Research

Publications

(3) Does regulation only bite the less profitable? Evidence from the too-big-to-fail reforms, with Tirupam Goel and Ulf Lewrick

Journal of Money, Credit, and Banking, October 2024 

• Blogpost: Bank Underground; Media coverage: Central Banking; Yale Program on Financial Stability; Brookings: Hutchins Round-up 

• Awards: Third best paper award at IFC 2021 

(2) Equity market responses to surprise Covid-19 lockdowns: The role of pandemic-driven uncertainty, with Rajeswari Sengupta and Bhanu Pratap Singh

Journal of Asian Economics, April 2024, Volume 91, 101691 

• Blogpost: The Leap Journal 

• Awards: Best paper award at SEBI-NISM 2021 conference

(1) Playing it safe: Global systemically important banks after the crisis, with Tirupam Goel and Ulf Lewrick

BIS Quarterly Review, September 2019

• Media coverage: Bloomberg, Risk.net

Working papers and papers in progress

(3) Creditable capital: Macro-prudential regulation and bank lending in stress, with Matthew Naylor and Ani Rajan (under revision)

• Previously circulated under the title "Useful, usable, and used? Buffer usability during the Covid-19 crisis"

• Media coverage: Central Banking

(2) Analysing the RBI's monetary policy communication, with Rajeswari Sengupta, Matthew Naylor, and Roma Kumari (under revision)

• Blogpost: VoxEU; Media coverage: Bloomberg

• Policy impact: RBI's Report on Currency and Finance 2020-21

(1) In the dangerzone! Regulatory uncertainty and voluntary bank capital surpluses, with Peter Eckley and Bill Francis (under revision)

See my short presentation of this paper at the Boston Fed Stress Testing conference in 2025 below (click through to 5:05):

Dormant projects

A fistful of dollars: Channels of transmission of global funding shocks to emerging markets, with Shekhar Hari Kumar

• Blogpost: Bank Underground

Distribution restrictions, bank lending, and risk-taking, with Edoardo Chiarotti and Ani Rajan 

• Policy impact: Cited in a speech by Vicky Saporta (Executive Director, Bank of England) and BCBS report on “Buffer usability and cyclicality in the Basel framework” in 2022

Invited discussions and service

Central Bank of Ireland, UCD, CEPR Conference on Macro-Finance &                                                       2025
Financial Stability Policies; BoE Credit Market Interventions Conference;
BCBS RES - FRB conference (discussant)                

Czech National Bank Workshop on Financial Stability and Macro-prudential Policy (discussant) 2024  

Financial Frictions, Zombie Firms and the Macroeconomy (discussant) 2023  
Southern Finance Association (scientific committee member)
NTNU, Norway (external member for PhD defence)

Advanced analytics: new methods and applications for macroeconomic policy (discussant) 2022
IFABS (scientific committee member)

*: Scheduled

Policy work

Speech by Vicky Saporta on emerging prudential lessons from the Covid stress, July 2021 

WTO-World Bank report on Trade and Poverty, 2015

Economic Survey of India, 2013-14

Financial Sector Legislative Reforms Committee report, 2012

The views expressed are solely of the author and should not be interpreted as reflecting the views of the Bank of England or any of its committees.