Research

Research Interests: Macroeconomics, Sovereign Debt and Defaults, Political Economy, Misallocation and Productivity, Consumer Finance

Academic Publications

1.  Political Constraints and Sovereign Default (with M. Azzimonti), 2023,  Journal of International Money and Finance, 137, ISSN 0261-5606,  DOI 

• NBER Working Paper Number: w29667

• Press coverage:  Econ Focus -- Richmond Fed

• Previous version: Political Constraints and Sovereign Default Premia  

Working papers (Academic)

1. The Politics of Debt in the Era of Rising Rates (with M. Azzimonti)  -- Invited for publication at the IMF Economic Review

• Presented at:  Rutgers University (M. Azzimonti), 25th Jacques Polak Annual Research Conference, IMF 

2. Sovereign Default and Tax-smoothing in the Shadow of Corruption and Institutional Weakness (with M. Azzimonti) -- Review & Resubmit at The Review of Economic Studies

• Online Appendix

• NBER Working Paper Number: w31943

• Presented at: SED Annual Meetings, Cartagena (2023), Midwest Macro Meetings, Clemson University (2023), IMF (2023) (M. Azzimonti), Institute of Economic Growth (2023), IIM Bangalore (2023)

3. Bank Entry, New Loans, and Misallocation (with P. Chakraborty)  -- Under Review

• Presented at: Stony Brook U. (2020), ABLE Workshop, IIM Ahmedabad (2024)

4.  A Quantitative Theory of Installment Loans (with S. Chatterjee) -- Preliminary, Sept '24

• Presented at: European Winter Meetings of the Econometric Society, Spain

Work in Progress (Academic)

1. Political Economy of Fiscal Dominance (with A. Chatterjee)

2. Political Economy of Fiscal Rules (with A. Sagwal)

Other Writings

1. Ideas for India (April 28, 2025):  New Banks, Credit, and Misallocation  -- (with P. Chakraborty)

Policy Releases (CAFRAL)

1.  India Finance Report (2023) -- Connecting the Last Mile 

2.  A Practitioner's Guide to Macroprudential and Monetary Policies in India