Short Articles and Interviews on Crises and Financial Sector Reforms
(NEW) "Basel III Endgame was inevitable for large banks, but what about non-banks and smaller banks?", Wharton Initiative on Financial Policy and Regulation (March 20, 2024)
(NEW) "Should the US Banking Crisis of 2023 Be a Footnote?", Promarket, joint with Raghuram Rajan (March 18, 2024)
(NEW) "The Danger of Forgetting the 2023 Banking Crisis", Project Syndicate, joint with Raghuram Rajan (Feb 8, 2024)
"The Triple Punch of Monetary Tightening on US Mortgage Rates" with Satish Mansukhani, International Banker, 28 August 2023.
Nationwide summer campaigns can plug school education gaps (with Rukmini Banerji), Mint, 26 June 2023
Book Review in India Today of Dr C Rangarajan's book "Forks in the Road: My Days at RBI and Beyond" (June 2023)
Lazy Banking and the Impending Risk of Zombie Lending, Published at nikkei.com (13th June 2023)
"We need an action plan to deploy India's demographic advantage", Mint, 20 April 2023
"The Case for a Stagflation Stress Test", 29th March 2023, The Hill.
"The Fed and Bank Failures" in ProMarket (March 28, 2023), "The Fed's Role in the Bank Failures" in Project Syndicate (March 28, 2023), "Bank Failures: What's the Fed's role? in Ideas For India (March 31, 2023) - all with Raghuram Rajan.
Presentations at NYU Stern panels on SVB and Beyond (20th March and 4th April, 2023)
Download PDF (20th March 2023) Download PDF-2 (4th April, 2023)"India at 75: Replete with Contradictions, Brimming with Opportunities, Saddled with Challenges", prepared for the Spring 2023 Brookings Papers on Economic Activity (BPEA) conference, March 2023, revised May 2023
Download Abridged Version Download SlidesOp-ed "Quantitative Easing Left the Banking System Vulnerable" in Barron's, with Raghuram Rajan (March 17, 2023)
A Checklist Manifesto for India to Effectively Fight Omicron (with Tushar Gore), Economic Times, 3rd January 2022
Panel on Cryptocurrencies and Central Bank Digital Currency (CBDC) in India, with Prof Darrell Duffie (Stanford GSB) and Dr Subbarao (Former Governor, Reserve Bank of India), organized by the NYU-NSE Center for Study of Indian Capital Markets, Dec 8th 2021
Banking for a Billion+: India's Digital Leapfrog for Financial Inclusion, NYU Stern-wide Faculty Seminar, Dec 7th 2021
COVID Lessons from India for other EMs (talk at Markus Academy webinar), 1st July 2021
Download PDF of slides
Op-ed: COVID Death Count, A Reality Check (Download PDF)“COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies” (with Yang Liu and Yunhui Zhao), Issue 79, COVID Economics: Vetted and Real-Time Papers, May 2021
"Do we really need Indian corporations in banking?" (with Raghuram G Rajan), November 23, 2020
Download PDFIndian Banks: A Time to Reform? (with Raghuram G Rajan), 21 Sep 2020
VOXEU podcast on Europe's zombie lending and the "lost decade" (with Tim Phillips), August 2020
The risk of being a fallen angel and the corporate dash for cash in the midst of COVID (with Sascha Steffen), Review of Corporate Financial Studies, Volume 9, Issue 3, November 2020, Pages 430-471.
(Long version) Download PDF (July 2020)
(Short version) Download PDF, in COVID Economics: A Real Time Journal
(Video) Short NBER presentationCorporate Dash for Cash and the Crash of Bank Stock Prices (with Rob Engle and Sascha Steffen), Presentation to Standard & Poor's, CFA Society New York and Bank of England, 28-30 June 2020
Download PDF[Pandemic] Stress Test - Presentation at World Bank Webinar on "Financial Sector Policies to Salvage Firms Hits by COVID-19", April 29,2020
Download PDF (Link to Webinar)Targeting Paycheck Protection Program to those Most in Need (with Manasa Gopal)
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-Related op-ed published at marketwatch.comA Simple Proposal to Support Indebted Small Businesses (SMEs) during COVID-19
Download PDFCOVID-19 Spring break class for PhD and Langone students 19th March 2020.
Download PDF"Stress Test" for Banks as Liquidity Providers in a time of COVID (with Sascha Steffen), published on voxeu.org
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Creating zombies and disinflation: A cul de sac for accommodative monetary policy, speech delivered at Indian Institute of Technology, Bombay (IITB) Alumni Reunion, October 20, 2019 in New Jersey, United States, and recorded as podcast for the series "Can you see it?" for the Arthniti, an initiative of students of the Department of Economics, Xavier's College, Mumbai.
"What can India’s banking system learn from the shampoo sachet revolution?" Financial Times, Special Report: India - Banking and Finance, 22 September 2019
Discussion of "The global financial cycle" by Claudio Borio at the Conference on "The Current Global and European Financial Cycle: Where do we stand and how do we move forward?" - Jointly organized by the Bulgarian National Bank and the Bank for International Settlements on July 8, 2019 at Sofia, Bulgaria.
"Same Story, Different Place? Post-Crisis Recapitalization of Banks in Japan and Europe" with Tim Eisert, Christian Eufinger and Christian Hirsch, in "Finance and Investment: The European Case" edited by C. Mayer, S. Micossi, M. Onado, M. Pagano and A. Polo. Oxford: Oxford University Press, 2018
"Capital Markets Union in Europe: Why Other Unions Must Lead the Way" with Sascha Steffen, Swiss Journal of Economics and Statistics, 2016, Vol. 152 (4) 319-329.
Does India Need a Bad Bank to Unchoke Growth?, Interview with Bloomberg Qint, October 2016
Turning off the Dividend Spigot, (with Diane Pierret and Sascha Steffen), Project Syndicate, 22 Sept 2016
Capital Shortfalls of European Banks since the Start of the Banking Union, 27 July 2016, with Diane Pierret and Sascha Steffen - Related piece: Introducing theLeverage Ratioin Assessing the Capital Adequacy of European Banks - Covered in Financial Times (2) and Wall Street Journal and Bloomberg
State Intervention in Banking: The Relative Health of Indian Public Sector and Private Sector Banks, with Krishnamurthy Subramanian, in C. Ghate and K.M. Kletzer (eds.), Monetary Policy in India, Springer India 2017
Measuring Systemic Risk for Insurance Companies, with Thomas Philippon and Matt Richardson, in The Economics, Regulation, and Systemic Risk of Insurance Markets, edited by Felix Hufeld, Ralph S.J. Koijen, and Christian Thimann, Oxford: Oxford University Press, 2016, chapter 5, forthcoming.
"Corporate Debt in Emerging Economies: A Threat to Financial Stability?", with Stephen G. Cecchetti, José De Gregorio, Şebnem Kalemli-Özcan, Philip R. Lane, and Ugo Panizza, Report for Committee on International Economics Policy and Reform (CIEPR) and Brookings Institute, September 2015
"Shadow Banking is killing China's Stock Market", (interview with Dan Altman for Foreign Policy), August 2015 - Download related presentation, Keynote speech in June 2015, Zhejiang University, Hangzhou (China)
"Financial stability in the broader mandate for central banks: A political economy perspective", Brookings' Hutchins Center Working Paper Series (April 2015 version), prepared for a March 2, 2015 conference at Brookings' Hutchins Center on Fiscal and Monetary Policy.
"State intervention in banking: the relative health of Indian public sector and private sector banks" (with Krishnamurthy Subramanian), June 2015
"Financial Sector Health since 2007: A Comparative Analysis of the United States, Europe and Asia" (April 2015 version), prepared for Michigan University Law School conference on Five Years After the Dodd-Frank Act (Nov 2014), and presented at the IMF Conference on Rethinking Macro Policy III: Progress or Confusion (April 2015)
Benchmarking the European Central Bank's Asset Quality Review and Comprehensive Assessment, with Sascha Steffen, 27 October 2014
- Covered in Alternative Stress Tests Find French Banks Are Weakest in Europe by Tom Braithwaite, FT.com
- Covered in Four Rescue Measures for the Eurozone by Willem Buiter, FT Markets Insight
Is the Insurance Sector Systemically Risky?, Presentation at the Brookings Institution, 14 October 2014
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Updated presentation at the Stockholm Institute of Financial Research, August 2015
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"The Nexus between Financial Sector and Sovereign Credit Risks", Toulouse Lectures in Economics, forthcoming
Download Presentation delivered at Copenhagen Business School, August 2014.
Presentation at the "Symposium on Financial Stability and the Role of Central Banks", Bundesbank, Frankfurt, February 27 2014.
Interview on Rising Risks from China, January 2014
Falling Short of Expectations? Stress-Testing the European Banking System (with Sascha Steffen), December 2013, revised January 2014
Download PDF Download Slides See Press Coverage
Presentation on "Dynamics of Debt, Growth and Taxation", at CFS Symposium on Banking, Liquidity and Monetary Policy, Frankfurt, September 2013
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Be careful when opening for business (with Bruce Tuckman), theTally, efinancialnews.com, Dec 11 2013
Leveling the Playing Field for Indian Banks, LiveMint, Sep 29 2013
The missing bears of emerging markets, LiveMint, Sep 2 2013
India does not have enough markets, LiveMint, Aug 5 2013
A Right Time for Inflation-Indexed Bonds? (with Gangadhar Darbha), LiveMint, May 2013
A Transparency Standard for Derivatives, in Risk Topography: Systemic Risk and Macro Modeling, edited by Markus Brunnermeier and Arvind Krishnamurthy, National Bureau of Economic Research book, published by the University of Chicago Press, forthcoming, 2012.
- Reprinted in OTC derivatives: new rules, new actors, new risks?, Banque de France Financial Stability Review, 17, 2013.
Understanding Financial Crises: Theory and Evidence from the Crisis of 2007-08, NBER Reporter, April 2013.
"Analyzing Systemic Risk of the European Banking Sector," with Sascha Steffen, in Handbook on Systemic Risk, edt. J.-P- Fouque and J. Langsam. Cambridge University Press, forthcoming.
Implications of the Dodd-Frank Act, with Matthew Richardson
Annual Review of Financial Economics, 2012(4)
Secondary Market for Government Bonds: Breaking the Bank-Sovereign Nexus, with Gangadhar Darbha
presented at the Bombay Stock Exchange (BSE) Conference on Debt Markets in India, Mumbai (India), December 2012.
Download Presentation
- Related oped Breaking the Bank-Sovereign Nexus (with Gangadhar Darbha), 5 Feb 2013, Live Mint & the Wall Street Journal (India).
Designing Global Financial Regulatory Instruments (with Sabri Oncu), 17 Jan 2013, Live Mint & the Wall Street Journal (India).
Banking Union for the Europe (including my contribution to this voxeu eBook), October 2012
"Reforming the US Housing Finance System", with Stijn van Nieuwerburgh, Matthew Richardson and Lawrence J White,
The Financial Development Report 2011, World Economic Forum, 55-67
NYU Stern Systemic Risk Rankings recognized by Treasury and Risk 2011 in "100 Most Influential People in Finance" Measuring and Regulating Systemic Risk
- Also see NYU Stern Systemic Risk Rankings
-Systemic Risk rankings including non-US Financial Institutions (Download presentation)
Flight to safety may no longer include America (with Heitor Almeida)
Financial News, 28 November 2011
Ring-fencing is good, but no panacea
(in "The Future of Banking", Vox eBook, edited by Thorsten Beck, Oct 2011)
The Dodd-Frank Act, systemic risk and capital requirements, with Matt Richardson
(in "The Future of Banking", Vox eBook, edited by Thorsten Beck, Oct 2011)
Here’s Why Bank Of America’s Stock Is Collapsing Again
(Interview with Yahoo Finance, 23 August 2011)
White Picket Fence? Not So Fast - Why we should end home ownership subsidies New York Times, 17 August 2011 (with Matt Richardson, Stijn van Nieuwerburgh and Larry White)
US' political economy has crossed its Rubicon Mint (India), 13 August 2011
The European Financial Crisis (with Sabri Oncu) Mint (India), August 2011
Contributions to Economist.com discussions:
What's causing high youth unemployment?
Is America headed for a double-dip recession?
What have we learned about fiscal policy?
Where in the world economy is the growth outlook the worst?
What should the IMF, ECB and EC do about Greece?
Does Competition Make Banks Safer?
What's Wrong with America's Labour Market?
Has there been a "Great Stagnation"?
How close is America to fiscal crisis?
Which economists are the most influential?
Is it time for European debt restructuring?
Was the Fed right to do QE2?
Is the current banking system the worst possible?
Should the government encourage mortgage principal write-downs?
How far along the process of deleveraging are we?
Do new bank-capital requirements pose a risk to growth?
Is there a government bond bubble?
What actions should the Fed be taking?
What should be done with Fannie Mae and Freddie Mac?
Why are firms saving so much?
Are G20 summits worth having? What should the G20's top priority be?
Should China allow the yuan to rise?
Should Bank Tax Be Used to Limit Financial Sector Risk?
Is a stronger yuan the most important route to global rebalancing? And should addressing imbalances currently be a top global policy priority?
Interview comparing the crisis roles of the Federal Reserve and the European Central Bank IA-Forum, 25 July 2011
On Risks of Aggregating Risks in a Financial System A brief interview with IFMR, India (July 2011)
State overreach: Some lessons for India
Mint, 11 July 2011
An interview on Measuring Systemic Risk and the Dismal Failure of Basel Risk Weights
with Viv Davies of voxeu, June 2011
Should Private Equity be Regulated as Systemically Important? (Video Interview)
with Ann Iveson, Coller Institute of Private Equity, London Business School , 2 June 2011
US rattles global investors
Reserve Bank keeps rates on hold
US rattles global investors and Reserve Bank keeps rates on hold, ABC Sydney, 8-9 June 2011
CDS norms: a significant step forward
CDS norms: a significant step forward
Newspaper is Mint (India), 9 June 2011
A voxeu interview on Fannie Mae, Freddie Mac and rhe Future of Mortgage Finance (with Matt Richardson)
London, May 2011
Interview on Causes of the Crisis and Proposed Reforms in the "Marker" (Israel)
May 2011
Banks, Regulation and Government
prepared for presentation at the Board of Governors, 2 May 2011
A Transparency Standard for Contingent Liabilities such as Derivatives (Presentation)
Presentation at IMF, April 2011
Are forex derivatives different from a regulation perspective?
Mint, April 4 2011
Financial groups seek to avoid 'important' list
FT, April 3 2011
The Dodd-Frank Act Leaves A Lot To Be Desired
House of Finance, Goethe University, Newsletter - 1Q 2011
Systemic Risk and Macro-prudential Regulation
monograph prepared for Asian Development Bank, March 2011
The Dodd-Frank Act and Basel III: Intentions, Unintended Consequences, Transition Risks and Lessons for India
policy brief prepared for the London School of Economics - International Growth Centre (India), March 2011
- Covered in Business Standard (India), Shooting the Messenger, by Suman Bery, October 2011
- A summary of Basel III by Anthony Saunders
Financial Institutions: The Risky List
Economist.com, March 2011
Coming out of the shadows? In "How to run a bank"
The Banker, FT Business, February 2011
The Ten Most Systemically Risky Firms in the U.S.
Nakedcapitalism.com, February 2011
Bloomberg Business Week, Regulation - Risky Businesses
February 7-13, 2011
Overseeing Systemic Risk
Voxeu.org, 27 February 2011
What Saved the Indian Banking System: State Ownership or State Guarantees?
Business Standard, India, January 2011
What Saved the Indian Banking System: State Ownership or State Guarantees?
Business Standard, India, January 2011.
The Irish Question: What do you do when the bailouts boomerang on the sovereign?
Financial Express (India) cites my research on sovereign credit risk, January 2011
Could Regulation Circa 2010 Have Averted the Crisis?
Mint (India), 3 January 2011
Europe debt is bigger worry than slow US recovery
Mint (India), 16 December 2010
A critical assessment of the Dodd-Frank Wall Street Reform and Consumer Protection Act
Voxeu.org, November 2010
A Transparency Standard for Derivatives (presentation)
Presentation at NBER on Measuring Systemic Risk at Columbia University, 27 Oct 2010
NPR Interview on the "Volcker" rule (15 June 2010)
http://www.wnyc.org/news/articles/156101
Testimony to the US House Financial Services Committee
at a hearing on "The End of Excess (Part One): Reversing Our Addiction to Debt and Leverage." May 6, 2010
Passing the Buck? - Ten Interesting Facts about Sovereign Credit Risk
Blog for the forthcoming book "Regulating Wall Street," 29 April 2010
The Fallacy of Bank Diversification (with Matt Richardson)
Blog for the forthcoming book "Regulating Wall Street," 5 April 2010
Why bankers must bear the risk of "too safe to fail" assets (with Arvind Krishnamurthy)
Financial Times Market Insight, 17 March 2010
Systemic Risk, Stronger Regulation and Liquidity Management: Changes For Which Risk Management Should be Prepared (A PRMIA Webinar given on February 18, 2010)
Download Presentation
Download Video
"Market Failures and Regulatory Failures: Lessons from Past and Present Crises," forthcoming in "Financial Sector Regulation and Reforms in Emerging Markets,"
Edited by Masahiro Kawai and Eswar Prasad, Brookings Institution Press, Washington, DC, 2010 (with Thomas Cooley, Matthew Richardson and Ingo Walter)
Download PDF (Dec 2009 version)
Making Sense of Obama's Bank Plans (with Matt Richardson)
www.voxeu.org, 24 January 2010
Obama's Bank Plan Is A Start (with Matt Richardson)
FT.com, 22 January 2010
A Price Tag For Systemic Risk (with Matt Richardson)
Forbes.com, 30 December 2009
Talk at Swiss Finance Institute on the Crisis and Future Reforms
November 2009
Regulation, Not Markets, Let Us Down
Causes of the Crisis Blog, 4 November 2009
Government Guarantees: Why the Genie Needs to Be Put Back in the Bottle (with Matt Richardson)
The Economists' Voice, November 2009: Vol. 6 : Iss. 11, Article 2.
A Case for Counterparty Transparency in OTC Markets (with Rob Engle)
Derivatives Week, 30 October 2009
Scope Remains to Circumvent Derivatives Bill (with Rob Engle)
Financial Times, 21 October 2009
Why Investment Banks were Fated to be Roadkill
Financial Express (India), 21 October 2009
State of Corporate Finance: It's Not Over Yet
Financial Executive, September 2009
Systemic risk and deposit insurance premiums
www.voxeu.org, 4 September 2009
A case for (even) more transparency in the OTC markets
www.voxeu.org, August 29 2009
Handful in the Entire Banking System Led to the Crisis
Financial Express (India), August 24 2009
Big financial firms should be taxed for implicit government guarantee
FinReg21.com, Lombard Street, UK, August 2009
Bloomberg Interview on Systemic Risk Rankings
August 24, 2009
Bloomberg Interview on Banking Sector Profits
August 6, 2009
Ranking Wall Street's Systemic Risk (Overview, Presentation)
WSJ.com, July 27, 2009
Interview with Newsweek on Bank Profits (Part One, Part Two)
July 17, 2009
How to Charge for Deposit Insurance
July 2009, Lombard Street, UK, 1(7), 18-23
Regulating Systemic Risk
Webcast, June 2009, Brighttalk.com
Regulation after the Crash
QFinance, May 2009
Derivatives Trades Should All Be Transparent
Wall Street Journal, 15 May 2009
Interview with Bloomberg TV on the Public Private Investment Program (PPIP)
14 May 2009
Concorde's fate offers a lesson for finance
Financial Times, 15 April 2009
Causes of the Financial Crisis
The Growth Commission Blog, 8 April 2009
Interview with Bloomberg TV on the Financial Bailout Plan
February 11, 2009
Expect Even More Shadow Banking Losses
Forbes.com, 3 February 2009
Why government guarantees are a double-edged sword
The Banker, February 2009 (forthcoming)
Government money should have strings attached
FT Online, The Economists' Forum, 6 Jan 2009
Time to lift the veil: A clearinghouse for credit derivatives trading
Forbes.com, 12 November 2008
Private Equity versus Plc Boards
The Times, 28 October 2008
The other part of the bailout: Pricing and evaluating the US and UK loan guarantees
www.voxeu.org, 26 Oct 2008
Getting healthy banks to buy troubled ones
FT Online, The Economists' Forum, 13 Oct 2008