Viral V. Acharya's Books

Quest for Restoring Financial Stability in India

By: Viral V. Acharya

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Quest for Restoring Financial Stability in India

By: Viral V. Acharya

An excellent primer for students wanting to learn macroeconomics and policymaking - Kaushik Basu An important and timely contribution to our understanding of the Indian economy - Raghuram Rajan How to maintain financial stability in India? Quest for Restoring Financial Stability in India is a classic work to understand this critical subject. In this Penguin edition, with a new introduction, Viral V. Acharya, former Deputy Governor of RBI offers a concrete road map for comprehensive improvement of India's economy. Authoritative and definitive, this is a must read for the students and scholars of Indian economy, policymakers and anyone interested in India's finance sector.

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Page Count

278

Publisher

Penguin Random House India Private Limited

Published Date

ISBN 10

9357082468

ISBN 13

9789357082464

The Anatomy of the Transmission of Macroprudential Policies

By: Viral V. Acharya,Katharina Bergant,Matteo Crosignani,Tim Eisert,Fergal McCann

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The Anatomy of the Transmission of Macroprudential Policies

By: Viral V. Acharya,Katharina Bergant,Matteo Crosignani,Tim Eisert,Fergal McCann

We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—a?ect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Supervisory loan level data suggest that mortgage credit is reallocated from low-to high-income borrowers and from urban to rural counties. This reallocation weakens the feedback loop between credit and house prices and slows down house price growth in “hot” housing markets. Consistent with constrained lenders adjusting their portfolio choice, more-a?ected banks drive this reallocation and substitute their risk-taking into holdings of securities and corporate credit.

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Publisher

International Monetary Fund

Published Date

ISBN 10

1513545159

ISBN 13

9781513545158

Manufacturing Tail Risk

A Perspective on the Financial Crisis of 2007-2009

By: Viral V. Acharya,Thomas Cooley,Matthew Richardson

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Manufacturing Tail Risk

A Perspective on the Financial Crisis of 2007-2009

By: Viral V. Acharya,Thomas Cooley,Matthew Richardson

Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007-09 reviews the causes of the recent financial crisis and provides possible remedies for the future.

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Now Publishers Inc

Published Date

ISBN 10

1601983409

ISBN 13

9781601983404

Guaranteed to Fail

Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance

By: Viral V. Acharya,Matthew Richardson,Stijn van Nieuwerburgh,Lawrence J. White

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Guaranteed to Fail

Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance

By: Viral V. Acharya,Matthew Richardson,Stijn van Nieuwerburgh,Lawrence J. White

Why America's public-private mortgage giants threaten the world economy—and what to do about it The financial collapse of Fannie Mae and Freddie Mac in 2008 led to one of the most sweeping government interventions in private financial markets in history. The bailout has already cost American taxpayers close to $150 billion, and substantially more will be needed. The U.S. economy--and by extension, the global financial system--has a lot riding on Fannie and Freddie. They cannot fail, yet that is precisely what these mortgage giants are guaranteed to do. How can we limit the damage to our economy, and avoid making the same mistakes in the future? Guaranteed to Fail explains how poorly designed government guarantees for Fannie Mae and Freddie Mac led to the debacle of mortgage finance in the United States, weighs different reform proposals, and provides sensible, practical recommendations. Despite repeated calls for tougher action, Washington has expanded the scope of its guarantees to Fannie and Freddie, fueling more and more housing and mortgages all across the economy--and putting all of us at risk. This book unravels the dizzyingly immense, highly interconnected businesses of Fannie and Freddie. It proposes a unique model of reform that emphasizes public-private partnership, one that can serve as a blueprint for better organizing and managing government-sponsored enterprises like Fannie Mae and Freddie Mac. In doing so, Guaranteed to Fail strikes a cautionary note about excessive government intervention in markets.

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Page Count

233

Publisher

Princeton University Press

Published Date

ISBN 10

1400838096

ISBN 13

9781400838097

COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies

By: Viral V. Acharya,Yang Liu,Mr. Yunhui Zhao

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COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies

By: Viral V. Acharya,Yang Liu,Mr. Yunhui Zhao

We study the effect of COVID-19 containment measures on expected stock price volatility in some advanced economies, using event studies with hand-collected minute-level data and panel regressions with daily data. We find that six-month-ahead volatility indices dropped following announcements of initial or re-imposed lockdowns, and that they did not drop significantly following the easing of lockdowns. Such patterns are not as strong for three-month-ahead expected volatility and generally absent for one-month-ahead expected volatility. These results provide suggestive evidence for the existence of an intertemporal trade-off: although stringent containment measures cause short-term economic disruptions, they may reduce medium-term uncertainty (reflected in expected stock volatility) by boosting markets’ confidence that the outbreak would be under control more quickly.

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Publisher

International Monetary Fund

Published Date

ISBN 10

1513573500

ISBN 13

9781513573502

Book's by Viral V. Acharya

Quest for Restoring Financial Stability in India

Quest for Restoring Financial Stability in India

The Anatomy of the Transmission of Macroprudential Policies

The Anatomy of the Transmission of Macroprudential Policies

Manufacturing Tail Risk

Manufacturing Tail Risk

Guaranteed to Fail

Guaranteed to Fail

COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies

COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies

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