Morocco.
April 28, 2022: Speaker at CAFRAL Virtual Conference of Chief Economists "Emerging Macroeconomic, Geopolitical and Environmental Challenges: Strategies for Financial Intermediaries"
April 1, 2022: Presented "RBI's role in combating zombie lending" as Distinguished Speaker at the 87th Foundation Day of Reserve Bank of India held by O. P. Jindal Global University.
March 28, 2022: Participant in a closed-door Expert Roundtable on G20 organized by ORF for the session “An agenda for global macro-economic stability under India's presidency of the G20 in 2023.”
December 8, 2021: Presentation of "Bank Deposit Franchise, Interest Rate Risk, and Default Risk" at the NYU-NSE conference held between December 8-10, 2021.
November 22, 2021: Presentation of "Bank Deposit Franchise, Interest Rate Risk, and Default Risk" at the Webinar in Finance and Development
November 6, 2021: Presentation of "Bank Deposit Franchise, Interest Rate Risk, and Default Risk" at the NEUDC 2021 conference
October 14, 2021: Presentation of "Mortgage Policies and their Effects on Racial Segregation and Upward Mobility" at the Conference on Racial Inequality and Disparities in Financial Markets held on October 14-15, and organized by the Federal Reserve Bank of Atlanta.
August 27, 2021: Presentation of “The Unholy Trinity: Regulatory Forbearance, Stressed Banks, and Zombie Firms” at Indian Statistical Institute (ISI) in their seminar series.
July 19, 2021: Panel member at the BRICS Economic Forum: Designing an inclusive global economic recovery organized under India’s presidency of BRICS by the Observer Research Foundation (ORF) and the Research and Information System for Developing Countries (RIS) as part of the BRICS 2021 Academic Process.
July 3, 2021: Panel member at the ISB Impact Forum, 2021 on impact through policy research and intervention.
June 4, 2021: Presentation of The Unholy Trinity: Regulatory Forbearance, Stressed Banks, and Zombie Firms" at the Financial Intermediation Research Society (FIRS) 2021 conference held from June 4-6, 2021
May 5, 2021: Presentation of work on zombie lending at the IIM, Calcutta Research Summer School, 2021 held from 1-10 May, 2021
April 16, 2021: Presentation of "Unearthing zombies" at the Shiv Nadar seminar series. Slides can be found here.
April 3, 2021: Presentation of “Mortgage policies and their effects on racial segregation and upward mobility” at the NBER-RFS conference on Inequality, Discrimination, and the Financial System
January 7, 2021: Discussion of “Consumer Demand Shocks & Firm Linkages: Evidence from Demonetization in India” at the 5th JAAF India Symposium on January 7-8, 2021 jointly organized by IIMC, IIMA, IIMB, and ISB.
December 1, 2020: Presentation of "Unearthing zombies" at the IIM-L Finance Research Seminar Series. Slides can be found here.
November 6, 2020: Presentation of "Unearthing zombies" at the Indiana Kelley Junior Finance Conference. Slides can be found here.
July 2, 2020: Presentation of “Fire Sales and Zombie Lending” at the 2nd Asia-Pacific Corporate Finance Online Workshop.
May 1, 2020: Panel Discussion on “FinTech and the Covid-19 pandemic” at Varanium Capital Advisors Private Limited.
December 20, 2019: Policy Panel Discussion on “Banking Crisis and the Indian Economy” at the 15th Annual Conference on Economic Growth and Development. Slides can be found here.
December 19, 2019: Presentation of "Unearthing zombies" at the 15th Annual Conference on Economic Growth and Development. Slides can be found here.
December 13, 2019: Presentation of "Unearthing zombies" at the Winter School @DSE 2019. Slides can be found here.
November 27, 2019: Presentation of "The unintended consequences of forbearance" at Ashoka seminar series.
November 11, 2019: Presentation of "The unintended consequences of forbearance" at the conference on "Prepared for the Next Crisis? The Costs and Benefits of Financial Regulation" organized by Norges Bank.