CAFRAL aims to conduct high quality research in areas of banking and finance, particularly in areas of policy interest. Our research areas include financial institutions, sovereign and corporate bond markets, financial networks and stability, behavioral finance, corporate finance, household finance and related areas of macro-finance such as monetary economics and international finance. CAFRAL aims to build capacity in these areas by developing internal data and analytic resources, capabilities, and collaborations with research institutions with similar missions.
 
We list some of the working papers and publications of current CAFRAL researchers

1. Removing Small-Scale Reservations And Quality Upgradation: Evidence From India
Author(s) Kamalesh Pahurkar and Vidhya Soundararajan Publication CAFRAL Date Tuesday, August 19, 2025
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2. Electoral Incentives And Educational Outcomes: Evidence From High-Stakes Examinations In India
Author(s) Tiesta Thakur and Kaushalendra Kishore Publication CAFRAL Date Monday, August 18, 2025
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3. Open Payment Infrastructure And Market Participation: The Role Of Interoperability In Financial Inclusion
Author(s) Meghana Ayyagari, Yuxi (Lance) Cheng, Pulak Ghosh and Nirupama Kulkarni Publication CAFRAL Date Tuesday, July 15, 2025
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4. Financial Repression, Deposit Rate Deregulation, And Bank Market Power
Author(s) Yogeshwar Bharat, Subhadeep Halder and Nirupama Kulkarni Publication CAFRAL Date Monday, May 26, 2025
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5. A Quantitative Theory Of Installment Loans
Author(s) Satyajit Chatterjee, FRB Philadelphia and Nirvana Mitra, CAFRAL Publication CAFRAL Date Monday, February 17, 2025
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6. Ignoring The Left Tail
Author(s) Kaushalendra Kishore and Nishant Ravi Publication CAFRAL Date Monday, December 23, 2024
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7. Shadow Banks On The Rise: Evidence Across Market Segments
Author(s) Kim Fe Cramer, Pulak Ghosh, Nirupama Kulkarni and Nishant Vats Publication CAFRAL Date Thursday, December 12, 2024
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8. Open Banking And Digital Payments: Implications For Credit Access
Author(s) Nirupama Kulkarni, Shashwat Alok, Pulak Ghosh and Manju Puri Publication CAFRAL Date Monday, December 9, 2024
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9. Do Rural Roads Promote Inclusive Entrepreneurship?
Author(s) Ananyo Brahma and Vidhya Soundararajan Publication CAFRAL Date Friday, August 30, 2024
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10. Bank Entry, New Loans, And Misallocation
Author(s) Nirvana Mitra and Pavel Chakraborty Publication CAFRAL Date Monday, August 5, 2024
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11. Markup Heterogeneity, Openness, And The Pro-Competitive Gains From Trade Across Countries
Author(s) Hamid Firooz, Gunnar Heins and Sankalp Mathur Publication CAFRAL Date Monday, August 5, 2024
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12. Career Incentives And Employee Productivity In State-Owned Enterprises: Evidence From India
Author(s) Tanisha Agarwal, Samarth Gupta, and Kaushalendra Kishore Publication CAFRAL Date Wednesday, December 27, 2023
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13. Sovereign Default And Tax-Smoothing In The Shadow Of Corruption And Institutional Weakness
Author(s) Marina Azzimonti and Nirvana Mitra Publication CAFRAL Date Thursday, November 30, 2023
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14. Anatomy Of A Liquidity Shock On Non-Banks
Author(s) Nirupama Kulkarni, K. M. Neelima and Sonalika Sinha Date Tuesday, August 29, 2023
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15. Cash Is King: The Role Of Financial Infrastructure In Digital Adoption
Author(s) Bhavya Agarwal, Nirupama Kulkarni and S. K. Ritadhi Date Thursday, August 17, 2023
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16. The Unholy Trinity: Regulatory Forbearance, Government-Owned Banks And Zombie Firms
Author(s) Anusha Chari, Lakshita Jain and Nirupama Kulkarni Date Thursday, August 17, 2023
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17. Employment Protection Legislation And Informality: Theory And Evidence From India
Author(s) Ritam Chaurey, Gaurav Chiplunkar and Vidhya Soundararajan Date Wednesday, July 12, 2023
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18. Distributional Implications Of Bank Branch Expansions: Evidence From India
Author(s) Nirupama Kulkarni, Kanika Mahajan and S. K. Ritadhi Date Tuesday, January 24, 2023
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19. Bank Deposit Franchise, Interest Rate Risk, And Credit Booms: Evidence From India
Author(s) Nirupama Kulkarni and Akshat Singh Date Tuesday, December 27, 2022
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20. Political Constraints And Sovereign Default
Author(s) Marina Azzimonti and Nirvana Mitra Date Friday, December 2, 2022
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21. Credit Constraints, Bank Incentives, And Firm Export: Evidence From India
Author(s) Yogeshwar Bharat and Raoul Minetti Date Thursday, November 24, 2022
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22. Does Facetime With The Boss Matter? Soft Information Communication And Organizational Performance
Author(s) Samarth Gupta and Kaushalendra Kishore Date Tuesday, May 10, 2022
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23. Homeownership Segregation
Author(s) Nirupama Kulkarni and Ulrike Malmendier Date Tuesday, May 10, 2022
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24. Multinational Entry And Exit, Technology Transfer, And International Business Cycles
Author(s) Gautham Udupa Date Friday, April 29, 2022
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25. International Business Cycles - The Role Of Technology And Resource Transfers Via Multinationals
Author(s) Gautham Udupa Date Friday, December 3, 2021
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26. Dollar Liquidity, Trade Invoicing And Real Effects: Evidence From India
Author(s) Apoorva Javadekar, Shekhar Tomar and Gautham Udupa Date Thursday, July 29, 2021
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27. Mortgage Policies And Their Effects On Racial Segregation And Upward Mobility
Author(s) Nirupama Kulkarni and Ulrike Malmendier Date Thursday, July 8, 2021
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28. Consumption Tax Reform And The Real Economy: Evidence From India’S Adoption Of A Value-Added Tax
Author(s) S. K. Ritadhi, Nirupama Kulkarni and Abhay Aneja Date Thursday, July 8, 2021
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29. Resolving Zombie Lending With Collateral Reform
Author(s) Nirupama Kulkarni Date Friday, March 26, 2021
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30. Unearthing Zombies
Author(s) Nirupama Kulkarni, S. K. Ritadhi, Siddharth Vij and Katherine Waldock Date Friday, March 26, 2021
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31. Zombie Lending Due To The Fear Of Fire Sales
Author(s) Kaushalendra Kishore and Nirupama Kulkarni Date Wednesday, March 10, 2021
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32. Consumption Tax Reform And The Real Economy: Evidence From India’s Adoption Of A Value-Added Tax
Author(s) Abhay Aneja, Nirupama Kulkarni and S. K. Ritadhi Date Monday, December 7, 2020
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33. Credit Insurance, Bailout And Systemic Risk
Author(s) Kaushalendra Kishore, Research Director, CAFRAL Date Friday, February 21, 2020
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34. Why Risk Managers?
Author(s) Kaushalendra Kishore, Research Director, CAFRAL Date Friday, February 21, 2020
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35. International Business Cycles- The Role Of Technology And Resource Transfers Within Multinationals
Author(s) Gautham Udupa, Research Director, CAFRAL Date Friday, February 21, 2020
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36. The Unintended Consequences Of Regulatory Forbearance
Author(s) Anusha Chari, Lakshita Jain and Nirupama Kulkarni Date Friday, February 21, 2020
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37. Unearthing Zombies
Author(s) Nirupama Kulkarni, S. K. Ritadhi, Siddharth Vij and KatherineWaldock Date Friday, February 21, 2020
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38. Inflation Forecasting In Emerging Markets: A Machine Learning Approach
Author(s) Kriti Mahajan and Anand Srinivasan Date Thursday, February 20, 2020
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39. Stress Testing Of Firm Level Credit Risk
Author(s) Kriti Mahajan, Manjusha Senapati and Anand Srinivasan Date Thursday, February 20, 2020
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40. Global Spillover Effects Of US Uncertainty
Author(s) Saroj Bhattarai, Arpita Chatterjee and Woong Yong Park Date Monday, January 6, 2020
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41. Banking Relationships And Creditor Rights
Author(s) Vidhan K. Goyal, S. Lakshmi Naaraayanan and Anand Srinivasan Date Wednesday, October 16, 2019
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42. Anatomy Of A Banking Panic
Author(s) Viral Acharya, Abhiman Das, Nirupama Kulkarni and Prachi Mishra Date Monday, March 25, 2019
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43. Creditor Rights And Allocative Distortions { Evidence From India
Author(s) Nirupama Kulkarni Date Monday, March 25, 2019
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44. Elimination Of Tax Distortions On Capital Goods Through The VAT And Capital Investments By Financially Constrained Firms: Evidence From Indian States
Author(s) Abhay Aneja, Nirupama Kulkarni and S. K. Ritadhi Date Monday, March 25, 2019
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45. Who Values Access To College?
Author(s) Kartik Athreya, Felicia Ionescu, Urvi Neelakantan and Ivan Vidangos Date Monday, February 25, 2019
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46. Consumption And Saving Response To A Tax-Subsidized Saving Policy
Author(s) Sumit Agarwal, Souphala Chomsisengphet, Pulak Ghosh and Man Zhang Date Friday, February 22, 2019
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47. The Unsettling Behavior Of Exchange Rates Under Inflation Targeting
Author(s) Dr. Paul Beaudry and Dr. Amartya Lahiri Date Monday, October 1, 2018
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48. Is Better Access To Markets A Substitute For Educated Parents? Evidence From Rural India
Author(s) Reshad N. Ahsan, Arpita Chatterjee and Shahe Emran Date Saturday, September 1, 2018
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49. Stock Market Participation: The Role Of Human Capital
Author(s) Kartik Athreya, Felicia Ionescu and Urvi Neelakantan, Date Thursday, August 30, 2018
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50. Multinational Firms, Trade, And The Trade-Comovement Puzzle
Author(s) Dr. Gautham Udupa Date Tuesday, August 21, 2018
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