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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