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. Regulatory Credit Supply Shocks, Reallocation, And Real Economic Outcomes
Author(s) Aishwarya Bhamidipati, Nishant Kashyap, Vidhya Soundararajan and Prasanna Tantri Publication CAFRAL Date Tuesday, February 24, 2026
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2. Technology In Agriculture And Religious Conflict
Author(s) Shreya Bhattacharya Publication CAFRAL Date Tuesday, September 16, 2025
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3. Intergroup Contact And Its Effects On Discriminatory Attitudes: Evidence From India
Author(s) Shreya Bhattacharya Publication CAFRAL Date Tuesday, September 16, 2025
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4. The Sources Of Researcher Variation In Economics
Author(s) Shreya Bhattacharya Publication CAFRAL Date Tuesday, September 16, 2025
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5. Smartphone Ownership, Economic Empowerment And Women’S Property Rights: Experimental Evidence From Malawi
Author(s) Philip Roessler, Tanu Kumar, Shreya Bhattacharya, Peter Carroll, Boniface Dulani, and Daniel Nielson Publication CAFRAL Date Tuesday, September 16, 2025
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6. Food, Fuel, And Facts: Distributional Effects Of Global Price Shocks
Author(s) Saroj Bhattarai, Arpita Chatterjee and Gautham Udupa Publication CAFRAL Date Wednesday, September 3, 2025
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7. Stagnant Manufacturing In India: The Role Of TFP And Trade
Author(s) Meenakshi Shekhar Publication CAFRAL Date Wednesday, September 3, 2025
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8. Sluggish Growth Or Premature Decline? A Comparative Study Of Indian Industrialization With China
Author(s) Meenakshi Shekhar Publication CAFRAL Date Wednesday, September 3, 2025
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9. Optimal Deposit Insurance In A Macroeconomic Model With Runs
Author(s) Vedant Agarwal Publication CAFRAL Date Wednesday, September 3, 2025
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10. Climate Conscious Investors, Carbon Disclosures, And Efficiency
Author(s) Vedant Agarwal and Javier Suarez Publication CAFRAL Date Wednesday, September 3, 2025
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11. Do Creditor Rights Reduce Tunneling? Evidence From India’S Bankruptcy Law Reforms
Author(s) Prasanna Gai, Akshat Singh, Asha Sundaram and Gautham Udupa Publication CAFRAL Date Wednesday, September 3, 2025
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12. 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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13. 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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14. 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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15. 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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16. 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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17. Ignoring The Left Tail
Author(s) Kaushalendra Kishore and Nishant Ravi Publication CAFRAL Date Monday, December 23, 2024
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18. 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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19. 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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20. Do Rural Roads Promote Inclusive Entrepreneurship?
Author(s) Ananyo Brahma and Vidhya Soundararajan Publication CAFRAL Date Friday, August 30, 2024
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21. Bank Entry, New Loans, And Misallocation
Author(s) Nirvana Mitra and Pavel Chakraborty Publication CAFRAL Date Monday, August 5, 2024
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22. 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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23. 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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24. 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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25. 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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26. 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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27. 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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28. 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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29. 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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30. 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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31. Political Constraints And Sovereign Default
Author(s) Marina Azzimonti and Nirvana Mitra Date Friday, December 2, 2022
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32. 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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33. 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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34. Homeownership Segregation
Author(s) Nirupama Kulkarni and Ulrike Malmendier Date Tuesday, May 10, 2022
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35. Multinational Entry And Exit, Technology Transfer, And International Business Cycles
Author(s) Gautham Udupa Date Friday, April 29, 2022
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36. 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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37. 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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38. 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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39. 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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40. Resolving Zombie Lending With Collateral Reform
Author(s) Nirupama Kulkarni Date Friday, March 26, 2021
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41. Unearthing Zombies
Author(s) Nirupama Kulkarni, S. K. Ritadhi, Siddharth Vij and Katherine Waldock Date Friday, March 26, 2021
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42. 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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43. 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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44. Credit Insurance, Bailout And Systemic Risk
Author(s) Kaushalendra Kishore, Research Director, CAFRAL Date Friday, February 21, 2020
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45. Why Risk Managers?
Author(s) Kaushalendra Kishore, Research Director, CAFRAL Date Friday, February 21, 2020
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46. 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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47. The Unintended Consequences Of Regulatory Forbearance
Author(s) Anusha Chari, Lakshita Jain and Nirupama Kulkarni Date Friday, February 21, 2020
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48. Unearthing Zombies
Author(s) Nirupama Kulkarni, S. K. Ritadhi, Siddharth Vij and KatherineWaldock Date Friday, February 21, 2020
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49. 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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50. 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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51. 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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52. 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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53. 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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54. Creditor Rights And Allocative Distortions { Evidence From India
Author(s) Nirupama Kulkarni Date Monday, March 25, 2019
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55. 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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56. 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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57. 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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58. 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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59. 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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60. 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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61. Multinational Firms, Trade, And The Trade-Comovement Puzzle
Author(s) Dr. Gautham Udupa Date Tuesday, August 21, 2018
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62. Relationship Bank Behavior During Borrower Distress
Author(s) Yan Li, Ruichang Lu, Anand Srinivasan Date Friday, March 9, 2018
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63. 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 8, 2017
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64. 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 8, 2017
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65. Bank Dependence And Bank Financing In Corporate M&A
Author(s) Sheng Huang, Ruichang Lu and Anand Srinivasan Date Wednesday, November 8, 2017
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66. Urbanization, Structural Transformation And Rural-Urban Disparities In China And India
Author(s) Viktoria Hnatkovska and Amartya Lahiri Date Monday, November 6, 2017
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67. Explaining World Savings
Author(s) Colin Caines and Amartya Lahiri Date Monday, November 6, 2017
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68. Urban Sprawl And Rural Development: Theory And Evidence From India
Author(s) Viktoria Hnatkovska and Amartya Lahiri Date Monday, November 6, 2017
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69. 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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70. 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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71. 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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72. 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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73. 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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74. The Progress Of Financial Inclusion In India: Insights From Multiple Waves Of Survey Data
Author(s) Manuela Kristin Günther Date Monday, June 5, 2017
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75. Inattentive Investors And Mutual Fund-Flows
Author(s) Apoorva Javadekar Date Friday, April 28, 2017
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76. Underwriting Government Debt Auctions
Author(s) Sudip Gupta, Rangarajan K. Sundaram, Suresh Sundaresan Date Tuesday, November 8, 2016
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77. Bailouts And Bankruptcies: Corporate Distress, Troubled Debt Restructurings And Equity Stripping
Author(s) Saibal Ghosh, Ashiana Salian Date Tuesday, November 8, 2016
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78. 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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79. 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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80. Government Guarantees And Bank Vulnerability During The Financial Crisis: Evidence From An Emerging Market
Author(s) VIRAL V. ACHARYA AND NIRUPAMA KULKARNI Date Wednesday, August 10, 2016
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81. Historical Performance And Risk-Shifting In Mutual Funds
Author(s) Apoorva Javadekar Date Tuesday, August 2, 2016
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82. Mutual Fund Flows When Manager Has Timing And Picking Skill
Author(s) Apoorva Javadekar Date Tuesday, August 2, 2016
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83. Dynamic Portfolio Credit Risk And Large Deviations
Author(s) Sandeep Juneja Date Friday, June 10, 2016
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84. 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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85. Competition For Underwriting: Implications For Information Production And Insurance
Author(s) Sudip Gupta, Rangarajan K Sundaram, M Suresh Sundaresan Date Thursday, May 5, 2016
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86. Monetary Policy Under Financial Exclusion
Author(s) Amartya Lahiri, Rajesh Singh Date Thursday, May 5, 2016
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87. 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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88. Banking Regulation, Implicit Government Guarantee And Bank Risk Taking Behavior
Author(s) Jugnu Ansari Date Monday, March 21, 2016
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89. 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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90. Central Banks And Dynamics Of Bond Market Liquidity
Author(s) Prachi Deuskar, Timothy C Johnson Date Wednesday, March 2, 2016
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91. The Power Of Shareholder Votes: Evidence From Director Elections
Author(s) Reena Aggarwal, Sandeep Dahiya, Nagpurnanand Prabhala Date Tuesday, March 1, 2016
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92. 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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93. 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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94. Product Diversification And Bank Risk Taking Behavior: An Empirical Evidence From Indian Banking System
Author(s) Jugnu Ansari Date Tuesday, June 16, 2015
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95. Optimality Of Base Rate System Of Loan Pricing Of A Developing And Emerging Market Economy: An Evaluation
Author(s) Jugnu Ansari, Ashima Goyal Date Sunday, June 15, 2014
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96. Banks Competition, Managerial Efficiency And The Interest Rate Pass-Through In India
Author(s) Jugnu Ansari, Ashima Goyal Date Monday, May 5, 2014
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97. Interest Rate Pass-Through And Determinants Of Commercial Banks’ Loan Pricing Decisions In India: Empirical Evidence From Dynamic Panel Data Model
Author(s) Sarat Dhal, Jugnu Ansari Date Monday, December 2, 2013
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98. A New Measure Of Competition In Indian Loan Markets
Author(s) Jugnu Ansari Publication International Journal of Finance & Banking Studies Date Wednesday, September 18, 2013
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99. A Theoretical And Empirical Analysis Of Interest Rate Pass-Through In India With Regulatory Requirements
Author(s) Jugnu Ansari Publication Beykent University Journal of Social Sciences Date Tuesday, July 30, 2013
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100. Financial Stability, Economic Growth, Inflation And Monetary Policy Linkages In India: An Empirical Reflection
Author(s) Sarat Dhal, Purnendu Kumar, Jugnu Ansari Publication Reserve Bank of India Occasional Papers Date Wednesday, November 30, 2011
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