Joined Stern 2008
Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 9-65
New York, NY 10012
Viral V. Acharya
Biography
Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU-Stern). He is a Research Associate of the National Bureau of Economic Research (NBER) in Corporate Finance, a Research Affiliate at the Center for Economic Policy Research (CEPR), and Research Associate of the European Corporate Governance Institute (ECGI). Viral was a Resident Scholar at the Federal Reserve Bank of New York (Sep 2022-Jan 2023) and a Deputy Governor at the Reserve Bank of India (RBI) during 23rd January 2017 to 23rd July 2019 in charge of Monetary Policy, Financial Markets, Financial Stability, and Research.
Viral’s primary research interest is in theoretical and empirical analysis of systemic risk of the financial sector, its regulation, and its genesis in government- and policy-induced distortions, an inquiry that also examines the interaction of credit and liquidity risks, their agency-theoretic foundations, and their general equilibrium consequences. In recent work, he has also explored the impact of pandemic and climate-changed related risks. Viral received the Alexandre Lamfalussy Senior Research Fellowship of the Bank for International Settlements in 2017, the inaugural Banque de France – Toulouse School of Economics Junior Prize in Monetary Economics and Finance in 2011, and the Senior Houblon-Normal Research Fellowship at the Bank of England in Summer 2008. He has been a Clarivate Analytics Highly Cited Researcher, 2020-22, and his articles have won several best paper prizes at journals and conferences.
Viral is currently an editor of the Journal of Law, Finance and Accounting (2014-16, 2020-), a member of the Editorial Committee of the Annual Review of Financial Economics (2022-), and a Board member of the American Finance Association (2024-) and Financial Intermediation Research Society (2023-). He was earlier an editor of the Journal of Financial Intermediation (2009-12), associate editor of the Journal of Finance (2011-14), and a Director of the Western Finance Association (2012-2015). He is presently a Scientific Advisor to the Sveriges Riksbank since February 2024, a member of the Climate-related Financial Risk Advisory Committee (CFRAC) of the Financial Stability Oversight Council for 2023-26, an invited member of the Bellagio Group of academics and policy-makers from central banks and finance ministries since 2021, and a member of the Financial Advisory Roundtable (FAR) of the Federal Reserve Bank of New York since 2020. He is or has been an Academic Advisor to the Federal Reserve Banks of Chicago, Cleveland, Kansas City, New York and Philadelphia, and the Board of Governors, and has provided Academic Expert service to the Bank for International Settlements, the International Monetary Fund and the World Bank.
Viral completed Bachelor of Technology in Computer Science and Engineering from Indian Institute of Technology, Mumbai in 1995 and Ph.D. in Finance from NYU-Stern in 2001.
Research Interests
- Regulation of banks and financial institutions
- Sovereign debt and international finance
- Corporate finance
- Credit risk and valuation of corporate debt
- Asset pricing with a focus on the effects of liquidity risk
Courses Taught
- Bankruptcy and Credit Risk (Undergraduate and MBA)
- Corporate Finance Theory - Part II (Finance PhD Core)
- Financial History of the US: From the Panic of 1907 to Silicon Valley Bank (Undergraduate and MBA)
- Nexus of Sovereign and Financial Risks (PhD Elective)
Academic Background
B.Tech., Computer Science and Engineering
Indian Institute of Technology
Ph.D., Finance
New York University Stern School of Business
Related News & Research
Professor Viral Acharya interview: “In the Market: How Harris, Trump Promises Could Feed Market's Addiction to the Fed.”
Commentary from Professor Viral Acharya is featured: “India Can't Rely on Wealthy to Drive Growth.”
Professor Viral Acharya interview: “‘Call This Idiot’: Trump Ordered Cabinet Secretary to Pressure Fed Chair to Cut Rates.”
Professor Viral Acharya interview: “Challenging the Banks.”
Professor Viral Acharya interview: “Growing Spillover Risk Of Banks, NBFIs.”
Losses Have Been Cut, and It’s Time to Reprivatize India’s Public Sector Banks.
Professor Viral Acharya interview: “Bank Failures Are Coming. Here’s How It Could Play Out.”
Co-authored research from Professor Viral Acharya and Clinical Professor Bruce Tuckman is featured: “U.S. Big Banks Face Growing Spillover Risks From Non-Banks.”
Co-authored research from Professor Viral Acharya is spotlighted: “Banks Are More Exposed to Commercial Real Estate Than Regulators Realize.”
Co-authored research from Professor Viral Acharya is highlighted: “Big Banks’ CRE Exposure Rises 40% When REIT Debt Is Factored In.”
Co-authored research from Professor Viral Acharya is spotlighted: “Big-Bank CRE Risk Study Zeroes in on Exposure to REITs.”
Where Do Banks End and NBFIs Begin?
Research from Professor Viral Acharya and Clinical Professor Bruce Tuckman is referenced: “Where Do Shadow Banks Get Their Money? Your Deposits.”
Co-authored research from Professor Viral Acharya and Clinical Professor Bruce Tuckman is referenced: “The Increasingly Blurred Lines Between Banks and NBFIs.”
Professor Viral Acharya interview: “India's Economy: The Good, Bad and Ugly in Six Charts.”
Insights from NYU Stern's book, "SVB and Beyond: The Banking Stress of 2023," co-authored by Professors Viral Acharya, Thomas Philippon, Matthew Richardson, Stephen Ryan, Alexi Savov, Philipp Schnabl and Lawrence White, Clinical Professors Richard Berner and Bruce Tuckman and Clinical Professor Emeritus Kermit Schoenholtz are featured: "Silicon Valley Bank Failed One Year Ago. Is the Regional Banking Crisis Really Over?”
Professor Viral Acharya interview: “Wall Street Is More Bullish on India Than Ever—But the Real Story Is About China.”
The Danger of Forgetting the 2023 Banking Crisis.
Research from Professor Viral Acharya is cited: “Where’s the V-Shaped Recovery?”
Joint research from Professor Viral Acharya is spotlighted: “A $1.3 Trillion Debt-Fueled Boom in Deals Faces a Grim New Reality.”
Commentary from Professor Viral Acharya is featured: “India Can't Rely on Wealthy to Drive Growth.”
Professor Viral Acharya interview: “‘Call This Idiot’: Trump Ordered Cabinet Secretary to Pressure Fed Chair to Cut Rates.”
Professor Viral Acharya interview: “Challenging the Banks.”
Professor Viral Acharya interview: “Growing Spillover Risk Of Banks, NBFIs.”
Losses Have Been Cut, and It’s Time to Reprivatize India’s Public Sector Banks.
Professor Viral Acharya interview: “Bank Failures Are Coming. Here’s How It Could Play Out.”
Co-authored research from Professor Viral Acharya and Clinical Professor Bruce Tuckman is featured: “U.S. Big Banks Face Growing Spillover Risks From Non-Banks.”
Co-authored research from Professor Viral Acharya is spotlighted: “Banks Are More Exposed to Commercial Real Estate Than Regulators Realize.”
Co-authored research from Professor Viral Acharya is highlighted: “Big Banks’ CRE Exposure Rises 40% When REIT Debt Is Factored In.”
Co-authored research from Professor Viral Acharya is spotlighted: “Big-Bank CRE Risk Study Zeroes in on Exposure to REITs.”
Where Do Banks End and NBFIs Begin?
Research from Professor Viral Acharya and Clinical Professor Bruce Tuckman is referenced: “Where Do Shadow Banks Get Their Money? Your Deposits.”
Co-authored research from Professor Viral Acharya and Clinical Professor Bruce Tuckman is referenced: “The Increasingly Blurred Lines Between Banks and NBFIs.”
Professor Viral Acharya interview: “India's Economy: The Good, Bad and Ugly in Six Charts.”
Insights from NYU Stern's book, "SVB and Beyond: The Banking Stress of 2023," co-authored by Professors Viral Acharya, Thomas Philippon, Matthew Richardson, Stephen Ryan, Alexi Savov, Philipp Schnabl and Lawrence White, Clinical Professors Richard Berner and Bruce Tuckman and Clinical Professor Emeritus Kermit Schoenholtz are featured: "Silicon Valley Bank Failed One Year Ago. Is the Regional Banking Crisis Really Over?”
Professor Viral Acharya interview: “Wall Street Is More Bullish on India Than Ever—But the Real Story Is About China.”
The Danger of Forgetting the 2023 Banking Crisis.
Research from Professor Viral Acharya is cited: “Where’s the V-Shaped Recovery?”
Joint research from Professor Viral Acharya is spotlighted: “A $1.3 Trillion Debt-Fueled Boom in Deals Faces a Grim New Reality.”
Areas of Expertise
Economics
- Federal Reserve Bank/Central bank
Finance
- Asset Management
- Corporate Finance
- Derivatives
- Financial Regulation
- Private Equity Funds
Technology, Operations & Statistics
- ITSolutions
- Productivity and Performance
- Social Media