{ "title": "Divya Kirti — CV", "sourceUrl": "https://www.imf.org/en/research/researcher-cv/author/kirti-divya", "canonical": "https://www.imf.org/en/research/researcher-cv/author/kirti-divya", "overlayPath": "/en/research/researcher-cv/author/kirti-divya/index.md", "summary": "Divya Kirti is a Senior Economist in the Asia and Pacific Department at the International Monetary Fund. Previously, he worked in the Research Department and the Middle East and Central Asia Department. He holds a Ph.D. in Economics from Harvard University. His research focuses on financial intermediation and the relationship between finance and innovation. His work has been published in leading journals including the Review of Financial Studies, the Journal of Financial Intermediation and the Journal of Banking & Finance, and covered by media outlets such as the New York Times, Financial Times, and Bloomberg.", "authors": [ "Divya Kirti" ], "sections": [ { "heading": "Biography", "content": "Divya Kirti is a Senior Economist in the Asia and Pacific Department at the International Monetary Fund. Previously, he worked in the Research Department and the Middle East and Central Asia Department. He holds a Ph.D. in Economics from Harvard University. His research focuses on financial intermediation and the relationship between finance and innovation. His work has been published in leading journals including the Review of Financial Studies, the Journal of Financial Intermediation and the Journal of Banking & Finance, and covered by media outlets such as the New York Times, Financial Times, and Bloomberg." }, { "heading": "Education", "content": "- Ph.D. in Economics, Harvard University\n\n- BA in Economics and Mathematics, Cornell University" }, { "heading": "Referee Activities", "content": "- Quarterly Journal of Economics\n\n- Review of Financial Studies\n\n- Journal of Economic Theory\n\n- Journal of Risk and Insurance\n\n- Journal of Financial Intermediation\n\n- IMF Economic Review\n\n- Journal of Banking and Finance\n\n- International Journal of Central Banking\n\n- Journal of Financial Services Research\n\n- Journal of Empirical Finance\n\n- Economic & Political Weekly" }, { "heading": "Field of Expertise", "content": "- Banking\n\n- Macro-Financial Issues" }, { "heading": "IMF Direct Blog Posts", "content": "- Rising Rates May Trigger Financial Instability, Complicating Fight Against Inflation, February 13, 2025\n\n- In Major Economic Shocks, Best Response Combines All-Out, Large-Scale Policies, February 27, 2023\n\n- Chart of the Week: When High Yield Goes Boom, June 26, 2018" }, { "heading": "IMF Books and Working Papers", "content": "- Financial Constraints and the Effectiveness of Green Financial Policies, Working Paper No. 2025/269 , December 19, 2025\n\n- Credit and Product Innovation in Emerging Markets: Evidence from India, Working Paper No. 2025/192 , September 26, 2025\n\n- Integrating Fragmented Networks: The Value of Interoperability in Money and Payments, Working Paper No. 2025/126 , June 27, 2025\n\n- Growing Retail Digital Payments: The Value of Interoperability, Fintech Notes No 2025/004 , June 25, 2025\n\n- The Insurer Channel of Monetary Policy, Working Paper No. 2025/054 , March 14, 2025\n\n- Inflation and Bank Profits: Monetary Policy Trade-offs, Staff Discussion Notes No. 2025/001 , February 13, 2025\n\n- Mitigating Climate Change at the Firm Level: Mind the Laggards, Working Paper No. 2023/242 , November 24, 2023\n\n- Banks’ Joint Exposure to Market and Run Risk, Working Paper No. 2023/200 , September 22, 2023\n\n- What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending during COVID-19, Working Paper No. 2023/025 , February 3, 2023\n\n- Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database, Working Paper No. 2022/114 , June 3, 2022\n\n- India’s Banks: Lending to Productive Firms?, Working Paper No. 2022/073 , April 29, 2022\n\n- Limits to Private Climate Change Mitigation, Working Paper No. 2021/112 , April 29, 2021\n\n- How Do Changing U.S. Interest Rates Affect Banks in the Gulf Cooperation Council (GCC) Countries?, Working Paper No. 2019/268 , December 6, 2019\n\n- Lending Standards and Output Growth, Working Paper No. 2018/023 , January 26, 2018\n\n- When Gambling for Resurrection is Too Risky, Working Paper No. 2017/180 , August 1, 2017\n\n- How is the likelihood of fire sales in a crisis affected by the interaction of various bank regulations?, Working Paper No. 2017/068 , March 24, 2017\n\n- What Are Reference Rates For?, Working Paper No. 2017/013 , January 27, 2017\n\n- Why Do Bank-Dependent Firms Bear Interest-Rate Risk?, Working Paper No. 2017/003 , January 18, 2017" }, { "heading": "IMF Country Reports", "content": "- 2018 - Saudi Arabia - IMF Country Report No. 18/263 - Article IV Consultation\n\n- 2019 - Qatar - IMF Country Report No. 19/146 - Article IV Consultation\n\n- 2019 - Saudi Arabia - IMF Country Report No. 19/290 - Article IV Consultation" }, { "heading": "F&D articles", "content": "- India's Frictionless Payments (with Alexander Copestake and Maria Soledad Martinez Peria), 2025." }, { "heading": "Selected Issues", "content": "- 2019 - Qatar - Policies to Drive Diversification for Qatar - IMF Country Report No. 19/147\n\n- 2019 - Saudi Arabia - Policies to Drive Diversification for Saudi Arabia - IMF Country Report No. 19/291" }, { "heading": "Other Published Materials", "content": "- “Inflation and Bank Profits: Monetary Policy Trade-offs” (with Katharina Bergant, Mai Hakamada, and Rui Mano), 2025. IMF Staff Discussion Note No. 2025/001.\n\n- 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).\n\n- The Disconnect between Financial Markets and the Real Economy (with Deniz Igan and Sole Martinez Peria), 2020, Special Series on COVID-19.\n\n- Impact of COVID-19 on Insurers, 2020, Special Series on COVID-19.\n\n- 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?\n\n- How Developed and Inclusive are Financial Systems in the GCC?, 2018, Policy Paper." }, { "heading": "Publications in Journals (Refereed)", "content": "- Lending standards and output growth, 2025, Journal of Financial Stability, Volume 76, 101351.\n\n- What Private Equity Does Differently: Evidence from Life Insurance (with Natasha Sarin). 2024, Review of Financial Studies, Volume 37, Issue 1, Pages 201–230.\n\n- When gambling for resurrection is too risky, 2024, Journal of Banking & Finance, Volume 162, 107125.\n\n- What are reference rates for?, 2022, Journal of Banking & Finance, Volume 144, 106635.\n\n- Why do bank-dependent firms bear interest-rate risk?, 2020, Journal of Financial Intermediation, Volume 41, 100823." }, { "heading": "Publications in Books and Conference Volumes", "content": "- Limits to private climate change mitigation, in Combatting Climate Change: a CEPR Collection (November 2021)." }, { "heading": "Other Published Materials", "content": "- The impact of COVID-19 on insurers, VoxEU (June 2020)\n\n- Limits to private climate change mitigation, VoxEU (June 2021)\n\n- What Policy Combinations Worked?: The Effect of Policy Packages on Bank Lending during COVID-19, with Maria Soledad Martinez Peria, Prachi Mishra, and Jan Strasky (2025). Journal of Financial Crises, Vol. 7, Issue 3, pp. 50-83." } ], "bullets": [ "Ph.D. in Economics, Harvard University", "BA in Economics and Mathematics, Cornell University", "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 Banking and Finance", "International Journal of Central Banking", "Journal of Financial Services Research", "Journal of Empirical Finance", "Economic & Political Weekly", "Banking", "Macro-Financial Issues", "[Rising Rates May Trigger Financial Instability, Complicating Fight Against Inflation, February 13, 2025](https://www.imf.org/en/Blogs/Articles/2025/02/13/rising-rates-may-trigger-financial-instability-complicating-fight-against-inflation)", "[In Major Economic Shocks, Best Response Combines All-Out, Large-Scale Policies, February 27, 2023](https://www.imf.org/en/Blogs/Articles/2023/02/27/in-major-economic-shocks-best-response-combines-all-out-large-scale-policies)", "[Chart of the Week: When High Yield Goes Boom, June 26, 2018](https://blogs.imf.org/2018/06/26/chart-of-the-week-when-high-yield-goes-boom/)", "[Financial Constraints and the Effectiveness of Green Financial Policies](https://www.imf.org/en/publications/wp/issues/2025/12/20/financial-constraints-and-the-effectiveness-of-green-financial-policies-572703), Working Paper No. 2025/269 , December 19, 2025", "[Credit and Product Innovation in Emerging Markets: Evidence from India](https://www.imf.org/en/publications/wp/issues/2025/09/26/credit-and-product-innovation-in-emerging-markets-evidence-from-india-570522), Working Paper No. 2025/192 , September 26, 2025", "[Integrating Fragmented Networks: The Value of Interoperability in Money and Payments](https://www.imf.org/en/publications/wp/issues/2025/06/27/integrating-fragmented-networks-the-value-of-interoperability-in-money-and-payments-568008), Working Paper No. 2025/126 , June 27, 2025", "[Growing Retail Digital Payments: The Value of Interoperability](https://www.imf.org/en/publications/fintech-notes/issues/2025/06/25/growing-retail-digital-payments-the-value-of-interoperability-567814), Fintech Notes No 2025/004 , June 25, 2025", "[The Insurer Channel of Monetary Policy](https://www.imf.org/en/publications/wp/issues/2025/03/14/the-insurer-channel-of-monetary-policy-565244), Working Paper No. 2025/054 , March 14, 2025", "[Inflation and Bank Profits: Monetary Policy Trade-offs](https://www.imf.org/en/publications/staff-discussion-notes/issues/2025/02/10/inflation-and-bank-profits-monetary-policy-trade-offs-557542), Staff Discussion Notes No. 2025/001 , February 13, 2025", "[Mitigating Climate Change at the Firm Level: Mind the Laggards](https://www.imf.org/en/publications/wp/issues/2023/11/22/mitigating-climate-change-at-the-firm-level-mind-the-laggards-541713), Working Paper No. 2023/242 , November 24, 2023", "[Banks’ Joint Exposure to Market and Run Risk](https://www.imf.org/en/publications/wp/issues/2023/09/23/banks-joint-exposure-to-market-and-run-risk-539390), Working Paper No. 2023/200 , September 22, 2023", "[What Policy Combinations Worked? The Effect of Policy Packages on Bank Lending during COVID-19](https://www.imf.org/en/publications/wp/issues/2023/02/03/what-policy-combinations-worked-the-effect-of-policy-packages-on-bank-lending-during-covid-529118), Working Paper No. 2023/025 , February 3, 2023", "[Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database](https://www.imf.org/en/publications/wp/issues/2022/06/03/tracking-economic-and-financial-policies-during-covid-19-an-announcement-level-database-518896), Working Paper No. 2022/114 , June 3, 2022", "[India’s Banks: Lending to Productive Firms?](https://www.imf.org/en/publications/wp/issues/2022/04/29/indias-banks-lending-to-productive-firms-517440), Working Paper No. 2022/073 , April 29, 2022", "[Limits to Private Climate Change Mitigation](https://www.imf.org/en/publications/wp/issues/2021/04/29/limits-to-private-climate-change-mitigation-50297), Working Paper No. 2021/112 , April 29, 2021", "[How Do Changing U.S. Interest Rates Affect Banks in the Gulf Cooperation Council (GCC) Countries?](https://www.imf.org/en/publications/wp/issues/2019/12/06/how-do-changing-u-s-48801), Working Paper No. 2019/268 , December 6, 2019", "[Lending Standards and Output Growth](https://www.imf.org/en/publications/wp/issues/2018/01/26/lending-standards-and-output-growth-45595), Working Paper No. 2018/023 , January 26, 2018", "[When Gambling for Resurrection is Too Risky](https://www.imf.org/en/publications/wp/issues/2017/08/01/when-gambling-for-resurrection-is-too-risky-45085), Working Paper No. 2017/180 , August 1, 2017", "[How is the likelihood of fire sales in a crisis affected by the interaction of various bank regulations?](https://www.imf.org/en/publications/wp/issues/2017/03/24/how-is-the-likelihood-of-fire-sales-in-a-crisis-affected-by-the-interaction-of-various-bank-44763), Working Paper No. 2017/068 , March 24, 2017", "[What Are Reference Rates For?](https://www.imf.org/en/publications/wp/issues/2017/01/27/what-are-reference-rates-for-44592), Working Paper No. 2017/013 , January 27, 2017", "[Why Do Bank-Dependent Firms Bear Interest-Rate Risk?](https://www.imf.org/en/publications/wp/issues/2017/01/18/why-do-bank-dependent-firms-bear-interest-rate-risk-44550), Working Paper No. 2017/003 , January 18, 2017", "[2018 - Saudi Arabia - IMF Country Report No. 18/263 - Article IV Consultation](https://www.imf.org/en/Publications/CR/Issues/2018/08/24/Saudi-Arabia-2018-Article-IV-Consultation-Press-Release-and-Staff-Report-46195)", "[2019 - Qatar - IMF Country Report No. 19/146 - Article IV Consultation](https://www.imf.org/en/Publications/CR/Issues/2019/06/02/Qatar-2019-Article-IV-Consultation-Press-Release-Staff-Report-46956)", "[2019 - Saudi Arabia - IMF Country Report No. 19/290 - Article IV Consultation](https://www.imf.org/en/Publications/CR/Issues/2019/09/09/Saudi-Arabia-2019-Article-IV-Consultation-Press-Release-and-Staff-Report-48659)", "[India's Frictionless Payments (with Alexander Copestake and Maria Soledad Martinez Peria), 2025.](https://www.imf.org/en/Publications/fandd/issues/2025/09/indias-frictionless-payments-maria-peria)", "[2019 - Qatar - Policies to Drive Diversification for Qatar - IMF Country Report No. 19/147](https://www.imf.org/en/Publications/CR/Issues/2019/06/02/Qatar-Selected-Issues-46957)", "[2019 - Saudi Arabia - Policies to Drive Diversification for Saudi Arabia - IMF Country Report No. 19/291](https://www.imf.org/en/Publications/CR/Issues/2019/09/09/Saudi-Arabia-Selected-Issues-48660)", "[“Inflation and Bank Profits: Monetary Policy Trade-offs” (with Katharina Bergant, Mai Hakamada, and Rui Mano), 2025. IMF Staff Discussion Note No. 2025/001.](https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2025/02/10/Inflation-and-Bank-Profits-Monetary-Policy-Trade-offs-557542)", "[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).](https://www.elibrary.imf.org/display/book/9798400223525/9798400223525.xml)", "[The Disconnect between Financial Markets and the Real Economy (with Deniz Igan and Sole Martinez Peria), 2020, Special Series on COVID-19.](https://www.imf.org/~/media/Files/Publications/covid19-special-notes/en-special-series-on-covid-19-the-disconnect-between-financial-markets-and-the-real-economy.ashx?la=en)", "[Impact of COVID-19 on Insurers, 2020, Special Series on COVID-19.](https://www.imf.org/~/media/Files/Publications/covid19-special-notes/en-special-series-on-covid-19-impact-of-covid-19-on-insurers.ashx)", "[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?](https://www.imf.org/en/Publications/GFSR/Issues/2018/04/02/Global-Financial-Stability-Report-April-2018)", "[How Developed and Inclusive are Financial Systems in the GCC?, 2018, Policy Paper.](https://www.imf.org/en/Publications/Policy-Papers/Issues/2018/12/04/pp120618gcc-how-developed-and-inclusive-are-financial-systems-in-the-gcc)", "[Lending standards and output growth, 2025, Journal of Financial Stability, Volume 76, 101351.](https://www.sciencedirect.com/science/article/pii/S1572308924001360)", "[What Private Equity Does Differently: Evidence from Life Insurance (with Natasha Sarin). 2024, Review of Financial Studies, Volume 37, Issue 1, Pages 201–230.](https://doi.org/10.1093/rfs/hhad055)", "[When gambling for resurrection is too risky, 2024, Journal of Banking & Finance, Volume 162, 107125.](https://doi.org/10.1016/j.jbankfin.2024.107125)", "[What are reference rates for?, 2022, Journal of Banking & Finance, Volume 144, 106635.](https://doi.org/10.1016/j.jbankfin.2022.106635)", "[Why do bank-dependent firms bear interest-rate risk?, 2020, Journal of Financial Intermediation, Volume 41, 100823.](https://doi.org/10.1016/j.jfi.2019.04.001)", "[Limits to private climate change mitigation, in Combatting Climate Change: a CEPR Collection (November 2021).](https://voxeu.org/content/combatting-climate-change-cepr-collection)", "[The impact of COVID-19 on insurers, VoxEU (June 2020)](https://voxeu.org/article/impact-covid-19-insurers)", "[Limits to private climate change mitigation, VoxEU (June 2021)](https://voxeu.org/article/limits-private-climate-change-mitigation)", "[What Policy Combinations Worked?: The Effect of Policy Packages on Bank Lending during COVID-19, with Maria Soledad Martinez Peria, Prachi Mishra, and Jan Strasky (2025). Journal of Financial Crises, Vol. 7, Issue 3, pp. 50-83.](https://elischolar.library.yale.edu/journal-of-financial-crises/vol7/iss3/3/)", "**Impact of COVID-19 on Insurers, IMF COVID-19 Special Series**", "**The Disconnect between Financial Markets and the Real Economy, IMF COVID-19 Special Series**" ], "related": [ { "title": "Impact of COVID-19 on Insurers, IMF COVID-19 Special Series", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/covid19-special-notes/en-special-series-on-covid-19-impact-of-covid-19-on-insurers.pdf", "summary": { "path": "/-/media/files/publications/covid19-special-notes/en-special-series-on-covid-19-impact-of-covid-19-on-insurers.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/covid19-special-notes/en-special-series-on-covid-19-impact-of-covid-19-on-insurers.pdf", "mime": "application/pdf" } }, { "title": "The Disconnect between Financial Markets and the Real Economy, IMF COVID-19 Special Series", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/covid19-special-notes/en-special-series-on-covid-19-the-disconnect-between-financial-markets-and-the-real-economy.pdf", "summary": { "path": "/-/media/files/publications/covid19-special-notes/en-special-series-on-covid-19-the-disconnect-between-financial-markets-and-the-real-economy.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/covid19-special-notes/en-special-series-on-covid-19-the-disconnect-between-financial-markets-and-the-real-economy.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/research/researcher-cv/author/kirti-divya/index.md", "json": "/en/research/researcher-cv/author/kirti-divya/index.json", "bundleManifest": "/en/research/researcher-cv/author/kirti-divya/bundle-manifest.json" }, "generatedAtUtc": "2026-10-01T01:25:33.922Z" }