Acharya, Viral V. (on leave starting 20th Jan, 2017)

Deputy Governor, Reserve Bank of India (starting 20th Jan 2017)
C.V. Starr Professor of Economics
, Department of Finance
Director, NSE-NYU Stern Initiative on the Study of Indian Capital Markets
Coordinator, India Initiative of the Center for Global Economy and Business (CGEB)
Research Associate in Corporate Finance, National Bureau of Economic Research (NBER)
Research Affiliate, Centre for Economic Policy Research (CEPR)
Research Associate, European Corporate Governance Institute (ECGI)
Joined Stern 2008
Short Bio


Email:  vacharya@stern.nyu.edu
Office: KMEC 9-84

44 West Fourth Street
Suite 9-190
New York, NY 10012-1126


(NEW) Recipient of the Alexandre Lamfalussy Senior Research Fellowship, Bank for International Settlements (BIS), Summer 2017

(NEW) Does India Need a Bad Bank to Unchoke Growth?, Interview with Bloomberg Qint, October 2016

(NEW) Turning off the Dividend Spigot, (with Diane Pierret and Sascha Steffen), Project Syndicate, 22 Sept 2016

(NEW) Capital Shortfalls of European Banks since the Start of the Banking Union, 27 July 2016, with Diane Pierret and Sascha Steffen
- Related piece: Introducing the “Leverage Ratio” in Assessing the Capital Adequacy of European Banks
– Covered in Financial Times (2) and Wall Street Journal and Bloomberg

"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
- "Benchmarking the European Central Bank's Asset Quality Review and Stress Test - A Tale of Two Leverage Ratios", with Sascha Steffen, Center for European Policy Studies, Nov 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
Download Presentation
Updated presentation at the Stockholm Institute of Financial Research, August 2015
Download Presentation

University of Amsterdam workshop on "Micro Foundations for Macro Finance Research", August 23-24, 2014

"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
Download PDF

CEPR/University of Amsterdam joint workshop on 'Micro Foundations for Macro Finance Research', June 8-9, 2013

Understanding Financial Crises: Theory and Evidence from the Crisis of 2007-08, NBER Reporter, April 2013.

2011 Banque de France - Toulouse School of Economics Junior Prize in Monetary Economics and Finance
Speech delivered at the Prize Ceremony (16 March 2012)

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
- NYU Stern VLAB releases its Global Systemic Risk Rankings
     - Download presentation made at New York Fed on 17 November 2011

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