ABOUT ISB
ISB Experience Tailored to you
Help us tailor the website experience to your taste. Make some selections to let the website work better for you.
I am Interested in
Suggestions for You
Krishnamurthy Subramanian
Professor, Finance (On Leave)
Email Krishnamurthy_Subramanian@isb.edu
Website https://en.wikipedia.org/wiki/Krishnamurthy_Subramanian
Overview
Prof. K. V. Subramanian is an Executive Director at the International Monetary Fund, the 17th Chief Economic Advisor to the Government of India from 2018 to 2021, and a Professor of Finance (on leave) at the Indian School of Business.
As Chief Economic Advisor, Prof. Subramanian conceptualized India’s economic policy during the once-in-a-century COVID pandemic. By correctly identifying Covid as a huge supply-side shock, Prof. Subramanian balanced supply and demand-side measures, transformed fiscal policy to focus on public capital expenditures, and initiated path-breaking reforms to address structural problems. His foresight and vision enabled the Indian economy to emerge with high growth and strong macro fundamentals despite the Ukraine war following the pandemic. His policy ideas drew on the path-breaking Economic Surveys he authored 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). 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 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
March 21, 2023: Blame it on fed and federal government: US bank failures – Europe may see similar troubles – are thanks to monetary/fiscal imprudence. And India should brace for aftershocks. Two analyses, The Times of India.
February 18, 2023: Adani being a private firm should respond purely on basis of its financials: KV Subramanian, The Economies Times.
February 16, 2023: Was Adani stock rise really a con? GoI’s ex-CEA & IMF’s Executive Director, India, argues a plausible explanation for the high market valuation was a combination of public capital spending and irrational exuberance, The Times of India.
February 2, 2023: How Nirmala ticked all the boxes: Despite poll pressures, FM goes for growth, boosting both investment and consumption, The Times of India.
February 2, 2023: SPF: K.V. Subramanian on 'Inequality and Growth in India', Salus Populi Foundation at Yale.
February 1, 2023: Happy With The Continuity That Is Pursuit In This Budget, Says IMF Executive Director KV Subramanian, India Today.
February 1, 2023: KV Subramanian Shares His Thoughts On Relief To Salaried Individuals In New Tax Slab | Budget 2023, Times Now.
February 1, 2023: Union Budget 2023-24: Exclusive Interview with Dr. K V Subramanian, Executive Director (India), IMF, Sansad TV.
January 31, 2023: IMF's KV Subramanian Shares His Views On Economic Survey 2023 & More | Union Budget 2023, CNBC-TV18.
January 10, 2023: Off The Cuff with Dr Krishnamurthy Subramanian, ThePrint.
January 8, 2023: K V Subramanian On Why Excess Liquidity Does Not Create Credit Growth | Indianomics | CNBC-TV18, CNBC-TV18.
January 8, 2023: KV Subramanian Discusses Monetary Economics & Its Different Theories | Indianomics | CNBC-TV18, CNBC-TV18.
January 7, 2023: IMF ED KV Subramanian Bullish On India: 'Expect Emphasis On Growth In Budget' | Mirror Now, Mirror Now.
January 7, 2023: IMF executive director KV Subramanian in an exclusive interview with Zee Business, Zee Business.
January 6, 2023: MONEY: A Zero-Sum Game?, BusinessToday.
January 6, 2023: ET Now Exclusive: IMF's KV Subramanian On Advance GDP Estimates | India Development Debate, ET Now.
January 3, 2023: Understanding Monetary Economics & Different Theories, CNBC-TV18.
November 16, 2022: Samvaad : Dr. K V Subramanian, Executive Director (India), International Monetary Fund, Sansad TV.
October 15, 2022: A critique of India’s usual critics: The intelligentsia must recognise that political preferences influence their analysis more than they admit, The Times of India.
September 7, 2022: The meaning of being fifth: Of all major economies India’s has been the least fiscally boosted and so most resilient now, The Times of India.
September 6, 2022: Insightful Session with Prof. K. V. Subramanian - An Indian Economist, Professor at ISB, 21K Learning Cloud.
August 31, 2022: Krishnamurthy V Subramanian On The State Of Indian Economy & Way Ahead | Indianomics | EXCLUSIVE, CNBC-TV18.
August 31, 2022: Economist KV Subramanian Discusses Factors That Pose Inflation Threat | Indianomics | CNBC-TV18, CNBC-TV18.
August 26, 2022: In Conversation With K V Subramanian On The State Of Indian Economy & Global Economy | Indianomics, CNBC-TV18.
July 26, 2022: What CJI must prioritise: Rescuing India from being at the bottom 15th percentile of all nations in ease of enforcement of contracts, The Times of India.
July 19, 2022: Ex-Chief Economic Advisor K V Subramanian on Unicorns, Credit, and Fintechs | Capital Circuit | Yubi, Yubi.
July 15, 2022: Recession Possibility, Falling Rupee & Suggestion For Govt, India Today.
July 15, 2022: The Level Of Depreciation Doesn't Matter': KV Subramanian Reasons All Currencies Have Depreciated, India Today.
June 10, 2022: What's the State of the Economy Two Years Into the Pandemic and Four Months After Ukraine War?', The Wire.
May 31, 2022: Off The Cuff with K. V. Subramanian, ThePrint.
May 26, 2022: News Night | Former Chief Economic Advisor K Subramanian speaks to DD India, DD India.
May 23, 2022: Reporter's Cut: Inflation In India 2022 | Inflation Economics | KV Subramanian Interview |CNN News18, CNN-News18.
May 23, 2022: "Must Credit Government For The Good Work": Ex-Chief Economic Advisor K Subramanian, NDTV.
May 22, 2022: Fuel Prices Slashed | Factors Affecting Inflation In India | KV Subramanian EXCLUSIVE | CNN News18, CNN- News 18.
May 21, 2022: What's Behind The Rising Inflation In India? | Dr K V Subramanian Exclusive | Converse India, Times Now.
May 18, 2022: Ex-CEA KV Subramaniam Defends Inflation & Rupee Fall: 'India Has No Control Over Global Factors, India Today.
February , 2022: Media Interaction with Ms. Swati Rathor, The Times of India.
October 8, 2022: India took right steps to control Inflation: KV Subramanian in Exclusive talk with Zee business, Zee Business.
September 1, 2022: KV Subramanian Exclusive On Macros & More | India Development Debate | ET Now, ET Now.
August 31, 2022: KV Subramanian Talks About The Impact Of Rupee Depreciation | Indianomics | CNBC-TV18, CNBC-TV18.
August 18, 2022: ILS2022 | Michael Miebach | Professor Krishnamurthy Subramanian, Indian School of Business.
July 15, 2022: Former CEA KV Subramanian Talks About Recession Possibility, Falling Rupee & His Suggestion For Govt, India Today.
July 13, 2022: Dwarfism, Bias of Rating Agencies, India's Growth: K V Subramanian | ArthNiti, Indian Institute of Business.
June 8, 2022: Keynote address on 'Indianising Indian Thought' by Prof Krishnamurthy Subramanian, Indian Institute of Business.
May 26, 2022: Fuel: Truth about high-tax states – Why Maharashtra, MP, Bihar, Andhra Pradesh, Telangana, Kerala, Bengal can & must cut duties, The Times of India.
May 24, 2022: K.V Subramanian Excl: Breaking Down The Fuel Tax Math | India Development Debate | ET Now, ET Now.
May 18, 2022: Ex-Economic Advisor KV Subramanian Talks To Rajdeep Sardesai Amidst Inflation & Economy Red Alert, India Today.
May 13, 2022: Indianizing Indian thought by Prof. K V Subramanian, Ashoka Economics Society.
March 22, 2022: K V Subramanian explains benefits of Central Bank Digital Currency | #BTCryptoConclave, Business Today.
March 22, 2022: K V Subramanian’s take on Cryptos #BTCryptoConclave #CoinDCX, Business Today.
Research & Publications
Published Papers
Alok, Shashwat., Subramanian, Krishnamurthy. (Accepted) "“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 Subramanian, Krishnamurthy., Chakrabarti, Rajesh. (2022) "Systemic Impact of Accounting Scandals on Corporate Governance in Emerging Markets: Evidence from India", Journal of Law, Finance and Accounting , 7 (1), 43-90 Tantri, Prasanna., Agarwal, Samanvaya., Kamath, Saipriya., Subramanian, Krishnamurthy. (2022) "Board Conduct in Banks", Journal of Banking and Finance , 138 Subramanian, Krishnamurthy., Abhishek Bharadwaj., Tantri Prasanna. (2022) "Relationship Banking and Monetary Policy Transmission: Evidence from India", Journal of Money, Credit and Banking , 54 (8), 2341-2375 Bhowal, Subhendu., Subramanian, Krishnamurthy., Tantri, Prasanna. (2021) "Costs Of Job Rotation: Evidence From Mandatory Loan Officer Rotation", Management Science , 67 (4), 2075-2095 Chopra, Yakshup., Subramanian, Krishnamurthy., Tantri, Prasanna. (2021) "Bank Cleanups, Capitalization, and Lending: Evidence from India", Review of Financial Studies , 34 (9), 4132-4176 Sarkar A.., Subramanian, Krishnamurthy., Tantri, Prasanna. (2019) "Effects of CEO Turnover in Banks: Evidence Using Exogenous Turnovers in Indian Banks", Journal of Financial and Quantitative Analysis , 54 (1), 183-214 Subramanian, Krishnamurthy., Megginson, William. (2018) "Employment Protection Laws and Privatization", The Journal of Law and Economics , 61 (1), 97-123 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 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 , 25, 154 - 177 Subramanian, Krishnamurthy., Sapra, Haresh., Subramanian, Ajay. (2014) "Corporate Governance and Innovation : Theory and Evidence", Journal of Financial and Quantitative Analysis , 49 (4), 957 – 1003 Viral Acharya., Baghai Ramin., Subramanian, Krishnamurthy. (2014) "Wrongful Discharge Laws and Innovation", The Review of Financial Studies , 27 (1) Subramanian, Krishnamurthy., Viral Acharya., R Baghai-Wadji. (2013) "Labor Laws and Innovation", Journal of Law and Economics , 56 (4), 997-1037 Chava, Sudheer., Oettl, Alexander., Subramanian, Ajay., Subramanian, Krishnamurthy. (2013) "Banking Deregulation and Innovation", Journal of Financial Economics , 109 (3), 759-774 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) "Yield Curve 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", Rupa Publications 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. "“Scumsters”, How Willful Defaulters Steal From “We The People”, Penguin", Subramanian, Krishnamurthy., Acharya, Viral. "Dismissal Laws and Innovation", Book Edited by Asian Development Bank Institute
Working Papers
Subramanian, Krishnamurthy. "Independent Directors as Information Intermediaries in Emerging Markets" Subramanian, Krishnamurthy. "Banking Deregulation and Job Creation by Entrepreneurial Firms" Subramanian, Krishnamurthy., Vaidyanathan. k.., Yadav Ajay. "Deregulation of Entry and Systemic Bank Failures" Subramanian, Krishnamurthy. "The Optimal Locus of Innovation" Subramanian, Krishnamurthy., Basak, Deepal. "Alliance, Acquisition and Excludability" Dixit, Shiv., Subramanian, Krishnamurthy. "Bank Coordination and Monetary Transmission: Evidence from India" Mangipudi, Chandrasekhar., Subramanian, Krishnamurthy., Vasu, Rajkamal. "Valuation of Private, Innovative Targets: Evidence from Cisco’s Acquisitions" Subramanian, Krishnamurthy., Jefferson Abraham. "Employment protection laws and income inequality" Subramanian, Krishnamurthy. "Clicks Versus Bricks: A Theory of Differences between Intangible-asset-intensive and Tangible-asset-intensive Firms" Subramanian, Krishnamurthy. "The Color of Money: A Startup's Choice among Venture Capitalists"