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Viral Acharya
Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU-Stern). He completed a Bachelor of Technology in Computer Science and Engineering from the Indian Institute of Technology, Mumbai in 1995 and a Ph.D. in Finance from NYU-Stern in 2001. Prior to joining Stern, he was a Professor of Finance at the London Business School (2001-2008).
His primary research interest is the theoretical and empirical analysis of systemic risk of the financial sector, its regulation and its genesis in government-induced distortions, an inquiry that cuts across several other strands of research – credit risk and liquidity risk, their interactions and agency-theoretic foundations, as well as their general equilibrium consequences. He is the recipient of the inaugural Banque de France – Toulouse School of Economics Junior Prize in Monetary Economics and Finance, 2011. He is the current Ph.D. coordinator in the Finance department at Stern.
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I4I@10 | Emerging from Covid-19: Challenges and solutions
As India emerges from the Covid-19 pandemic, economists will have to rethink how they understand the Indian economy in context of global volatilities. In this panel, moderated by Amartya Lahiri, Viral Acharya, Yamini Aiyar and Pronab Sen discuss both the macroeconomic implications of growth, infrastructure and public policy, and the microeconomic concerns of whether we are creating enough good jobs, ensuring welfare, and reducing income inequality.
Foreign currency corporate borrowing: Risks and policy responses
Non-financial corporations in emerging market economies increasingly rely on foreign currency debt,and are exposed to currency depreciations and sudden stops in capital flows. Analysing data on 1,786 Indian firms during 2004-2019, this article shows that favourable global funding conditions are a much more significant determinant of foreign currency borrowing than firm-level factors. Further, it suggests that RBI’s macroprudential policies have been effectively mitigating these risks.
Foreign Fund Flows and Stock Returns: Evidence from India
This project studies the impact of foreign institutional investor (FII) flows on stock returns in India. It exploits stock-level daily trading data for FII purchases and FII sales to separate stocks into those experiencing abnormally high and low FII flow innovations.
A right time for inflation-indexed bonds?
While the introduction of inflation-indexed bonds in India has been hailed by many as a step in the right direction, this column argues that their success will depend on how serious the government is about taming inflation. These bonds will help the government reduce its debt only if they are accompanied by anti-inflationary monetary and fiscal policies.