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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. 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 07, 2020
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2. Credit Insurance, Bailout And Systemic Risk
Author(s) Kaushalendra Kishore, Research Director, CAFRAL Date Friday, February 21, 2020
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3. Why Risk Managers?
Author(s) Kaushalendra Kishore, Research Director, CAFRAL Date Friday, February 21, 2020
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4. 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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5. The Unintended Consequences Of Regulatory Forbearance
Author(s) Anusha Chari, Lakshita Jain and Nirupama Kulkarni Date Friday, February 21, 2020
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6. Unearthing Zombies
Author(s) Nirupama Kulkarni, S. K. Ritadhi, Siddharth Vij and KatherineWaldock Date Friday, February 21, 2020
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7. 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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8. 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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9. Global Spillover Effects Of US Uncertainty
Author(s) Saroj Bhattarai, Arpita Chatterjee and Woong Yong Park Date Monday, January 06, 2020
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10. 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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11. 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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12. Creditor Rights And Allocative Distortions { Evidence From India
Author(s) Nirupama Kulkarni Date Monday, March 25, 2019
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13. 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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14. 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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15. 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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16. The Unsettling Behavior Of Exchange Rates Under Inflation Targeting
Author(s) Dr. Paul Beaudry and Dr. Amartya Lahiri Date Monday, October 01, 2018
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17. 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 01, 2018
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18. 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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19. Multinational Firms, Trade, And The Trade-Comovement Puzzle
Author(s) Dr. Gautham Udupa Date Tuesday, August 21, 2018
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20. Relationship Bank Behavior During Borrower Distress
Author(s) Yan Li, Ruichang Lu, Anand Srinivasan Date Friday, March 09, 2018
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21. The Effect Of Government Bank Lending: Evidence From The Financial Crisis In Japan
Author(s) Yupeng Lin, Anand Srinivasan and Takeshi Yamada Date Wednesday, November 08, 2017
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22. Unintended Consequences Of Government Bailouts: Evidence From Bank-Dependent Borrowers Of Large Banks
Author(s) Yupeng Lin, Xin Liu and Anand Srinivasan Date Wednesday, November 08, 2017
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23. Bank Dependence And Bank Financing In Corporate M&A
Author(s) Sheng Huang, Ruichang Lu and Anand Srinivasan Date Wednesday, November 08, 2017
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24. Urbanization, Structural Transformation And Rural-Urban Disparities In China And India
Author(s) Viktoria Hnatkovska and Amartya Lahiri Date Monday, November 06, 2017
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25. Explaining World Savings
Author(s) Colin Caines and Amartya Lahiri Date Monday, November 06, 2017
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26. Urban Sprawl And Rural Development: Theory And Evidence From India
Author(s) Viktoria Hnatkovska and Amartya Lahiri Date Monday, November 06, 2017
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27. Effects Of Demonetization: Evidence From 28 Slum Neighborhoods In Mumbai
Author(s) Deepa Krishnan and Stephan Siegel Date Tuesday, August 29, 2017
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28. The Effect Of Relationships With Government-Owned Banks On Cash Flow Constraints: Evidence From India
Author(s) Anand Srinivasan and Ashok Thampy Date Wednesday, July 12, 2017
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29. Loan Delinquency In Banking Systems: How Effective Are Credit Reporting Systems?
Author(s) Jugnu Ansari and Saibal Ghosh Date Wednesday, June 21, 2017
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30. Are Women Really More Risk-Averse? The Lending Behaviour Of Women-Owned Cooperatives In India
Author(s) Jugnu Ansari and Saibal Ghosh Date Tuesday, June 20, 2017
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31. Calibration Of Credit Default Probabilities In Discrete Default Intensity And Logit Models
Author(s) Anand Deo, Sandeep Juneja and Akash Kalyani Date Friday, June 16, 2017
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32. The Progress Of Financial Inclusion In India: Insights From Multiple Waves Of Survey Data
Author(s) Manuela Kristin Günther Date Monday, June 05, 2017
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33. Inattentive Investors And Mutual Fund-Flows
Author(s) Apoorva Javadekar Date Friday, April 28, 2017
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34. Underwriting Government Debt Auctions
Author(s) Sudip Gupta, Rangarajan K. Sundaram, Suresh Sundaresan Date Tuesday, November 08, 2016
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35. Bailouts And Bankruptcies: Corporate Distress, Troubled Debt Restructurings And Equity Stripping
Author(s) Saibal Ghosh, Ashiana Salian Date Tuesday, November 08, 2016
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36. Are Uniform Pricing Policies Unfair? Mortgage Rates, Credit Rationing, And Regional Inequality
Author(s) Nirupama Kulkarni Date Wednesday, August 10, 2016
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37. Homeownership And The American Dream - An Analysis Of Intergenerational Mobility EEcts
Author(s) Nirupama Kulkarni and Ulrike Malmendier Date Wednesday, August 10, 2016
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38. Historical Performance And Risk-Shifting In Mutual Funds
Author(s) Apoorva Javadekar Date Tuesday, August 02, 2016
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39. Mutual Fund Flows When Manager Has Timing And Picking Skill
Author(s) Apoorva Javadekar Date Tuesday, August 02, 2016
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40. Dynamic Portfolio Credit Risk And Large Deviations
Author(s) Sandeep Juneja Date Friday, June 10, 2016
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41. Creditor Rights And Relationship Banking: Evidence From A Policy Experiment
Author(s) Gursharan Bhue, Nagpurnanand Prabhala, Prasanna Tantri Date Tuesday, May 17, 2016
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42. Competition For Underwriting: Implications For Information Production And Insurance
Author(s) Sudip Gupta, Rangarajan K Sundaram, M Suresh Sundaresan Date Thursday, May 05, 2016
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43. Monetary Policy Under Financial Exclusion
Author(s) Amartya Lahiri, Rajesh Singh Date Thursday, May 05, 2016
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44. Do Programs Mandating Small Business Lending Disincentivize Growth? Evidence From A Policy Experiment
Author(s) Gursharan Bhue, Nagpurnanand Prabhala, Prasanna Tantri Date Tuesday, March 22, 2016
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45. Banking Regulation, Implicit Government Guarantee And Bank Risk Taking Behavior
Author(s) Jugnu Ansari Date Monday, March 21, 2016
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46. Monetary Transmission, Ownership And Crisis: How Robust Is The Indian Evidence?
Author(s) Jugnu Ansari, Saibal Ghosh Date Monday, March 21, 2016
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47. Central Banks And Dynamics Of Bond Market Liquidity
Author(s) Prachi Deuskar, Timothy C Johnson Date Wednesday, March 02, 2016
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48. The Power Of Shareholder Votes: Evidence From Director Elections
Author(s) Reena Aggarwal, Sandeep Dahiya, Nagpurnanand Prabhala Date Tuesday, March 01, 2016
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49. Bank Lending, Risk Taking And The Transmission Of Regulatory Policy: Evidence From India
Author(s) Jugnu Ansari Date Tuesday, September 15, 2015
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50. Determinants Of Commercial Banks’ Loan Pricing: Empirical Analysis Using Dynamic Panel Data Model
Author(s) Jugnu Ansari Date Thursday, July 30, 2015
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