The second annual ISB-NBER conference on Economic Policy and the Indian Economy will be held at the Indian School of Business (ISB) in Hyderabad on December 16-17, 2023.  The meeting will emphasize the relationships between capital markets and technology, and particularly the intersection of the two, and financial inclusion and economic growth. The meeting will be co-organized by Shilpa Aggarwal (ISB) and Amit Seru (Stanford University and NBER).

Priority topics for discussion at the conference include, but are not limited to:

  • Factors that contribute to financial exclusion, including caste, gender and race
  • Effects of financial exclusion on economic performance and household well-being
  • Consequences of government policies and private sector initiatives that seek to reduce financial market frictions and promote access to financial markets
  • Impact of digital transformation, mobile money and AI/ML in expanding access and reducing frictions
  • Implications of capital market regulations, including those affecting banks and securities markets, for financial market access by small businesses and low-income households

The conference will spotlight research on the Indian economy and the South Asian region, but studies of other regions that have broad implications are also welcome.


Friday, December 15

06:30 pm

Dinner at the Sheraton Hyderabad

Saturday, December 16

09:00 am

Coffee and Tea

09:30 am

Can Cashless Payments Spur Economic Growth?

Amiyatosh Purnanandam, University of Michigan

Tamanna Singh Dubey, University of Michigan


Viral V. Acharya, New York University and NBER

10:30 am

Can Open Banking Substitute Credit Bureaus?

Kumar Rishabh, HEC Lausanne


Amit Seru, Stanford University and NBER

11:30 am


12:00 pm

Impact of the GST on Corporate Tax Evasion: Evidence from Indian Tax Records

Sumit Agarwal, National University of Singapore

Shashwat Alok, Indian School of Business

Shiv Dixit, Indian School of Business

Tejaswi Velayudhan, University of Michigan


James Poterba, Massachusetts Institute of Technology

01:00 pm


02:00 pm

The Moneylender as Middleman: Formal Credit Supply and Informal Loans in Rural India

Vaishnavi Surendra, Precision Development (PxD)


Anusha Chari, University of North Carolina at Chapel Hill and NBER

03:00 pm

Banks, Misallocation and Structural Transformation: Evidence from India

Marshall Mo, Stanford University

Dian Jiao, Columbia University


Luigi Zingales, University of Chicago and NBER

04:00 pm


04:30 pm

Panel Discussion on FinTech and Financial Inclusion

06:30 pm


Sunday, December 17

08:30 am

Coffee and Tea

09:00 am

Mobile Money, Interoperability and Financial Inclusion

Nicola Limodio, Bocconi University

Markus K. Brunnermeier, Princeton University and NBER

Lorenzo Spadavecchia, Bocconi University


Per Stromberg, Stockholm School of Economics

10:00 am

Disentangling the Effects of Financial Inclusion on Household Well-Being(slides)

Nandini Gupta, Indiana University

Ashish K. Sedai, University of Texas at Arlington


Tarun Ramadorai, Imperial College London

11:00 am


11:30 am

Information Frictions and Take-up of Government Credit Programs

Apoorv Gupta, Dartmouth College

Jacopo Ponticelli, Northwestern University and NBER

Andrea Tesei, Queen Mary University of London


Raghuram Rajan, University of Chicago and NBER

12:30 pm


01:30 pm

Using Lotteries to Attract Deposits

Paul Gertler, University of California, Berkeley and NBER

Sean Higgins, Northwestern University

Aisling Scott, University of California at Berkeley

Enrique Seira, Michigan State University


Shilpa Aggarwal, Indian School of Business

02:30 pm

Does "Financial Affirmative Action" Affect Minority Well-Being? Evidence from a Directed Credit Program for Religious Minorities

Subrata Kumar Ritadhi, Ashoka University

Muhammad Yasir Khan, University of Pittsburgh


Rohini Pande, Yale University and NBER

03:30 pm


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