Policy Research
My policy work applies empirical research to questions in central banking, financial regulation, and macro-financial policy. It includes public reports and publications, as well as analytical work that supports policy discussions at the Reserve Bank of India.
Public Reports & Publications
Selected public reports and policy articles
India Finance Report 2023: Connecting the Last Mile
CAFRAL (2023).
Provides a comprehensive assessment of India's non-banking financial system and identifies policy priorities for expanding financial inclusion, strengthening financial infrastructure, and improving access to formal finance.
Understanding Sovereign Ratings and their Implications for Emerging Economies
with Ilisa Goenka, Kaushalendra Kishore, Kavya Ravindranath, and Gautham Udupa.
Economic and Political Weekly (June 2023).
Explains how sovereign credit ratings influence borrowing costs and discusses their implications for macroeconomic policy in emerging economies.
Dividends and Bank Capital
with Viral Acharya, Irvind Gujral, and Hyun-Song Shin.
Journal of Financial Crises (2022).
Examines how restrictions on bank dividend payouts affect recapitalization policies and financial stability during crises.
What Saved the Indian Banking System: State Ownership or State Guarantees?
with Viral Acharya.
The World Economy (2012).
Examines whether explicit government ownership or implicit state guarantees were more important in maintaining depositor confidence during the global financial crisis.
The Origins of India's NPA Crisis
with Anusha Chari and Lakshita Jain.
Columbia SIPA (2019).
Studies the institutional and regulatory origins of India's non-performing asset crisis and draws lessons for banking sector reforms.
Market Reaction to the Banking Regulation (Amendment) Ordinance, 2017
with Sargam Jain and Khushboo Khandelwal.
Mint Street Memo (2017).
Examines financial market responses to regulatory reforms aimed at resolving stressed bank assets.
Capital, Contingent Capital, and Liquidity Requirements
with Viral Acharya and Matthew Richardson.
Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, John Wiley and Sons (2010).
Examines the design of bank capital, contingent capital, and liquidity regulation following the global financial crisis
Areas of Policy Engagement
Selected areas of analytical work supporting central banking and financial regulation.
Banking Regulation & Supervision
Bank regulation, supervisory frameworks, prudential policy, and stressed asset resolution.
Monetary Policy & Financial Stability
Monetary policy transmission, macro-financial spillovers, liquidity, and financial stability.
Digital Finance
Digital public infrastructure, financial inclusion, payment systems, and household finance.
International Finance
Capital flows, outward direct investment, sovereign ratings, and external sector developments.
Current Policy Work
Current analytical work on monetary policy, financial stability, digital finance, and international finance.
Monetary Policy and Household Balance Sheets
Examining how household wealth, financial markets, and balance sheets shape monetary policy transmission and macroeconomic outcomes.
International Finance and Capital Flows
Studying outward direct investment, foreign exchange markets, and capital flows to better understand India's integration with the global economy.
Financial Infrastructure
Tracking financial inclusion, digital public infrastructure, and payment systems through new analytical tools and administrative data.
Financial Sector Analytics
Developing data-driven methods to support financial supervision, consumer protection, and evidence-based policymaking.