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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. Resolving Zombie Lending With Collateral Reform
Author(s) Nirupama Kulkarni Date Friday, March 26, 2021
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2. Unearthing Zombies
Author(s) Nirupama Kulkarni, S. K. Ritadhi, Siddharth Vij and Katherine Waldock Date Friday, March 26, 2021
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3. Zombie Lending Due To The Fear Of Fire Sales
Author(s) Kaushalendra Kishore, Research Director, CAFRAL Date Wednesday, March 10, 2021
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4. Sovereign Credit Ratings: An Assessment Of Methodologies And Rating Biases
Author(s) CAFRAL Date Wednesday, December 30, 2020
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5. 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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6. COVID-19, Fiscal Stimulus, And Credit Ratings
Author(s) Anuragh Balajee, Shekhar Tomar and Gautham Udupa Date Wednesday, May 13, 2020
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7. Fiscal Situation Of India In The Time Of COVID-19
Author(s) Anuragh Balajee, Shekhar Tomar and Gautham Udupa Date Wednesday, May 13, 2020
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8. Credit Insurance, Bailout And Systemic Risk
Author(s) Kaushalendra Kishore, Research Director, CAFRAL Date Friday, February 21, 2020
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9. Why Risk Managers?
Author(s) Kaushalendra Kishore, Research Director, CAFRAL Date Friday, February 21, 2020
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10. 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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11. The Unintended Consequences Of Regulatory Forbearance
Author(s) Anusha Chari, Lakshita Jain and Nirupama Kulkarni Date Friday, February 21, 2020
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12. Unearthing Zombies
Author(s) Nirupama Kulkarni, S. K. Ritadhi, Siddharth Vij and KatherineWaldock Date Friday, February 21, 2020
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13. 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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14. 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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15. 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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16. 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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17. 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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18. Creditor Rights And Allocative Distortions { Evidence From India
Author(s) Nirupama Kulkarni Date Monday, March 25, 2019
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19. 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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20. Rating Efficiency In The Indian Commercial Paper Market
Author(s) Dr Anand Srinivasan, Additional Director (Research), CAFRAL Date Monday, March 11, 2019
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21. 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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22. 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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23. Central Bank Equity: Facts And Analytics
Author(s) Sujan Bandyopadhyay, Rishab Devnani, Sudipta Ghosh and Amartya Lahiri Date Sunday, December 30, 2018
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24. 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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25. 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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26. 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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27. Multinational Firms, Trade, And The Trade-Comovement Puzzle
Author(s) Dr. Gautham Udupa Date Tuesday, August 21, 2018
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28. Relationship Bank Behavior During Borrower Distress
Author(s) Yan Li, Ruichang Lu, Anand Srinivasan Date Friday, March 9, 2018
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29. 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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30. 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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31. 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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32. 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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33. Explaining World Savings
Author(s) Colin Caines and Amartya Lahiri Date Monday, November 6, 2017
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34. 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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35. 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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36. NPL Resolution: A Lesson From The Korean Experience
Author(s) Prof. Raunaq Pungaliya Date Monday, August 28, 2017
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37. 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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38. 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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39. 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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40. 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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41. 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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42. Inattentive Investors And Mutual Fund-Flows
Author(s) Apoorva Javadekar Date Friday, April 28, 2017
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43. Underwriting Government Debt Auctions
Author(s) Sudip Gupta, Rangarajan K. Sundaram, Suresh Sundaresan Date Tuesday, November 8, 2016
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44. 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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45. 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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46. 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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47. 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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48. Historical Performance And Risk-Shifting In Mutual Funds
Author(s) Apoorva Javadekar Date Tuesday, August 2, 2016
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49. Mutual Fund Flows When Manager Has Timing And Picking Skill
Author(s) Apoorva Javadekar Date Tuesday, August 2, 2016
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50. Trading Activity In The Indian Government Bond Market
Author(s) Michael Fleming, Samita Sareen, Seema Saggar Date Thursday, June 23, 2016
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