Divya Kirti's Books

What Are Reference Rates For?

By: Divya Kirti

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What is the precise role of reference rates? Why does it matter if LIBOR was manipulated? To address these questions, I analyze the use of reference rates in floating-rate loans and interestrate derivatives in the context of lending relationships. I develop a simple framework combining maturity transformation with three key frictions which generate meaningful funding risk and a rationale for risk management. Reference rates like LIBOR mitigate contractual incompleteness, facilitating management of funding risk. As bank funding costs move with bank credit risk, it makes sense for the reference rate to have a bank credit risk component. Manipulation can add noise, reducing the usefulness of reference rates for this purpose.

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International Monetary Fund

Published Date

ISBN 10

147557763X

ISBN 13

9781475577631

Why Do Bank-Dependent Firms Bear Interest-Rate Risk?

By: Divya Kirti

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Why Do Bank-Dependent Firms Bear Interest-Rate Risk?

By: Divya Kirti

I document that floating-rate loans from banks (particularly important for bank-dependent firms) drive most variation in firms' exposure to interest rates. I argue that banks lend to firms at floating rates because they themselves have floating-rate liabilities, supporting this with three key findings. Banks with more floating-rate liabilities, first, make more floating-rate loans, second, hold more floating-rate securities, and third, quote lower prices for floating-rate loans. My results establish an important link between intermediaries' funding structure and the types of contracts used by non-financial firms. They also highlight a role for banks in the balance-sheet channel of monetary policy.

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International Monetary Fund

Published Date

ISBN 10

1475568975

ISBN 13

9781475568974

How Do Changing U.S. Interest Rates Affect Banks in the Gulf Cooperation Council (GCC) Countries?

By: Mr.Olumuyiwa S Adedeji,Yacoub Alatrash,Mr.Divya Kirti

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How Do Changing U.S. Interest Rates Affect Banks in the Gulf Cooperation Council (GCC) Countries?

By: Mr.Olumuyiwa S Adedeji,Yacoub Alatrash,Mr.Divya Kirti

Given their pegged exchange rate regimes, Gulf Cooperation Council (GCC) countries usually adjust their policy rates to match shifting U.S. monetary policy. This raises the important question of how changes in U.S. monetary policy affect banks in the GCC. We use bank-level panel data, exploiting variation across banks within countries, to isolate the impact of changing U.S. interest rates on GCC banks funding costs, asset rates, and profitability. We find stronger pass-through from U.S. monetary policy to liability rates than to asset rates and bank profitability, largely reflecting funding structures. In addition, we explore the role of shifts in the quantity of bank liabilities as policy rates change and the role of large banks with relatively stable funding costs to explain these findings.

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International Monetary Fund

Published Date

ISBN 10

1513522957

ISBN 13

9781513522951

Limits to Private Climate Change Mitigation

By: Dalya Elmalt,Mr. Divya Kirti,Ms. Deniz O Igan

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Limits to Private Climate Change Mitigation

By: Dalya Elmalt,Mr. Divya Kirti,Ms. Deniz O Igan

As climate change looms larger, many look to sustainable investing that incorporates environmental, social, and governance (ESG) concerns as part of the way forward. To assess scope for ESG-conscious investing to achieve climate change goals, we explore the link between emissions growth and ESG scores using firm-level data for the largest emitters around the world. Discouragingly, our analysis uncovers at best a weak relationship: firms with better ESG scores do display somewhat slower emissions growth but this link is substantially attenuated and no longer statistically significant if we limit attention to within-country or within-firm variation. Our findings suggest limited scope for sustainable investing strategies conditioned solely on ESG indicators to meaningfully help mitigate climate change and, more broadly, underscore the need to continue to build consensus towards effective economy-wide policies to address climate change.

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International Monetary Fund

Published Date

ISBN 10

151358250X

ISBN 13

9781513582504

Lending Standards and Output Growth

By: Divya Kirti

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Lending Standards and Output Growth

By: Divya Kirti

While some credit booms are followed by economic underperformance, many are not. Can lending standards help separate good credit booms from bad credit booms contemporaneously? To observe lending standards internationally, I use information from primary debt capital markets. I construct the high-yield (HY) share of bond issuance for a panel of 38 countries. The HY share is procyclical, suggesting that lending standards in bond markets are extrapolative. Credit booms with deteriorating lending standards (rising HY share) are followed by lower GDP growth in the subsequent three to four years. Such booms deserve attention from policy makers.

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International Monetary Fund

Published Date

ISBN 10

148434474X

ISBN 13

9781484344743

When Gambling for Resurrection is Too Risky

By: Divya Kirti

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When Gambling for Resurrection is Too Risky

By: Divya Kirti

Rather than taking on more risk, US insurers hit hard by the crisis pulled back from risk taking, relative to insurers not hit as hard by the crisis. Capital requirements alone do not explain this risk reduction: insurers hit hard reduced risk within assets with identical regulatory treatment. State level US insurance regulation makes it unlikely this risk reduction was driven by moral suasion. Other financial institutions also reduce risk after large shocks: the same approach applied to banks yields similar results. My results suggest that, at least in some circumstances, franchise value can dominate, making gambling for resurrection too risky.

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International Monetary Fund

Published Date

ISBN 10

148431266X

ISBN 13

9781484312667

How is the likelihood of fire sales in a crisis affected by the interaction of various bank regulations?

By: Divya Kirti,Vijay Narasiman

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How is the likelihood of fire sales in a crisis affected by the interaction of various bank regulations?

By: Divya Kirti,Vijay Narasiman

We present a model that describes how different types of bank regulation can interact to affect the likelihood of fire sales in a crisis. In our model, risk shifting motives drive how banks recapitalize following a negative shock, leading banks to concentrate their portfolios. Regulation affects the likelihood of fire sales by giving banks the incentive to sell certain assets and retain others. Ex-post incentives from high risk weights and the interaction of capital and liquidity requirements can make fire sales more likely. Time-varying risk weights may be an effective tool to prevent fire sales.

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International Monetary Fund

Published Date

ISBN 10

1475588674

ISBN 13

9781475588675

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

By: Mr. Divya Kirti,Mr. Maria Soledad Martinez Peria,Ms. Prachi Mishra,Jan Strasky

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What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

By: Mr. Divya Kirti,Mr. Maria Soledad Martinez Peria,Ms. Prachi Mishra,Jan Strasky

This paper analyzes the impact of fiscal, monetary, and prudential policies during the COVID-19 pandemic on bank lending across a broad sample of countries. We combine a comprehensive announcementlevel dataset of policy actions with bank and firm-level information to analyze the effectiveness of different types of policies. We document that different types of policies were introduced together and hence accounting for policy combinations, or packages, is crucial. Lending grew faster at banks in countries that announced packages combining fiscal, monetary, and prudential measures relative to those that relied on some, but not all, policy dimensions. Within packages including all three types of policy measures, banks in countries with more and larger measures saw faster loan growth. The impact was larger among more constrained banks with low equity levels. Large packages combining fiscal, monetary and prudential policies also increased liquidity for bank dependent firms, but did not disproportionately benefit unviable firms.

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International Monetary Fund

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ISBN 13

9798400233913

Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database

By: Mr. Divya Kirti,Yang Liu,Soledad Martinez Peria,Ms. Prachi Mishra,Jan Strasky

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Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database

By: Mr. Divya Kirti,Yang Liu,Soledad Martinez Peria,Ms. Prachi Mishra,Jan Strasky

We introduce a new comprehensive announcement-level database tracking the extraordinary fiscal, monetary, prudential, and other policies that countries adopted in response to Covid-19. The database provides detailed information, including sizes where available, for 28 granular policies adopted by 74 countries during 2020. About 5,500 policy measures were announced during this period. Importantly, the database is organized and presented in a format easy for researchers to use in empirical analyses. Announcements were highly correlated across the broad fiscal, monetary, and prudential categories and at more granular levels. Advanced economies (AEs) introduced larger fiscal measures than emerging and developing economies (EMDEs) and relied primarily on large unconventional monetary policies. Bank capital requirements were relaxed widely in both AEs and EMs, while relaxation of provisioning requirements was more common among EMs. Supervisory expectations and reporting requirements were widely relaxed.

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International Monetary Fund

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ISBN 13

9798400213069

Mitigating Climate Change at the Firm Level: Mind the Laggards

By: Mr. Damien Capelle,Mr. Divya Kirti,Mr. Nicola Pierri,Mr. German Villegas Bauer

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Mitigating Climate Change at the Firm Level: Mind the Laggards

By: Mr. Damien Capelle,Mr. Divya Kirti,Mr. Nicola Pierri,Mr. German Villegas Bauer

Using self-reported data on emissions for a global sample of 4,000 large, listed firms, we document large heterogeneity in environmental performance within the same industry and country. Laggards—firms with high emissions relative to the scale of their operations—are larger, operate older physical capital stocks, are less knowledge intensive and productive, and adopt worse management practices. To rationalize these findings, we build a novel general equilibrium heterogeneous-firm model in which firms choose capital vintages and R&D expenditure and hence emissions. The model matches the full empirical distribution of firm-level heterogeneity among other moments. Our counter-factual analysis shows that this heterogeneity matters for assessing the macroeconomic costs of mitigation policies, the channels through which policies act, and their distributional effects. We also quantify the gains from technology transfers to EMDEs.

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International Monetary Fund

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ISBN 13

9798400258541

Banks’ Joint Exposure to Market and Run Risk

By: Alexander Copestake,Mr. Divya Kirti,Yang Liu

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Banks’ Joint Exposure to Market and Run Risk

By: Alexander Copestake,Mr. Divya Kirti,Yang Liu

Recent failures of US banks highlight that large liability withdrawals can damage capital positions—i.e., that liquidity risk and solvency risk interact. A simple risk assessment for banks in a wide group of countries finds sizable exposure to this interaction. This varies significantly across banks—primarily reflecting differences in cash buffers, capitalization, securities holdings and exposure to market risk—and is highly concentrated. Vulnerability is generally greater for banks in AEs due to lower cash buffers, securities holdings and capitalization. Within AEs—unlike in EMs—larger banks are most exposed, due to greater wholesale funding and thinner capital buffers. Estimated aggregate losses are substantial in some countries, reflecting a range of recent shocks.

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International Monetary Fund

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ISBN 13

9798400253966

Khamoshiyan

By: Raghav Bansal, Shifa Anjum M Patel & Divya

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Khamoshiyan

By: Raghav Bansal, Shifa Anjum M Patel & Divya

Khamoshiyan means Silence, By this book we want to give a medium to the Writers to open up and share their thoughts of Poem. This Anthology ‘Khamoshiyan’ Consists of 150 Co-authors Including Compilers Raghav Bhansal, Shifa Anjum M Patel and Divya. There are various themes and generes covered in this Anthology, giving opportunities to Express yourselves without any restrictions. Language of this book is English and Hindi. Hope authors and readers will welcome this ‘Khamoshiyan Anthology' and tell us their Valuable review to grow more. ‘‘Even in the future, the story begins with once upon a time.....’’

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312

Publisher

TZP Publication

Published Date

ISBN 10

9390947006

ISBN 13

9789390947003

Bound By Unconditional Love

By: Divya Chakraborty

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Bound By Unconditional Love

By: Divya Chakraborty

In the depths of her despair, Avani's voice shattered the silence, "I hate you, Major Rishabh Malhotra! I hate you! You broke my trust; you broke me today. I will never forgive you.” Avani, a compassionate 25-year-old Financial Analyst, saw her world crumble when Rishabh Malhotra, a 27-year-old Army Major, broke her heart as he went off to a mission with zero chances of returning unscathed, leaving her heartbroken and shattered. But fate had other plans in store. What unfolds, when Rishabh endeavours to mend the love he once broke, all while fulfilling his duty? Can Avani's shattered heart ever be made whole again, especially when the truth comes to light? Will they find their way back to happiness or are some wounds too deep to heal? This is a story of love, heartbreak, and the quest for redemption, where two fractured hearts must find a way to mend the irreparable.

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Page Count

420

Publisher

Author's Ink Publications

Published Date

ISBN 10

9392665628

ISBN 13

9789392665622

Odyssey

Short Stories by Indian Women Writers Settled Abroad

By: Divya Mathur

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Odyssey

Short Stories by Indian Women Writers Settled Abroad

By: Divya Mathur

Collection Of Short Stories.

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Page Count

140

Publisher

Star Publications

Published Date

ISBN 10

8171440533

ISBN 13

9788171440535

Fundamentals of Oral and Maxillofacial Surgery- E-Book

By: Divya Mehrotra

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Fundamentals of Oral and Maxillofacial Surgery- E-Book

By: Divya Mehrotra

Fundamentals of Oral and Maxillofacial Surgery is a classic text on basic oral and maxillofacial surgery focusing on the concepts of the subject. It provides clinical exposure through numerous patient photographs, short videos and sensitizes the students to evidence-based practice. It ensures a comprehensive coverage of skills to diagnose maxillofacial diseases and perform minor oral surgical procedures. This book provides a strong foundation, has comprehensive coverage of syllabus, and imparts information in format which is easy to understand and remember. This will be invaluable to undergraduate dental students in their clinical years and provide basic knowledge to the postgraduates as well. - Additional chapters on: - Essential and basic topics like Drains, Electrocautery, Cryosurgery, Laser, Injections, Bone Healing, Delayed Union & Malunion which are not available in other contemporary books - Evidence-based oral and maxillofacial surgery, and - Research methodologies and statistical tools with focus on grant writing - Text supported with numerous illustrations and flowcharts for better understanding of concepts - Case-based questions to help students prepare for exams - MCQs with answers at end of each chapter for self-evaluation - Digital Ancillaries: - Short videos of surgical procedures - Video lectures by stalwarts in the field - Numerous explanatory power-point presentations

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631

Publisher

Elsevier Health Sciences

Published Date

ISBN 10

8131254909

ISBN 13

9788131254905

India’s Banks: Lending to Productive Firms?

By: Siddharth George,Mr. Divya Kirti,Soledad Martinez Peria,Rajesh Vijayaraghavan

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India’s Banks: Lending to Productive Firms?

By: Siddharth George,Mr. Divya Kirti,Soledad Martinez Peria,Rajesh Vijayaraghavan

Capital misallocation is widely thought to be an important factor underpinning productivity and income gaps between advanced and emerging economies. This paper studies how well Indian banks allocate capital across firms with varying levels of productivity. The analysis reveals that the link between productivity and bank credit growth is weaker for firms with significant ties to public sector banks, especially in years when public sector banks represent a large share of new credit. Large flows of credit to unproductive firms represent important missed growth opportunities for more productive firms. These results suggest that measures to improve governance of public sector banks, potentially including privatization, would help reduce capital misallocation.

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International Monetary Fund

Published Date

ISBN 13

9798400206665

Book's by Divya Kirti

What Are Reference Rates For?

What Are Reference Rates For?

Why Do Bank-Dependent Firms Bear Interest-Rate Risk?

Why Do Bank-Dependent Firms Bear Interest-Rate Risk?

How Do Changing U.S. Interest Rates Affect Banks in the Gulf Cooperation Council (GCC) Countries?

How Do Changing U.S. Interest Rates Affect Banks in the Gulf Cooperation Council (GCC) Countries?

Limits to Private Climate Change Mitigation

Limits to Private Climate Change Mitigation

Lending Standards and Output Growth

Lending Standards and Output Growth

When Gambling for Resurrection is Too Risky

When Gambling for Resurrection is Too Risky

How is the likelihood of fire sales in a crisis affected by the interaction of various bank regulations?

How is the likelihood of fire sales in a crisis affected by the interaction of various bank regulations?

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending During COVID-19

Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database

Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database

Mitigating Climate Change at the Firm Level: Mind the Laggards

Mitigating Climate Change at the Firm Level: Mind the Laggards

Banks’ Joint Exposure to Market and Run Risk

Banks’ Joint Exposure to Market and Run Risk

Khamoshiyan

Khamoshiyan

Bound By Unconditional Love

Bound By Unconditional Love

Odyssey

Odyssey

Fundamentals of Oral and Maxillofacial Surgery- E-Book

Fundamentals of Oral and Maxillofacial Surgery- E-Book

India’s Banks: Lending to Productive Firms?

India’s Banks: Lending to Productive Firms?

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