Divya Kirti

Last Updated: March 28, 2024

Divya Kirti

Divya Kirti is an Economist in the Research Department at the International Monetary Fund. Previously, he worked in the Middle East and Central Asia Department. He holds a Ph.D. in Economics from Harvard University. His research interests include financial intermediation, macrofinance, and corporate finance. His work has been published in the Review of Financial Studies, the Journal of Financial Intermediation, and the Journal of Banking & Finance.

Personal WebPage: https://sites.google.com/site/divyakirti/

Fluent In: Hindi.

Education:

Ph.D. in Economics, Harvard University

BA in Economics and Mathematics, Cornell University


Referee Activities:

Quarterly Journal of Economics

Review of Financial Studies

Journal of Economic Theory

Journal of Risk and Insurance

Journal of Financial Intermediation

IMF Economic Review

Journal of Financial Services Research

Journal of Empirical Finance

Economic & Political Weekly


Field of Expertise:

Banking

Macro-Financial Issues

IMF Books and Working Papers:

Mitigating Climate Change at the Firm Level: Mind the Laggards , Working Paper No. 2023/242 , November 24, 2023

Banks’ Joint Exposure to Market and Run Risk , Working Paper No. 2023/200 , September 22, 2023

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending during COVID-19 , Working Paper No. 2023/025 , February 03, 2023

Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database , Working Paper No. 2022/114 , June 03, 2022

India’s Banks: Lending to Productive Firms? , Working Paper No. 2022/073 , April 29, 2022

Limits to Private Climate Change Mitigation , Working Paper No. 2021/112 , April 29, 2021

How Do Changing U.S. Interest Rates Affect Banks in the Gulf Cooperation Council (GCC) Countries? , Working Paper No. 19/268 , December 06, 2019

Lending Standards and Output Growth , Working Paper No. 18/23 , January 26, 2018

When Gambling for Resurrection is Too Risky , Working Paper No. 17/180 , August 01, 2017

How is the likelihood of fire sales in a crisis affected by the interaction of various bank regulations? , Working Paper No. 17/68 , March 24, 2017

What Are Reference Rates For? , Working Paper No. 17/13 , January 27, 2017

Why Do Bank-Dependent Firms Bear Interest-Rate Risk? , Working Paper No. 17/3 , January 18, 2017

IMF Country Reports

2018 - Saudi Arabia - IMF Country Report No. 18/263 - Article IV Consultation

2019 - Qatar - IMF Country Report No. 19/146 - Article IV Consultation

2019 - Saudi Arabia - IMF Country Report No. 19/290 - Article IV Consultation

iMFdirect Blog Posts

In Major Economic Shocks, Best Response Combines All-Out, Large-Scale Policies, February 27, 2023

Chart of the Week: When High Yield Goes Boom, June 26, 2018

Selected Issue

2019 - Qatar - Policies to Drive Diversification for Qatar - IMF Country Report No. 19/147

2019 - Saudi Arabia - Policies to Drive Diversification for Saudi Arabia - IMF Country Report No. 19/291

Other Published Materials

India's Banks: Lending to Productive Firms?, 2023 (with Siddharth George, Soledad Martinez Peria, and Rajesh Vijayaraghavan), in India's Financial System: Building the Foundation for Strong and Sustainable Growth (eds: Alfred Schipke, Jarkko Turunen, Nada Choueiri, and Anne-Marie Gulde-Wolf).

The Disconnect between Financial Markets and the Real Economy (with Deniz Igan and Sole Martinez Peria), 2020, Special Series on COVID-19.

Impact of COVID-19 on Insurers, 2020, Special Series on COVID-19.

The High-Yield Share during a Credit Boom and Output Growth, 2018, Box 2.4 in Global Financial Stability Report: The Riskiness of Credit Allocation: A Source of Financial Vulnerability?

How Developed and Inclusive are Financial Systems in the GCC?, 2018, Policy Paper.

Divya Kirti

Divya Kirti is an Economist in the Research Department at the International Monetary Fund. Previously, he worked in the Middle East and Central Asia Department. He holds a Ph.D. in Economics from Harvard University. His research interests include financial intermediation, macrofinance, and corporate finance. His work has been published in the Review of Financial Studies, the Journal of Financial Intermediation, and the Journal of Banking & Finance.

Personal WebPage: https://sites.google.com/site/divyakirti/

Fluent In: Hindi.

Education:

Ph.D. in Economics, Harvard University

BA in Economics and Mathematics, Cornell University


Referee Activities:

Quarterly Journal of Economics

Review of Financial Studies

Journal of Economic Theory

Journal of Risk and Insurance

Journal of Financial Intermediation

IMF Economic Review

Journal of Financial Services Research

Journal of Empirical Finance

Economic & Political Weekly


Field of Expertise:

Banking

Macro-Financial Issues

IMF Books and Working Papers:

Mitigating Climate Change at the Firm Level: Mind the Laggards , Working Paper No. 2023/242 , November 24, 2023

Banks’ Joint Exposure to Market and Run Risk , Working Paper No. 2023/200 , September 22, 2023

What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending during COVID-19 , Working Paper No. 2023/025 , February 03, 2023

Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database , Working Paper No. 2022/114 , June 03, 2022

India’s Banks: Lending to Productive Firms? , Working Paper No. 2022/073 , April 29, 2022

Limits to Private Climate Change Mitigation , Working Paper No. 2021/112 , April 29, 2021

How Do Changing U.S. Interest Rates Affect Banks in the Gulf Cooperation Council (GCC) Countries? , Working Paper No. 19/268 , December 06, 2019

Lending Standards and Output Growth , Working Paper No. 18/23 , January 26, 2018

When Gambling for Resurrection is Too Risky , Working Paper No. 17/180 , August 01, 2017

How is the likelihood of fire sales in a crisis affected by the interaction of various bank regulations? , Working Paper No. 17/68 , March 24, 2017

What Are Reference Rates For? , Working Paper No. 17/13 , January 27, 2017

Why Do Bank-Dependent Firms Bear Interest-Rate Risk? , Working Paper No. 17/3 , January 18, 2017

IMF Country Reports

2018 - Saudi Arabia - IMF Country Report No. 18/263 - Article IV Consultation

2019 - Qatar - IMF Country Report No. 19/146 - Article IV Consultation

2019 - Saudi Arabia - IMF Country Report No. 19/290 - Article IV Consultation

iMFdirect Blog Posts

In Major Economic Shocks, Best Response Combines All-Out, Large-Scale Policies, February 27, 2023

Chart of the Week: When High Yield Goes Boom, June 26, 2018

Selected Issue

2019 - Qatar - Policies to Drive Diversification for Qatar - IMF Country Report No. 19/147

2019 - Saudi Arabia - Policies to Drive Diversification for Saudi Arabia - IMF Country Report No. 19/291

Other Published Materials

India's Banks: Lending to Productive Firms?, 2023 (with Siddharth George, Soledad Martinez Peria, and Rajesh Vijayaraghavan), in India's Financial System: Building the Foundation for Strong and Sustainable Growth (eds: Alfred Schipke, Jarkko Turunen, Nada Choueiri, and Anne-Marie Gulde-Wolf).

The Disconnect between Financial Markets and the Real Economy (with Deniz Igan and Sole Martinez Peria), 2020, Special Series on COVID-19.

Impact of COVID-19 on Insurers, 2020, Special Series on COVID-19.

The High-Yield Share during a Credit Boom and Output Growth, 2018, Box 2.4 in Global Financial Stability Report: The Riskiness of Credit Allocation: A Source of Financial Vulnerability?

How Developed and Inclusive are Financial Systems in the GCC?, 2018, Policy Paper.

Publications in Journals (Refereed)

What Private Equity Does Differently: Evidence from Life Insurance (with Natasha Sarin). 2024, Review of Financial Studies, Volume 37, Issue 1, Pages 201–230.

When gambling for resurrection is too risky, 2024, Journal of Banking & Finance, Volume 162, 107125.

What are reference rates for?, 2022, Journal of Banking & Finance, Volume 144, 106635.

Why do bank-dependent firms bear interest-rate risk?, 2020, Journal of Financial Intermediation, Volume 41, 100823.

Publications in Books and Conference Volumes

Limits to private climate change mitigation, in Combatting Climate Change: a CEPR Collection (November 2021).

Other Published Materials

The impact of COVID-19 on insurers, VoxEU (June 2020)

Limits to private climate change mitigation, VoxEU (June 2021)