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Krishnamurthy Subramanian
Professor, Finance (On Leave)
Email Krishnamurthy_Subramanian@isb.edu
Website https://en.wikipedia.org/wiki/Krishnamurthy_Subramanian
Overview
Dr. Krishnamurthy V Subramanian is a Professor at the Indian School of Business. As the youngest Chief Economic Advisor to the Government of India from 2018 to 2021, Dr. Subramanian instituted policy that led to India emerging from the once-in-a-century Covid crisis with strong macroeconomic fundamentals, unlike the previous crisis when India joined the “Fragile Five” economies. Acknowledging Dr. Subramanian’s contributions, the Hon’ble Prime Minister Shri. Narendra Modi noted his “academic brilliance, unique perspectives on economic and policy matters, and reformatory zeal.”
Dr. Subramanian authored path-breaking Economic Surveys on Ethical Wealth Creation for a prosperous India (2019-20), the Strategic Blueprint for India to become a $5 trillion economy (2018-19), and the post-Covid economy using public capital expenditures in infrastructure and healthcare to further counter-cyclical fiscal policy (2020-21). India’s economic policy toward a self-reliant India and the concomitant reforms draw on the ideas he advocated in these Surveys. His ideas of the use of Behavioural Economics and Thalinomics captured the public imagination.
Dr Subramanian has been conferred the Distinguished Alumnus award by his alma maters IIT-Kanpur and IIM-Calcutta. A PhD from University of Chicago, Prof. Subramanian’s research in banking, law and finance, innovation and economic growth, and corporate governance has been published in the world's leading journals.
Experience
Academic
- 2019 - Present: Professor (on Leave), Indian School of Business
- 2017 - 2019: Associate Professor & Executive Director, Centre For Analytical Finance, Indian School of Business
- 2015 - 2017: Associate Professor, Indian School of Business
- 2015 - 2015: Visiting Associate Professor of Finance, Kellogg School, Northwestern Univ, USA
- 2010 - 2015: Assistant Professor, Indian School of Business
- 2009 - 2010: Visiting Scholar, Indian School of Business
- 2005 - 2010: Assistant Professor, Emory University, Goizueta Business School
Professional
- 2017 - 2018: Director, RBI Academy
- 2015 - 2018: Director, National Institute of Bank Management (NIBM)
- 2015 - 2018: Independent Director, Bandhan Bank
- 2004 - 2005: Consultant, J P Morgan Chase Inc., Interest Rate Derivatives Desk, New York
- 2000 - 2001: Executive Assistant to Chairman, Fixed Income Money Markets & Derivatives Association (FIMMDA), Mumbai
- 1999 - 2000: Manager, Derivatives Research, ICICI Bank Ltd., Mumbai (India)
- 1999 - 1999: Associate, ICICI Ventures Ltd., Mumbai (India)
Government
- 2022 - Present: Executive Director, International Monetary Fund
- 2018 - 2021: Chief Economic Adviser, Government of India
- 2017 - 2018: Chair, Risk Management Group on Inter-operability among Exchanges, SEBI
- 2017 - 2018: Member, Standing Committee on Secondary Markets headed by Prof. J R Verma, SEBI
- 2017 - 2018: Member, Uday Kotak Committee on Corporate Governance, SEBI
- 2016 - 2018: Member - Alternative Investments Policy Advisory Committee (AIPAC) headed by Narayanmurthy, Securities and Exchange Board of India
- 2016 - 2018: Standing Committee on Alternative Investments headed by Narayana Murthy, SEBI
- 2017 - 2018: Member, Standing Committee on Primary Markets headed by Mohandas Pai, SEBI
- 2015 - 2015: Contributor to Chapter 5, Vol. 1 of The economic survey of India, Ministry of Finance
- 2014 - 2014: Member & Director of Research, P J Nayak Committee on Governance of Bank Boards, The Reserve Bank of India
In the Media
July 15, 2022: Recession Possibility, Falling Rupee & Suggestion For Govt, India Today.
February , 2022: Media Interaction with Ms. Swati Rathor, The Times of India.
July , 2019: An imprint of ISB on the Economic Survey, Hindu Business Line.
November 19, 2018: Development Seminar | Non-performing assets & the slow path to bank reform, Youtube.
October 5, 2018: The real bank crisis, The Indian Express.
September 7, 2018: Crowd-sourcing for better regulation, The Mint.
September 5, 2018: Bridge the human resources gap at Sebi, The Mint.
September 4, 2018: Building regulatory capacity in Sebi, The Mint.
July 12, 2018: Don’t witch hunt bankers: Prevention of Corruption Act must be speedily amended, else decision making will be frozen, The Times of India.
February 19, 2018: How to tackle bank fraud: PNB scam should pave the way to reforming the audit profession in India, The Times of India.
February 12, 2018: Why Central Bankers cannot follow the markets, The Mint.
January 27, 2018: The Cloning Of India’s Public Sector Banks, Bloomberg Quint.
January , 2018: Pre-budget Analysis, Union Budget 2018, Bloomberg Quint.
November 19, 2018: What are some of the problems that public sector banks face with respect to governance?, Youtube.
September 19, 2018: PSU Bank Mergers- Reform Or Lack Of Choice? ISB's Krishnamurthy Subramanian's Take, Youtube.
September 6, 2018: Use data science for risk prediction, The Mint.
February 4, 2018: Modern economies require central bankers with the ability to interpret emerging patterns, The Economic Times.
October 6, 2017: Our focus was on boards, auditors and the regulator, The Mint.
September 19, 2017: The Stress in Indian Public Sector Banks, ISB Insight.
September 6, 2017: Lessons in Corporate Governance at Infosys, The Mint.
June 19, 2017: #TheFinapolisKnowledgeSeries | GST: A Mantra for Growth, Youtube.
February 17, 2017: India Inc is better off avoiding the flawed US practice of unrealistically high CEO compensation. Here’s why, The Economic Times.
February 6, 2017: Focusing on domestic growth, The Mint.
January 26, 2017: On a date with data-mining, The Economic Times.
January 26, 2017: Time is ripe to reform governance of public sector banks, The Economic Times.
November 25, 2016: With demonetisation starts a tectonic shift from vote-buying politics to clientelism, The Economic Times.
November 23, 2016: Demonetisation: Are the poor really suffering?, The Mint.
November 11, 2016: Will Black Be Back? Why demonetisation will be revolutionary in India’s fight against corruption, The Times of India.
November 3, 2016: Jungle Raj In UP: What do crime data tell us about the record of successive state governments?, The Times of India.
October 31, 2016: If Ratan Tata doesn’t give his successor a free hand, his insecurity may become his worst enemy, The Economic Times.
October 13, 2016: Designing your bonus – Why Oliver Hart and Bengt Holmstrom won the Nobel for their work in contract theory, The Economic Times.
October 6, 2016: For a banking renaissance: How to set up bad bank to manage stressed assets, The Times of India.
September 23, 2016: For better transmission of monetary policy, The Economic Times.
September 22, 2016: All Aboard: Let's move!, The Economic Times.
September 12, 2016: For A Banking Renaissance, The Times of India.
September 12, 2016: Who will bell the cat, Times of India.
September 5, 2016: The teacher who was an RBI governor, The Mint.
July 7, 2016: In debt to dynasty, The Times of India.
June 29, 2016: Young India will look at Raghuram Rajan as a terrific achiever, Interview in www.rediff.com.
June 23, 2016: Attacking our heroes, The Times of India.
June 18, 2016: Economic growth & incumbency: How to keep your government, The Economic times.
June 8, 2016: Regulating credit rating agencies, The Mint.
May 18, 2016: Evergreening by private sector banks, The Mint.
March 21, 2016: Improving governance in banks, The Mint.
March 1, 2016: A budget for Bharat, Indian Express.
February 27, 2016: Economic Survey: FM gearing for fiscal slippage?, Youtube.
February 26, 2016: Economic Survey: India Really Insulated?, BTVI.
February 26, 2016: Economic Survey: FY17 Growth Projected At 7-7.5%, BTVI.
February 25, 2016: Retrieving black money: Stairway to tax havens, The Economic times.
February 25, 2016: Retrieving black money: Stairway to tax havens, Economic times.
Research & Publications
Published Papers
Alok, Shashwat., Subramanian, Krishnamurthy. (forthcoming) "“Does Strengthening the Property Rights of Employee Inventors Spur Innovation? Empirical Evidence on “Freedom to Create” Laws Passed by U.S. States”", Journal of Law and Economics Tantri, Prasanna., Agarwal, Samanvaya., Kamath, Saipriya., Subramanian, Krishnamurthy. (2022) "Board Conduct in Banks", Journal of Banking and Finance Chopra, Yakshup., Subramanian, Krishnamurthy., Tantri, Prasanna. (2020) "Bank Cleanups, Capitalization and Lending: Evidence from India", Review of Financial Studies , 34 (9), 4132-4176 Bhowal, Subhendu., Subramanian, Krishnamurthy., Tantri, Prasanna. (2020) "Costs Of Job Rotation: Evidence From Mandatory Loan Officer Rotation", Management Science , 67 (4), 2075-2095 Sarkar A.., Subramanian, Krishnamurthy., Tantri, Prasanna. (2018) "Effects of CEO Turnover in Banks: Evidence Using Exogenous Turnovers in Indian Banks", Journal of Financial and Quantitative Analysis , 54 (1), 183-214 Mukherjee, Saptarshi., Subramanian, Krishnamurthy., Tantri, Prasanna. (2018) "Borrower Distress and Debt Relief: Evidence From a Natural Experiment", Journal of Law and Economics , 61 (4), 607-635 Subramanian, Krishnamurthy., William Megginson. (2018) "Employment Protection Laws and Privatization", The Journal of Law and Economics , 61 (1), 97-123 Chakrabarti Rajesh., Subramanian, Krishnamurthy., Sesha Meka. (2017) "Localization of FDI flows: Evidence on Infrastructure as a critical determinant", Journal of Law, Finance and Accounting , 2 (1), 205-246 Subramanian, Krishnamurthy., Frederick Tung. (2016) "Law and Project Finance", Journal of Financial Intermediation Viral Acharya., Baghai Ramin., Subramanian, Krishnamurthy. (2014) "Wrongful Discharge Laws and Innovation", The Review of Financial Studies , 27 (1) Subramanian, Krishnamurthy., Sapra, Haresh., Subramanian, Ajay. (2014) "Corporate Governance and Innovation : Theory and Evidence", Journal of Financial and Quantitative Analysis , 49 (4), 957 – 1003 Chava, Sudheer., Oettl, Alexander., Subramanian, Ajay., Subramanian, Krishnamurthy. (2013) "Banking Deregulation and Innovation", Journal of Financial Economics , 109 (3), 759-774 Subramanian, Krishnamurthy., Viral Acharya., R Baghai-Wadji. (2013) "Labor Laws and Innovation", Journal of Law and Economics , 56 (4), 997-1037 Subramanian, Krishnamurthy. (2011) "Lessons from the financial crisis: failure of markets or failure of regulation?", Macroeconomics and Finance in Emerging Market Economies , 4 (2) Subramanian, Krishnamurthy., Viral V Acharya. (2009) "Bankruptcy Codes and Innovation", Review of Financial Studies , 22 (12), 4949-4988 Subramanian, Krishnamurthy. (2001) "Term Structure Estimation in Illiquid Markets", The Journal of Fixed Income , 11 (1), 78-91
Books and Monographs
Subramanian, Krishnamurthy., Vaidya Nathan, Krishnamurthy. (2023) "Money: A Zero Sum Game", Subramanian, Krishnamurthy., Acharya, Viral. (2016) "State intervention in banking: the relative health of Indian public sector and private sector banks", Springer Chakrabarti, Rajesh., Subramanian, Krishnamurthy., P. K. Yadav., Y. Yadav. (2012) "Executive Compensation in India, Research Handbook on Executive Pay", Edward Elgar Publications Subramanian, Krishnamurthy., Acharya, Viral. "Dismissal Laws and Innovation", Book Edited by Asian Development Bank Institute
Working Papers
Subramanian, Krishnamurthy., Basak, Deepal. "Alliance, Acquisition and Excludability" Subramanian, Krishnamurthy. "Banking Deregulation and Job Creation by Entrepreneurial Firms" Tantri, Prasanna., Agrawal, Deepak., Subramanian, Krishnamurthy., Thirumalai, Ramabhadran. "Do Derivatives Matter? Evidence from a Policy Experiment" Subramanian, Krishnamurthy. "The Optimal Locus of Innovation" Samanvaya Agarwal., Subramanian, Krishnamurthy., Prasanna Tantri., Saipriya Kamath. "Board Conduct in Banks: Evidence from Indian Banks" Subramanian, Krishnamurthy. "The Color of Money: A Startup's Choice among Venture Capitalists" Subramanian, Krishnamurthy., Bhowal Subhendu., Tantri Prasanna. "Costs Of Job Rotation: Evidence From Mandatory Loan Officer Rotation" Dixit, Shiv., Subramanian, Krishnamurthy. "Bank Coordination and Monetary Transmission: Evidence from India" Subramanian, Krishnamurthy. "Clicks Versus Bricks: A Theory of Differences between Intangible-asset-intensive and Tangible-asset-intensive Firms" Subramanian, Krishnamurthy., Jefferson Abraham. "Employment protection laws and income inequality" Mangipudi, Chandrasekhar., Subramanian, Krishnamurthy., Vasu, Rajkamal. "Valuation of Private, Innovative Targets: Evidence from Cisco’s Acquisitions" Subramanian, Krishnamurthy., Vaidyanathan. k.., Yadav Ajay. "Deregulation of Entry and Systemic Bank Failures" Subramanian, Krishnamurthy., Rajesh Chakrabarti. "Systemic Impact of Accounting Scandals on Corporate Governance in Emerging Markets: Evidence from India" Subramanian, Krishnamurthy., Abhishek Bharadwaj., Tantri Prasanna. "Relationship Banking and Monetary Policy Transmission: Evidence from India" Subramanian, Krishnamurthy. "Independent Directors as Information Intermediaries in Emerging Markets"