Working Papers and Current Projects
"Divided We Fall: International Health and Trade Coordination During a Pandemic" (with Zhengyang Jiang, Robert Richmond and Elu von Thadden), November 2020
Download PDF"The Value of a Cure: An Asset-Pricing Perspective" (with Timothy Johnson, Suresh Sundaresan and Steven Zheng), November 2020, revised January 2021
Download PDF Download Online Appendix VOXEU discussion with Tim PhillipsBanking - Liquidity, Crises, Systemic Risk, Regulation, Diversification of Loan Portfolios
"Foreign Currency Borrowing of Corporations as Carry Trades: Evidence from India"(with Siddharth Vij), August 2018, revised December 2020
Download PDF"Financial Vulnerability and Risks to Growth in Emerging Markets" (with Soumya Bhadury and Jay Surti), June 2020, revised August 2020
Download PDF Download Financial Vulnerability Indexes (FVI)[Note on Frequency and Updates]
Financial vulnerability indexes are available here at monthly frequency, covering the period January 2004 to May 2020 (China) and January 2003 to May 2020 (India). These indexes will be updated on a quarterly frequency, with the next update being available through September 2020. We are presently considering expanding the geographical coverage by constructing financial vulnerability indexes to a broader set of emerging market economies.
"When Is Debt Odious? A Theory of Repression and Growth Traps" (with Raghuram G. Rajan and Jack Shim), March 2020, revised May 2020
Download PDF"Zombie Credit and (Dis-)Inflation: Evidence from Europe" (with Matteo Crosignani, Tim Eisert and Christian Eufinger), October 2019, revised December 2020
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- Related blog post at Liberty Street Economics, Federal Reserve Bank of New York"The Anatomy of the Transmission of Macroprudential Policies" (with Katherina Bergant, Matteo Crosignani, Tim Eisert and Fergal McCann), May 2019, revised April 2020
Download PDF"Monetary Easing, Leveraged Payouts and Lack of Investment" (with Guillaume Plantin), August 2019, revised February 2021
Download PDF"Monetary Easing, Lack of Investment and Financial Instability" (with Guillaume Plantin), October 2016, revised July 2018
Download PDF (to be updated)"In the Shadow of Banks: Wealth Management Products and Issuing Banks' Risk in China" (with Jun 'QJ' Qian, Yang Su and Zhishu Yang), November 2016, revised June 2020
Download PDF"Bank Use of Sovereign CDS in the Eurozone Crisis: Hedging and Risk Incentives" with Yalin Gunduz and Timothy Johnson, November 2016, revised March 2019
Download PDF"Lender of Last Resort versus Buyer of Last Resort, and a Fear of Fire Sales in the Sovereign Bond Market" (with Diane Pierret and Sascha Steffen), March 2016, revised December 2020
Download PDF"Government Guarantees and Bank Vulnerability During a Crisis: Evidence from an Emerging Market" (with Nirupama Kulkarni, Prachi Mishra, and N.R. Prabhala), November 2015, revised December 2019
Download PDF (to be updated)"The End of Market Discipline? Investor Expectations of Implicit State Guarantees" (with D. Anginer and A.J. Warburton), June 2014, revised May 2016
Download PDF"Dividends and Bank Capital in the Financial Crisis of 2007-09" (with Irvind Gujral, Nirupama Kulkarni and Hyun Shin), March 2009, revised December 2020
Download PDFCorporate Finance - Cash Management, Incentive Compensation, Bankruptcy Systems, Private Equity and Corporate Governance
"A Model of Infrastructure Financing" (with Cecilia Parlatore and Suresh Sundaresan), September 2020
Download PDF"The Sensitivity of Cash Savings to the Cost of Capital" (with Soku Byoun and Zhaoxia Xu), June 2020, revised October 2020
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"Competition for Managers and Corporate Governance" (with Marc Gabarro and Paolo Volpin), March 2010, revised May 2018
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Asset Pricing - Causes and Effects of Time-variations in Liquidity, Credit Risk, Disclosure and Insider Trading
"Information and Price Pressure Effects of Unexpected Foreign Fund Flows" (earlier titled "Foreign Funds Flows and Stock Returns: Evidence from an Emerging Market") (with Ravi Anshuman and Kiran Kumar), June 2015, revised May 2019
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