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Publications

by members of

Centre for Advanced Financial Research and Learning (CAFRAL)

These are publications listed in RePEc written by members of the above institution who are registered with the RePEc Author Service. Thus this compiles the works all those currently affiliated with this institution, not those affilated at the time of publication. List of registered members. Register yourself. Citation analysis. This page is updated in the first days of each month.
| Working papers | Journal articles |

Working papers

2026

  1. Aishwarya Bhamidipati & Nishant Kashyap & Vidhya Soundararajan & Prasanna Tantri, 2026, "Regulatory Credit Supply Shocks, Reallocation, And Real Economic Outcomes," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022276, Feb.
  2. Vidhya Soundararajan & Aishwarya Bhamidipati & Twincle Halder & Vijayshree Jayaraman, 2026, "Financialization of Indian Households: Trends in Savings and Borrowing," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 023049, May.

2025

  1. Vedant Agarwal, 2025, "Optimal Deposit Insurance In A Macroeconomic Model With Runs," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022258, Sep.
  2. Vedant Agarwal & Javier Suarez, 2025, "Climate Conscious Investors, Carbon Disclosures, And Efficiency," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022260, Sep.
  3. Deepak Saraswat & Shwetlena Sabarwal & Lindsey Lacey & Natasha Jha & Nishith Prakash & Rachel Cohen, 2025, "Shaping Future Success: Evidence from an Early Childhood Human Capital Formation Intervention," CESifo Working Paper Series, CESifo, number 12160.
  4. Viral V. Acharya & Abhiman Das & Nirupama Kulkarni & Prachi Mishra & Nagpurnanand Prabhala, 2025, "Deposit and Credit Reallocation in a Banking Panic: The Role of State- Owned Banks," Working Papers, Ashoka University, Department of Economics, number 140, Feb.
  5. Meghana Ayyagari & Yuxi (Lance) Cheng & Pulak Ghosh & Nirupama Kulkarni, 2025, "Open Payment Infrastructure and Market Participation: The Role of Interoperability in Financial Inclusion," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022262, Jul.
  6. Yogeshwar Bharat & Subhadeep Halder & Nirupama Kulkarni, 2025, "Financial Repression, Deposit Rate Deregulation, and Bank Market Power," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022267, May.
  7. Meenakshi Shekhar, 2025, "Stagnant Manufacturing In India: The Role Of TFP And Trade," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022256, Sep.
  8. Meenakshi Shekhar, 2025, "Sluggish Growth Or Premature Decline? A Comparative Study Of Indian Industrialization With China," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022257, Sep.
  9. Vidhya Soundararajan & Kamalesh Pahurkar, 2025, "Removing Small-Scale Reservations And Quality Upgradation: Evidence From India," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022261, Sep.
  10. Vidhya Soundararajan & Ananyo Brahma, 2025, "Do Rural Roads Promote Inclusive Entrepreneurship?," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022265, Sep.
  11. Yogeshwar Bharat & Rajeswari Sengupta & Gautham Udupa, 2025, "Is core inflation useful in predicting headline inflation? Evidence from a large, emerging economy," Indira Gandhi Institute of Development Research, Mumbai Working Papers, Indira Gandhi Institute of Development Research, Mumbai, India, number 2025-021, Aug.
  12. Gautham Udupa & Prasanna Gai & Akshat Singh & Asha Sundaram, 2025, "Do Creditor Rights Reduce Tunneling? Evidence From India’s Bankruptcy Law Reforms," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022259, Sep.

2024

  1. Shashwat Alok & Pulak Ghosh & Nirupama Kulkarni & Manju Puri, 2024, "Breaking Barriers to Financial Access: Cross-Platform Digital Payments and Credit Markets," NBER Working Papers, National Bureau of Economic Research, Inc, number 33259, Dec.
  2. Kim Fe Cramer & Pulak Ghosh & Nirupama Kulkarni & Nishant Vats, 2024, "Shadow Banks On The Rise: Evidence Across Market Segments," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022270, Dec.
  3. Nirupama K Kulkarni & Shashwat Alok & Pulak Ghosh & Manju Puri, 2024, "Open Banking And Digital Payments: Implications For Credit Access," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022271, Dec.
  4. Hamid Firooz & Gunnar Heins & Sankalp Mathur, 2024, "Markup Heterogeneity, Openness, And The Pro-Competitive Gains From Trade Across Countries," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022273, Aug.
  5. Saroj Bhattarai & Arpita Chatterjee & Gautham Udupa, 2024, "Food, Fuel, and Facts: Distributional Effects of Global Price Shocks," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2024-45, Jun.
  6. Gautham Udupa, 2024, "Multinational Entry and Exit, Technology Transfer, and International Business Cycles," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022287.

2023

  1. Jha, Natasha, 2023, "Agriculture and Arsenic : Can over extraction of groundwater make us sick?," 2023 Annual Meeting, July 23-25, Washington D.C., Agricultural and Applied Economics Association, number 335936.
  2. Nirupama Kulkarni & Kanika Mahajan & S.K. Ritadhi, 2023, "Banking the Underbanked: Capital Investment and Credit-Constrained Firms," Working Papers, Ashoka University, Department of Economics, number 93, Feb, revised 26 Dec 2024.
  3. Nirupama Kulkarni & Neelima K. M. & Sonalika Sinha, 2023, "Anatomy Of A Liquidity Shock On Non-Banks," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022277, Aug.
  4. Bhavya Agarwal & Nirupama Kulkarni & S.K Ritadhi, 2023, "Cash Is King: The Role Of Financial Infrastructure In Digital Adoption," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022278, Aug.
  5. Anusha Chari & Lakshita Jain & Nirupama Kulkarni, 2023, "The Unholy Trinity: Regulatory Forbearance, Government-Owned Banks And Zombie Firms," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022279, Aug.
  6. Nirupama Kulkarni & Kanika Mahajan & S. K. Ritadhi, 2023, "Distributional Implications of Bank Branch Expansions: Evidence from India," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022281, Jan.
  7. Ritam Chaurey & Gaurav Chiplunkar & Vidhya Soundararajan, 2023, "Employment Protection Legislation And Informality: Theory And Evidence From India," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022280, Jul.
  8. Soundararajan,Vidhya & Soubeiga,Sidiki & Newhouse,David Locke & Palacios-Lopez,Amparo & Pape,Utz Johann & Weber,Michael, 2023, "How Well Do Internet-Based Surveys Track Labor Market Indicators in Middle-IncomeCountries ?," Policy Research Working Paper Series, The World Bank, number 10359, Mar.

2022

  1. Nirupama Kulkarni & Akshat Singh, 2022, "Bank Deposit Franchise, Interest Rate Risk, And Credit Booms: Evidence From India," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022283, Dec.
  2. Nirupama Kulkarni & Ulrike Malmendier, 2022, "Homeownership Segregation," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022286, May.
  3. Chakraborty, Pavel & Singh, Rahul & Soundararajan, Vidhya, 2022, "Import Competition, Formalization, and the Role of Contract Labor," IZA Discussion Papers, IZA Network @ LISER, number 15760, Nov.

2021

  1. Abhay Aneja & Nirupama Kulkarni & S.K. Ritadhi, 2021, "Consumption Tax Reform and the Real Economy: Evidence from India’s Adoption of a Value-Added Tax," Working Papers, Ashoka University, Department of Economics, number 48, Jan.
  2. Nirupama Kulkarni & S.K. Ritadhi & Sayan Mukherjee, 2021, "Unearthing Zombies," Working Papers, Ashoka University, Department of Economics, number 59, May.
    • Nirupama Kulkarni & S. K. Ritadhi & Siddharth Vij & Katherine Waldock, 2025, "Unearthing Zombies," Management Science, INFORMS, volume 71, issue 9, pages 7840-7862, September, DOI: 10.1287/mnsc.2022.01356.
    • Nirupama Kulkarni & S. K. Ritadhi & Siddharth Vij & Katherine Waldock, 2021, "Unearthing Zombies," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022292, Mar.
  3. Chari, Anusha & Jain, Lakshita & Kulkarni, Nirupama, 2021, "The Unholy Trinity: Regulatory Forbearance, Stressed Banks and Zombie Firms," CEPR Discussion Papers, Centre for Economic Policy Research, number 15773, Feb.
  4. S. K. Ritadhi & Nirupama Kulkarni & Abhay Aneja, 2021, "Consumption Tax Reform and the Real Economy: Evidence from India’s Adoption of a Value-Added Tax," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022289, Jul.
  5. Nirupama Kulkarni & Ulrike Malmendier, 2021, "Mortgage Policies And Their Effects On Racial Segregation And Upward Mobility," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022290, Jul.
  6. Nirupama Kulkarni, 2021, "Resolving Zombie Lending With Collateral Reform," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022291, Mar.
  7. Kaushalendra Kishore & Nirupama Kulkarni & Saurabh Roy, 2021, "Zombie Lending Due To The Fear Of Fire Sales," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022293, Mar.
  8. Apoorva Javadekar & Shekhar Tomar & Gautham Udupa, 2021, "Dollar Liquidity, Trade Invoicing And Real Effects: Evidence From India," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022288, Jul.

2020

  1. Liu, Yanyan & Barrett, Christopher B. & Chau, Nancy H. & Das, Upasak & Deininger, Klaus & Gustafson, Sara & Narayanan, Sudha & Sheahan, Megan & Soundararajan, Vidhya, 2020, "Targeting and the impacts of India's MGNREGS," Project notes, International Food Policy Research Institute (IFPRI), number March 2020.

2019

  1. Viral V. Acharya & Nirupama Kulkarni, 2019, "Government Guarantees and Bank Vulnerability during a Crisis: Evidence from an Emerging Market," NBER Working Papers, National Bureau of Economic Research, Inc, number 26564, Dec.
  2. Viral Acharya & Abhiman Das & Nirupama Kulkarni & Prachi Mishra, 2019, "Anatomy Of A Banking Panic," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022303, Mar.
  3. Nirupama Kulkarni, 2019, "Creditor Rights And Allocative Distortions: Evidence From India," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022305, Mar.
  4. Basu, Arnab K. & Chau, Nancy H. & Soundararajan, Vidhya, 2019, "Wage Fairness in a Subcontracted Labor Market," IZA Discussion Papers, IZA Network @ LISER, number 12609, Sep.
  5. Engstrom,Ryan & Newhouse,David Locke & Soundararajan,Vidhya, 2019, "Estimating Small Area Population Density Using Survey Data and Satellite Imagery : An Application to Sri Lanka," Policy Research Working Paper Series, The World Bank, number 8776, Mar.

2018

  1. Basu, Arnab K. & Chau, Nancy H. & Soundararajan, Vidhya, 2018, "Contract Employment as a Worker Discipline Device," IZA Discussion Papers, IZA Network @ LISER, number 11579, Jun.
  2. Gautham Udupa, 2018, "Multinational Firms, Trade, And The Trade-Comovement Puzzle," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022300, Aug.

2017

  1. Chau, Nancy H. & Liu, Yanyan & Soundararajan, Vidhya, 2017, "Political activism as a determinant of clientelistic transfers: Evidence from an Indian public works program," IFPRI discussion papers, International Food Policy Research Institute (IFPRI), number 1700.

2016

  1. Viral V Acharya & Nirupama Kulkarni, 2016, "Government Guarantees And Bank Vulnerability During The Financial Crisis: Evidence From An Emerging Market," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022320, Aug.
  2. Nirupama Kulkarni, 2016, "Are Uniform Pricing Policies Unfair? Mortgage Rates, Credit Rationing, and Regional Inequality," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022335, Oct.

2014

  1. Soundararajan, Vidhya, 2014, "Minimum Wage Effects at Different Enforcement Levels: Evidence from Employment Surveys in India," Working Papers, Cornell University, Department of Applied Economics and Management, number 180133, DOI: 10.22004/ag.econ.180133.

2012

  1. Shin, Hyun Song & Acharya, Viral & Gujral, Irvind & Kulkarni, Nirupama, 2012, "Dividends and Bank Capital in the Financial Crisis of 2007-2009," CEPR Discussion Papers, Centre for Economic Policy Research, number 8801, Feb.
  2. Bhagowalia, Priya & Menon, Purnima & Quisumbing, Agnes R. & Soundararajan, Vidhya, 2012, "What Dimensions of Women’s Empowerment Matter Most for Child Nutrition? Evidence Using Nationally Representative Data from Bangladesh," IFPRI discussion papers, International Food Policy Research Institute (IFPRI), number 1192.

2010

  1. Bhagowalia, Priya & Menon, Purnima & Quisumbing, Agnes R. & Soundararajan, Vidhya, 2010, "Unpacking the Links Between Women's Empowerment and Child Nutrition Evidence Using Nationally Representative Data From Bangladesh," 2010 Annual Meeting, July 25-27, 2010, Denver, Colorado, Agricultural and Applied Economics Association, number 61273, DOI: 10.22004/ag.econ.61273.

2008

  1. K.R. Shanmugam & Vidhya Soundararajan, 2008, "Sources of Output Growth in Indian Agriculture during the Post-Reform Period," Development Economics Working Papers, East Asian Bureau of Economic Research, number 22515, Jan.

Undated

  1. Chau, Nancy H. & Kanbur, Ravi & Soundararajan, Vidhya, undated, "Employer Power and Employment in Developing Countries," Applied Economics and Policy Working Paper Series, Cornell University, Department of Applied Economics and Management, number 324053, DOI: 10.22004/ag.econ.324053.

Journal articles

2026

  1. Brahma, Ananyo & Soundararajan, Vidhya, 2026, "Do rural roads promote inclusive entrepreneurship?," Journal of Economic Behavior & Organization, Elsevier, volume 241, issue C, DOI: 10.1016/j.jebo.2025.107381.

2025

  1. Kishore, Kaushalendra & Kulkarni, Nirupama & Roy, Saurabh, 2025, "Zombie lending due to the fear of fire sales," Journal of Corporate Finance, Elsevier, volume 91, issue C, DOI: 10.1016/j.jcorpfin.2024.102731.
  2. Nirupama Kulkarni & S. K. Ritadhi & Siddharth Vij & Katherine Waldock, 2025, "Unearthing Zombies," Management Science, INFORMS, volume 71, issue 9, pages 7840-7862, September, DOI: 10.1287/mnsc.2022.01356.
    • Nirupama Kulkarni & S.K. Ritadhi & Sayan Mukherjee, 2021, "Unearthing Zombies," Working Papers, Ashoka University, Department of Economics, number 59, May.
    • Nirupama Kulkarni & S. K. Ritadhi & Siddharth Vij & Katherine Waldock, 2021, "Unearthing Zombies," Working Papers, Centre for Advanced Financial Research and Learning (CAFRAL), number 022292, Mar.

2024

  1. Kalyani Chaudhuri & Natasha Jha & Mrithyunjayan Nilayamgode & Revathy Suryanarayana, 2024, "Alcohol Ban and Crime: The ABCs of the Bihar Prohibition," Economic Development and Cultural Change, University of Chicago Press, volume 72, issue 4, pages 1795-1827, DOI: 10.1086/725452.
  2. Pavel Chakraborty & Rahul Singh & Vidhya Soundararajan, 2024, "Import Competition, Formalization, and the Role of Contract Labor," The World Bank Economic Review, World Bank, volume 38, issue 4, pages 741-771.
  3. Udupa, Gautham, 2024, "Multinational entry and exit, technology transfer, and international business cycles," Journal of Economic Dynamics and Control, Elsevier, volume 166, issue C, DOI: 10.1016/j.jedc.2024.104914.

2023

  1. Bhavya Aggarwal & Nirupama Kulkarni & S K Ritadhi, 2023, "Cash Is King: The Role of Financial Infrastructure in Digital Adoption," The Review of Corporate Finance Studies, Society for Financial Studies, volume 12, issue 4, pages 867-905.

2022

  1. Kulkarni, Nirupama & Malmendier, Ulrike, 2022, "Homeownership segregation," Journal of Monetary Economics, Elsevier, volume 129, issue C, pages 123-149, DOI: 10.1016/j.jmoneco.2022.05.001.

2021

  1. Abhay Aneja & Nirupama Kulkarni & S. K. Ritadhi, 2021, "Consumption Tax Reform and the Real Economy: Evidence From India's Adoption of a Value‐Added Tax," Journal of Empirical Legal Studies, John Wiley & Sons, volume 18, issue 3, pages 569-602, September, DOI: 10.1111/jels.12296.
  2. Basu, Arnab K. & Chau, Nancy H. & Soundararajan, Vidhya, 2021, "Contract employment as a worker discipline device," Journal of Development Economics, Elsevier, volume 149, issue C, DOI: 10.1016/j.jdeveco.2020.102601.
  3. Chau, Nancy H. & Liu, Yanyan & Soundararajan, Vidhya, 2021, "Political activism as a determinant of strategic transfers: Evidence from an indian public works program," European Economic Review, Elsevier, volume 132, issue C, DOI: 10.1016/j.euroecorev.2020.103631.

2019

  1. Soundararajan, Vidhya, 2019, "Heterogeneous effects of imperfectly enforced minimum wages in low-wage labor markets," Journal of Development Economics, Elsevier, volume 140, issue C, pages 355-374, DOI: 10.1016/j.jdeveco.2019.06.010.
  2. Basu, Arnab K. & Chau, Nancy H. & Soundararajan, Vidhya, 2019, "Wage fairness in a subcontracted labor market," Journal of Economic Behavior & Organization, Elsevier, volume 168, issue C, pages 24-42, DOI: 10.1016/j.jebo.2019.09.022.

2012

  1. Viral V. Acharya & Nirupama Kulkarni, 2012, "What Saved the Indian Banking System: State Ownership or State Guarantees?," The World Economy, Wiley Blackwell, volume 35, issue 1, pages 19-31, January, DOI: j.1467-9701.2011.01382.x.

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