Divya Kirti
Economist
Research Department
International Monetary Fund
dkirti (at) imf.org


Curriculum Vitae

Biography

Divya Kirti is an Economist in the Research Department at the International Monetary Fund. Previously, he worked in the Middle East and Central Asia Department. He holds a Ph.D. in Economics from Harvard University. His research interests include financial intermediation, macrofinance, and corporate finance. His work has been published in leading journals including the Review of Financial Studies, the Journal of Financial Intermediation and the Journal of Banking & Finance, and covered by media outlets such as the New York Times and Bloomberg.

The views expressed here are personal and should not be attributed to the IMF, its Executive Board, or its management.

Journal Articles

Lending standards and output growth, September 2024. Accepted, Journal of Financial Stability
Coverage: [NY Times], [IMF Chart of the Week], [IMF GFSR April 2018 Chapter 2

What Private Equity Does Differently: Evidence from Life Insurance (with Natasha Sarin). 2024, Review of Financial Studies,  Vol. 37, Issue 1, pp. 201–230.
Coverage: [NY Times], [Bloomberg], [BIS Quarterly Review September 2024]

When gambling for resurrection is too risky, 2024. Journal of Banking & Finance, Vol. 162, 107125.

What are reference rates for?, 2022. Journal of Banking & Finance, Vol. 144, 106635.

Why do bank-dependent firms bear interest-rate risk?, 2020. Journal of Financial Intermediation, Vol. 41, 100823. 


Book Chapters

India's Banks: Lending to Productive Firms?, 2023 (with Siddharth George, Soledad Martinez Peria, and Rajesh Vijayaraghavan), in India's Financial System: Building the Foundation for Strong and Sustainable Growth (eds: Alfred Schipke, Jarkko Turunen, Nada Choueiri, and Anne-Marie Gulde-Wolf). [IMF WP 22/73]


Working Papers

Mitigating climate change at the firm level: Mind the laggards (with Damien Capelle, Nicola Pierri, and Germán Villegas Bauer), November 2024. [IMF WP 23/242] Coverage: [IMF October 2023 WEO Chapter 1], [IMF October 2023 GFSR Chapter 3], [IMF April 2024 Fiscal Monitor Chapter 2] [IMF Italy 2023 Article IV Staff Report] [IMF Canada 2024 Article IV Staff Report] [IMF Germany 2024 Article IV Staff Report] [IMF Turkey 2024 Article IV Staff Report]

The Insurer Channel of Monetary Policy (with Akshat Singh), October 2024.

ESG Investing: Only Part of the Climate Puzzle (with Dalya Elmalt and Deniz Igan), April 2024. [IMF WP 21/112] [CEPR DP 16061][CEPR e-book on climate][VoxEU]  Coverage: [IMF podcast][A Correction podcast][Callaway Climate Insights]

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending during COVID-19 (with Soledad Martinez Peria, Prachi Mishra, and Jan Strasky), April 2024. [IMF WP 23/25] [CEPR DP 17880] Coverage: [IMF blog]

Banks' Joint Exposure to Market and Run Risk (with Alexander Copestake and Yang Liu), September 2023. [IMF WP 23/200]

Tracking Economic and Financial Policies during COVID-19: An Announcement-Level Database (with Yang Liu, Soledad Martinez Peria, Prachi Mishra, and Jan Strasky), June 2022. [IMF WP 22/114] [Public dataset] [CEPR DP 17879]

How is the likelihood of fire sales in a crisis affected by the interaction of various bank regulations? (with Vijay Narasiman), March 2017. [IMF WP 17/68]


Work in Progress

Banking when inflation surges: headwinds or tailwinds? (with Katharina Bergant, Mai Hakamada, and Rui Mano).

Between a rock and a hot place: Financial frictions to mitigating climate change (with Sharan Banerjee, Damien Capelle, and Germán Villegas Bauer).


Policy Pieces

The Disconnect between Financial Markets and the Real Economy (with Deniz Igan and Sole Martinez Peria), August 2020. [IMF Special Series on COVID-19]

Impact of COVID-19 on Insurers (with Mu Yang Shin), May 2020 [IMF Special Series on COVID-19] [VoxEU]

Saudi Arabia [2018 Article IV Staff Report] [2019 Article IV Staff Report] [2019 Selected Issues Paper on Diversification]

Qatar [2019 Article IV Staff Report] [2019 Selected Issues Paper on Diversification]

GCC [Financial Development and Inclusion] [Interest Rate Risk for Banks]